0001022408-20-000007.txt : 20200210 0001022408-20-000007.hdr.sgml : 20200210 20200210162911 ACCESSION NUMBER: 0001022408-20-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200210 DATE AS OF CHANGE: 20200210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EPLUS INC CENTRAL INDEX KEY: 0001022408 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 541817218 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34167 FILM NUMBER: 20592321 BUSINESS ADDRESS: STREET 1: 13595 DULLES TECHNOLOGY DRIVE CITY: HERNDON STATE: VA ZIP: 20171-3413 BUSINESS PHONE: 7039848400 MAIL ADDRESS: STREET 1: 13595 DULLES TECHNOLOGY DRIVE CITY: HERNDON STATE: VA ZIP: 20171-3413 FORMER COMPANY: FORMER CONFORMED NAME: MLC HOLDINGS INC DATE OF NAME CHANGE: 19960906 8-K 1 form8-k.htm EPLUS INC FORM 8-K 11-06-2019

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 5, 2020



ePlus inc.
EPLUS INC
(Exact name of registrant as specified in its charter)


Delaware
001-34167
54-1817218
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)

13595 Dulles Technology Drive, Herndon, Virginia 20171-3413
(Address, including zip code, of principal executive offices)

(703) 984-8400
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value
 PLUS
 NASDAQ Global Select Market 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐


 
Item 2.02 Results of Operations and Financial Condition
 
On February 5, 2020, ePlus inc. announced by press release its results of operations for its three and nine months ended December 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits
 
(d) The following exhibits are filed as part of this report:
 
Exhibit No.
Description
   
99.1
Press release dated February 5, 2020, issued by ePlus inc.
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ePlus inc.








By: /s/ Elaine D. Marion



Elaine D. Marion



Chief Financial Officer

 
Date: February 10, 2020




 EX-99.1 2 ex99-1.htm PRESS RELEASE
EXHIBIT 99.1


ePlus Reports Third Quarter and First Nine Months Financial Results

--Double-digit Growth Across Key Metrics--

Third Quarter Fiscal Year 2020

•  
Net sales increased 24.1% to $429.0 million; technology segment net sales increased 22.7% to $410.6 million; service revenues increased 43.2% to $50.4 million; financing segment net sales increased 67.7% to $18.4 million.
•  
Adjusted gross billings increased 22.5% to $586.3 million.
•  
Consolidated gross profit increased 25.1% to $103.7 million.
•  
Consolidated gross margin was 24.2%, an increase of 20 basis points.
•  
Net earnings increased 31.5% to $19.6 million.
•  
Adjusted EBITDA increased 24.7% to $31.9 million.
•  
Diluted earnings per share increased 32.7% to $1.46. Non-GAAP diluted earnings per share increased 27.1% to $1.64.

First Nine Months Fiscal Year 2020

•  
Net sales increased 16.7% to $1,222 million; technology segment net sales increased 15.8% to $1,177 million; service revenues increased 38.0% to $144.3 million; financing segment net sales increased 45.8% to $45.0 million.
•  
Adjusted gross billings increased 18.5% to $1,714 million.
•  
Consolidated gross profit increased 20.2% to $299.4 million.
•  
Consolidated gross margin was 24.5%, an increase of 70 basis points.
•  
Net earnings increased 16.0% to $55.8 million.
•  
Adjusted EBITDA increased 18.6% to $95.8 million.
•  
Diluted earnings per share increased 17.5% to $4.16. Non-GAAP diluted earnings per share increased 19.3% to $4.89.

HERNDON, VA – February 5, 2020 – ePlus inc. (NASDAQ:PLUS), a leading provider of technology and financing solutions, today announced financial results for the three and nine months ended December 31, 2019.

