XML 36 R25.htm IDEA: XBRL DOCUMENT v3.25.3

Segment Information (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration