Insight Enterprises
A big middleman for business technology: it resells computers, servers, software and cloud subscriptions from Microsoft, Dell and Cisco, and sells the services to set them up.
The scores
Growth2/4 ↑
Sales fell in 2023, 2024 and 2025 and operating profit is where it was in 2021; 2026's 15% quarter rides hardware and acquired services.
Business quality2/4 →
Scale wins top vendor tiers and a rival calls Insight a leader, but vendors set its fees, sell direct, and its returns trail rivals'.
Financial position3/4 →
About $1.38B of net debt with inventory financing, a $2.0B facility to 2030 half undrawn and notes not due until 2032.
Execution record2/4 ↑
Beat estimates in five of eight quarters, but adjusted EPS was redefined in 2026 and charges called non-recurring recur every year.
Per share capture3/4 ↑
Buybacks far exceed share pay and diluted shares fell 21% in two years, but the 2025 convertible issued 2.83M shares and cost a warrant loss.
Potential2/4 →
The upside is a data-centre spending cycle and cloud fees that vendors control; partners' share of IT spending keeps falling and nothing is contracted.
Risk profile3/4 →
No client above 10%, but Microsoft is 32% of purchases and sets its fees yearly, and Middle East agency profit runs without a contract.
Valuation3/4 ↓
About 15.6 times GAAP operating profit prices today's profit holding with modest growth: fair for a reseller, with the hardware peak inside the base.
Evidence quality3/4 →
Statements, debt and mix are filed; the hardware split, backlog, agency business and size of vendor fee cuts rest on management or an analyst's example.
The Verdict
We rate Insight Neutral. It is a large, middling business: it resells other companies' technology, earns most of its profit on the services wrapped around it, and has not grown its operating profit since 2021, so the business is mixed. This year a wave of spending on AI servers and pricier memory lifted sales, and the shares rose about 150% from March. At roughly 16 times operating profit the price already assumes that recovery holds, so it is fair, not cheap. The view hinges on whether gross profit keeps growing once management's own "high watermark" quarter passes. Conviction is medium.
The long caseCompanies modernising their own data centres for AI need someone to source, configure and support the kit, and Insight is one of the largest partners doing it.
The evidence under this - 8 claims
In the first half of 2026 gross profit rose about 16% against selling and administrative costs up 11% (C08), so the latest half shows leverage.
Cloud gross profit grew 39% in the June 2026 quarter and is guided up in the high teens to low 20s for 2026 (C09, C10), so the 2025 cuts did not keep shrinking it.
Gartner forecasts data-centre spending up 31.7% in 2026 (C34), which supports the infrastructure half of the remark more than the device half.
- Inventory financing is interest-free trade credit that some would leave out; without it the multiple is about 14.9.
- Trailing profit includes $25.6M of earnout revaluation and other charges (C13); on the vendor's operating income the multiple is 13.4 (C23).
Omdia expects partner-delivered spending itself to grow 6.7% in 2026, so the channel shrinks in share while still growing in dollars.
The company
Insight Enterprises sells business technology: laptops, servers, storage, networking, software licences and cloud subscriptions, bought from more than 6,000 makers and publishers and resold to companies and public bodies in North America, Europe and Asia.
A buyer could go to Dell or Microsoft directly. Many use Insight because one supplier can source, configure, license and support everything across countries. A rival's own annual report names Insight among the leaders in this trade. About 14,500 people work there, nearly half of them consultants and service staff.
The evidence under this - 4 claims
Sales per employee fell partly because agency sales are booked net and acquired services firms carry more staff per dollar, not only from lower productivity.
How it makes money
Most of the money that passes through Insight is hardware and software it resells: about four-fifths of sales, but only two-fifths of gross profit, because a reseller keeps a few cents on each dollar.
The other fifth of sales is services, and it earns three-fifths of gross profit. Part is consulting and running systems for clients. Part is fees from Microsoft, Google and others for selling their cloud subscriptions, and those fees are set by the vendors, not by Insight.
The evidence under this - 3 claims
Core services growth came mostly from acquired businesses, with modest organic growth (C26), and part of the cloud rise is Sekuro's security software, bought in October 2025 (C30).
