v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
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 and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30, 2026
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$1,292,384 $129,729 $16,172 $1,438,285 
Software278,067 144,707 24,550 447,324 
Services368,212 100,758 44,918 513,888 
$1,938,663 $375,194 $85,640 $2,399,497 
Major Client Groups
Large Enterprise / Corporate$1,321,570 $292,853 $34,338 $1,648,761 
Commercial424,641 4,867 23,993 453,501 
Public Sector192,452 77,474 27,309 297,235 
$1,938,663 $375,194 $85,640 $2,399,497 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$1,772,737 $316,903 $67,985 $2,157,625 
Net revenue recognition (Agent)165,926 58,291 17,655 241,872 
$1,938,663 $375,194 $85,640 $2,399,497 
Three Months Ended June 30, 2025
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$1,073,904 $108,450 $8,677 $1,191,031 
Software300,708 151,880 21,671 474,259 
Services309,692 88,284 28,216 426,192 
$1,684,304 $348,614 $58,564 $2,091,482 
Major Client Groups
Large Enterprise / Corporate$1,131,846 $255,107 $22,128 $1,409,081 
Commercial390,934 5,460 19,175 415,569 
Public Sector161,524 88,047 17,261 266,832 
$1,684,304 $348,614 $58,564 $2,091,482 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$1,547,975 $303,028 $49,428 $1,900,431 
Net revenue recognition (Agent)136,329 45,586 9,136 191,051 
$1,684,304 $348,614 $58,564 $2,091,482 
Six Months Ended June 30, 2026
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$2,356,054 $273,207 $29,241 $2,658,502 
Software563,414 283,184 47,055 893,653 
Services702,000 191,654 81,674 975,328 
$3,621,468 $748,045 $157,970 $4,527,483 
Major Client Groups
Large Enterprise / Corporate$2,440,076 $589,171 $63,521 $3,092,768 
Commercial827,191 13,648 48,286 889,125 
Public Sector354,201 145,226 46,163 545,590 
$3,621,468 $748,045 $157,970 $4,527,483 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$3,308,142 $642,844 $125,918 $4,076,904 
Net revenue recognition (Agent)313,326 105,201 32,052 450,579 
$3,621,468 $748,045 $157,970 $4,527,483 
Six Months Ended June 30, 2025
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$2,080,198 $237,314 $15,035 $2,332,547 
Software697,441 290,176 52,926 1,040,543 
Services607,308 163,952 50,688 821,948 
$3,384,947 $691,442 $118,649 $4,195,038 
Major Client Groups
Large Enterprise / Corporate$2,292,428 $507,333 $41,721 $2,841,482 
Commercial784,147 17,597 37,895 839,639 
Public Sector308,372 166,512 39,033 513,917 
$3,384,947 $691,442 $118,649 $4,195,038 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$3,121,025 $611,013 $102,042 $3,834,080 
Net revenue recognition (Agent)263,922 80,429 16,607 360,958 
$3,384,947 $691,442 $118,649 $4,195,038 
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. Effective as of April 13, 2026, Jack Azagury serves as our Chief Executive Officer.
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 or six months ended June 30, 2026 or 2025.
