Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-25092 | |
Entity Registrant Name | INSIGHT ENTERPRISES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-0766246 | |
Entity Address, Address Line One | 2701 E. Insight Way | |
Entity Address, City or Town | Chandler | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85286 | |
City Area Code | 480 | |
Local Phone Number | 333-3000 | |
Title of 12(b) Security | Common stock, par value $0.01 | |
Trading Symbol | NSIT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,074,362 | |
Entity Central Index Key | 0000932696 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Former Address | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 6820 South Harl Avenue | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85283 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 114,758 | $ 103,840 |
Accounts receivable, net of allowance for doubtful accounts of $16,760 and $16,941, respectively | 3,025,699 | 2,936,732 |
Inventories | 383,401 | 328,101 |
Other current assets | 244,383 | 199,638 |
Total current assets | 3,768,241 | 3,568,311 |
Property and equipment, net of accumulated depreciation and amortization of $231,333 and $233,786, respectively | 189,722 | 176,263 |
Goodwill | 429,215 | 428,346 |
Intangible assets, net of accumulated amortization of $118,905 and $110,909, respectively | 207,116 | 214,788 |
Other assets | 255,494 | 301,372 |
Total assets | 4,849,788 | 4,689,080 |
Current liabilities: | ||
Accounts payable—trade | 1,623,651 | 1,779,854 |
Accounts payable—inventory financing facilities | 318,433 | 311,878 |
Accrued expenses and other current liabilities | 390,703 | 423,489 |
Current portion of long-term debt | 344,903 | 36 |
Total current liabilities | 2,677,690 | 2,515,257 |
Long-term debt | 373,018 | 361,570 |
Deferred income taxes | 36,631 | 47,073 |
Other liabilities | 223,258 | 255,953 |
Total liabilities | 3,310,597 | 3,179,853 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 3,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $0.01 par value, 100,000 shares authorized; 35,072 shares at March 31, 2022 and 34,897 shares at December 31, 2021 issued and outstanding | 351 | 349 |
Additional paid-in capital | 321,959 | 368,282 |
Retained earnings | 1,242,110 | 1,167,690 |
Accumulated other comprehensive loss – foreign currency translation adjustments | (25,229) | (27,094) |
Total stockholders’ equity | 1,539,191 | 1,509,227 |
Total liabilities and stockholders' equity | $ 4,849,788 | $ 4,689,080 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 16,760 | $ 16,941 |
Accumulated depreciation and amortization of property and equipment | 231,333 | 233,786 |
Accumulated amortization of intangible assets | $ 118,905 | $ 110,909 |
Preferred stock, par value ( in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 35,072,000 | 34,897,000 |
Common stock, shares issued (in shares) | 35,072,000 | 34,897,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales: | ||
Total net sales | $ 2,650,850 | $ 2,193,068 |
Costs of goods sold: | ||
Total costs of goods sold | 2,271,989 | 1,861,594 |
Gross profit | 378,861 | 331,474 |
Operating expenses: | ||
Selling and administrative expenses | 297,640 | 271,190 |
Severance and restructuring expenses, net | 1,372 | (6,740) |
Earnings from operations | 79,849 | 67,024 |
Non-operating (income) expense: | ||
Interest expense, net | 8,068 | 9,969 |
Other (income) expense, net | (2,843) | 388 |
Earnings before income taxes | 74,624 | 56,667 |
Income tax expense | 17,993 | 13,499 |
Net earnings | $ 56,631 | $ 43,168 |
Net earnings per share: | ||
Basic (in usd per share) | $ 1.62 | $ 1.23 |
Diluted (in usd per share) | $ 1.53 | $ 1.18 |
Shares used in per share calculations: | ||
Basic (in shares) | 34,974 | 35,199 |
Diluted (in shares) | 36,981 | 36,699 |
Products | ||
Net sales: | ||
Total net sales | $ 2,310,287 | $ 1,893,020 |
Costs of goods sold: | ||
Total costs of goods sold | 2,107,209 | 1,721,258 |
Services | ||
Net sales: | ||
Total net sales | 340,563 | 300,048 |
Costs of goods sold: | ||
Total costs of goods sold | $ 164,780 | $ 140,336 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 56,631 | $ 43,168 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 1,865 | (80) |
Total comprehensive income | $ 58,496 | $ 43,088 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Dec. 31, 2020 | 35,103 | 0 | |||||||
Beginning balance at Dec. 31, 2020 | $ 1,342,429 | $ 351 | $ 0 | $ 364,288 | $ (15,455) | $ 993,245 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes (in shares) | 217 | ||||||||
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes | (7,067) | $ 2 | (7,069) | ||||||
Stock-based compensation expense | 4,716 | 4,716 | |||||||
Foreign currency translation adjustments, net of tax | (80) | (80) | |||||||
Net earnings | 43,168 | 43,168 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 35,320 | 0 | |||||||
Ending balance at Mar. 31, 2021 | 1,383,166 | $ 353 | $ 0 | 361,935 | (15,535) | 1,036,413 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 35,103 | 0 | |||||||
Beginning balance at Dec. 31, 2020 | 1,342,429 | $ 351 | $ 0 | 364,288 | (15,455) | 993,245 | |||
Ending balance (in shares) at Dec. 31, 2021 | 34,897 | 0 | |||||||
Ending balance at Dec. 31, 2021 | $ 1,509,227 | $ (26,942) | $ 349 | $ 0 | 368,282 | $ (44,731) | (27,094) | 1,167,690 | $ 17,789 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 | ||||||||
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes (in shares) | 175 | ||||||||
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes | $ (6,597) | $ 2 | (6,599) | ||||||
Stock-based compensation expense | 5,007 | 5,007 | |||||||
Foreign currency translation adjustments, net of tax | 1,865 | 1,865 | |||||||
Net earnings | 56,631 | 56,631 | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 35,072 | 0 | |||||||
Ending balance at Mar. 31, 2022 | $ 1,539,191 | $ 351 | $ 0 | $ 321,959 | $ (25,229) | $ 1,242,110 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 56,631 | $ 43,168 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 13,314 | 14,222 |
Provision for losses on accounts receivable | 1,031 | 2,178 |
Non-cash stock-based compensation | 5,007 | 4,716 |
Deferred income taxes | (1,715) | 643 |
Amortization of debt discount and issuance costs | 1,623 | 4,172 |
Other adjustments | (106) | (7,617) |
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable | (103,326) | 93,485 |
Increase in inventories | (57,876) | (67,946) |
Decrease in other assets | 4,111 | 16,759 |
Decrease in accounts payable | (137,144) | (25,315) |
Decrease in accrued expenses and other liabilities | (65,789) | (35,759) |
Net cash (used in) provided by operating activities | (284,239) | 42,706 |
Cash flows from investing activities: | ||
Proceeds from sale of assets | 0 | 27,211 |
Purchases of property and equipment | (25,745) | (7,847) |
Net cash (used in) provided by investing activities | (25,745) | 19,364 |
Cash flows from financing activities: | ||
Net borrowings (repayments) under inventory financing facilities | 6,692 | (17,782) |
Other payments | (6,738) | (7,485) |
Net cash provided by (used in) financing activities | 319,954 | (49,267) |
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances | 969 | (2,445) |
Increase in cash, cash equivalents and restricted cash | 10,939 | 10,358 |
Cash, cash equivalents and restricted cash at beginning of period | 105,977 | 130,582 |
Cash, cash equivalents and restricted cash at end of period | 116,916 | 140,940 |
ABL Facility | ||
Cash flows from financing activities: | ||
Borrowings on ABL revolving credit facility | 1,151,440 | 897,848 |
