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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, 2025
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 1,021,930 |  |  | $ | 111,239 |  |  | $ | 11,056 |  |  | $ | 1,144,225 |
Software | 286,115 |  |  | 126,509 |  |  | 20,923 |  |  | 433,547 |
Services | 317,257 |  |  | 82,010 |  |  | 26,806 |  |  | 426,073 |
| $ | 1,625,302 |  |  | $ | 319,758 |  |  | $ | 58,785 |  |  | $ | 2,003,845 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 1,070,488 |  |  | $ | 254,686 |  |  | $ | 22,539 |  |  | $ | 1,347,713 |
Commercial | 380,775 |  |  | 5,966 |  |  | 20,456 |  |  | 407,197 |
Public Sector | 174,039 |  |  | 59,106 |  |  | 15,790 |  |  | 248,935 |
| $ | 1,625,302 |  |  | $ | 319,758 |  |  | $ | 58,785 |  |  | $ | 2,003,845 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 1,481,867 |  |  | $ | 280,907 |  |  | $ | 48,772 |  |  | $ | 1,811,546 |
Net revenue recognition (Agent) | 143,435 |  |  | 38,851 |  |  | 10,013 |  |  | 192,299 |
| $ | 1,625,302 |  |  | $ | 319,758 |  |  | $ | 58,785 |  |  | $ | 2,003,845 |
| Three Months Ended September 30, 2024
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 1,002,000 |  |  | $ | 125,013 |  |  | $ | 10,505 |  |  | $ | 1,137,518 |
Software | 389,176 |  |  | 124,629 |  |  | 22,456 |  |  | 536,261 |
Services | 325,407 |  |  | 62,964 |  |  | 25,736 |  |  | 414,107 |
| $ | 1,716,583 |  |  | $ | 312,606 |  |  | $ | 58,697 |  |  | $ | 2,087,886 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 1,138,827 |  |  | $ | 252,445 |  |  | $ | 25,102 |  |  | $ | 1,416,374 |
Commercial | 360,833 |  |  | 8,332 |  |  | 17,529 |  |  | 386,694 |
Public Sector | 216,923 |  |  | 51,829 |  |  | 16,066 |  |  | 284,818 |
| $ | 1,716,583 |  |  | $ | 312,606 |  |  | $ | 58,697 |  |  | $ | 2,087,886 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 1,575,767 |  |  | $ | 287,389 |  |  | $ | 49,125 |  |  | $ | 1,912,281 |
Net revenue recognition (Agent) | 140,816 |  |  | 25,217 |  |  | 9,572 |  |  | 175,605 |
| $ | 1,716,583 |  |  | $ | 312,606 |  |  | $ | 58,697 |  |  | $ | 2,087,886 |
| Nine Months Ended September 30, 2025
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 3,102,128 |  |  | $ | 348,553 |  |  | $ | 26,091 |  |  | $ | 3,476,772 |
Software | 983,556 |  |  | 416,685 |  |  | 73,849 |  |  | 1,474,090 |
Services | 924,565 |  |  | 245,962 |  |  | 77,494 |  |  | 1,248,021 |
| $ | 5,010,249 |  |  | $ | 1,011,200 |  |  | $ | 177,434 |  |  | $ | 6,198,883 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 3,362,916 |  |  | $ | 762,019 |  |  | $ | 64,260 |  |  | $ | 4,189,195 |
Commercial | 1,164,922 |  |  | 23,563 |  |  | 58,351 |  |  | 1,246,836 |
Public Sector | 482,411 |  |  | 225,618 |  |  | 54,823 |  |  | 762,852 |
| $ | 5,010,249 |  |  | $ | 1,011,200 |  |  | $ | 177,434 |  |  | $ | 6,198,883 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 4,602,892 |  |  | $ | 891,920 |  |  | $ | 150,814 |  |  | $ | 5,645,626 |
Net revenue recognition (Agent) | 407,357 |  |  | 119,280 |  |  | 26,620 |  |  | 553,257 |
| $ | 5,010,249 |  |  | $ | 1,011,200 |  |  | $ | 177,434 |  |  | $ | 6,198,883 |
| Nine Months Ended September 30, 2024
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 3,030,589 |  |  | $ | 386,401 |  |  | $ | 27,896 |  |  | $ | 3,444,886 |
