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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 and 2024 (in thousands):
| Three Months Ended March 31, 2025
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 1,006,294 |  |  | $ | 128,864 |  |  | $ | 6,358 |  |  | $ | 1,141,516 |
Software | 396,733 |  |  | 138,296 |  |  | 31,255 |  |  | 566,284 |
Services | 297,616 |  |  | 75,668 |  |  | 22,472 |  |  | 395,756 |
| $ | 1,700,643 |  |  | $ | 342,828 |  |  | $ | 60,085 |  |  | $ | 2,103,556 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 1,160,582 |  |  | $ | 252,226 |  |  | $ | 19,593 |  |  | $ | 1,432,401 |
Commercial | 393,213 |  |  | 12,137 |  |  | 18,720 |  |  | 424,070 |
Public Sector | 146,848 |  |  | 78,465 |  |  | 21,772 |  |  | 247,085 |
| $ | 1,700,643 |  |  | $ | 342,828 |  |  | $ | 60,085 |  |  | $ | 2,103,556 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 1,573,050 |  |  | $ | 307,985 |  |  | $ | 52,614 |  |  | $ | 1,933,649 |
Net revenue recognition (Agent) | 127,593 |  |  | 34,843 |  |  | 7,471 |  |  | 169,907 |
| $ | 1,700,643 |  |  | $ | 342,828 |  |  | $ | 60,085 |  |  | $ | 2,103,556 |
| Three Months Ended March 31, 2024
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 991,066 |  |  | $ | 136,314 |  |  | $ | 7,347 |  |  | $ | 1,134,727 |
Software | 595,240 |  |  | 203,252 |  |  | 30,736 |  |  | 829,228 |
Services | 318,516 |  |  | 73,275 |  |  | 23,739 |  |  | 415,530 |
| $ | 1,904,822 |  |  | $ | 412,841 |  |  | $ | 61,822 |  |  | $ | 2,379,485 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 1,367,303 |  |  | $ | 308,298 |  |  | $ | 22,168 |  |  | $ | 1,697,769 |
Commercial | 357,289 |  |  | 8,913 |  |  | 15,063 |  |  | 381,265 |
Public Sector | 180,230 |  |  | 95,630 |  |  | 24,591 |  |  | 300,451 |
| $ | 1,904,822 |  |  | $ | 412,841 |  |  | $ | 61,822 |  |  | $ | 2,379,485 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 1,762,245 |  |  | $ | 381,082 |  |  | $ | 52,524 |  |  | $ | 2,195,851 |
Net revenue recognition (Agent) | 142,577 |  |  | 31,759 |  |  | 9,298 |  |  | 183,634 |
| $ | 1,904,822 |  |  | $ | 412,841 |  |  | $ | 61,822 |  |  | $ | 2,379,485 |
The method for determining what information regarding operating segments, products and services, geographic areas of operation and major clients to report is based upon the “management approach,” or the way that management organizes the operating segments within a company, for which separate financial information is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. Our CODM is our Chief Executive Officer, Joyce Mullen.