Management Comment

“ePlus achieved strong double-digit growth across key financial metrics in both the third quarter and first nine months of fiscal 2020, demonstrating the competitive advantages of our portfolio of technology products and services, complemented by our financing capabilities. We continued to gain market share in the third quarter, underscored by 20.3% growth in technology product sales and 43.2% growth in technology services revenue, which combined with strong performance from our financing segment, drove a 31.5% increase in net earnings,” commented Mark Marron, CEO and President of ePlus.

“Growth in gross profit and earnings per share outpaced revenue growth in the third quarter, and consolidated gross margin expanded by 20 basis points to 24.2%.  Our continuing investment in customer-facing professionals supports growth in the high demand areas of cloud, security and digital infrastructure.”

Third Quarter Fiscal 2020 Results

For the third quarter ended December 31, 2019 as compared to the third quarter of the prior fiscal year ended December 31, 2018:

Consolidated net sales increased 24.1% to $429.0 million, from $345.7 million.

Technology segment net sales increased 22.7% to $410.6 million, from $334.7 million primarily from an increase in sales to customers in the telecom, media and entertainment industry as well as technology, healthcare, and state and local government and educational institutions. Service revenues increased 43.2% to $50.4 million, from $35.2 million due to increases across all our services offerings including professional and managed services, and staff augmentation.

Adjusted gross billings increased 22.5% to $586.3 million due, in part, to organic growth and the acquisitions of SLAIT Consulting, LLC in January 2019 and ABS Technology in August 2019.

Financing segment net sales increased 67.7% to $18.4 million, from $11.0 million, primarily due to an increase in transactional gains.

Consolidated gross profit increased 25.1% to $103.7 million, from $82.9 million. Consolidated gross margin increased to 24.2% from 24.0% last year, due to higher gross profit in our financing segment.

Operating expenses increased 23.1% to $77.4 million, from $62.9 million, primarily due to an increase in salaries and variable compensation and additional costs associated with the acquisitions and operations of SLAIT Consulting, LLC and ABS Technology.  Our headcount increased 337 employees primarily from the acquisitions.

Consolidated operating income increased 31.2% to $26.3 million.

Our effective tax rate for the current quarter was 28.3%, consistent with the prior year quarter.

Net earnings increased 31.5% to $19.6 million.

Adjusted EBITDA increased 24.7% to $31.9 million, from $25.6 million.

Diluted earnings per share was $1.46, compared with $1.10 in the prior year quarter. Non-GAAP diluted earnings per share was $1.64, compared with $1.29 last year.

First Nine Months Fiscal 2020 Results

For the nine months ended December 31, 2019 as compared to the nine months of the prior fiscal year ended December 31, 2018:

Consolidated net sales increased 16.7% to $1,221.9 million, from $1,047.2 million.


Technology segment net sales increased 15.8% to $1,176.9 million, from $1,016.3 million. Service revenues increased 38.0% to $144.3 million, from $104.5 million.

Adjusted gross billings increased 18.5% to $1,713.8 million due, in part, to organic growth as well as the acquisitions of SLAIT Consulting, LLC in January 2019 and ABS Technology in August 2019.

Financing segment net sales increased 45.8% to $45.0 million, from $30.9 million, primarily due to an increase in transactional gains from several large government related transactions.

Consolidated gross profit increased 20.2% to $299.4 million, from $249.1 million. Consolidated gross margin improved 70 basis points to 24.5%, compared with 23.8% last year, due to higher service revenues and higher transaction gains from the financing segment.

Operating expenses increased 20.6% to $222.0 million, from $184.1 million, primarily due to an increase in salaries and variable compensation and additional costs associated with the acquisitions and operations of SLAIT Consulting, LLC and ABS Technology.

Consolidated operating income increased 19.0% to $77.4 million.

Our effective tax rate for the current period was 28.7%, compared with 27.3% in the prior year.  The increase in the rate was primarily due to a decrease in the tax benefit from the vesting of restricted stock.

Net earnings increased 16.0% to $55.8 million.

Adjusted EBITDA increased 18.6% to $95.8 million, from $80.8 million.