Repayments on ABL revolving credit facility | $ (831,440) | $ (921,848) |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Recently Issued Accounting Standards | Basis of Presentation and Recently Issued Accounting Standards We empower organizations with technology, solutions and services to help our clients maximize the value of Information Technology (“IT”) today and drive (digital) transformation for tomorrow in North America; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific (“APAC”). As a Fortune 500-ranked global technology provider of end-to-end secure digital transformation solutions and services, we help clients innovate and optimize their operations to run smarter. Our company is organized in the following three operating segments, which are primarily defined by their related geographies: Operating Segment Geography North America United States and Canada EMEA Europe, Middle East and Africa APAC Asia-Pacific 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 are largely software and certain software-related services and cloud solutions. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of March 31, 2022 and our results of operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021. The consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated balance sheet at such date. The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with the rules and regulations promulgated by the SEC and consequently do not include all of the disclosures normally required by United States generally accepted accounting principles (“GAAP”). The results of operations for interim periods are not necessarily indicative of results for the full year, due in part to the seasonal nature of our business. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the related notes thereto, in our Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial statements include the accounts of Insight Enterprises, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Additionally, these estimates and assumptions affect the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, we evaluate our estimates, including those related to sales recognition, anticipated achievement levels under partner funding programs, assumptions related to stock-based compensation valuation, allowances for doubtful accounts, valuation of inventories, litigation-related obligations, valuation allowances for deferred tax assets and impairment of long-lived assets, including purchased intangibles and goodwill, if indicators of potential impairment exist. Recently Issued Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The new guidance is intended to simplify the accounting for certain convertible instruments with characteristics of both liability and equity. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. As a result, after the adoption of this guidance, an entity’s convertible debt instrument will be wholly accounted for as debt. The guidance also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations by requiring the use of the if-converted method. The guidance was effective for fiscal years beginning after December 15, 2021, and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. Therefore, financial statements for the three months ended March 31, 2022 are presented under the new standard, while the comparative period is not adjusted and is reported in accordance with the Company's old method of accounting. The adoption of ASU 2020-06 There have been no other material changes in or additions to the recently issued accounting standards as previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021 that affect or may affect our current financial statements. |
Receivables, Contract Liabiliti
Receivables, Contract Liabilities and Performance Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Receivables, Contract Liabilities and Performance Obligations | Receivables, Contract Liabilities and Performance Obligations The following table provides information about receivables and contract liabilities as of March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, Current receivables, which are included in “Accounts receivable, net” $ 3,025,699 $ 2,936,732 Non-current receivables, which are included in “Other assets” 106,098 147,139 Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities” 120,222 116,067 Changes in the contract liabilities balances during the three months ended March 31, 2022 are as follows (in thousands): Increase (Decrease) Contract Balances at December 31, 2021 $ 116,067 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (31,452) Cash received in advance and not recognized as revenue 35,607 Balances at March 31, 2022 $ 120,222 During the three months ended March 31, 2021, the Company recognized revenue of $34,418,000 related to its contract liabilities. The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2022 that are expected to be recognized in the future (in thousands): Services Remainder of 2022 $ 109,420 2023 49,669 2024 26,963 2025 and thereafter 16,024 Total remaining performance obligations $ 202,076 With the exception of remaining performance obligations associated with our OneCall Support Services contracts which are included in the table above regardless of original duration, remaining performance obligations that have original expected durations of one year or less are not included in the table above. Amounts not included in the table above have an average original expected duration of nine months. Additionally, for our time and material services contracts, whereby we have the right to consideration from a client in an amount that corresponds directly with the value to the client of our performance completed to date, we recognized revenue in the amount to which we have a right to invoice as of March 31, 2022 and do not disclose information about related remaining performance obligations in the table above. Our time and material contracts have an average expected duration of 23 months. The majority of our backlog historically has been and continues to be open cancellable purchase orders. We do not believe that backlog as of any particular date is predictive of future results, therefore we do not include performance obligations under open cancellable purchase orders, which do not qualify for revenue recognition, in the table above. |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Assets Held For Sale | Assets Held for SaleDuring the three months ended March 31, 2021, we completed the sale of our three properties in Tempe, Arizona and the sale of our property in Woodbridge, Illinois for total net proceeds of approximately $27,211,000. We used the proceeds from the sales to ready our property in Chandler, Arizona to be used as our global corporate headquarters. During the three months ended March 31, 2022, we had no assets held for sale. |
Net Earnings Per Share ("EPS")
Net Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share ("EPS") | Net Earnings Per Share (“EPS”)Basic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and certain shares underlying the Notes. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data): Three Months Ended 2022 2021 Numerator: Net earnings $ 56,631 $ 43,168 Denominator: Weighted average shares used to compute basic EPS 34,974 35,199 Dilutive potential common shares due to dilutive RSUs, net of tax effect 330 461 Dilutive potential common shares due to the Notes 1,677 1,039 Weighted average shares used to compute diluted EPS 36,981 36,699 Net earnings per share: Basic $ 1.62 $ 1.23 Diluted $ 1.53 $ 1.18 For the three months ended March 31, 2022, 13,000 of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. Certain potential outstanding shares from the warrants relating to the Call Spread Transactions were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three months ended March 31, 2021, none of our RSUs were excluded from the diluted EPS calculations and certain potential outstanding shares from the warrants were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. |
Debt, Inventory Financing Facil