Software | 1,349,625 |  |  | 495,063 |  |  | 74,595 |  |  | 1,919,283 |
Services | 973,548 |  |  | 212,856 |  |  | 78,460 |  |  | 1,264,864 |
| $ | 5,353,762 |  |  | $ | 1,094,320 |  |  | $ | 180,951 |  |  | $ | 6,629,033 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 3,695,537 |  |  | $ | 832,515 |  |  | $ | 71,137 |  |  | $ | 4,599,189 |
Commercial | 1,078,062 |  |  | 25,033 |  |  | 49,939 |  |  | 1,153,034 |
Public Sector | 580,163 |  |  | 236,772 |  |  | 59,875 |  |  | 876,810 |
| $ | 5,353,762 |  |  | $ | 1,094,320 |  |  | $ | 180,951 |  |  | $ | 6,629,033 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 4,924,449 |  |  | $ | 997,597 |  |  | $ | 149,950 |  |  | $ | 6,071,996 |
Net revenue recognition (Agent) | 429,313 |  |  | 96,723 |  |  | 31,001 |  |  | 557,037 |
| $ | 5,353,762 |  |  | $ | 1,094,320 |  |  | $ | 180,951 |  |  | $ | 6,629,033 |
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 September 30, 2025
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Hardware | $ | 1,021,930 |  |  | $ | 111,239 |  |  | $ | 11,056 |  |  | $ | 1,144,225 |
Software | 286,115 |  |  | 126,509 |  |  | 20,923 |  |  | 433,547 |
Services | 317,257 |  |  | 82,010 |  |  | 26,806 |  |  | 426,073 |
Total net sales | 1,625,302 |  |  | 319,758 |  |  | 58,785 |  |  | 2,003,845 |
Costs of goods sold: |  |  |  |  |  |  |
Hardware | 890,645 |  |  | 96,126 |  |  | 9,589 |  |  | 996,360 |
Software | 269,399 |  |  | 120,122 |  |  | 19,440 |  |  | 408,961 |
Services | 122,995 |  |  | 29,276 |  |  | 12,058 |  |  | 164,329 |
Total costs of goods sold | 1,283,039 |  |  | 245,524 |  |  | 41,087 |  |  | 1,569,650 |
Gross profit | 342,263 |  |  | 74,234 |  |  | 17,698 |  |  | 434,195 |
Operating expenses: |  |  |  |  |  |  |
Significant selling and administrative expenses | 225,551 |  |  | 62,081 |  |  | 11,259 |  |  | 298,891 |
Stock-based compensation | 6,847 |  |  | 1,627 |  |  | 382 |  |  | 8,856 |
Adjusted earnings from operations | $ | 109,865 |  |  | $ | 10,526 |  |  | $ | 6,057 |  |  | $ | 126,448 |
| Three Months Ended September 30, 2024
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Hardware | $ | 1,002,000 |  |  | $ | 125,013 |  |  | $ | 10,505 |  |  | $ | 1,137,518 |
Software | 389,176 |  |  | 124,629 |  |  | 22,456 |  |  | 536,261 |
Services | 325,407 |  |  | 62,964 |  |  | 25,736 |  |  | 414,107 |
Total net sales | 1,716,583 |  |  | 312,606 |  |  | 58,697 |  |  | 2,087,886 |
Costs of goods sold: |  |  |  |  |  |  |
Hardware | 870,947 |  |  | 102,741 |  |  | 8,801 |  |  | 982,489 |
Software | 366,065 |  |  | 116,832 |  |  | 20,885 |  |  | 503,782 |
Services | 131,514 |  |  | 26,652 |  |  | 11,364 |  |  | 169,530 |
Total costs of goods sold | 1,368,526 |  |  | 246,225 |  |  | 41,050 |  |  | 1,655,801 |
Gross profit | 348,057 |  |  | 66,381 |  |  | 17,647 |  |  | 432,085 |
Operating expenses: |  |  |  |  |  |  |
Significant selling and administrative expenses | 234,368 |  |  | 56,474 |  |  | 11,810 |  |  | 302,652 |
Stock-based compensation | 7,139 |  |  | 1,827 |  |  | 350 |  |  | 9,316 |
Adjusted earnings from operations | $ | 106,550 |  |  | $ | 8,080 |  |  | $ | 5,487 |  |  | $ | 120,117 |
| Nine Months Ended September 30, 2025
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Hardware | $ | 3,102,128 |  |  | $ | 348,553 |  |  | $ | 26,091 |  |  | $ | 3,476,772 |