Diluted earnings per share was $4.16, compared with $3.54 in the prior year period. Non-GAAP diluted earnings per share was $4.89, compared with $4.10 last year.

Balance Sheet Highlights

As of December 31, 2019, ePlus had cash and cash equivalents of $59.6 million, compared with $79.8 million as of March 31, 2019.  The decrease in cash and cash equivalents was primarily due to investments in our financing portfolio, acquisition funding, and share repurchases totaling $13.7 million.  Total stockholders' equity was $472.5 million, compared with $424.3 million as of March 31, 2019. Total shares outstanding were 13.5 million and 13.6 million on December 31, 2019 and March 31, 2019, respectively.

Summary and Outlook

“Year-to-date results set the stage for fiscal 2020 to be a year of significant growth for ePlus, driven by our ability to capture demand from our growing base of mid-market and enterprise customers for complex solutions that optimize and protect their IT initiatives.  In addition to our organic growth, we have successfully integrated the August, 2019 ABS Technology acquisition, and we continue to evaluate additional acquisition opportunities that would expand our technology capabilities and our geographic reach,” Mr. Marron concluded.


Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on February 5, 2020:

Date:
February 5, 2020
Time:
4:30 p.m. ET
Live Call:
(844)-603-5099, domestic, (825) 312-2246, international
Replay:
(800) 585-8367, domestic, (416) 621-4642, international
Passcode:
9387537 (live and replay)
Webcast:
http://www.eplus.com/investors (live and replay)

The replay of this webcast will be available approximately two hours after the call and be available through February 12, 2020.

About ePlus inc.

ePlus is a leading consultative technology solutions provider that helps customers imagine, implement, and achieve more from their technology.  With the highest certifications from top technology partners and expertise in key technologies from data center to security, cloud, and collaboration, ePlus transforms IT from a cost center to a business enabler.  Founded in 1990, ePlus has more than 1,600 associates serving a diverse set of customers in the U.S., Europe, and Asia-Pac.  The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171.  For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com.  Connect with ePlus on Facebook at www.facebook.com/ePlusinc and on Twitter at www.twitter.com/ePlus.

ePlus. Where Technology Means More®.

ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.  The names of other companies and products mentioned herein may be the trademarks of their respective owners.

Forward-looking statements

Statements in this press release that are not historical facts may be deemed to be “forward-looking statements.”  Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, national and international political instability fostering uncertainty and volatility in the global economy including exposure to fluctuation in foreign currency rates, interest rates and downward pressure on prices; reduction of vendor incentive programs; and restrictions on our access to capital necessary to fund our operations; our ability to successfully perform due diligence and integrate acquired businesses; disruptions or a security breach in our or our vendor’s IT systems and data and audio communication networks; the possibility of goodwill impairment charges in the future; significant adverse changes in, reductions in, or losses of relationships with one or more of our largest volume customers or vendors; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; our ability to reserve adequately for credit losses; our ability to secure our own and our customers’ electronic and other confidential information and remain secure during a cyber-security attack; future growth rates in our core businesses; the impact of competition in our markets; our reliance on third parties to perform some of our service obligations to our customers; the possibility of defects in our products or catalog content data; our ability to adapt to changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service and software as a service; our ability to realize our investment in leased equipment; maintaining and increasing advanced professional services by recruiting and retaining highly skilled, competent personnel and vendor certifications; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission.  All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

Contact:
Kleyton L. Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150


ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

   
December 31, 2019
    
March 31, 2019
  
ASSETS
            
             
Current assets:
            