Debt, Inventory Financing Facility, Finance Leases and Other Financing Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations | Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations Debt Our long-term debt consists of the following (in thousands): March 31, December 31, ABL revolving credit facility $ 373,000 $ 53,000 Convertible senior notes due 2025 344,858 308,543 Finance leases and other financing obligations 63 63 Total 717,921 361,606 Less: current portion of long-term debt (344,903) (36) Long-term debt $ 373,018 $ 361,570 Our senior secured revolving credit facility (the “ABL facility”), has an aggregate U.S. dollar equivalent maximum borrowing amount of $1,200,000,000, including a maximum borrowing capacity that could be used for borrowing in certain foreign currencies of $150,000,000. From time to time and at our option, we may request to increase the aggregate amount available for borrowing under the ABL facility by up to an aggregate of the U.S. dollar equivalent of $500,000,000, subject to customary conditions, including receipt of commitments from lenders. The ABL facility is guaranteed by certain of our material subsidiaries and is secured by a lien on certain of our assets and certain of each other borrower’s and each guarantor’s assets. The interest rates applicable to borrowings under the ABL facility are based on the average aggregate excess availability under the ABL facility as set forth on a pricing grid in the credit agreement. The ABL facility matures on August 30, 2024. As of March 31, 2022, eligible accounts receivable and inventory were sufficient to permit access to the full $1,200,000,000 facility amount, of which $373,000,000 was outstanding. The ABL facility contains customary affirmative and negative covenants and events of default. If a default occurs (subject to customary grace periods and materiality thresholds) under the credit agreement, certain actions may be taken, including, but not limited to, possible termination of commitments and required payment of all outstanding principal amounts plus accrued interest and fees payable under the credit agreement. Convertible Senior Notes due 2025 In August 2019, we issued $350,000,000 aggregate principal amount of Notes that mature on February 15, 2025. The Notes bear interest at an annual rate of 0.75% payable semiannually, in arrears, on February 15 th and August 15 th of each year. The Notes are general unsecured obligations of Insight and are guaranteed on a senior unsecured basis by Insight Direct USA, Inc., a wholly owned subsidiary of Insight. Holders of the Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding June 15, 2024, under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “market price trigger”); (2) during the five The Notes exceeded the market price trigger of $88.82 in the first quarter of 2022 making the Notes convertible at the option of the holders through June 30, 2022. All of the Notes remain outstanding at March 31, 2022. The Notes are convertible at the option of the holders at March 31, 2022 and, if exercised, we are required to settle the principal amount of the Notes in cash. As such, the Notes balance net of unamortized debt issuance costs are classified as current. If the Notes continue to exceed the market price trigger in future periods, they will remain convertible at the option of the holders, and the principal amount will continue to be classified as current. Upon conversion, we will pay or deliver cash equal to the principal amount of the Notes, plus cash or shares of our common stock or a combination of the two for any additional amounts due. The conversion rate will initially be 14.6376 shares of common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $68.32 per share of common stock). The conversion rate is subject to change in certain circumstances and will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date or following our issuance of a notice of redemption, the conversion rate is subject to an increase for a holder who elects to convert their Notes in connection with those events or during the related redemption period in certain circumstances. If we undergo a fundamental change, the holders may require us to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of March 31, 2022, none of the criteria for a fundamental change or a conversion rate adjustment had been met. The maximum number of shares issuable upon conversion, including the effect of a fundamental change and subject to other conversion rate adjustments, would be 6,788,208. The Notes are subject to certain customary events of default and acceleration clauses. As of March 31, 2022, no such events have occurred. The Notes consist of the following balances reported within the consolidated balance sheets (in thousands): March 31, December 31, Liability: Principal $ 350,000 $ 350,000 Less: debt discount and issuance costs, net of accumulated accretion (5,142) (41,457) Net carrying amount $ 344,858 $ 308,543 Equity, net of deferred tax $ — $ 44,731 As a result of our adoption of ASU 2020-06, effective January 1, 2022, we no longer reflect any debt discount on the Notes in our consolidated balance sheet, nor do we recognize amortization of debt discount within our consolidated statement of operations. Also in January 2022, we filed an irrevocable settlement election notice with the note holders to inform them of our election to settle the principal amount of the Notes in cash. As a result of this election, at period ends where the market price, or other conversion triggers are met, the Notes will be classified in our consolidated balance sheet as current. The remaining life of the debt issuance cost accretion is approximately 2.87 years. The effective interest rate on the principal of the Notes is 0.750%. Interest expense resulting from the Notes reported within the consolidated statement of operations for the three months ended March 31, 2022 is made up of contractual coupon interest and amortization of debt issuance costs. Interest expense resulting from the Notes reported within the consolidated statement of operations for the three months ended March 31, 2021 is made up of contractual coupon interest, amortization of debt discount and amortization of debt issuance costs. Convertible Note Hedge and Warrant Transaction In connection with the issuance of the Notes, we entered into the Call Spread Transactions with respect to the Company’s common stock. The convertible note hedge consists of an option to purchase up to 5,123,160 common stock shares at a price of $68.32 per share. The hedge expires on February 15, 2025 and can only be concurrently executed upon the conversion of the Notes. We paid approximately $66,325,000 for the convertible note hedge transaction. Additionally, we sold warrants to purchase 5,123,160 shares of common stock at a price of $103.12 per share. The warrants expire on May 15, 2025 and can only be exercised at maturity. The Company received aggregate proceeds of approximately $34,440,000 for the sale of the warrants. The Call Spread Transactions have no effect on the terms of the Notes and reduce potential dilution by effectively increasing the initial conversion price of the Notes to $103.12 per share of the Company’s common stock. Inventory Financing Facilities We have an unsecured inventory financing facility with MUFG Bank Ltd (“MUFG”) for $280,000,000. During the first quarter of 2022, we increased our maximum availability under our unsecured inventory financing facility with PNC Bank, N.A. (“PNC”) from $300,000,000 to $375,000,000, including the $25,000,000 facility in Canada (the "Canada facility"). We also increased our unsecured inventory financing facility with Wells Fargo in EMEA (the "EMEA facility") to $50,000,000. The inventory financing facilities will remain in effect until they are terminated by any of the parties. If balances are not paid within stated vendor terms, they will accrue interest at prime plus 2.00% on the MUFG facility, Canadian Dollar Offered Rate plus 4.50% on the Canada facility and LIBOR, EURIBOR, or SONIA, as applicable, plus 4.50% and 0.25% on the PNC (other than the Canada facility) and EMEA facilities, respectively. The PNC facility allows for an alternative rate to be identified if LIBOR is no longer available. Amounts outstanding under these facilities are classified separately as accounts payable – inventory financing facilities in the accompanying consolidated balance sheets and within cash flows from financing activities in the accompanying consolidated statements of cash flows. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rates for the three months ended March 31, 2022 and 2021 were 24.1% and 23.8%, respectively. Our effective tax rates were higher than the United States federal statutory rate of 21.0% due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by excess tax benefits on the settlement of employee share-based compensation and tax benefits related to research and development activities. As of March 31, 2022 and December 31, 2021, we had approximately $13,347,000 and $12,664,000, respectively, of unrecognized tax benefits. Of these amounts, approximately $1,385,000 and $1,250,000, respectively, related to accrued interest. In the future, if recognized, the liability associated with uncertain tax positions would affect our effective tax rate. We do not believe there will be any changes to our unrecognized tax benefits over the next 12 months that would have a material effect on our effective tax rate. We are currently under audit in various jurisdictions for tax years 2015 through 2019. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that the examination phase of these audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. However, based on the status of the various examinations in multiple jurisdictions, an estimate of the range of reasonably possible outcomes cannot be made at this time, but the estimated effect on our income tax expense and net earnings is not expected to be significant. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Share Repurchase Program | Share Repurchase ProgramOn February 26, 2020, we announced that our Board of Directors had authorized the repurchase of up to $50,000,000 of our common stock. 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, including the $25,000,000 that remained available from the February 2020 authorization. As of March 31, 2022, approximately $75,000,000 remained available for repurchases under this share repurchase plan. Our 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 amount of shares purchased and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors. We intend to retire the repurchased shares.During the three months ended March 31, 2022 and 2021, we did not repurchase any shares of our common stock. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual In the ordinary course of business, we issue performance bonds to secure our performance under certain contracts or state tax requirements. As of March 31, 2022, we had approximately $27,348,000 of performance bonds outstanding. These bonds are issued on our behalf by a surety company on an unsecured basis; however, if the surety company is ever required to pay out under the bonds, we have contractually agreed to reimburse the surety company. Management believes that payments, if any, related to these performance bonds are not probable at March 31, 2022. Accordingly, we have not accrued any liabilities related to such performance bonds in our consolidated financial statements. Employment Contracts and Severance Plans We have employment contracts with, and severance plans covering, certain officers and management teammates under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. In addition, vesting of outstanding nonvested RSUs would accelerate following a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from three Indemnifications From time to time, in the ordinary course of business, we enter into contractual arrangements under which we agree to indemnify either our clients or third-party service providers from certain losses incurred relating to services performed on our behalf or for losses arising from defined events, which may include litigation or claims relating to past performance. These arrangements include, but are not limited to, the indemnification of our clients for certain claims arising out of our performance under our sales contracts, the indemnification of our landlords for certain claims arising from our use of leased facilities and the indemnification of the lenders that provide our credit facilities for certain claims arising from their extension of credit to us. Such indemnification obligations may not be subject to maximum loss clauses. Management believes that payments, if any, related to these indemnifications are not probable at March 31, 2022. Accordingly, we have not accrued any liabilities related to such indemnifications in our consolidated financial statements. We have entered into separate indemnification agreements with certain of our executive officers and with each of our directors. These agreements require us, among other requirements, to indemnify such officers and directors against expenses (including attorneys’ fees), judgments and settlements incurred by such individual in connection with any action arising out of such individual’s status or service as our executive officer or director (subject to exceptions such as where the individual failed to act in good faith or in a manner the individual reasonably believed to be in, or not opposed to, the best interests of the Company) and to advance expenses incurred by such individual with respect to which such individual may be entitled to indemnification by us. There are no pending legal proceedings that involve the indemnification of any of the Company’s directors or officers. Contingencies Related to Third-Party Review From time to time, we are subject to potential claims and assessments from third parties. We are also subject to various governmental, client and partner audits. We continually assess whether or not such claims have merit and warrant accrual. Where appropriate, we accrue estimates of anticipated liabilities in the consolidated financial statements. Such estimates are subject to change and may affect our results of operations and our cash flows. Legal Proceedings From time to time, we are party to various legal proceedings incidental to the business, including preference payment claims asserted in client bankruptcy proceedings, indemnification claims, claims of alleged infringement of patents, trademarks, copyrights and other intellectual property rights, employment claims, claims of alleged non-compliance with contract provisions and claims related to alleged violations of laws and regulations. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are required. If accruals are not required, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made. Although litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the work required pursuant to any legal proceedings or the resolution of any legal proceedings during such period. Legal expenses related to defense of any legal proceeding or the negotiations, settlements, rulings and advice of outside legal counsel in connection with any legal proceedings are expensed as incurred. In connection with the acquisition of PCM, the Company has effectively assumed responsibility for PCM litigation matters, including various disputes related to PCM’s acquisition of certain assets of En Pointe Technologies in 2015. The seller of En Pointe Technologies and related entities providing various post-closing support functions to PCM have asserted claims regarding the sufficiency of earnout payments paid by PCM under the asset purchase agreement and the unwinding of the support functions post-closing. PCM has rejected and vigorously responded to those claims and is pursuing various counterclaims. The disputes are being heard by multiple courts and arbitrators in several different jurisdictions including California, Delaware and Pakistan. The Company cannot determine with certainty the costs or outcome of these matters. However, the Company is not involved in any pending or threatened legal proceedings, including the PCM litigation matters, that it believes would reasonably be expected to have a material adverse effect on its business, financial condition or results of operations. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationWe operate in three reportable geographic operating segments: North America; EMEA; and APAC. Our offerings in North America and certain countries in EMEA and APAC include IT hardware, software and services, including cloud solutions. Our offerings in the remainder of our EMEA and APAC segments are largely software and certain software-related services and cloud solutions. In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 North America EMEA APAC Consolidated Major Offerings Hardware $ 1,451,319 $ 210,623 $ 11,646 $ 1,673,588 Software 341,547 272,402 22,750 636,699 Services 271,639 48,408 20,516 340,563 $ 2,064,505 $ 531,433 $ 54,912 $ 2,650,850 Major Client Groups Large Enterprise / Corporate $ 1,438,729 $ 353,904 $ 21,429 $ 1,814,062 Commercial 441,159 18,421 14,659 474,239 Public Sector 184,617 159,108 18,824 362,549 $ 2,064,505 $ 531,433 $ 54,912 $ 2,650,850 Revenue Recognition based on acting as Principal or Agent in the Transaction Gross revenue recognition (Principal) $ 1,970,921 $ 506,862 $ 47,018 $ 2,524,801 Net revenue recognition (Agent) 93,584 24,571 7,894 126,049 $ 2,064,505 $ 531,433 $ 54,912 $ 2,650,850 Three Months Ended March 31, 2021 North America EMEA APAC Consolidated Major Offerings Hardware $ 1,109,489 $ 195,971 $ 9,565 $ 1,315,025 Software 308,738 234,423 34,834 577,995 Services 236,554 48,442 15,052 300,048 $ 1,654,781 $ 478,836 $ 59,451 $ 2,193,068 Major Client Groups Large Enterprise / Corporate $ 1,171,428 $ 309,075 $ 19,076 $ 1,499,579 Commercial 344,045 20,533 12,667 377,245 Public Sector 139,308 149,228 27,708 316,244 $ 1,654,781 $ 478,836 $ 59,451 $ 2,193,068 Revenue Recognition based on acting as Principal or Agent in the Transaction Gross revenue recognition (Principal) $ 1,569,641 $ 450,977 $ 52,863 $ 2,073,481 Net revenue recognition (Agent) 85,140 27,859 6,588 119,587 $ 1,654,781 $ 478,836 $ 59,451 $ 2,193,068 All significant intercompany transactions are eliminated upon consolidation, and there are no differences between the accounting policies used to measure profit and loss for our segments or on a consolidated basis. Net sales are defined as net sales to external clients. None of our clients exceeded ten percent of consolidated net sales for the three months ended March 31, 2022 or 2021. A portion of our operating segments’ selling and administrative expenses arise from shared services and infrastructure that we have historically provided to them in order to realize economies of scale and to use resources efficiently. These expenses, collectively identified as corporate charges, include senior management expenses, internal audit, legal, tax, insurance services, treasury and other corporate infrastructure expenses. Charges are allocated to our operating segments, and the allocations have been determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to or benefits received by the operating segments. The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands): Three Months Ended March 31, 2022 North America EMEA APAC Consolidated Net sales: Products $ 1,792,866 $ 483,025 $ 34,396 $ 2,310,287 Services 271,639 48,408 20,516 340,563 Total net sales 2,064,505 531,433 54,912 2,650,850 Costs of goods sold: Products 1,625,775 449,632 31,802 2,107,209 Services 138,646 17,031 9,103 164,780 Total costs of goods sold 1,764,421 466,663 40,905 2,271,989 Gross profit 300,084 64,770 14,007 378,861 Operating expenses: Selling and administrative expenses 235,220 52,326 10,094 297,640 Severance and restructuring expenses 304 1,068 — 1,372 Earnings from operations $ 64,560 $ 11,376 $ 3,913 $ 79,849 Three Months Ended March 31, 2021 North America EMEA APAC Consolidated Net sales: Products $ 1,418,227 $ 430,394 $ 44,399 $ 1,893,020 Services 236,554 48,442 15,052 300,048 Total net sales 1,654,781 478,836 59,451 2,193,068 Costs of goods sold: Products 1,283,876 396,184 41,198 1,721,258 Services 117,416 16,617 6,303 140,336 Total costs of goods sold 1,401,292 412,801 47,501 1,861,594 Gross profit 253,489 66,035 11,950 331,474 Operating expenses: Selling and administrative expenses 206,806 55,447 8,937 271,190 Severance and restructuring expenses (7,238) 498 — (6,740) Earnings from operations $ 53,921 $ 10,090 $ 3,013 $ 67,024 The following is a summary of our total assets by reportable operating segment (in thousands): March 31, December 31, North America $ 4,825,025 $ 4,920,220 EMEA 815,338 828,456 APAC 139,850 148,737 Corporate assets and intercompany eliminations, net (930,425) (1,208,333) Total assets $ 4,849,788 $ 4,689,080 We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands): Three Months Ended 2022 2021 Depreciation and amortization of property and equipment: North America $ 4,420 $ 4,807 EMEA 807 1,232 APAC 162 142 5,389 6,181 Amortization of intangible assets: North America 7,348 7,417 EMEA 457 496 APAC 120 128 7,925 8,041 Total $ 13,314 $ 14,222 |
Basis of Presentation and Rec_2
Basis of Presentation and Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The new guidance is intended to simplify the accounting for certain convertible instruments with characteristics of both liability and equity. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. As a result, after the adoption of this guidance, an entity’s convertible debt instrument will be wholly accounted for as debt. The guidance also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations by requiring the use of the if-converted method. The guidance was effective for fiscal years beginning after December 15, 2021, and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. Therefore, financial statements for the three months ended March 31, 2022 are presented under the new standard, while the comparative period is not adjusted and is reported in accordance with the Company's old method of accounting. The adoption of ASU 2020-06 There have been no other material changes in or additions to the recently issued accounting standards as previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021 that affect or may affect our current financial statements. |
Receivables, Contract Liabili_2
Receivables, Contract Liabilities and Performance Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Information about Receivables and Contract Liabilities | The following table provides information about receivables and contract liabilities as of March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, Current receivables, which are included in “Accounts receivable, net” $ 3,025,699 $ 2,936,732 Non-current receivables, which are included in “Other assets” 106,098 147,139 Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities” 120,222 116,067 |
Summary of Changes in Contract Liabilities from Contract with Customers | Changes in the contract liabilities balances during the three months ended March 31, 2022 are as follows (in thousands): Increase (Decrease) Contract Balances at December 31, 2021 $ 116,067 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (31,452) Cash received in advance and not recognized as revenue 35,607 Balances at March 31, 2022 $ 120,222 |
Summary of Estimated Net Sales Related to Performance Obligation | The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2022 that are expected to be recognized in the future (in thousands): Services Remainder of 2022 $ 109,420 2023 49,669 2024 26,963 2025 and thereafter 16,024 Total remaining performance obligations $ 202,076 |
