insight enterprises 2019 revenue

This increase resulted from the net effect of a two-day increase in DSO and a seven-day decrease in DPO due to additional investments in working capital of the PCM business equating to about three days and the relative time in the client receipts and supplier payments during the respective quarters in our core business. Please check your download folder. And joining me is Ken Lamneck, president and chief executive officer. In today's conference call, we will refer to non-GAAP financial measures as we discuss the fourth quarter and full year 2019 financial results. So we certainly are bullish in that segment, that SMB segment of the marketplace. There is -- it's pretty consistent for the first couple of quarters, but in Q4, it changes. In addition, we focused on controlling costs including early integration savings that allowed us to grow adjusted earnings from operations 40% year over year to $69 million including PCM, and 14% year over year organically. We actually anticipate that we're going to have about 50 to 20 basis points contribution from PCM over the period in terms of gross margin.

In addition, we incurred approximately $6 million in additional interest expense related to the acquisition.

Welcome everyone and thank you for joining the Insight Enterprises earnings conference call. That will ultimately be the largest cloud as things move more and more to the edge with technologies like AI and IoT. Is it good, bad, just a neutral outcome? We also expect adjusted diluted earnings per share for the full year of 2020 to be between $6.55 and $6.65. For the full year, in constant currency, our EMEA business reported net sales of $1.5 billion, up 5% year over year in constant currency.

This is just one example of how our connected workforce solution area helps clients optimize the workforce productivity and end-user experience. I think the pushback that we might get on that from investors is a concern that the PC cycle is ending in 2020, and we're going to have some difficult comparisons on PCs, but it sounds like you're pretty confident in cross-selling opportunities. And my follow-up question really has to do with a couple of the OEMs. I'll now open up your line for questions. So I don't think it's going to have an appreciable effect in terms of driving down our services gross margin. Yeah, it's not PCM related at all. And what's your take on the other markets, the PCM core SMB market? We're still in very early innings. This concludes the Q&A session and today's conference. The company offers an extensive assortment of computer hardware and software. So certainly -- impacting certainly business in the region, no question about that. [Operator instructions] Our first question is coming from Adam Tindle of Raymond James. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. And if you're following along with the slide presentation, we will begin on Slide 4. In 2020, we expect to align dedicated solution expertise with our mid-market motion to drive additional growth through our solution areas. OK. Is there PCM services revenue that's coming in year over year that's dilutive to the total company services gross margin, if there's been temporary weighing on this, and kind of what you think about a normalized services gross margin as we think about 2020? And certainly, the last three years, the channel is seeing double-digit growth in those categories. We're taking our cloud and data center team, primarily the resources we obtained from the Datalink acquisition a few years ago, and bringing that into the traditional Insight clients and also the PCM clients where they have deep expertise in this data center area to really help drive and really engage. Expenses grew 22% in the combined business which led to adjusted earnings from operations growth of 14% for the full year of 2019, marking the fourth consecutive quarter of double-digit earnings growth in our North America business. Ken, you look like -- as I just said, you've got some tough comps still on the enterprise hardware side. There's of course the private cloud which we all know in the data center world, was still alive and well. Just following up on those, the questions regarding the revenue growth this year. Yeah. They have about $200 million of services business. Thank you. But again, that's probably realistically again, I think two to three years from now before that becomes meaningful, and that will be certainly an accelerator of this trend toward the intelligent edge. Please go ahead. Finally, let me remind you about forward-looking statements that will be made on today's call. Transfer Agent EQ Shareowner Services 1110 Centre Pointe Curve, Suite 101 Mendota Heights, MN 55120 800.468.9716 Is there a reason that would drive that? Yeah. It was related to software, specifically in a large deal that we transacted in Q1 of 2019 that was impacting overall gross margins and hence, our results in the core business. Because it's a smaller percentage of their total, it will impact our overall services as a percent of total revenue and gross profit but it won't have an impact. So the mid-market space, again, we've got a -- traditional Insight has a pretty substantial mid-market business as well, and we see really good growth in half through 2019 on that business. EMEA is related to just the mix of business in terms of less cloud-related kind of fee-based business in EMEA and more hardware business transacted in Q4, in particular, at lower margins because it was primarily transacted. But certainly, it does have an impact when you do have more rational players coming together and consolidate, and that certainly has an impact. And last one for me. In 2019, services gross profit was 47% of our consolidated GP, an increase of 90 basis points over 2018. It's about $37 million, as Ken mentioned, in terms of his comments as we go through that. Nothing -- I wouldn't say anything related to PCM. Also, please note that unless highlighted in constant currency, all amounts and growth rates discussed are in U.S. dollar terms.

I want to once again thank our teammates across the world for everything they do for Insight. Let's conquer your financial goals together...faster. On the pricing side, it wasn't exactly clear when you talk about consolidation. I mean this might just be a variation on the cloud migration theme, but we're seeing some of the OEMs push the as-a-Service business paradigm more aggressively at the moment. And welcome to the Insight Enterprises fourth-quarter and full-year 2019 earnings conference call. OK. And in Q4, I think services gross margin was down about 500 basis points or so year over year. In the fourth quarter, we continued to execute against our strategy to deliver IT solutions to our clients globally, leading with services and solutions that drive business outcomes for our clients. Thank you Ken. OK. That's helpful. Thank you again for joining us today. It was not related to hardware. But for the foreseeable future, you might see us continue to do more sort of tuck-in acquisitions as we continue to digest PCM and make sure of course we start paying the debt down here over the next couple of years. Just wanted to clarify on Q4, services revenue grew nicely year over year, but the gross margin was down pretty sizably year over year. PCM provides us an expanded but similar opportunity in the mid-market. I don't think it's going to be double digit this year like we've experienced in the last three years, but I don't think it's going away. And I mean, previously -- I mean you just said on the previous question about expecting hardware growth in enterprise? There may be something in the integration with PCM driving that.


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