Summary of 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, 2025
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Hardware | $ | 1,006,294 |  |  | $ | 128,864 |  |  | $ | 6,358 |  |  | $ | 1,141,516 |
Software | 396,733 |  |  | 138,296 |  |  | 31,255 |  |  | 566,284 |
Services | 297,616 |  |  | 75,668 |  |  | 22,472 |  |  | 395,756 |
Total net sales | 1,700,643 |  |  | 342,828 |  |  | 60,085 |  |  | 2,103,556 |
Costs of goods sold: |  |  |  |  |  |  |
Hardware | 876,883 |  |  | 112,040 |  |  | 5,596 |  |  | 994,519 |
Software | 377,432 |  |  | 130,936 |  |  | 28,939 |  |  | 537,307 |
Services | 126,876 |  |  | 27,925 |  |  | 10,452 |  |  | 165,253 |
Total costs of goods sold | 1,381,191 |  |  | 270,901 |  |  | 44,987 |  |  | 1,697,079 |
Gross profit | 319,452 |  |  | 71,927 |  |  | 15,098 |  |  | 406,477 |
Operating expenses: |  |  |  |  |  |  |
Significant selling and administrative expenses | 225,592 |  |  | 59,328 |  |  | 10,358 |  |  | 295,278 |
Stock-based compensation | 6,895 |  |  | 1,581 |  |  | 371 |  |  | 8,847 |
Adjusted earnings from operations | $ | 86,965 |  |  | $ | 11,018 |  |  | $ | 4,369 |  |  | $ | 102,352 |
| Three Months Ended March 31, 2024
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Hardware | $ | 991,066 |  |  | $ | 136,314 |  |  | $ | 7,347 |  |  | $ | 1,134,727 |
Software | 595,240 |  |  | 203,252 |  |  | 30,736 |  |  | 829,228 |
Services | 318,516 |  |  | 73,275 |  |  | 23,739 |  |  | 415,530 |
Total net sales | 1,904,822 |  |  | 412,841 |  |  | 61,822 |  |  | 2,379,485 |
Costs of goods sold: |  |  |  |  |  |  |
Hardware | 862,290 |  |  | 118,259 |  |  | 6,360 |  |  | 986,909 |
Software | 564,383 |  |  | 191,813 |  |  | 28,479 |  |  | 784,675 |
Services | 128,306 |  |  | 27,736 |  |  | 10,931 |  |  | 166,973 |
Total costs of goods sold | 1,554,979 |  |  | 337,808 |  |  | 45,770 |  |  | 1,938,557 |
Gross profit | 349,843 |  |  | 75,033 |  |  | 16,052 |  |  | 440,928 |
Operating expenses: |  |  |  |  |  |  |
Significant selling and administrative expenses | 240,800 |  |  | 59,551 |  |  | 10,784 |  |  | 311,135 |
Stock-based compensation | 6,259 |  |  | 1,468 |  |  | 316 |  |  | 8,043 |
Adjusted earnings from operations | $ | 102,784 |  |  | $ | 14,014 |  |  | $ | 4,952 |  |  | $ | 121,750 |
Our CODM uses Adjusted earnings from operations when assessing the performance of and deciding how to allocate resources to the operating segments. For example, Adjusted earnings from operations is a basis for executive variable compensation. Significant selling and administrative expenses primarily reflect personnel costs, including teammate benefits. Our CODM uses an Adjusted measure of earnings from operations which excludes amortization of intangible assets, severance and restructuring expenses, acquisition and integration related expenses and certain other expenses. These other expenses include transformation costs, costs associated with third-party data center outages, net of recoveries, revaluation of earnout liabilities and other non-significant expenses. Our CODM uses comparisons of actual Adjusted earnings from operations against budget, forecasts and prior periods as a basis for assessing current period segment performance as well as for determining necessary resources to assign, including for determining necessary investments or reductions in resources.
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, 2025 |  | December 31, 2024
North America | $ | 6,740,986 |  |  | $ | 6,704,511 |
EMEA | 1,911,405 |  |  | 1,484,341 |
APAC | 287,174 |  |  | 190,678 |
Corporate assets and intercompany eliminations, net | (1,016,992) |  |  | (930,952) |
Total assets | $ | 7,922,573 |  |  | $ | 7,448,578 |
Summary of 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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
Depreciation and amortization of property and equipment: |  |  |  |  |  |  |
North America | $ | 6,277 |  |  | $ | 6,073 |  |  |  |  |
EMEA | 857 |  |  | 757 |  |  |  |  |
APAC | 97 |  |  | 131 |  |  |  |  |
| 7,231 |  |  | 6,961 |  |  |  |  |
Amortization of intangible assets: |  |  |  |  |  |  |
North America | 16,804 |  |  | 13,146 |  |  |  |  |
EMEA | 1,744 |  |  | 1,670 |  |  |  |  |
APAC | — |  |  | 109 |  |  |  |  |
| 18,548 |  |  | 14,925 |  |  |  |  |
Total | $ | 25,779 |  |  | $ | 21,886 |  |  |  |  |

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