Net Earnings Per Share ("EPS")
Net Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Denominators of Basic and Diluted EPS Calculations | A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data): Three Months Ended 2022 2021 Numerator: Net earnings $ 56,631 $ 43,168 Denominator: Weighted average shares used to compute basic EPS 34,974 35,199 Dilutive potential common shares due to dilutive RSUs, net of tax effect 330 461 Dilutive potential common shares due to the Notes 1,677 1,039 Weighted average shares used to compute diluted EPS 36,981 36,699 Net earnings per share: Basic $ 1.62 $ 1.23 Diluted $ 1.53 $ 1.18 |
Debt, Inventory Financing Fac_2
Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Our long-term debt consists of the following (in thousands): March 31, December 31, ABL revolving credit facility $ 373,000 $ 53,000 Convertible senior notes due 2025 344,858 308,543 Finance leases and other financing obligations 63 63 Total 717,921 361,606 Less: current portion of long-term debt (344,903) (36) Long-term debt $ 373,018 $ 361,570 |
Schedule of Convertible Senior Notes Balances | The Notes consist of the following balances reported within the consolidated balance sheets (in thousands): March 31, December 31, Liability: Principal $ 350,000 $ 350,000 Less: debt discount and issuance costs, net of accumulated accretion (5,142) (41,457) Net carrying amount $ 344,858 $ 308,543 Equity, net of deferred tax $ — $ 44,731 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Revenue Disaggregated by Reportable Operating Segments | In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 North America EMEA APAC Consolidated Major Offerings Hardware $ 1,451,319 $ 210,623 $ 11,646 $ 1,673,588 Software 341,547 272,402 22,750 636,699 Services 271,639 48,408 20,516 340,563 $ 2,064,505 $ 531,433 $ 54,912 $ 2,650,850 Major Client Groups Large Enterprise / Corporate $ 1,438,729 $ 353,904 $ 21,429 $ 1,814,062 Commercial 441,159 18,421 14,659 474,239 Public Sector 184,617 159,108 18,824 362,549 $ 2,064,505 $ 531,433 $ 54,912 $ 2,650,850 Revenue Recognition based on acting as Principal or Agent in the Transaction Gross revenue recognition (Principal) $ 1,970,921 $ 506,862 $ 47,018 $ 2,524,801 Net revenue recognition (Agent) 93,584 24,571 7,894 126,049 $ 2,064,505 $ 531,433 $ 54,912 $ 2,650,850 Three Months Ended March 31, 2021 North America EMEA APAC Consolidated Major Offerings Hardware $ 1,109,489 $ 195,971 $ 9,565 $ 1,315,025 Software 308,738 234,423 34,834 577,995 Services 236,554 48,442 15,052 300,048 $ 1,654,781 $ 478,836 $ 59,451 $ 2,193,068 Major Client Groups Large Enterprise / Corporate $ 1,171,428 $ 309,075 $ 19,076 $ 1,499,579 Commercial 344,045 20,533 12,667 377,245 Public Sector 139,308 149,228 27,708 316,244 $ 1,654,781 $ 478,836 $ 59,451 $ 2,193,068 Revenue Recognition based on acting as Principal or Agent in the Transaction Gross revenue recognition (Principal) $ 1,569,641 $ 450,977 $ 52,863 $ 2,073,481 Net revenue recognition (Agent) 85,140 27,859 6,588 119,587 $ 1,654,781 $ 478,836 $ 59,451 $ 2,193,068 |
Financial Information about Reportable Operating Segments | The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands): Three Months Ended March 31, 2022 North America EMEA APAC Consolidated Net sales: Products $ 1,792,866 $ 483,025 $ 34,396 $ 2,310,287 Services 271,639 48,408 20,516 340,563 Total net sales 2,064,505 531,433 54,912 2,650,850 Costs of goods sold: Products 1,625,775 449,632 31,802 2,107,209 Services 138,646 17,031 9,103 164,780 Total costs of goods sold 1,764,421 466,663 40,905 2,271,989 Gross profit 300,084 64,770 14,007 378,861 Operating expenses: Selling and administrative expenses 235,220 52,326 10,094 297,640 Severance and restructuring expenses 304 1,068 — 1,372 Earnings from operations $ 64,560 $ 11,376 $ 3,913 $ 79,849 Three Months Ended March 31, 2021 North America EMEA APAC Consolidated Net sales: Products $ 1,418,227 $ 430,394 $ 44,399 $ 1,893,020 Services 236,554 48,442 15,052 300,048 Total net sales 1,654,781 478,836 59,451 2,193,068 Costs of goods sold: Products 1,283,876 396,184 41,198 1,721,258 Services 117,416 16,617 6,303 140,336 Total costs of goods sold 1,401,292 412,801 47,501 1,861,594 Gross profit 253,489 66,035 11,950 331,474 Operating expenses: Selling and administrative expenses 206,806 55,447 8,937 271,190 Severance and restructuring expenses (7,238) 498 — (6,740) Earnings from operations $ 53,921 $ 10,090 $ 3,013 $ 67,024 |
Summary of Total Assets by Reportable Operating Segment | The following is a summary of our total assets by reportable operating segment (in thousands): March 31, December 31, North America $ 4,825,025 $ 4,920,220 EMEA 815,338 828,456 APAC 139,850 148,737 Corporate assets and intercompany eliminations, net (930,425) (1,208,333) Total assets $ 4,849,788 $ 4,689,080 |
Pre-Tax Depreciation and Amortization by Operating Segment | We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands): Three Months Ended 2022 2021 Depreciation and amortization of property and equipment: North America $ 4,420 $ 4,807 EMEA 807 1,232 APAC 162 142 5,389 6,181 Amortization of intangible assets: North America 7,348 7,417 EMEA 457 496 APAC 120 128 7,925 8,041 Total $ 13,314 $ 14,222 |
Basis of Presentation and Rec_3
Basis of Presentation and Recently Issued Accounting Standards - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 01, 2022 | Mar. 31, 2022USD ($)Segment$ / shares | Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Number of operating segments | Segment | 3 | ||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 | Accounting Standards Update 2020-06 | |||
Stockholders' equity attributable to parent | $ | $ 1,539,191 | $ 1,383,166 | $ 1,509,227 | $ 1,342,429 | |
Basic (in usd per share) | $ / shares | $ 1.62 | $ 1.23 | |||
Diluted (in usd per share) | $ / shares | $ 1.53 | $ 1.18 | |||
Additional Paid-in Capital | |||||
Stockholders' equity attributable to parent | $ | $ 321,959 | $ 361,935 | 368,282 | 364,288 | |
Retained Earnings | |||||
Stockholders' equity attributable to parent | $ | $ 1,242,110 | $ 1,036,413 | 1,167,690 | $ 993,245 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Stockholders' equity attributable to parent | $ | (26,942) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital | |||||
Stockholders' equity attributable to parent | $ | (44,731) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||
Stockholders' equity attributable to parent | $ | $ 17,789 | ||||
Old Method of Accounting | |||||
Basic (in usd per share) | $ / shares | $ 1.56 | ||||
Diluted (in usd per share) | $ / shares | 1.48 | ||||
Accounting Standards Update 2020-06 | |||||
Basic (in usd per share) | $ / shares | (0.06) | ||||
Diluted (in usd per share) | $ / shares | $ (0.05) |
Receivables, Contract Liabili_3
Receivables, Contract Liabilities and Performance Obligations - Summary of Information about Receivables and Contract Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Current receivables, which are included in “Accounts receivable, net” | $ 3,025,699 | $ 2,936,732 |
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities” | 120,222 | 116,067 |
Accounts Receivable, Net | ||
Disaggregation of Revenue [Line Items] | ||
Current receivables, which are included in “Accounts receivable, net” | 3,025,699 | 2,936,732 |
Other Assets | ||
Disaggregation of Revenue [Line Items] | ||
Non-current receivables, which are included in “Other assets” | 106,098 | 147,139 |
Accrued Expenses and Other Current Liabilities and Other Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities” | $ 120,222 | $ 116,067 |
Receivables, Contract Liabili_4
Receivables, Contract Liabilities and Performance Obligations - Summary of Changes in Contract Liabilities from Contract with Customers (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable Increase (Decrease) [Roll Forward] | |
Beginning balance | $ 116,067 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (31,452) |