Cash and cash equivalents
  
$
59,555
    
$
79,816
  
Accounts receivable—trade, net
    
413,741
      
299,899
  
Accounts receivable—other, net
    
37,187
      
41,328
  
Inventories
    
61,065
      
50,493
  
Financing receivables—net, current
    
89,229
      
63,767
  
Deferred costs
    
20,421
      
17,301
  
Other current assets
    
8,809
      
7,499
  
Total current assets
    
690,007
      
560,103
  
                 
Financing receivables and operating leases—net
    
73,506
      
59,032
  
Property, equipment and other assets
    
34,000
      
17,328
  
Goodwill
    
118,225
      
110,807
  
Other intangible assets—net
    
36,870
      
38,928
  
TOTAL ASSETS
  
$
952,608
    
$
786,198
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
LIABILITIES
                
                 
Current liabilities:
                
Accounts payable
  
$
126,154
    
$
86,801
  
Accounts payable—floor plan
    
144,483
      
116,083
  
Salaries and commissions payable
    
27,476
      
21,286
  
Deferred revenue
    
55,128
      
47,251
  
Recourse notes payable—current
    
2,239
      
28
  
Non-recourse notes payable—current
    
59,015
      
38,117
  
Other current liabilities
    
24,995
      
19,285
  
Total current liabilities
    
439,490
      
328,851
  
                 
Non-recourse notes payable—long term
    
7,120
      
10,502
  
Deferred tax liability—net
    
4,924
      
4,915
  
Other liabilities
    
28,588
      
17,677
  
TOTAL LIABILITIES
    
480,122
      
361,945
  
                 
COMMITMENTS AND CONTINGENCIES
                
                 
STOCKHOLDERS' EQUITY
                
Preferred stock, $.01 per share par value; 2,000 shares authorized; none outstanding
    
-
      
-
  
Common stock, $.01 per share par value; 25,000 shares
        authorized; 13,513 outstanding at December 31, 2019 and
        13,611 outstanding at March 31, 2019
    
144
      
143
  
Additional paid-in capital
    
143,262
      
137,243
  
Treasury stock, at cost, 884 shares at December 31, 2019 and
        693 shares at March 31, 2019
    
(67,691
)
    
(53,999
)
Retained earnings
    
396,973
      
341,137
  
Accumulated other comprehensive income—foreign currency
        translation adjustment
    
(202
)
    
(271
)
Total Stockholders' Equity
    
472,486
      
424,253
  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
952,608
    
$
786,198
  

ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

   
Three Months Ended December 31,
    
Nine Months Ended December 31,
  
   
2019
    
2018
    
2019
    
2018
  
                         
Net sales
                        
     Product
  
$
378,569
    
$
310,443
    
$
1,077,667
    
$
942,735
  
     Services
    
50,422
      
35,221
      
144,261
      
104,504
  
          Total
    
428,991
      
345,664
      
1,221,928
      
1,047,239
  
                                 
Cost of sales
                                
     Product
    
293,209
      
241,856
      
832,135
      
735,802
  
     Services
    
32,086
      
20,895
      
90,427
      
62,321
  
          Total
    
325,295
      
262,751
      
922,562
      
798,123
  
                                 
Gross profit
    
103,696
      
82,913
      
299,366
      
249,116
  
                                 
Selling, general, and administrative
    
73,090
      
59,728
      
209,400
      
174,399
  
Depreciation and amortization
    
3,647
      
2,719
      
10,667
      
8,250
  
Interest and financing costs
    
694
      
443
      
1,898
      
1,403
  
Operating expenses
    
77,431
      
62,890
      
221,965
      
184,052
  
                                 
Operating income
    
26,265
      
20,023
      
77,401
      
65,064
  
                                 
Other income (expense)
    
