Just wanted to clarify on Q4, services revenue grew nicely year over year, but the gross margin was down pretty sizably year over year. So for us, we're agnostic to which way it goes, but we're certainly participating pretty heavily. This strategy is also important because of the positive effect on our overall profitability. We are on track to meet our previously stated goal to add more than $0.70 of adjusted diluted EPS to our results from PCM business in 2020. Contents: Prepared Remarks; Questions and Answers; Call … Returns as of 10/28/2020. Ken, you look like -- as I just said, you've got some tough comps still on the enterprise hardware side. We're on track to deliver our committed synergies of more than $35 million in the North America business in 2020, and we expect to realize the savings at an increased rate over the year, such that more than half will be realized in the back half of the year. So we think, again, as you stated, there will be continued consolidation in the industry.
As part of our 2020 plans, we plan to organize our resources, leverage our strategic partner relationships and align our offerings to our clients' needs to ensure we participate in key areas of market opportunity across our geographic footprint. They have about $200 million of services business. Understood. Could you just maybe touch on the dynamics driving that?
Our next question is coming from Paul Coster of JP Morgan. And yes, it's certainly -- there's also a complement, of course, of growing in the cloud aspects of that business as well. Please check your download folder. You do have some APAC exposure. I'm honored to be part of such a great team. And we think, certainly, for the future, that will become a more meaningful part, whereas if I went back five years ago, it was a very, very small portion of our GP dollars being generated from cloud sales, and now it's -- in 2019, it was 18%. Rounding out our cash flow performance on Slide 15, our operations generated $128 million of cash in 2019. Nothing -- I wouldn't say anything related to PCM. So certainly -- impacting certainly business in the region, no question about that. So very, very pleased with how that segment of the market is progressing. 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. It's really ultimately around the mix of cloud and in that particular segment of the business in Q4. The company is listed on the Fortune 500 and has offices in 19 countries. That's going to continue. While executing key elements of our long-term strategy, we also delivered against our financial commitments for 2019. And on a GAAP basis, diluted earnings per share was $1.20. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to … But in and of itself, the intelligent edge is alive and well and starting to make some again. There is -- it's pretty consistent for the first couple of quarters, but in Q4, it changes.
It's $35 million to $40 million exiting Q4 -- savings in the quarter -- sorry, savings in the year exiting by the end of the year -- sorry, not exiting, by the end of the year. I will take a few minutes to summarize the fourth quarter and full-year results of our geographic operating segments and then cover taxes and cash flow performance. For the full year on Slide 14, in constant currency, our APAC business grew net sales by 2% compared to 2018. I just wanted to start Ken, to ask a little bit on organic revenue trends.
But certainly, it does have an impact when you do have more rational players coming together and consolidate, and that certainly has an impact. Also in 2019, we invested approximately $69 million in capital expenditures including the purchase of a new building for our corporate headquarters for $48 million. It's about $37 million, as Ken mentioned, in terms of his comments as we go through that. I don't think that the impact of PCM is going to be appreciable on the services gross margin percent. PCM provides us an expanded but similar opportunity in the mid-market. Net sales in the fourth quarter grew 11% in constant currency. Also, please note that unless highlighted in constant currency, all amounts and growth rates discussed are in U.S. dollar terms. So we continue to -- whatever -- which way our customers want to go, we'll support them if they want to do it on premise, they want to do it in a subscription base. 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. You had some easier year-over-year comparisons in Q3 and Q4. I think it overlapped a little bit with the Chinese New Year, so money of the OEMs, of course, account for that already.
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Insight Enterprises (NASDAQ:NSIT)Q4 2019 Earnings CallFeb 12, 2020, 9:00 a.m. And I would say that had to do primarily with some large hardware clients that we did business with in the prior year that didn't repeat. We have three locations there and an operation in Hong Kong as well, and they're all certainly working from home at this stage.
Thank you, Glynis. In January, I celebrated my 10-year anniversary at Insight. On the pricing side, it wasn't exactly clear when you talk about consolidation. When referring to non-GAAP measures, we will refer to such measures as adjusted.
U.S. County Brings Free Public Wi-Fi to More Than 30,000 Rural Students and … I'd say, we're probably in the second inning there, but we remain bullish that the -- that hardware will be alive and well going forward, primarily driven by what will occur in the intelligent edge which, again, is just starting to formulate, and we're starting to see some interesting successes there in our solution areas for that -- for those type of engagements. So we've seen some nice growth toward the tail half of 2019 and that's continuing into 2020. Thank you Ken. Moving on to Slide 12.
Welcome everyone and thank you for joining the Insight Enterprises earnings conference call. As Ken noted earlier, we're pleased with the progress we made in 2019, making strategic investments in our business that will help us to compete in the future while also delivering another year of good financial results for our stakeholders.
A lot of that, of course, has to do with the netting, and you certainly saw that with the gross margin improvement for the business overall which certainly benefited there. In addition, we incurred approximately $6 million in additional interest expense related to the acquisition.
But certainly, we always continue to monitor that. So yes, on the refresh cycles, we'll see that continue with that sort of mid-market space. It's really around the mix of business that drives the gross margin.
Insight Enterprises distributes computer hardware and software and provides IT services for businesses, schools, and government agencies and departments. Moving to Slide 7. Insight Enterprises revenue from 2006 to 2020. So that starts to -- if it goes beyond that, I think it definitely starts to impact the supply chain. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Insight Enterprises is strictly prohibited. Cumulative Growth of a $10,000 Investment in Stock Advisor, Insight Enterprises (NSIT) Q4 2019 Earnings Call Transcript @themotleyfool #stocks $NSIT, Insight Enterprises Inc (NSIT) Q4 2018 Earnings Conference Call Transcript, Copyright, Trademark and Patent Information.
As we know, it's -- large enterprise clients drive substantial volumes, and it depends upon where you're positioned for that sort of cycle as they don't repeat each other every year. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. OK. This compares to $143 million of cash and $197 million of debt outstanding at the end of 2018. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. These facilities will comfortably cover current working capital needs and provide capacity for additional acquisitions in the future. So we start out with 20% to 25% revenue growth.
Dun & Bradstreet collects private company financials for more than … And what does it do in terms of your M&A prospects moving forward? We have made significant progress as a company, transforming our business from an IT reseller to a well-respected intelligent technology solutions provider with deep expertise across the multiple technology areas our clients value most. Is that lagging? Matt Sheerin -- Stifel Financial Corp. -- Analyst. Our cash conversion cycle was 38 days in the fourth quarter of 2019, up five days year over year. Insight Enterprises revenue from 2006 to 2020. It wasn't -- I wasn't making a commentary around revenue so much as I was making a commentary around GP production. In 2020, we expect to align dedicated solution expertise with our mid-market motion to drive additional growth through our solution areas. As we head into 2020, we believe the IT market is healthy. And we said $35 million was what we anticipated. I'm proud of our accomplishments over the past decade and of our team's performance in 2019. We certainly participate pretty heavily.
Certainly, that's happened on the distribution front where there's really now primarily three sort of core distributors, the three to four that we buy from, that's certainly been rationalized.
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