Software | 983,556 |  |  | 416,685 |  |  | 73,849 |  |  | 1,474,090 |
Services | 924,565 |  |  | 245,962 |  |  | 77,494 |  |  | 1,248,021 |
Total net sales | 5,010,249 |  |  | 1,011,200 |  |  | 177,434 |  |  | 6,198,883 |
Costs of goods sold: |  |  |  |  |  |  |
Hardware | 2,704,305 |  |  | 300,985 |  |  | 22,638 |  |  | 3,027,928 |
Software | 927,915 |  |  | 394,190 |  |  | 67,891 |  |  | 1,389,996 |
Services | 374,622 |  |  | 87,430 |  |  | 35,908 |  |  | 497,960 |
Total costs of goods sold | 4,006,842 |  |  | 782,605 |  |  | 126,437 |  |  | 4,915,884 |
Gross profit | 1,003,407 |  |  | 228,595 |  |  | 50,997 |  |  | 1,282,999 |
Operating expenses: |  |  |  |  |  |  |
Significant selling and administrative expenses | 682,878 |  |  | 182,852 |  |  | 32,741 |  |  | 898,471 |
Stock-based compensation | 20,788 |  |  | 4,849 |  |  | 1,128 |  |  | 26,765 |
Adjusted earnings from operations | $ | 299,741 |  |  | $ | 40,894 |  |  | $ | 17,128 |  |  | $ | 357,763 |
| Nine Months Ended September 30, 2024
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Hardware | $ | 3,030,589 |  |  | $ | 386,401 |  |  | $ | 27,896 |  |  | $ | 3,444,886 |
Software | 1,349,625 |  |  | 495,063 |  |  | 74,595 |  |  | 1,919,283 |
Services | 973,548 |  |  | 212,856 |  |  | 78,460 |  |  | 1,264,864 |
Total net sales | 5,353,762 |  |  | 1,094,320 |  |  | 180,951 |  |  | 6,629,033 |
Costs of goods sold: |  |  |  |  |  |  |
Hardware | 2,640,797 |  |  | 325,807 |  |  | 23,942 |  |  | 2,990,546 |
Software | 1,268,474 |  |  | 466,100 |  |  | 69,005 |  |  | 1,803,579 |
Services | 392,484 |  |  | 81,857 |  |  | 34,189 |  |  | 508,530 |
Total costs of goods sold | 4,301,755 |  |  | 873,764 |  |  | 127,136 |  |  | 5,302,655 |
Gross profit | 1,052,007 |  |  | 220,556 |  |  | 53,815 |  |  | 1,326,378 |
Operating expenses: |  |  |  |  |  |  |
Significant selling and administrative expenses | 719,041 |  |  | 174,257 |  |  | 33,905 |  |  | 927,203 |
Stock-based compensation | 20,203 |  |  | 4,989 |  |  | 1,024 |  |  | 26,216 |
Adjusted earnings from operations | $ | 312,763 |  |  | $ | 41,310 |  |  | $ | 18,886 |  |  | $ | 372,959 |
Summary of Total Assets by Reportable Operating Segment | The following is a summary of our total assets by reportable operating segment (in thousands):
| September 30, 2025 |  | December 31, 2024
North America | $ | 6,877,203 |  |  | $ | 6,704,511 |
EMEA | 2,556,518 |  |  | 1,484,341 |
APAC | 215,101 |  |  | 190,678 |
Corporate assets and intercompany eliminations, net | (746,775) |  |  | (930,952) |
Total assets | $ | 8,902,047 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization of property and equipment: |  |  |  |  |  |  |
North America | $ | 6,346 |  |  | $ | 6,160 |  |  | $ | 18,722 |  |  | $ | 18,403 |
EMEA | 1,136 |  |  | 917 |  |  | 3,056 |  |  | 2,574 |
APAC | 100 |  |  | 127 |  |  | 299 |  |  | 396 |
| 7,582 |  |  | 7,204 |  |  | 22,077 |  |  | 21,373 |
Amortization of intangible assets: |  |  |  |  |  |  |
North America | 16,806 |  |  | 16,823 |  |  | 50,427 |  |  | 45,557 |
EMEA | 1,872 |  |  | 1,805 |  |  | 5,467 |  |  | 5,135 |
APAC | — |  |  | 74 |  |  | — |  |  | 292 |
| 18,678 |  |  | 18,702 |  |  | 55,894 |  |  | 50,984 |
Total | $ | 26,260 |  |  | $ | 25,906 |  |  | $ | 77,971 |  |  | $ | 72,357 |

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