1
EXHIBIT 99.2
INSIGHT ENTERPRISES, INC.
PRESENTATION TO U.S. INVESTORS
STATEMENTS IN THIS PRESENTATION THAT RELATE TO FUTURE PLANS,
EXPECTATIONS, EVENTS OR PERFORMANCE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE
RISKS AND UNCERTAINTIES, INCLUDING: PROJECTIONS OF MATTERS THAT MAY AFFECT SALES
OR NET EARNINGS; PROJECTIONS OF CAPITAL EXPENDITURES; PROJECTIONS OF GROWTH;
HIRING PLANS; PLANS FOR FUTURE OPERATIONS; FINANCING NEEDS OR PLANS; PLANS
RELATING TO THE COMPANY'S PRODUCTS; AND ASSUMPTIONS RELATING TO THE FOREGOING.
IN ADDITION, REFERENCE IS MADE TO THE "FACTORS THAT MAY AFFECT FUTURE RESULTS
AND FINANCIAL CONDITIONS" AS SET FORTH IN THE COMPANY'S ANNUAL REPORT ON FORM
10K FOR THE YEAR ENDED DECEMBER 31, 1998.
INSIGHT
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2
TRANSACTION OVERVIEW
- - Recommended share-for-share offer by Insight to Action shareholders
- - Exchange ratio of 0.16 new Insight shares for each Action share
- - Summary:
- Number of new shares issued 5,638M
- Action pro forma ownership 18.1%
- Premium to unaffected price 28%
- Transaction value $150MM
- - Shareholder votes targeted August
- - Closing expected September
INSIGHT
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3
STRATEGIC RATIONALE
- - Create global IT direct marketing leader in the U.S., the U.K., Canada,
Germany and Spain
- - Expand largest independent U.K. computer direct marketer
- - Create platform for continued European expansion
- - Add experienced international management
- - Leverage best practices of both companies
- Purchasing/vendor relationships
- Outbound direct marketing model
- E-commerce technology
- - Realize scale opportunities in U.K. operations
- Distribution
- Overhead
INSIGHT
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4
PRO FORMA INCOME STATEMENT
INSIGHT ACTION COMBINED
LTM 3/99 LTM 2/99(1) LTM 3/99
- ----------------------------------------------------------------------
NET SALES $1,134.1 $ 454.6 $ 1,588.7
- ----------------------------------------------------------------------
GROSS PROFIT 135.4 63.8 199.2
margin 11.9% 14.0% 12.5%
- ----------------------------------------------------------------------
SG&A 97.4 52.0(2) 149.4
margin 8.6% 11.4% 9.4%
OPERATING INCOME 38.0 11.8(2) 49.8
margin 3.4% 2.6% 3.1%
- ----------------------------------------------------------------------
NET INCOME 22.9 6.4(2) 29.3
margin 2.0% 1.4% 1.8%
- ----------------------------------------------------------------------
EPS
Basic $ 0.93 N/A $ 0.97
Diluted $ 0.89 N/A $ 0.93
Notes: (1) Exchange Rate: L.1 = $1.602
(2) Excluding $1.6MM pre-tax exceptional charge ($1.1MM after tax)
INSIGHT
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5
COMPANY OVERVIEW
INSIGHT
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6
ABOUT ACTION
- - Largest independent U.K. direct marketer of IT products
- Operations in Spain
- - Founded 1981, public since July 1996
- - LTM February 1999 (UK GAAP)
- Sales L.282.4 $452.4
- Operating Profit 7.9 12.7
- Margin 2.8% 2.8%
- - Complementary business model
INSIGHT
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7
COMPLEMENTARY BUSINESS MODELS
- -----------------------------------------------------------------------------
ACTION INSIGHT
- -----------------------------------------------------------------------------
TARGET Small, medium, large SMEs with 50 - 1,000
CUSTOMERS business customers employees
- -----------------------------------------------------------------------------
PRODUCT RANGE 13,500+ Wintel products 100,000+ Wintel products
- -----------------------------------------------------------------------------
PRICING Discounted Discounted
- -----------------------------------------------------------------------------
SALES Catalog Outbound telemarketers
APPROACH E-commerce E-commerce
Telesales/field sales and Catalog
service
- -----------------------------------------------------------------------------
DISTRIBUTION Centralized fulfillment "Virtual inventory"
- -----------------------------------------------------------------------------
GROWTH Organic plus acquisitions Organic plus acquisitions
- UK - US
- Spain - UK
- Germany
- -----------------------------------------------------------------------------
INSIGHT
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8
ACTION'S MANAGEMENT
YEARS WITH
EXECUTIVE DIRECTORS ACTION
Henry Lewis 18
Chairman
George Laplante 8
Group Managing Director
Duncan Wilkes 8
Chief Operating Officer
Ian Wakelin 1
Finance Director
DIRECTOR/EMPLOYEE OWNERSHIP 17.5%
INSIGHT
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9
SUMMARY FINANCIAL PERFORMANCE
(in Millions)
Net Sales
Year Ended August 31,
1995..................... $163.4
1996..................... $215.6
1997 .................... $275.7
1998 .................... $399.9
LTM 2/99................. $452.4
CAGR 34.8%
Operating Profit
Year Ended August 31,
1995..................... $3.9
1996..................... $6.1
1997 .................... $8.5
1998 .................... $12.3
LTM 2/99................. $12.7
CAGR 46.7%
Exchange Rate: L.1=$1.602. In U.K. GAAP. Operating profit before exceptional
items.