Where the money comes from, stream by stream
| Stream | Share of sales (FY2025) | How it earns it |
|---|---|---|
| Hardware | 56.1% | Devices, servers, storage and networking bought from makers and distributors and resold, often configured; booked gross. |
| Software | 23.0% | On-premises licences resold under vendors' agreements; booked gross, shrinking as clients move to cloud. |
| Services, including cloud | 20.8% | Consulting, deployment and managed services, plus agency fees on cloud subscriptions and maintenance booked net; 59% of gross profit. |
Who runs it
Jack Azagury became chief executive in April 2026 after almost three decades at Accenture, where he ran its global consulting arm. He says Insight is too decentralised and under-invested in its own growth, and has a three-year plan aimed at AI infrastructure and services for mid-sized clients. Directors and executives own about 1% of the company. Their bonuses pay on adjusted profit and cloud and services growth, not on GAAP profit or cash per share.
The evidence under this - 4 claims
Core services growth in the June quarter came mostly from acquisitions, with modest organic growth (C09), so the plan starts from a weak organic base.
Why it wins, and who could beat it
Why customers come back
Insight's edge is size. Being one of the largest partners wins it the top tiers of vendors' programmes, better buying terms and the right to sell to big public contracts, and a rival names it among the leaders.
But size buys access, not pricing power. Vendors change their partner programmes often and can end most of them easily. Microsoft is about a third of what Insight buys. And Insight earns less on its capital and on each dollar of sales than the three listed rivals that sell the same things.
The evidence under this - 4 claims
Cloud gross profit grew 39% in the June 2026 quarter and is guided up in the high teens to low 20s for 2026 (C09, C10), so the 2025 cuts did not keep shrinking it.
The vendor's 2025 operating income for Insight is $375.6M against $334.9M filed, 12% higher because it leaves out severance and acquisition charges, so the cohort figures for Insight read better than the filing.
The threat
The threat is the vendors themselves. Microsoft, Dell and Cisco sell direct to large clients, and cloud companies sell their own services. An analyst firm expects partners' share of IT spending to keep falling, as it has for a decade.
Microsoft has already cut the fee partners earn on big licence deals: on one worked example, from about $148,000 a year to $7,600.
The evidence under this - 3 claims
Omdia expects partner-delivered spending itself to grow 6.7% in 2026, so the channel shrinks in share while still growing in dollars.
Microsoft says partners still earn incentives on enterprise agreement renewals and upsell and can earn more on outcome-based work, and the cut hit a subset of agreements rather than all.
The rivals: MSFT, GOOGL, AMZN, CDW, CNXN, PLUS, ACN, INFY.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| MSFT · GOOGL | Microsoft and Google selling direct to large clients and cutting partner feesPriced against it: One segment only | IT resale and services to businesses and public bodies | On sale | One segment only |
| AMZN · MSFT · GOOGL | Hyperscalers selling capacity and software through their own marketplacesPriced against it: One segment only | IT resale and services to businesses and public bodies | On sale | One segment only |
| CDW · CNXN · PLUS | CDW, PC Connection, ePlus and private resellers such as SHI and World Wide TechnologyPriced against it: Yes | IT resale and services to businesses and public bodies | On sale | Yes |
| ACN · INFY | Consultancies such as Accenture and InfosysPriced against it: One segment only | IT resale and services to businesses and public bodies | On sale | One segment only |
How big it could get
How big this could get
The market Insight sells into is large and growing. Gartner expects worldwide IT spending of $6.15T in 2026, up 10.8%, with data-centre systems up nearly a third on AI.
Much of that growth is the cloud giants building their own data centres, bought direct from makers. Omdia expects partners to handle about two-thirds of IT spending in 2026, down from 70.1% a year earlier: still most of the market, but a shrinking share.
The evidence under this - 2 claims
Omdia expects partner-delivered spending itself to grow 6.7% in 2026, so the channel shrinks in share while still growing in dollars.
Most of the data-centre growth is hyperscalers' own build-out, bought direct from makers, so little of the 10.8% passes through partners like Insight (C33).