997
      
721
      
912
      
1,140
  
                                 
Earnings before taxes
    
27,262
      
20,744
      
78,313
      
66,204
  
                                 
Provision for income taxes
    
7,712
      
5,880
      
22,477
      
18,064
  
                                 
Net earnings
  
$
19,550
    
$
14,864
    
$
55,836
    
$
48,140
  
                                 
Net earnings per common share—basic
  
$
1.47
    
$
1.10
    
$
4.19
    
$
3.57
  
Net earnings per common share—diluted
  
$
1.46
    
$
1.10
    
$
4.16
    
$
3.54
  
                                 
Weighted average common shares outstanding—basic
    
13,320
      
13,471
      
13,329
      
13,467
  
Weighted average common shares outstanding—diluted
    
13,378
      
13,544
      
13,410
      
13,592
  

Technology Segment

   
Three Months Ended December 31,
          
Nine Months Ended December 31,
        
   
2019
    
2018
    
% Change
    
2019
    
2018
    
% Change
  
   
(in thousands)
          
(in thousands)
        
                                     
Net sales
                                    
    Product
  
$
360,206
    
$
299,490
      
20.3
%
  
$
1,032,620
    
$
911,839
      
13.2
%
    Services
    
50,422
      
35,221
      
43.2
%
    
144,261
      
104,504
      
38.0
%
          Total
    
410,628
      
334,711
      
22.7
%
    
1,176,881
      
1,016,343
      
15.8
%
                                                 
Cost of sales
                                                
     Product
    
290,980
      
239,843
      
21.3
%
    
825,509
      
730,311
      
13.0
%
     Services
    
32,086
      
20,895
      
53.6
%
    
90,427
      
62,321
      
45.1
%
          Total
    
323,066
      
260,738
      
23.9
%
    
915,936
      
792,632
      
15.6
%
                                                 
Gross profit
    
87,562
      
73,973
      
18.4
%
    
260,945
      
223,711
      
16.6
%
                                                 
Selling, general, and administrative
    
67,759
      
56,607
      
19.7
%
    
197,615
      
166,199
      
18.9
%
Depreciation and amortization
    
3,619
      
2,714
      
33.3
%
    
10,555
      
8,243
      
28.0
%
Operating expenses
    
71,378
      
59,321
      
20.3
%
    
208,170
      
174,442
      
19.3
%
                                                 
Operating income
  
$
16,184
    
$
14,652
      
10.5
%
  
$
52,775
    
$
49,269
      
7.1
%
Adjusted gross billings
  
$
586,308
    
$
478,447
      
22.5
%
  
$
1,713,755
    
$
1,446,603
      
18.5
%
Adjusted EBITDA
  
$
21,687
    
$
20,074
      
8.0
%
  
$
70,895
    
$
64,699
      
9.6
%


Technology Segment Net Sales by Customer End Market

 
Twelve Months Ended December 31,
    
 
2019
  
2018
  
% Change
           
Technology
22%
  
22%
  
-
SLED
17%
  
17%
  
-
Telecom, Media, & Entertainment
17%
  
14%
  
3%
Healthcare
15%
  
14%
  
1%
​Financial Services
14%
  
15%
  
(1%)
​All others
15%
  
18%
  
(3%)
Total
100%
  
100%
    


Financing Segment

   
Three Months Ended December 31,
          
Nine Months Ended December 31,
        
   
2019
    
2018
    
% Change
    
2019
    
2018
    
% Change
  
   
(in thousands)
          
(in thousands)
        
                                     
Net sales
  
$
18,363
    
$
10,953
      
67.7
%
  
$
45,047
    
$
30,896
      
45.8
%
Cost of sales
    
2,229
      
2,013
      
10.7
%
    
6,626
      
5,491
      
20.7
%
Gross profit
    
16,134
      
8,940
      
80.5
%
    
38,421
      
25,405
      
51.2
%
                                                 
Selling, general, and administrative
    
5,331
      
3,121
      
70.8
%
    
11,785
      
8,200
      
43.7
%
Depreciation and amortization
    
28
      
5
      
460.0
%
    
112
      
7
      
1,500.0
%
Interest and financing costs
    
694
      
443
      
56.7
%
    
1,898
      
1,403
      
35.3
%
Operating expenses
    
6,053
      
3,569
      
69.6
%
    
13,795
      
9,610
      
43.5
%
                                                 
Operating income
  
$
10,081
    
$
5,371
      
87.7
%
  
$
24,626
    
$
15,795
      
55.9
%
Adjusted EBITDA
  
$
10,169
    
$
5,480
      
85.6
%
  
$
24,933
    
$
16,105
      
54.8
%


ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION

We included reconciliations below for the following non-GAAP information: (i) Adjusted Gross Billings, (ii) Adjusted EBITDA, (iii) Segment Adjusted EBITDA, (iv) non-GAAP Net Earnings and (v) non-GAAP Net Earnings per Common Share - Diluted.