INSIGHT
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10
INDUSTRY
INSIGHT
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11
INDUSTRY OVERVIEW
Total - L.32.5 Billion
Consultancy ................. 20%
Other ....................... 12%
Software & Services ......... 46%
Hardware .................... 22%
Source: Holway Report.
INSIGHT
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12
U.K. IT RESELLERS
LAST
REPORTED
RESELLER REVENUE POSITION OWNERSHIP
- --------------------------------------------------------------------------
Computacenter L.1,586 VAR Public
- --------------------------------------------------------------------------
Specialist Computer 536 VAR Private
- --------------------------------------------------------------------------
Multi Vendor Computer 290E VAR Sub ICL
- --------------------------------------------------------------------------
Action 250 Direct Marketer Public
- --------------------------------------------------------------------------
Compel 210 VAR Public
- --------------------------------------------------------------------------
Elcom Ltd. 176 VAR US Public
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MicroWarehouse 132 Direct Marketer US Public
- --------------------------------------------------------------------------
Global Direct Mail 196 Direct Marketer US Public
(Total Europe)
- HIGHLY FRAGMENTED - 2,000 + RESELLERS
- DIRECT MARKETING CHANNEL - L.1.1 BILLION ESTIMATED
INSIGHT
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13
BUSINESS STRATEGY
INSIGHT
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14
TARGET CUSTOMERS
- - Target customer base spans small businesses to large corporations
- No size or sector concentration
- - Minimum 500,000 U.K. business sites with PC's
- - Current penetration just 17%
- 146,000 contacts at
- 89,600 PC sites
- - Action receives estimated 20 - 25% of customer IT expenditures
INSIGHT
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15
PENETRATION BY TURNOVER BANDS
SIGNIFICANT REPRESENTATION (25%) IN L.100M+ COMPANIES
0-2 2-5 5-10 10-25 25-50 50-100 100-200 200+
% of Universe 3 6 9 12 17 22 28 33
TURNOVER BANDS IN L.M
INSIGHT
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16
PRODUCT RANGE
- - Widest U.K. product offering but more edited than U.S.
- - Selected every 60 days
- Leading brands
- Demand driven
- GM/Picks/Returns
- Empirical
- - 13,500 live catalog lines
- - Electronic range growing to 20,000
- - Additional 400 specials weekly
INSIGHT
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17
DATABASE CUSTOMERS
- - 95.25% retention
- - 21% of sites ordered in an average month
- - 6.7 orders per year
- - 91.7% (by value) on 30-day credit terms
INSIGHT
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18
KEY ACCOUNTS
- - 3,500 customers
- - Direct marketing/e-commerce plus...
