Adjusted diluted earnings per share were $2.45, flat year-over-year in U.S. dollars and down 1% in constant currency.
Adjusted earnings from operations margin was 6.2%, also a Q2 record.
Adjusted EBITDA was $138 million, a 2% decrease, while margin expanded 10 basis points to 6.6%.
Adjusted return on invested capital for trailing 12 months was 14.4%, down from 17% a year ago.
Adjusted SG&A expenses were down 3% due to prudent expense management.
Cash flow from operations used $177 million in Q2, primarily due to inter-quarter working capital requirements which reversed in July.
Cloud gross profit was $123 million, down 5% due to partner program changes, in line with expectations.
Gross profit decreased 2%, primarily due to partner program changes, with hardware gross profit up 2%.
Hardware revenue increased 2%, marking the second consecutive quarter of growth, with hardware revenue in North America growing 4%.
Insight Core Services gross profit was $78 million, down 3% due to delays in large enterprise client projects.
Net revenue was $2.1 billion, a decrease of 3% in U.S. dollars and 4% in constant currency, driven by a 4% decline in product revenue primarily due to on-prem software decline of 14%.
Share repurchases totaled approximately $76 million in Q2, with $224 million remaining in the program.
Total debt at quarter end was approximately $1.3 billion, up from $1 billion a year ago.
Total gross margin was 21.1%, an increase of 10 basis points, setting a Q2 record.
Dafinchi