Cash received in advance and not recognized as revenue | 35,607 |
Ending balance | $ 120,222 |
Receivables, Contract Liabili_5
Receivables, Contract Liabilities and Performance Obligations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer, liability, revenue recognized | $ 34,418 | |
Time and material contracts expected duration | 23 months |
Receivables, Contract Liabili_6
Receivables, Contract Liabilities and Performance Obligations - Summary of Estimated Net Sales Related to Performance Obligation (Detail) - Services $ in Thousands | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 202,076 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 109,420 |
Remaining performance obligation, expected timing of satisfaction period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 49,669 |
Remaining performance obligation, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 26,963 |
Remaining performance obligation, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 16,024 |
Remaining performance obligation, expected timing of satisfaction period | 1 year |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022Property | Mar. 31, 2021USD ($) | |
Long Lived Assets Held For Sale [Line Items] | ||
Number of properties | Property | 3 | |
Irvine, California Property | ||
Long Lived Assets Held For Sale [Line Items] | ||
Proceeds from Sale of Property Held-for-sale | $ | $ 27,211 |
Net Earnings Per Share ("EPS"_2
Net Earnings Per Share ("EPS") - Reconciliation of Denominators of Basic and Diluted EPS Calculations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net earnings | $ 56,631 | $ 43,168 |
Denominator: | ||
Weighted average shares used to compute basic EPS (in shares) | 34,974 | 35,199 |
Dilutive potential common shares due to dilutive RSUs, net of tax effect (in shares) | 330 | 461 |
Weighted average shares used to compute diluted EPS (in shares) | 36,981 | 36,699 |
Net earnings per share: | ||
Basic (in usd per share) | $ 1.62 | $ 1.23 |
Diluted (in usd per share) | $ 1.53 | $ 1.18 |
Notes | ||
Denominator: | ||
Dilutive potential common shares due to the Notes (in shares) | 1,677 | 1,039 |
Net Earnings Per Share ("EPS"_3
Net Earnings Per Share ("EPS") - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
RSUs excluded from the diluted EPS calculations | 13 | 0 |
Debt, Inventory Financing Fac_3
Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations - Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Finance leases and other financing obligations | $ 63 | $ 63 |
Total | 717,921 | 361,606 |
Less: current portion of long-term debt | (344,903) | (36) |
Long-term debt | 373,018 | 361,570 |
ABL Facility | ||
Debt Instrument [Line Items] | ||
ABL revolving credit facility | 373,000 | 53,000 |
Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Convertible senior notes due 2025 | $ 344,858 | $ 308,543 |
Debt, Inventory Financing Fac_4
Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2022USD ($)dshares$ / shares | Dec. 31, 2021USD ($) | Aug. 06, 2021USD ($) | Aug. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Accounts payable-inventory financing facility | $ 318,433,000 | $ 311,878,000 | ||
ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | 1,200,000,000 | |||
Amount of facility permitted by qualified receivables | 1,200,000,000 | |||
Line of credit outstanding amount | 373,000,000 | 53,000,000 | ||
Inventory Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Inventory financing facility maximum borrowing capacity | 705,000,000 | |||
Accounts payable-inventory financing facility | 318,433,000 | |||
Foreign Currency Borrowings | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | 150,000,000 | |||
Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of notes, issued amount | $ 350,000,000 | 350,000,000 | $ 350,000,000 | |
Notes, interest rate | 0.75% | |||
Conversion price per share (in usd per share) | $ / shares | $ 88.82 | |||
Principal amount per note used in conversion rate | $ 1,000 | |||
Debt conversion, initial conversion rate (in shares) | shares | 14.6376 | |||
Conversion price per share (in usd per share) | $ / shares | $ 68.32 | |||
Repurchase price as percentage of principal amount | 100.00% | |||
Shares issuable upon conversion of debt (in shares) | shares | 6,788,208 | |||
Notes, remaining accretion period of debt discount and issuance cost | 2 years 10 months 13 days | |||
Notes, effective interest rate | 0.75% | |||
Conversion price per share (in usd per share) | $ / shares | $ 68.32 | |||
Payments to convertible note hedge transaction | $ 66,325,000 | |||
Warrants sold to purchase of additional common stock (in shares) | shares | 5,123,160 | |||
Warrant price per share to purchase additional common stock (in usd per share) | $ / shares | $ 103.12 | |||
Proceeds from sale of warrants | $ 34,440,000 | |||
Convertible Senior Notes | Scenario One | ||||
Debt Instrument [Line Items] | ||||
Number of trading days | d | 20 | |||
Number of consecutive trading days | d | 30 | |||
Percentage of last reported sale price to conversion price on each applicable trading day | 130.00% | |||
Convertible Senior Notes | Scenario Two | ||||
Debt Instrument [Line Items] | ||||
Percentage of last reported sale price to conversion price on each applicable trading day | 98.00% | |||
Measurement period | 5 days | |||
Canada Facility | Unsecured Inventory Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Inventory financing facility maximum borrowing capacity | $ 25,000,000 | |||
MUFG Bank Ltd | Unsecured Inventory Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Inventory financing facility maximum borrowing capacity | $ 280,000,000,000 | |||
Inventory financing facility rate if vendor terms not met equal prime plus | 2.00% | |||
PNC Facility | Unsecured Inventory Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Inventory financing facility maximum borrowing capacity | $ 375,000,000 | $ 300,000,000 | ||
PNC Facility | Inventory Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Inventory financing facility rate if vendor terms not met equal LIBOR plus | 4.50% | |||
EMEA Facilities | Unsecured Inventory Financing Facility | ||||
Debt Instrument [Line Items] | ||||
Inventory financing facility maximum borrowing capacity | $ 50,000,000 | |||
Inventory financing facility rate if vendor terms not met equal LIBOR plus | 0.25% | |||
Maximum | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, increase in amount available for borrowing | $ 500,000,000 | |||
Maximum | Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Option to purchase common stock (in shares) | shares | 5,123,160 |
Debt, Inventory Financing Fac_5
Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations - Schedule of Convertible Senior Notes Balances (Detail) - Convertible Senior Notes - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2019 |
Liability: | |||
Principal | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 |
Less: debt discount and issuance costs, net of accumulated accretion | (5,142,000) | (41,457,000) | |
Net carrying amount | 344,858,000 | 308,543,000 | |
Equity, net of deferred tax | $ 0 | $ 44,731,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 24.10% | 23.80% | |
United States federal statutory income tax rate | 21.00% | ||
Unrecognized tax benefits | $ 13,347 | $ 12,664 | |
Unrecognized tax benefits, interest on income taxes accrued | $ 1,385 | $ 1,250 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | May 06, 2021 | Feb. 26, 2020 |
Schedule Of Share Repurchase Programs [Line Items] | |||
Common stock repurchase program, authorized amount | $ 125,000,000 | $ 50,000,000 | |
Common stock repurchase program, authorized remaining amount | $ 75,000,000 | ||
February 2020 Share Repurchase Plan | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Common stock repurchase program, authorized remaining amount | $ 25,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Surety Bond | |