- - Proactive sales teams
- - Customized web site
- - Tailored pricing
- - 100 quota carriers (telephone/field sales force)
INSIGHT
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19
SALES APPROACH
ACCOUNT
CUSTOMER SEGMENT CATALOG DIRECT MAIL E-COMMERCE MANAGERS
- ---------------- ------- ----------- ---------- --------
DATABASE
- - <L.10,000 X X X
- - 86,100 sites
KEY ACCOUNTS
- - > L.25,000 X X X X
- - 3,500 sites
INSIGHT
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20
ACTION'S CATALOG
- - Products selected on rigorous criteria
- - No charge to suppliers
- - Industry "Bible"
- - Focused distribution - customers only
INSIGHT
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21
DIRECT MAIL
- - Ability to segment customers
- - Ability to rapidly and cost effectively produce material
- - Target customers using mini-catalogs
- By product/supplier or
- By theme
- - Supplier funded
INSIGHT
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22
CUSTOMERS TARGETED BY
o Previous purchases
- Products purchased
- Products not purchased
- Time pattern
- Value
o Organization
- Size
- SIC
o Contact
- Job title
INSIGHT
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23
ELECTRONIC COMMUNICATION/COMMERCE
o Low cost model
- Reduced transaction costs
- Reduced communication costs
o Improved information flow
- Minute by minute update
- More data....
- ....on more products
- - L.12MM REVENUE FOR 6 MONTHS ENDED 2/99
- - UNASSISTED INTERNET SALES 8.6% OF TOTAL
INSIGHT
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24
SERVICE OFFERING
VARs Action
- ---------------------- -----------------
Solutions VS Configuration
Application software Maintenance
System design Upgrades
Software specification Project roll outs
Business processes Remote support
INSIGHT
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25
ACTION SERVICES
ACTION DELIVERS:
- - Clear choice of services
- - Clear definition of service levels
- - Itemized pricing
- - "Commodity" approach
ACTION RECEIVES:
- - Increase penetration: product sales
- - More customers
INSIGHT
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26
ACQUISITIONS
FRASER ASSOCIATES
- - L.3.5M purchase price
PRODUCT REVENUE:
- - L.31.0M (1997)
- - Siemens, Powergen, Mercedes Benz, Dorling, MEPC, Bodyshop
SERVICE REVENUE:
- - L.2.5M (1997)
- - Desktop installation, configuration, consultancy, support desks,
implementation and roll out
INSIGHT
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27
ACQUISITIONS
SHL RESELLER & SERVICE DIVISION
- - L.7.9M purchase price
PRODUCT REVENUE:
- - L.36.0M (1997)
- - Orange, RAC, General Accident, RTZ, BOC
SERVICE REVENUE:
- - L.12.0M (1997)
- - Break/fix maintenance, project management, consultancy, helpdesks
INSIGHT
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28
INFRASTRUCTURE
Administration, Sales & Sales Support Offices
- Alperton (45,000 sq. ft.)
- Buckingham (20,000 sq. ft.)
- Six sales/service offices
Southall Warehouse (77,676 sq. ft.)
- 11,500 catalog items in warehouse
- 280,000 catalog items picked per month
- 64,000 customer orders per month
- 800 units per month through repair
Heathrow Warehouse (20,314 sq. ft.)
- 5,000 customer specific configurations and tests per month
- 800 next day configurations per month
INSIGHT
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29
ACTION SPAIN
- - Founded in 1990
- - LTM 2/99 sales L.10.2MM
- - 6 months ended 2/99 PBT L.66M
vs. 1998 (L.54M)
- - New web site operational in July
- - Strong management team
30
INVESTING LOW COST MODEL
- Web - transaction processing/information
- Single IT systems across companies
- Strong infrastructure to support acquisitions
- Single call center - April 1, 1999
- Productivity of sales force
- Consolidated facilities
- Continued attention to balance sheet
INSIGHT
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31
FINANCIAL HIGHLIGHTS
YEAR ENDED 6 MONTHS ENDED
AUGUST 1998 FEBRUARY 1999
----------------------- --------------------
Turnover L.249.6 +45.0% L.140.9 +30.3%
Gross Profit 34.9 +46.7% 19.4 +30.6%
Operating Profit 7.7(1) +45.2% 3.4 +7.4%
Pre-Tax Profit 7.1(1) +39.2% 2.7 -11.8%
Net Income 4.8(1) +50.0% 1.8 -14.6%
Inventory DSO 16.9 13.9
Note: (1) Excluding L.990M pre-tax exceptional charge. In U.K. GAAP.
INSIGHT
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32
TRANSACTION RATIONALE
INSIGHT
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33
INSIGHT'S GLOBAL PRESENCE
[MAP]
Insight Canada - Montreal Oct. 1997
Insight UK-Workshop England - April 1998
Insight Direct, Canada - Montreal - Oct. 1998
Insight Germany - Dec. 1998
WHY GO GLOBAL?