We define adjusted gross billings as our technology segment net sales calculated in accordance with GAAP, adjusted to exclude the costs incurred related to sales of third-party maintenance, software assurance and subscription/SaaS licenses, and services.

We define adjusted EBITDA as net earnings calculated in accordance with GAAP, adjusted for the following: interest expense, depreciation and amortization, share based compensation, acquisition and integration expense, provision for income taxes, and other income (expense). Segment adjusted EBITDA is defined as operating income calculated in accordance with GAAP, adjusted for interest expense, share based compensation, acquisition and integration expenses, and depreciation and amortization. We consider the interest on notes payable from our financing segment and depreciation expense presented within cost of sales, which includes depreciation on assets financed as operating leases, to be operating expenses.

Non-GAAP net earnings and non-GAAP net earnings per common share – diluted are based on net earnings calculated in accordance with GAAP, adjusted to exclude other income (expense), share based compensation, and acquisition related amortization expense, and the related tax effects.

Our use of non-GAAP information as analytical tools has limitations, and you should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies, including companies in our industry, might calculate non-GAAP adjusted gross billings, adjusted EBITDA, non-GAAP net earnings and non-GAAP net earnings per common share or similarly titled measures differently, which may reduce their usefulness as comparative measures.


   
Three Months Ended December 31,
    
Nine Months Ended December 31,
  
 
  
2019
    
2018
    
2019
    
2018
  
   
(in thousands)
  
                         
Technology segment net sales
  
$
410,628
    
$
334,711
    
$
1,176,881
    
$
1,016,343
  
Costs incurred related to sales of third-party maintenance, software assurance and subscription / SaaS licenses, and services
    
175,680
      
143,736
      
536,874
      
430,260
  
Adjusted gross billings
  
$
586,308
    
$
478,447
    
$
1,713,755
    
$
1,446,603
  

   
Three Months Ended December 31,
    
Nine Months Ended December 31,
  
 
  
2019
    
2018
    
2019
    
2018
  
   
(in thousands)
  
Consolidated
                        
                         
Net earnings
  
$
19,550
    
$
14,864
      
55,836
    
$
48,140
  
Provision for income taxes
    
7,712
      
5,880
      
22,477
      
18,064
  
Depreciation and amortization [1]
    
3,647
      
2,719
      
10,667
      
8,250
  
Share based compensation
    
1,944
      
1,857
      
6,021
      
5,418
  
Acquisition and integration expense
    
-
      
955
      
1,739
      
2,072
  
Other (income) expense [2]
    
(997
)
    
(721
)
    
(912
)
    
(1,140
)
Adjusted EBITDA
  
$
31,856
    
$
25,554
    
$
95,828
    
$
80,804
  
                                 

   
Three Months Ended December 31,
    
Nine Months Ended December 31,
  
 
  
2019
    
2018
    
2019
    
2018
  
   
(in thousands)
  
Technology Segment
                        
Operating income
  
$
16,184
    
$
14,652
    
$
52,775
    
$
49,269
  
Depreciation and amortization [1]
    
3,619
      
2,714
      
10,555
      
8,243
  
Share based compensation
    
1,884
      
1,753
      
5,826
      
5,115
  
Acquisition and integration expense
    
-
      
955
      
1,739
      
2,072
  
Adjusted EBITDA
  
$
21,687
    
$
20,074
    
$
70,895
    
$
64,699
  
                                 
Financing Segment
                                
Operating income
  
$
10,081
    
$
5,371
    
$
24,626
    
$
15,795
  
Depreciation and amortization [1]
    