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its latest-quarter rate |
|---|---|---|---|---|---|
| Hardware Net Sales | 57% | +6.9% | - | - | 61% |
| Service | 22% | +16.6% | - | - | 30% |
| Software Net Sales | 21% | -21.2% | - | - | 9% |
| Whole company | 100% | +1.2% | - | - | 100% |
On the filed split through 2026-03-31, if each business keeps its latest quarter's growth, the company grows about 3% next year and 6% in year 3, against 2.7% over the last twelve months. Service grows fastest: it grows 17% against -1% for the rest, and would be 30% of revenue by then. A scenario, not a forecast: no business holds its rate.
How we read it: The blend: services are 22% of sales and their 16.6% growth includes bought consultancies, while hardware, most of sales and of the cycle, sets the total.
The results
The numbers
Sales grew 2.7% over the twelve months to Jun 2026, faster than the −5.2% in the year to Dec 2025.
Operating margin is 4.6%, about where it was (4.6%) in the year to Dec 2023.
Running costs take 18¢ of each sales dollar, up from 12¢ in the year to Dec 2021.
Each dollar put into the business earns 9.2% a year after tax, about where it was (14%) in the year to Dec 2021.
It turned 4.6% of sales into free cash, $397M over the last twelve months.
It owes $1.11B more than the cash it holds, about 2.6 years of the cash its operations bring in.
The share count fell 18% in 4.5 years, and pay in shares costs 0.4% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-17. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $9.44B | $10.4B | $9.18B | $8.70B | $8.25B | $8.58B |
| Sales growth | +13% | +11% | −12% | −5.2% | −5.2% | +2.7% |
| Profit | ||||||
| Gross margin | 15% | 16% | 18% | 20% | 21% | 22% |
| Operating margin | 3.5% | 4.0% | 4.6% | 4.5% | 4.1% | 4.6% |
| Net margin | 2.3% | 2.7% | 3.1% | 2.9% | 1.9% | 2.5% |
| What growth costs, per sales dollar | ||||||
| Selling, general and admin | 12% | 12% | 13% | 15% | 17% | 17% |
| Pay in shares | 0.2% | 0.2% | 0.3% | 0.4% | 0.4% | 0.4% |
| Capital spending | 0.6% | 0.7% | 0.4% | 0.5% | 0.3% | 0.3% |
| Cash | ||||||
| Cash from operations | $164M | $98.1M | $620M | $633M | $304M | $423M |
| Free cash flow | $112M | $27.2M | $580M | $586M | $279M | $397M |
| Balance sheet | ||||||
| Cash and short-term investments | $104M | $164M | $269M | $259M | $358M | $363M |
| Debt | $362M | $638M | $941M | $864M | $1.36B | $1.48B |
| Net cash | −$258M | −$474M | −$672M | −$605M | −$1.00B | −$1.11B |
| Returns and shares | ||||||
| Return on capital | 14% | 15% | 13% | 11% | 8.3% | 9.2% |
| Shares (diluted) | 36.9M | 36.6M | 37.2M | 38.1M | 32.3M | 30.2M |
What growth costs
Growth has not paid off so far. From 2021 to 2025 gross profit rose by about a fifth, but selling and running costs rose slightly faster, so operating profit ended where it started. The first half of 2026 was the first sign of change: gross profit grew faster than costs.
The evidence under this - 2 claims
In the first half of 2026 gross profit rose about 16% against selling and administrative costs up 11% (C08), so the latest half shows leverage.
The last report (6 Aug)
Quarter ended June 2026, filed figures.
The quarter to June 2026 was Insight's best in years. Sales rose 15% and gross profit 18%, led by hardware up 21% as clients bought AI servers and paid more for memory. Cloud gross profit jumped 39%. Management raised its 2026 earnings guide.
Then it added a warning. The chief executive called the quarter a high watermark, said device sales will keep falling for a few quarters, and guided a flatter second half.