- - Demand for PCs in Western Europe is growing
- - Acceptance of direct channel
- - Migration to E-commerce
- - Increased use of technology by businesses
- - Market ready to respond to Insight's model
- - Economies of scale - EDI shipping model
- - Localized front end, centralized back end
INSIGHT
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34
COMPLEMENTARY BUSINESS MODELS
- --------------------------------------------------------------------------------
ACTION INSIGHT
- --------------------------------------------------------------------------------
TARGET Small, medium, large SMEs with 50 - 1,000
CUSTOMERS business customers employees
- --------------------------------------------------------------------------------
PRODUCT RANGE 13,500+ Wintel products 100,000+ Wintel products
- --------------------------------------------------------------------------------
PRICING Discounted Discounted
- --------------------------------------------------------------------------------
SALES Catalog Outbound telemarketers
APPROACH E-commerce E-commerce
Telesales/field sales and Catalog
service
- --------------------------------------------------------------------------------
DISTRIBUTION Centralized fulfillment "Virtual inventory"
- --------------------------------------------------------------------------------
GROWTH Organic plus acquisitions Organic plus acquisitions
- UK - US
- Spain - UK
- Germany
- --------------------------------------------------------------------------------
INSIGHT
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35
ACTION OPPORTUNITIES
INSIGHT
------------------------- ACTION
1996 LTM 3/99 LTM 2/99(1)
-------- -------- -----------
Net Sales $ 410.9 $1,134.1 $ 454.6
Gross Margin 13.7% 11.9% 14.0%
SG&A 10.8% 8.6% 11.4%
Operating Margin 2.9% 3.3% 2.6%
Inventory T/O 17x 43x(2) 21x(3)
(1) Exchange Rate: L.1 = $1.602. Pro forma for U.S. GAAP.
Excludes $1.6MM exceptional charge
(2) Q1 annualized
(3) 6 months annualized
INSIGHT
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36
ACTION OPPORTUNITIES
- - Accelerate revenue growth
- Develop outbound model for U.K.
- Create global e-commerce platform
- Cross market existing products/services - ISP, computer services
- Improve product availability
- Provide global fulfillment to international customers
- Leverage Action's international marketing expertise to Insight U.K.
and Germany
- Develop dual branding strategy
INSIGHT
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37
ACTION OPPORTUNITIES
- - Achieve cost savings/efficiencies
- Leverage increased buying power
- Combine Insight U.K. operations with Action
- Capitalize on new scale economies - catalog, overhead, telephone
- Standardize web technology
- Implement virtual inventory model
INSIGHT
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38
COMPANY OVERVIEW
INSIGHT
- --------------------------------------------------------------------------------
39
ABOUT INSIGHT
- - Leading worldwide direct provider of name brand computers, hardware and
software
- - Offers 100,000+ Wintel products at discounted prices
- - Products are sold primarily through outbound telesales and electronic
commerce
- - Well positioned for strong, profitable sales and earnings growth
INSIGHT
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40
INSIGHT'S INVESTMENT THESIS
- - Rapidly growing and highly fragmented market worldwide
- - Highly efficient business model
- - Global companies win
- - Superior financial returns
- - Maximizing growth through IS, IT and electronic commerce investments
- - Well-positioned for continued rapid, profitable growth
INSIGHT
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41
FINANCIAL PERFORMANCE REFLECTS
INVESTMENT THESIS
(in Millions)
Net Sales
Year Ended December 31,
1995 .............................. $ 272.1
1996 .............................. $ 410.9
1997 .............................. $ 627.7
1998 .............................. $1,002.8
CAGR (54.5%)
Net Earnings
Year Ended December 31,
1995 .............................. $ 4.1
1996 .............................. $ 7.6
1997 .............................. $ 13.2
1998 .............................. $ 20.4
CAGR (70.6%)
INSIGHT
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42
INDUSTRY OVERVIEW
INSIGHT
- --------------------------------------------------------------------------------
43
U.S. PC SALES BY CHANNEL
(% of sales through
each segment)
1997
Other Retail .................... 13.5%
Vars ............................ 13.2%
Dealers ......................... 26%
DIRECT .......................... 27%
PC/Office Store ................. 20.3%
% Chg in
Total units = 30,000,000 Units 80%
2001E
Other Retail .................... 13.3%
Vars ............................ 13.8%
Dealers ......................... 20.2%
