Insight Enterprises (NSIT) FY2021 results: revenue $9.4 billion, up 13.1% on the year

Insight Enterprises Inc. (NSIT) reported revenue of $9.4 billion for fiscal 2021, the year ended 31 December 2021, up 13.1% on the year before. Net income was $219 million, up 27.1%, and diluted earnings per share $5.95. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$9.4 billion

+13.1% on the year

FY2014FY2021

Operating margin

3.5%

3.3% a year earlier

FY2014FY2021

Net income

$219 million

+27.1% on the year

FY2014FY2021

Diluted EPS

$5.95

+22.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	9,436	8,341	7,731	+13.1%
Cost of revenue	7,989	7,041	6,593	+13.5%
Gross profit	1,448	1,300	1,138	+11.4%
Gross margin	15.3%	15.6%	14.7%
Selling, general and administrative	1,117	1,014	881	+10.2%
Operating income	332	272	241	+22.3%
Operating margin	3.5%	3.3%	3.1%
Interest expense	40.5	41.6	28.5	-2.6%
Pre-tax income	293	228	212	+28.1%
Income tax	73.2	55.8	52.3	+31.2%
Effective tax rate	25.0%	24.4%	24.7%
Net income	219	173	159	+27.1%
Net margin	2.3%	2.1%	2.1%
Diluted EPS	$5.95	$4.87	$4.43	+22.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	164	356	128	-54.0%
Capital expenditure	52.1	24.2	69.1	+115.3%
Free cash flow	112	331	58.8	-66.3%
Free cash flow margin	1.2%	4.0%	0.8%
Cash from investing	-21.1	9.7	-733
Cash from financing	-161	-362	578
Depreciation and amortisation	55.4	65.6	46.2	-15.5%
Share-based compensation	18.2	17.7	16.0	+2.7%
Buybacks	50.0	25.0	27.9	+100.0%
Diluted shares, weighted	37m	35m	36m	+4.0%
Shares outstanding at period end	35m	35m	35m	-0.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,509	1,342	1,160	+12.4%
Debt	362	438	858	-17.4%
Operating lease liabilities	58.4	n/a	n/a
Finance lease liabilities	0.0	n/a	n/a
Other liabilities	2,760	2,531	2,160	+9.1%
Total liabilities and equity	4,689	4,311	4,178	+8.8%
Fixed assets	176	146	131	+20.7%
Goodwill	428	429	415	-0.2%
Intangible assets	215	247	279	-13.0%
Cash and equivalents	104	128	115	-19.1%
Receivables	2,937	2,685	2,511	+9.4%
Inventory	328	186	191	+76.7%
Other assets	501	489	537	+2.5%
Total assets	4,689	4,311	4,178	+8.8%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.