What it did to the thesisIt proved demand for AI servers reached Insight's clients and that cloud fees can still grow. It left open the question the view hinges on: whether growth survives the harder comparisons ahead, since management itself expects the second half to be flatter.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $3.86 against $2.93 expected; $2.57 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
Core services growth came mostly from acquired businesses, with modest organic growth (C26), and part of the cloud rise is Sekuro's security software, bought in October 2025 (C30).
- The guide's arithmetic leaves second-half adjusted EPS flat to lower on a year earlier (C11).
- The chief executive called Q2 a high watermark and cited memory prices and supply as reasons for a prudent fourth quarter (C38).
Gartner forecasts data-centre spending up 31.7% in 2026 (C34), which supports the infrastructure half of the remark more than the device half.
What management did with the money
For three years Insight spent its cash on buying cloud and security consultancies and on buybacks of about $150M a year, which cut the diluted share count by a fifth in two years. In 2026 it paused acquisitions and is putting spare cash into buybacks.
Insiders in 2026Q3: 4 purchases and 2 sales, from their Form 4 filings.
The evidence under this - 3 claims
The price, and where we disagree
In short. Fair. The price already pays for this year's recovery holding, with modest growth after it; it is not paying for a decline, and not for a lasting boom either.
The shares fell to a low in March 2026, then rose about 150% after two strong quarters, mostly because buyers began paying more for each dollar of sales rather than because sales grew much.
The next test is the third-quarter report on 5 November 2026. The full-year guide implies second-half earnings roughly flat on a year earlier, so that report shows whether the recovery outlasts the hardware peak.
The evidence under this - 5 claims
Gartner forecasts data-centre spending up 31.7% in 2026 (C34), which supports the infrastructure half of the remark more than the device half.
The February guide was beaten by about $1.20 at the midpoint within six months (C10), so management has guided low this year.
How we read the multiple
Buyers pay about 16 times Insight's operating profit, counting its debt. That is a fair price for a reseller whose profit has been flat, and the profit counted already includes this year's hardware peak.
The company prefers an adjusted figure that leaves out charges it calls one-offs. On that figure the shares look cheaper, about 13 times next year's guide. But restructuring and similar charges have come every year, so we use the reported profit.
Against its own history. Dearer than this company's own normal, after a rise that came mostly from buyers paying more rather than from the business growing.
The evidence under this - 4 claims
- Inventory financing is interest-free trade credit that some would leave out; without it the multiple is about 14.9.
- Trailing profit includes $25.6M of earnout revaluation and other charges (C13); on the vendor's operating income the multiple is 13.4 (C23).
Amortisation is a non-cash charge for acquisitions already paid for, and the earnout revaluation reflects acquired businesses doing better than expected, so part of the gap is not a running cost.
The February guide was beaten by about $1.20 at the midpoint within six months (C10), so management has guided low this year.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of operating profit, cheapest first:
| Ticker | Company | company value for each $1 of operating profit |
|---|---|---|
| PLUS | ePlus | 11.9× |
| NSIT | Insight Enterprises | 13.4× |
| CDW | CDW | 14.5× |
| CNXN | PC Connection | 16.9× |
The middle of the other 3 is 14.5. Insight Enterprises, Inc. is 2nd cheapest of 4.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
A little below its listed rivals, which matches a business that earns less on its capital than they do.
Private or foreign rivals that cannot be priced: Presidio, World Wide Technology, SHI International, Computacenter plc, Capgemini SE, Atos SE, HCL Technologies, Tata Consultancy Services.
Where we disagree with the market
A recovering technology supplier riding AI demand, worth paying more for after two strong quarters and a raised guide.
The recovery is real but already in the price; reported profit is lower than the adjusted figure suggests, and the second half looks flatter.
The market reads Insight on adjusted earnings, which look cheap. We read it on reported profit, because the charges left out of the adjusted figure recur every year.
On that reading, and with management's own guide implying a flat second half, the price already reflects the good news. We could be wrong if AI infrastructure spending keeps lifting both hardware and services, and the new chief executive gets costs to grow slower than gross profit.
What analysts say, and the evidence
The evidence under this - 5 claims
- Inventory financing is interest-free trade credit that some would leave out; without it the multiple is about 14.9.
- Trailing profit includes $25.6M of earnout revaluation and other charges (C13); on the vendor's operating income the multiple is 13.4 (C23).