DIRECT .......................... 31.5%
PC/Office Store ................. 21.2%
Total units = 54,000,000
Source: Dataquest, December 1998
INSIGHT
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44
WORLD PC MARKET BY CHANNEL
(% of sales through
each segment)
1997
Other Retail .................... 12.2%
Vars ............................ 12.4%
Dealers ......................... 34.5%
DIRECT .......................... 27.9%
PC Store ........................ 13%
% Chg in
Total units = 81,000,000 Units 72%
2001E
Other Retail .................... 11.7%
Vars ............................ 13.1%
Dealers ......................... 32.4%
DIRECT .......................... 29.3%
PC Store ........................ 13.5%
Total units = 1,393,000,000
Source: Dataquest, December 1998
INSIGHT
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45
THE DIRECT CHANNEL
Direct Channel Growth is Due to:
- - Continued acceptance of channel by suppliers and computer literate end
users
- - Depth and breadth of product
- - Electronic commerce
- - Knowledgeable sales and technical staff
- - Fast delivery and superior customer support
- - Competitive pricing
- - Most efficient distribution model
INSIGHT
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46
BUSINESS STRATEGY
INSIGHT
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47
1999 BUSINESS STRATEGY
- - Outbound direct sales and E-commerce
- - Business and E-customer focused
- - Leading revenue and profit growth
- - Aggressively lower cost structure
- - Broadest offering of the best brands
- - Aggressively low prices
- - Best availability and delivery
- - Delightful customer experience
INSIGHT
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48
CUSTOMER MODEL
--------------
SALES MODEL PREMIER FINANCIAL MODEL
- ----------- ------- ---------------
AZ Field Sales Low Marketing
Inside Acct. Mgmt. Fortune 1000 Low Sales Cost
Low Margin
Outbound Sales VIP Mod. Marketing
Small and Medium Mod. Sales Costs
Businesses Mod. Margin
Inbound Sales E-customer Mod. Marketing
Low Sales Cost
High Margin
INSIGHT
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49
TARGET CUSTOMERS
- - Small- and medium-sized businesses
- Computer literate end users
- Frequent, predictable purchasing behavior
- Demand leading technology and discounted pricing
- Require less technical support
- - 86% of net sales from business customers
- - Largest customer is approximately 1% of net sales
- - E-customers
INSIGHT
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50
E-MARKETING/BRANDING STRATEGY
- - E-catalogs - product offerings via electronic mail
- - Advertising banners/links on the Internet
- - :15 second targeted television commercials
- - Print catalogs to SMEs and recent buyers
- - Customized email offers to manufacturers' customer lists
INSIGHT.COM
800-INSIGHT
INSIGHT
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51
HOW INSIGHT USES TECHNOLOGY TO LEVERAGE OPERATIONS
- - Proprietary, fully integrated, real-time, company-wide information system
- - Electronic sales and marketing
- - Effective fulfillment and distribution infrastructure
- Virtual inventory through EDI direct ship
- Indianapolis, IN distribution facility for distance based shipping
advantages
We must maintain an
efficient, low-cost operational
infrastructure
INSIGHT
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52
GROWTH STRATEGY
INSIGHT
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53
GROWTH STRATEGY
- - Strong Sales Growth
- Penetrate further into existing customer base
- Increase market share
- Expand/Adjust product offering
- - Profitable Earnings Growth
- Leverage existing infrastructure
- Utilize emerging technologies
- - Expand Global Presence
INSIGHT
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54
LEVERAGE INFRASTRUCTURE
- - Increase Account Executive productivity
- - Operational capacity
- - Outsourcing alliances
UTILIZE TECHNOLOGIES
- - Increase awareness and communicate with customers via cost-effective Web
and E-mail
- - Maintain state-of-the-art E-commerce sites
- - Cutting-edge computer information systems
- - Virtual inventory and build-to-order through EDI
INSIGHT
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55
GROWTH OF ACCOUNT EXECUTIVES
Twelve Months Ended December 31,
1994 ......................... 194
1995 ......................... 236
1996 ......................... 374
1997 ......................... 652
1998 ......................... 1,072
Q1 99 ........................ 1,062
INSIGHT
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56
ACCOUNT EXECUTIVE MATURITY
PERCENTAGE OF TOTAL ACCOUNT EXECUTIVES
1998 1999
---- ----
<1 Year ...................... 64% 55%
1-2 Years .................... 20% 25%
2-3 Years .................... 6% 11%
3+ Years ..................... 10% 9%