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 June 30, 2026
North AmericaEMEAAPACConsolidated
Net sales:
Hardware$1,292,384 $129,729 $16,172 $1,438,285 
Software278,067 144,707 24,550 447,324 
Services368,212 100,758 44,918 513,888 
Total net sales1,938,663 375,194 85,640 2,399,497 
Costs of goods sold:
Hardware1,140,513 114,302 14,088 1,268,903 
Software261,874 138,794 22,669 423,337 
Services138,569 28,672 18,414 185,655 
Total costs of goods sold1,540,956 281,768 55,171 1,877,895 
Gross Profit:
Hardware151,871 15,427 2,084 169,382 
Software16,193 5,913 1,881 23,987 
Services229,643 72,086 26,504 328,233 
Gross profit397,707 93,426 30,469 521,602 
Operating expenses:
Significant selling and administrative expenses248,653 72,844 19,474 340,971 
Adjusted earnings from operations$149,054 $20,582 $10,995 $180,631 
Three Months Ended June 30, 2025
North AmericaEMEAAPACConsolidated
Net sales:
Hardware$1,073,904 $108,450 $8,677 $1,191,031 
Software300,708 151,880 21,671 474,259 
Services309,692 88,284 28,216 426,192 
Total net sales1,684,304 348,614 58,564 2,091,482 
Costs of goods sold:
Hardware936,777 92,819 7,453 1,037,049 
Software281,084 143,132 19,512 443,728 
Services124,751 30,229 13,398 168,378 
Total costs of goods sold1,342,612 266,180 40,363 1,649,155 
Gross Profit:
Hardware137,127 15,631 1,224 153,982 
Software19,624 8,748 2,159 30,531 
Services184,941 58,055 14,818 257,814 
Gross profit341,692 82,434 18,201 442,327 
Operating expenses:
Significant selling and administrative expenses231,735 61,443 11,124 304,302 
Adjusted earnings from operations$109,957 $20,991 $7,077 $138,025 
Six Months Ended June 30, 2026
North AmericaEMEAAPACConsolidated
Net sales:
Hardware$2,356,054 $273,207 $29,241 $2,658,502 
Software563,414 283,184 47,055 893,653 
Services702,000 191,654 81,674 975,328 
Total net sales3,621,468 748,045 157,970 4,527,483 
Costs of goods sold:
Hardware2,072,781 239,233 25,909 2,337,923 
Software527,526 270,250 44,185 841,961 
Services270,128 58,333 35,385 363,846 
Total costs of goods sold2,870,435 567,816 105,479 3,543,730 
Gross Profit:
Hardware283,273 33,974 3,332 320,579 
Software35,888 12,934 2,870 51,692 
Services431,872 133,321 46,289 611,482 
Gross profit751,033 180,229 52,491 983,753 
Operating expenses:
Significant selling and administrative expenses479,580 144,885 37,509 661,974 
Adjusted earnings from operations$271,453 $35,344 $14,982 $321,779 
Six Months Ended June 30, 2025
North AmericaEMEAAPACConsolidated
Net sales:
Hardware$2,080,198 $237,314 $15,035 $2,332,547 
Software697,441 290,176 52,926 1,040,543 
Services607,308 163,952 50,688 821,948 
Total net sales3,384,947 691,442 118,649 4,195,038 
Costs of goods sold:
Hardware1,813,660 204,859 13,049 2,031,568 
Software658,516 274,068 48,451 981,035 
Services251,627 58,154 23,850 333,631 
Total costs of goods sold2,723,803 537,081 85,350 3,346,234 
Gross Profit:
Hardware266,538 32,455 1,986 300,979 
Software38,925 16,108 4,475 59,508 
Services355,681 105,798 26,838 488,317 
Gross profit661,144 154,361 33,299 848,804 
Operating expenses:
Significant selling and administrative expenses457,327 120,771 21,482 599,580 
Adjusted earnings from operations$203,817 $33,590 $11,817 $249,224 
Our CODM uses Adjusted earnings from operations ("Adjusted EFO") when assessing the performance of and deciding how to allocate resources to the operating segments. For example, Adjusted EFO is a basis for executive variable compensation. Significant selling and administrative expenses primarily reflect personnel costs, including teammate benefits. Effective in the first quarter of 2026, we transitioned to an updated definition of Adjusted EFO that also excludes stock‑based compensation expense in order to improve comparability across companies. Prior period segment information has been recast to conform to the current period presentation. Adjusted EFO excludes amortization of intangible assets, severance and restructuring expenses, acquisition and integration related expenses, stock-based compensation expense and certain other expenses. These other expenses include transformation costs, revaluation of earnout liabilities and other non-significant expenses. Our CODM uses comparisons of actual Adjusted EFO against budgets, 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):
June 30,
2026		December 31,
2025
North America$7,046,936 $7,018,025 
EMEA4,584,929 2,528,292 
APAC537,306 412,016 
Corporate assets and intercompany eliminations, net(775,421)(870,961)
Total assets$11,393,750 $9,087,372 
We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying condensed consolidated financial statements (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Depreciation and amortization of property and equipment:
North America$6,412 $6,099 $12,485 $12,376 
EMEA1,079 1,063 2,115 1,920 
APAC319 102 629 199 
7,810 7,264 15,229 14,495 
Amortization of intangible assets:
North America18,654 16,817 37,298 33,621 
EMEA1,803 1,851 3,616 3,595 
APAC588 — 1,190 — 
21,045 18,668 42,104 37,216 
Total$28,855 $25,932 $57,333 $51,711