Amortisation is a non-cash charge for acquisitions already paid for, and the earnout revaluation reflects acquired businesses doing better than expected, so part of the gap is not a running cost.
The February guide was beaten by about $1.20 at the midpoint within six months (C10), so management has guided low this year.
Gartner forecasts data-centre spending up 31.7% in 2026 (C34), which supports the infrastructure half of the remark more than the device half.
What could go wrong, and how we would know
The risks
- Vendors set the fees Microsoft is about a third of what Insight buys and resets partner fees each year; another cut would hit the most profitable part of the business.
- Vendors selling direct Microsoft, Dell and Cisco already sell direct to large clients, and partners' share of IT spending has fallen for a decade.
- The hardware peak passes Management calls the June quarter a high watermark; higher memory prices are already cutting device sales across the industry.
- An uncontracted Middle East business Insight earns fees as an agent for some Middle East clients and vendors with no contract guaranteeing the work continues.
- Debt and supplier credit Net debt is about $1.4B including supplier financing, mostly on a borrowing facility, so a downturn would bite harder than the balance sheet suggests.
The evidence under this - 7 claims
Cloud gross profit grew 39% in the June 2026 quarter and is guided up in the high teens to low 20s for 2026 (C09, C10), so the 2025 cuts did not keep shrinking it.
Omdia expects partner-delivered spending itself to grow 6.7% in 2026, so the channel shrinks in share while still growing in dollars.
Gartner forecasts data-centre spending up 31.7% in 2026 (C34), which supports the infrastructure half of the remark more than the device half.
What we still do not know
- How much of 2026's hardware growth is higher prices rather than more units, and how much is AI equipment.
- How much gross profit the Middle East agency work earns, and for how long.
- Whether Insight is gaining or losing share against CDW and the private resellers.
- How many dollars Microsoft's 2025 partner fee change cost Insight.
The evidence under this - 5 claims
Core services growth came mostly from acquired businesses, with modest organic growth (C26), and part of the cloud rise is Sekuro's security software, bought in October 2025 (C30).
The vendor's 2025 operating income for Insight is $375.6M against $334.9M filed, 12% higher because it leaves out severance and acquisition charges, so the cohort figures for Insight read better than the filing.
Cloud gross profit grew 39% in the June 2026 quarter and is guided up in the high teens to low 20s for 2026 (C09, C10), so the 2025 cuts did not keep shrinking it.
Microsoft says partners still earn incentives on enterprise agreement renewals and upsell and can earn more on outcome-based work, and the cut hit a subset of agreements rather than all.
What would change our view
- Neutral→AttractiveA cheaper price on an unchanged business
It needs all of:
- ○The price falls to about 12 times operating profit, counting debt, from about 16 now.about ≈$123.44 today, 23% below the last close
- ○Gross profit still grows at least 5% a year.checked at the next results, due by 5 Nov
- Neutral→AttractiveThe services mix lifts the margin for good
It needs all of:
- ○Operating profit reaches 5.5 cents on each dollar of sales, from 4.6 cents.checked at the next results, due by 5 Nov
- ○Cloud gross profit keeps growing at least 15% a year.checked at the next results, due by 5 Nov
- Neutral→UnattractiveThe upswing ends or the fees fall again
It needs any of:
- ○Gross profit falls from a year earlier in a quarter.checked at the next results, due by 5 Nov
- ○Cloud gross profit falls from a year earlier.checked at the next results, due by 5 Nov
We would also be wrong if
- Microsoft's share of what Insight buys or sells drops by a third in a year, a sign vendors are taking clients direct.
What is coming
- 5 November 2026 Q3 2026 results: Gross profit growth against the 8-10% guide, cloud and hardware gross profit, and whether the full-year EPS guide holds as memory prices bite.
Every dated event ahead
- 5 November 2026 Q3 2026 results: Gross profit growth against the 8-10% guide, cloud and hardware gross profit, and whether the full-year EPS guide holds as memory prices bite.
- February 2027 Q4 and full-year 2026 results with the 2027 guide: Whether 2027 gross profit grows after the hardware peak, and whether transformation charges end as the 10-K says.