INSIGHT
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57
FINANCIAL HIGHLIGHTS
INSIGHT
- --------------------------------------------------------------------------------
58
NET SALES
(in Millions)
Year Ended December 31,
1995 ......................... $ 272.1
1996 ......................... $ 410.9
1997 ......................... $ 627.7
1998 ......................... $1,002.8
CAGR 54.5%
Quarter Ended March 31,
1998 ......................... $ 206.8
1999 ......................... $ 338.1
AGR 64%
INSIGHT
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59
GROSS PROFIT PERCENTAGE
Year Ended December 31,
1995 ......................... 14.7%
1996 ......................... 13.7%
1997 ......................... 12.6%
1998 ......................... 12.0%
Quarter Ended March 31,
1998 ......................... 12.3%
1999 ......................... 11.8%
Insight Expects Gradual GP% Decline
- - Industry-wide pricing pressures
- - Pricing/selling strategies
- - Market conditions
INSIGHT
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60
SELLING, GENERAL AND ADMINISTRATIVE
Year Ended December 31,
1995 ......................... 12.0%
1996 ......................... 10.7%
1997 ......................... 9.1%
1998 ......................... 8.7%
Quarter Ended March 31,
1998 ......................... 8.7%
1999 ......................... 8.4%
Factors Contributing to Declining SG&A % HISTORICAL EFFECT FUTURE EFFECT
---------------------------------------- ----------------- -------------
Marketing efficiencies MAJOR MINOR
Sales productivity increases NONE MAJOR
Electronic commerce MINOR MAJOR
Economies of scale MINOR MAJOR
INSIGHT
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61
NET EARNINGS
(in Millions)
Year Ended December 31,
1995 ......................... $ 4.1
1996 ......................... $ 7.6
1997 ......................... $13.2
1998 ......................... $20.4
CAGR 70.6%
Quarter Ended March 31,
1998 ......................... $ 4.3
1999 ......................... $ 6.8
AGR 57%
INSIGHT
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62
NET EARNINGS BY QUARTER
(in Thousands)
Q1 '97 ....................... $2,746
Q2 '97 ....................... $2,951
Q3 '97 ....................... $3,526
Q4 '97 ....................... $3,995
Q1 '98 ....................... $4,333
Q2 '98 ....................... $4,703
Q3 '98 ....................... $5,185
Q4 '98 ....................... $6,229
Q1 '99 ....................... $6,807
INSIGHT
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63
DILUTED EARNINGS PER SHARE*
(in Millions)
Year Ended December 31,
1995 ......................... $0.26
1996 ......................... $0.38
1997 ......................... $0.55
1998 ......................... $0.81
Quarter Ended March 31,
1998 ......................... $0.18
1999 ......................... $0.26
* Retroactively reflects three-for-two stock splits effected in the form of
stock dividends payable on February 18, 1999 to the stockholders of record
at the close of business on January 25, 1999 and paid on September 8, 1998
and September 17, 1997
INSIGHT
- --------------------------------------------------------------------------------
64
DILUTED EPS* BY QUARTER
Q1 '97 ....................... $0.11
Q2 '97 ....................... $0.12
Q3 '97 ....................... $0.15
Q4 '97 ....................... $0.16
Q1 '98 ....................... $0.18
Q2 '98 ....................... $0.19
Q3 '98 ....................... $0.20
Q4 '98 ....................... $0.24
Q1 '99 ....................... $0.26
* Retroactively reflects three-for-two stock splits effected in the form of
stock dividends payable on February 18, 1999 to the stockholders of record
at the close of business on January 25, 1999 and paid on September 8, 1998
and September 17, 1997
INSIGHT
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65
SUMMARIZED BALANCE SHEET AT MARCH 31, 1999
- - Accounts receivable - $155 million
- - DSO - 41.7
- - Bad debts <.3% of net sales
- - Inventory - $20.7 million
- 43 times inventory turns
- 48% of shipments via EDI
- - $100 million line of credit
- - Equity - > $159 million
INSIGHT
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66
INVENTORY LEVELS AND TURNS
Inventory Levels (in millions)
At December 31,
1996 ......................... 27.5
1997 ......................... 46.1
1998 ......................... 34.4
Q1 99 ........................ 20.7
Inventory Turnover
Year Ended December 31,
1996 ......................... 17x
1997 ......................... 17x
1998 ......................... 26x
Q1 99 ........................ 43x
INSIGHT
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67
INSIGHT ENTERPRISES, INC.
INSIGHT
- --------------------------------------------------------------------------------