Research Reports

Prepared Highlights

Segment revenue/growth: Total net revenue $2.1B, down 3% YoY (down 4% constant currency). Hardware +2% (second consecutive growth), devices and infrastructure both grew. North America hardware +4%. Commercial client revenue +8% (fifth consecutive quarter). Cloud gross profit $123M, down 5% (in line with expectations). Insight Core Services gross profit $78M, down 3%. Cloud Infrastructure/SaaS underlying business grew double digits (prepared, CFO).
Margins: Total gross margin 21.1% (Q2 record, +10bps YoY). Adjusted earnings from operations margin 6.2% (Q2 record). Adjusted EBITDA $138M, margin 6.6% (+10bps) (prepared, CFO).
Cash flow / CapEx: Q2 used $177M in cash from ops (inter-quarter working capital, reversed in July). Full-year CFO guidance $300M–$400M. CapEx guidance $30M–$35M for the full year (prepared, CFO).
RPO/backlog: Not stated.
Share repurchases: Q2 ~$76M in share buybacks; $224M remaining under program (prepared, CFO).
Cloud partner program headwind: $70M gross headwind for full year, more heavily weighted in H1. Underlying cloud growth (ex-program changes) ~17% YoY in Q2, similar to Q1 (prepared, CFO).
AI milestones: Deployed hundreds of agents internally/for clients; completed over 200 AI assessments (more than quadruple prior quarter); Gartner named Insight an “emerging visionary” in Gen AI consulting/implementation guide (prepared, CEO).
M&A: Services from recent acquisitions performing well. M&A focus on cloud, data, AI, edge, security (prepared, CEO).
Adjusted diluted EPS Q2: $2.45, flat YoY in USD, down 1% constant currency (prepared, CFO).

Official Guidance (Full Year 2025)

Gross profit: Approximately flat from 2024.
Gross margin: Approximately 20%.
Adjusted diluted EPS: $9.70 to $10.10 (unchanged).
Interest expense: $75M–$80M.
Effective tax rate: 25%–26%.
CapEx: $30M–$35M.
Average share count: 32.4M shares (reflects remaining warrant settlement).
Excludes: acquisition-related intangible amortization (~$74M), acquisition costs, severance/restructuring, transformation expenses; assumes no change in debt instruments or meaningful macro change (including tariffs) (prepared, CFO).

Mgmt Quotes

CEO on AI opportunity: “We are adapting our ambition to becoming not only the leading solutions integrator, but the leading AI-first solutions integrator.” (prepared)
CEO on AI adoption drivers: “This wave of technology adoption is primarily being driven by business units and business leaders with support from IT. This is different from cloud, which was driven by IT with support from the business.” (prepared)
CEO on client AI example: “This project eliminated over 100,000 hours annually from manual document review, improved accuracy and reduced human error, leading to projected annual savings of $7.5 million.” (prepared)
CFO on H2 outlook: “We expect hardware demand will exhibit a steady increase throughout the year and expect hardware gross profit to grow in the mid-single digits.” (prepared)
CFO on partner program normalization: “As we exit Q4, we expect partner program changes to be largely normalized.” (prepared)

Prepared Metrics

Metric	Value	Speaker/Context
Total net revenue	$2.1B, -3% YoY (-4% constant currency)	CFO, prepared
Hardware revenue growth	+2% YoY	CFO, prepared
Cloud gross profit	$123M, -5% YoY	CFO, prepared
Core Services gross profit	$78M, -3% YoY	CFO, prepared
Gross margin	21.1% (Q2 record)	CFO, prepared
Adjusted EBITDA	$138M, -2% YoY; margin 6.6% (+10bps)	CFO, prepared
Adjusted diluted EPS (Q2)	$2.45, flat YoY	CFO, prepared
Cash flow from ops (Q2)	($177M) used; full-year guidance $300M–$400M	CFO, prepared
Share repurchases (Q2)	~$76M	CFO, prepared
Cloud underlying growth (ex-program changes)	~17% YoY in Q2	CFO, prepared