Since we wrote this
- 17 OctThesis writtenNeutral, medium convictionA big reseller in a hardware upswing; profit has been flat for five years and the price already holds the recovery.
Sources 17
Sources - 17
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-12business, partners and purchase concentration, competition, risk factors on partner funding and agency sales, the sales mix, statements, debt, acquisitions, buybacks, headcountbacksC01C02C03C04C05C06C07C14C15C17C18C25C29C30C31C32C44
- S02primarycompany release2026-02-052025 GAAP and adjusted results, the change to adjusted EPS excluding share pay, the February 2026 guidebacksC03C10C12C13C42
- S03primarycompany release2026-08-06Q2 sales, gross profit, GAAP and adjusted earnings, the non-GAAP reconciliation, cash flow, buybacks, the raised 2026 guidebacksC08C09C10C13C14C15C17C42
- S04primarycompany filing2026-08-06balance sheet, debt and facility terms, share count, client concentration, EMEA agency transactions, the convertible notes historybacksC02C08C14C15C16C17C18C23C29C31C44
- S05primarytranscript2026-08-06Q2 2026 earnings call transcript (FMP)data/cache/transcripts/NSIT-2026Q2.jsongross profit by line, the One Insight plan, the guide's assumptions, the high-watermark remark, devices against infrastructure, the M&A pause
As we've said for some time, we always expected a stronger first half than second half and Q2 was always going to be a high watermark for us.
backsC09C10C17C26C30C31C38 - S06primarytranscript2026-05-07Q1 2026 earnings call transcript (FMP)data/cache/transcripts/NSIT-2026Q1.jsonthe chief executive's first priorities, organic services growth, the hardware backlog
I'm still not pleased with where we are in our organic growth in the services business.
backsC26C37C42 - S07primarycompany filing2026-04-02the new chief executive's background, beneficial ownership, bonus and equity measures, the 2025 return awardbacksC25C27C28
- S08primaryindustry data2026-01-28partner share of the addressable IT market, by region; vendor-delivered against partner-delivered growth; resets favouring larger partners
Continuing the decade-long decline, partner share of the total addressable IT market will drop to 66.7% in 2026, down from 70.1% in 2025
backsC33 - S09secondarynews2026-02-03IT spending in 2026 by category: total, data-centre systems, servers, software and devices
Worldwide IT spending is expected to reach $6.15 trillion in 2026, up 10.8% from 2025, according to the latest forecast by Gartner
backsC34 - S10secondarynews2024-12-16Gartner's worked example of a Microsoft enterprise agreement incentive before and after January 2025
However, starting January 2025, the incentives drastically change, for the same product, dropping to $7,600.
backsC35 - S11secondarynews2026-10-09third-quarter PC shipments by IDC and Omdia, memory's share of PC component cost
IDC tells a similar story, estimating a 20.1 percent decline to 62.7 million units.
backsC36 - S13primarycompany filing2026-02-24a rival naming the current leaders in IT solutions resalebacksC39
- S14secondaryvendor data2026-10-17Research pack (FMP market data, FINRA short interest, filed headcount), frozencontent/NSIT/research-pack.jsonprice, market value, the price-move decomposition, valuation history, analyst ratings and estimates, short interest, the earnings history, the cohort figures, headcountbacksC19C20C22C23C32C42
- S15primarycompany filing2026-10-16how the largest consultancy describes its competitionbacksC40
- S16primarycompany filing2026-10-17every open-market purchase and sale with its Rule 10b5-1 flagbacksC24
- S17secondarynews2026-02-03IT spending in 2026 by category: total, data-centre systems, servers, software and devices
Total data center spending is expected to increase 31.7%, surpassing $650 billion in 2026, up from nearly $500 billion the previous year.
backsC34 - S18primaryindustry data2026-01-28partner share of the addressable IT market, by region; vendor-delivered against partner-delivered growth; resets favouring larger partners
North America will record the lowest partner share, with partners accounting for 61.1% of the total addressable IT market in 2026, a sharp drop from over 70% just four years ago.
backsC33