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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate in three reportable geographic operating segments: North America; EMEA; and APAC. Our offerings in North America and certain countries in EMEA and APAC include IT hardware, software and services, including cloud solutions. Our offerings in the remainder of our EMEA and APAC segments consist largely of software and certain software-related services and cloud solutions.
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 AmericaEMEAAPACConsolidated
Major Offerings
Hardware$1,006,294 $128,864 $6,358 $1,141,516 
Software396,733 138,296 31,255 566,284 
Services297,616 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 
Commercial393,213 12,137 18,720 424,070 
Public Sector146,848 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 AmericaEMEAAPACConsolidated
Major Offerings
Hardware$991,066 $136,314 $7,347 $1,134,727 
Software595,240 203,252 30,736 829,228 
Services318,516 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 
Commercial357,289 8,913 15,063 381,265 
Public Sector180,230 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.
All significant intercompany transactions are eliminated upon consolidation, and there are no differences between the accounting policies used to measure profit and loss for our segments or on a consolidated basis. Net sales are defined as net sales to external clients. None of our clients exceeded ten percent of consolidated net sales for the three months ended March 31, 2025 or 2024.
A portion of our operating segments’ selling and administrative expenses arise from shared services and infrastructure that we have historically provided to them in order to realize economies of scale and to use resources efficiently. These expenses, collectively identified as corporate charges, include senior management expenses, internal audit, legal, tax, insurance services, treasury and other corporate infrastructure expenses. Charges are allocated to our operating segments, and the allocations have been determined on a basis that we considered to be a reasonable reflection of the utilization of services provided to or benefits received by the 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 AmericaEMEAAPACConsolidated
Net sales:
Hardware$1,006,294 $128,864 $6,358 $1,141,516 
Software396,733 138,296 31,255 566,284 
Services297,616 75,668 22,472 395,756 
Total net sales1,700,643 342,828 60,085 2,103,556 
Costs of goods sold:
Hardware876,883 112,040 5,596 994,519 
Software377,432 130,936 28,939 537,307 
Services126,876 27,925 10,452 165,253 
Total costs of goods sold1,381,191 270,901 44,987 1,697,079 
Gross profit319,452 71,927 15,098 406,477 
Operating expenses:
Significant selling and administrative expenses225,592 59,328 10,358 295,278 
Stock-based compensation6,895 1,581 371 8,847 
Adjusted earnings from operations$86,965 $11,018 $4,369 $102,352 
Three Months Ended March 31, 2024
North AmericaEMEAAPACConsolidated
Net sales:
Hardware$991,066 $136,314 $7,347 $1,134,727 
Software595,240 203,252 30,736 829,228 
Services318,516 73,275 23,739 415,530 
Total net sales1,904,822 412,841 61,822 2,379,485 
Costs of goods sold:
Hardware862,290 118,259 6,360 986,909 
Software564,383 191,813 28,479 784,675 
Services128,306 27,736 10,931 166,973 
Total costs of goods sold1,554,979 337,808 45,770 1,938,557 
Gross profit349,843 75,033 16,052 440,928 
Operating expenses:
Significant selling and administrative expenses240,800 59,551 10,784 311,135 
Stock-based compensation6,259 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.
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 
EMEA1,911,405 1,484,341 
APAC287,174 190,678 
Corporate assets and intercompany eliminations, net(1,016,992)(930,952)
Total assets$7,922,573 $7,448,578 
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,
20252024
Depreciation and amortization of property and equipment:
North America$6,277 $6,073 
EMEA857 757 
APAC97 131 
7,231 6,961 
Amortization of intangible assets:
North America16,804 13,146 
EMEA1,744 1,670 
APAC— 109 
18,548 14,925 
Total$25,779 $21,886