Commitments And Contingencies [Line Items] | |
Performance bonds outstanding | $ 27,348,000 |
Minimum | |
Commitments And Contingencies [Line Items] | |
Number of months of salary paid as severance | 3 months |
Maximum | |
Commitments And Contingencies [Line Items] | |
Number of months of salary paid as severance | 24 months |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Summary o
Segment Information - Summary of Revenue Disaggregated by Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | $ 2,650,850 | $ 2,193,068 |
Hardware | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 1,673,588 | 1,315,025 |
Software | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 636,699 | 577,995 |
Services | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 340,563 | 300,048 |
Gross revenue recognition (Principal) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 2,524,801 | 2,073,481 |
Net revenue recognition (Agent) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 126,049 | 119,587 |
North America | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 2,064,505 | 1,654,781 |
North America | Hardware | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 1,451,319 | 1,109,489 |
North America | Software | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 341,547 | 308,738 |
North America | Services | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 271,639 | 236,554 |
North America | Gross revenue recognition (Principal) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 1,970,921 | 1,569,641 |
North America | Net revenue recognition (Agent) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 93,584 | 85,140 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 531,433 | 478,836 |
EMEA | Hardware | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 210,623 | 195,971 |
EMEA | Software | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 272,402 | 234,423 |
EMEA | Services | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 48,408 | 48,442 |
EMEA | Gross revenue recognition (Principal) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 506,862 | 450,977 |
EMEA | Net revenue recognition (Agent) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 24,571 | 27,859 |
APAC | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 54,912 | 59,451 |
APAC | Hardware | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 11,646 | 9,565 |
APAC | Software | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 22,750 | 34,834 |
APAC | Services | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 20,516 | 15,052 |
APAC | Gross revenue recognition (Principal) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 47,018 | 52,863 |
APAC | Net revenue recognition (Agent) | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 7,894 | 6,588 |
Large Enterprise / Corporate | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 1,814,062 | 1,499,579 |
Large Enterprise / Corporate | North America | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 1,438,729 | 1,171,428 |
Large Enterprise / Corporate | EMEA | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 353,904 | 309,075 |
Large Enterprise / Corporate | APAC | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 21,429 | 19,076 |
Commercial | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 474,239 | 377,245 |
Commercial | North America | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 441,159 | 344,045 |
Commercial | EMEA | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 18,421 | 20,533 |
Commercial | APAC | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 14,659 | 12,667 |
Public Sector | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 362,549 | 316,244 |
Public Sector | North America | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 184,617 | 139,308 |
Public Sector | EMEA | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | 159,108 | 149,228 |
Public Sector | APAC | ||
Segment Reporting Information [Line Items] | ||
Disaggregation of revenue | $ 18,824 | $ 27,708 |
Segment Information - Financial
Segment Information - Financial Information about Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total net sales | $ 2,650,850 | $ 2,193,068 |
Total costs of goods sold | 2,271,989 | 1,861,594 |
Gross profit | 378,861 | 331,474 |
Operating expenses: | ||
Selling and administrative expenses | 297,640 | 271,190 |
Severance and restructuring expenses | 1,372 | (6,740) |
Earnings from operations | 79,849 | 67,024 |
Products | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 2,310,287 | 1,893,020 |
Total costs of goods sold | 2,107,209 | 1,721,258 |
Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 340,563 | 300,048 |
Total costs of goods sold | 164,780 | 140,336 |
North America | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 2,064,505 | 1,654,781 |
Total costs of goods sold | 1,764,421 | 1,401,292 |
Gross profit | 300,084 | 253,489 |
Operating expenses: | ||
Selling and administrative expenses | 235,220 | 206,806 |
Severance and restructuring expenses | 304 | (7,238) |
Earnings from operations | 64,560 | 53,921 |
North America | Products | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 1,792,866 | 1,418,227 |
Total costs of goods sold | 1,625,775 | 1,283,876 |
North America | Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 271,639 | 236,554 |
Total costs of goods sold | 138,646 | 117,416 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 531,433 | 478,836 |
Total costs of goods sold | 466,663 | 412,801 |
Gross profit | 64,770 | 66,035 |
Operating expenses: | ||
Selling and administrative expenses | 52,326 | 55,447 |
Severance and restructuring expenses | 1,068 | 498 |
Earnings from operations | 11,376 | 10,090 |
EMEA | Products | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 483,025 | 430,394 |
Total costs of goods sold | 449,632 | 396,184 |
EMEA | Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 48,408 | 48,442 |
Total costs of goods sold | 17,031 | 16,617 |
APAC | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 54,912 | 59,451 |
Total costs of goods sold | 40,905 | 47,501 |
Gross profit | 14,007 | 11,950 |
Operating expenses: | ||
Selling and administrative expenses | 10,094 | 8,937 |
Severance and restructuring expenses | 0 | 0 |
Earnings from operations | 3,913 | 3,013 |
APAC | Products | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 34,396 | 44,399 |
Total costs of goods sold | 31,802 | 41,198 |
APAC | Services | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 20,516 | 15,052 |
Total costs of goods sold | $ 9,103 | $ 6,303 |
Segment Information - Summary_2
Segment Information - Summary of Total Assets by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 4,849,788 | $ 4,689,080 |
Operating Segments | North America | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,825,025 | 4,920,220 |
Operating Segments | EMEA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 815,338 | 828,456 |
Operating Segments | APAC | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 139,850 | 148,737 |
Intersegment Eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ (930,425) | $ (1,208,333) |
Segment Information - Pre-Tax D
Segment Information - Pre-Tax Depreciation and Amortization by Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization of property and equipment | $ 5,389 | $ 6,181 |
Amortization of intangible assets | 7,925 | 8,041 |
Depreciation and amortization, total | 13,314 | 14,222 |
North America | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization of property and equipment | 4,420 | 4,807 |
Amortization of intangible assets | 7,348 | 7,417 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization of property and equipment | 807 | 1,232 |
Amortization of intangible assets | 457 | 496 |
APAC | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization of property and equipment | 162 | 142 |
Amortization of intangible assets | $ 120 | $ 128 |