28
      
5
      
112
      
7
  
Share based compensation
    
60
      
104
      
195
      
303
  
Adjusted EBITDA
  
$
10,169
    
$
5,480
    
$
24,933
    
$
16,105
  
                                 


   
Three Months Ended December 31,
    
Nine Months Ended December 31,
  
   
2019
    
2018
    
2019
    
2018
  
   
(in thousands)
  
GAAP: Earnings before taxes
  
$
27,262
    
$
20,744
    
$
78,313
    
$
66,204
  
Share based compensation
    
1,944
      
1,857
      
6,021
      
5,418
  
Acquisition and integration expense
    
-
      
955
      
1,739
      
2,072
  
Acquisition related amortization expense [3]
    
2,421
      
1,552
      
6,953
      
5,035
  
Other (income) expense [2]
    
(997
)
    
(721
)
    
(912
)
    
(1,140
)
Non-GAAP: Earnings before taxes
    
30,630
      
24,387
      
92,114
      
77,589
  
                                 
GAAP: Provision for income taxes
    
7,712
      
5,880
      
22,477
      
18,064
  
Share based compensation
    
553
      
526
      
1,736
      
1,534
  
Acquisition and integration expense
    
-
      
270
      
506
      
586
  
Acquisition related amortization expense [3]
    
668
      
414
      
1,938
      
1,343
  
Other (income) expense [2]
    
(283
)
    
(204
)
    
(258
)
    
(322
)
Tax benefit on restricted stock
    
39
      
-
      
87
      
672
  
Non-GAAP: Provision for income taxes
    
8,689
      
6,886
      
26,486
      
21,877
  
                                 
Non-GAAP: Net earnings
  
$
21,941
    
$
17,501
    
$
65,628
    
$
55,712
  
                                 

   
Three Months Ended December 31,
    
Nine Months Ended December 31,
  
   
2019
    
2018
    
2019
    
2018
  
                         
GAAP: Net earnings per common share – diluted
  
$
1.46
    
$
1.10
    
$
4.16
    
$
3.54
  
                                 
Share based compensation
    
0.10
      
0.10
      
0.32
      
0.30
  
Acquisition and integration expense
    
-
      
0.05
      
0.09
      
0.10
  
Acquisition related amortization expense [3]
    
0.14
      
0.08
      
0.38
      
0.27
  
Other (income) expense [2]
    
(0.05
)
    
(0.04
)
    
(0.05
)
    
(0.07
)
Tax benefit on restricted stock
    
(0.01
)
    
-
      
(0.01
)
    
(0.04
)
Total non-GAAP adjustments – net of tax
  
$
0.18
    
$
0.19
    
$
0.73
    
$
0.56
  
                                 
Non-GAAP: Net earnings per common share – diluted
  
$
1.64
    
$
1.29
    
$
4.89
    
$
4.10
  

[1] Amount consists of depreciation and amortization for assets used internally.
[2] Interest income and foreign currency transaction gains and losses.
[3] Amount consists of amortization of intangible assets from acquired businesses.


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Cover [Abstract]  
Document Type 8-K
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Document Period End Date Feb. 05, 2020
Entity Registrant Name EPLUS INC
Entity Incorporation, State or Country Code DE
Entity File Number 001-34167
Entity Tax Identification Number 54-1817218
Entity Address, Address Line One 13595 Dulles Technology Drive
Entity Address, City or Town Herndon
Entity Address, State or Province VA
Entity Address, Postal Zip Code 20171-3413
City Area Code 703
Local Phone Number 984-8400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001022408
Title of 12(b) Security Common Stock, $.01 par value
Trading Symbol PLUS
Security Exchange Name NASDAQ
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