Insight Enterprises (NSIT) FY2022 results: revenue $10.4 billion, up 10.5% on the year

Insight Enterprises Inc. (NSIT) reported revenue of $10.4 billion for fiscal 2022, the year ended 31 December 2022, up 10.5% on the year before. Net income was $281 million, up 27.9%, and diluted earnings per share $7.66. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$10.4 billion

+10.5% on the year

FY2015FY2022

Operating margin

4.0%

3.5% a year earlier

FY2015FY2022

Net income

$281 million

+27.9% on the year

FY2015FY2022

Diluted EPS

$7.66

+28.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	10,431	9,436	8,341	+10.5%
Cost of revenue	8,795	7,989	7,041	+10.1%
Gross profit	1,637	1,448	1,300	+13.1%
Gross margin	15.7%	15.3%	15.6%
Selling, general and administrative	1,217	1,117	1,014	+8.9%
Operating income	414	332	272	+24.6%
Operating margin	4.0%	3.5%	3.3%
Interest expense	39.5	40.5	41.6	-2.5%
Pre-tax income	374	293	228	+28.0%
Income tax	93.8	73.2	55.8	+28.2%
Effective tax rate	25.1%	25.0%	24.4%
Net income	281	219	173	+27.9%
Net margin	2.7%	2.3%	2.1%
Diluted EPS	$7.66	$5.95	$4.87	+28.7%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	98.1	164	356	-40.1%
Capital expenditure	70.9	52.1	24.2	+36.2%
Free cash flow	27.2	112	331	-75.7%
Free cash flow margin	0.3%	1.2%	4.0%
Cash from investing	-138	-21.1	9.7
Cash from financing	114	-161	-362
Depreciation and amortisation	56.6	55.4	65.6	+2.2%
Share-based compensation	22.7	18.2	17.7	+24.8%
Buybacks	108	50.0	25.0	+115.8%
Diluted shares, weighted	37m	37m	35m	-0.7%
Shares outstanding at period end	34m	35m	35m	-2.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,638	1,509	1,342	+8.5%
Debt	638	362	438	+76.4%
Operating lease liabilities	63.3	58.4	n/a	+8.4%
Finance lease liabilities	0.0	0.0	n/a
Other liabilities	2,773	2,760	2,531	+0.5%
Total liabilities and equity	5,113	4,689	4,311	+9.0%
Fixed assets	204	176	146	+15.9%
Goodwill	493	428	429	+15.1%
Intangible assets	205	215	247	-4.6%
Cash and equivalents	164	104	128	+57.6%
Receivables	3,272	2,937	2,685	+11.4%
Inventory	265	328	186	-19.2%
Other assets	509	501	489	+1.6%
Total assets	5,113	4,689	4,311	+9.0%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.