0001022408-23-000008.txt : 20230210 0001022408-23-000008.hdr.sgml : 20230210 20230210170929 ACCESSION NUMBER: 0001022408-23-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230210 DATE AS OF CHANGE: 20230210 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: 23613301 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 2-7-2023

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 7, 2023

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

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

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

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

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

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 Securities Exchange Act of 1934:

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 7, 2023, ePlus inc. announced by press release its results of operations for its three and nine months ended December 31, 2022. 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 otherwise 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 7, 2023, issued by ePlus inc.
   
104
 Cover Page Interactive Data File (embedded within the Inline XBRL document)


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, 2023


 

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

ePlus Reports Third Quarter and First Nine Months Financial Results


Third Quarter Fiscal Year 2023
 
•  
Net sales increased 26.0% to $623.5 million; technology segment net sales increased 28.3% to $611.8 million; service revenues increased 7.9% to $67.5 million.
•  
Technology segment adjusted gross billings increased 29.7% to $888.6 million.
•  
Consolidated gross profit increased 18.1% to $138.4 million.
•  
Consolidated gross margin was 22.2%, down 150 basis points from last year’s quarter.
•  
Net earnings increased 35.1% to $35.7 million.
•  
Adjusted EBITDA increased 27.6% to $53.3 million.
•  
Net earnings per common share-diluted increased 36.7% to $1.34. Non-GAAP net earnings per common share-diluted increased 25.5% to $1.38.

First Nine Months Fiscal Year 2023
 
•  
Net sales increased 15.0% to $1,575.5 million; technology segment net sales increased 16.6% to $1,532.0 million; service revenues increased 9.4% to $195.7 million.
•  
Technology segment adjusted gross billings increased 18.9% to $2,356.3 million.
•  
Consolidated gross profit increased 11.4% to $385.2 million.
•  
Consolidated gross margin was 24.4%, compared with 25.2% last year.
•  
Net earnings increased 6.3% to $86.5 million.
•  
Adjusted EBITDA increased 9.0% to $141.9 million.
•  
Net earnings per common share-diluted increased 6.9% to $3.24. Non-GAAP net earnings per common share-diluted increased 8.3% to $3.66.

HERNDON, VA – February 7, 2023 – 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, 2022.

Management Comment

“ePlus delivered strong third quarter financial results, driven by robust customer demand in our focus areas of digital transformation, hybrid workforce, cloud solutions, and security,” said Mark Marron, president and chief executive officer of ePlus. “Consolidated net sales increased 26% year-over-year to $623.5 million, while diluted earnings per share rose nearly 37% to $1.34, reflecting the strong top line momentum and efficient expense management. The ePlus team once again executed at a high level, meeting our customers’ evolving needs with cost-effective and innovative solutions. As our customers have prioritized their technology investments, we continue to invest in our teams and in our capabilities to expand our solutions portfolio and our market share.”

Mr. Marron continued, “While supply chain constraints persist, we saw a gradual easing in availability of certain products during the third quarter, enabling us to fulfill a portion of our customer backlog and reduce our inventories sequentially compared to the fiscal second quarter.  We remain focused on driving long-term growth, with emphasis on expanding our managed and annuity-quality services revenue while continuing to target high-growth opportunities in our focus markets.”

1
Third Quarter Fiscal Year 2023 Results

For the third quarter ended December 31, 2022, as compared to the prior fiscal year third quarter ended December 31, 2021:

Consolidated net sales increased 26.0% to $623.5 million, from $494.8 million.

Technology segment net sales increased 28.3% to $611.8 million, from $477.0 million due to higher sales of product and services. Service revenues increased 7.9% to $67.5 million, from $62.5 million due to increases in managed services.  Adjusted gross billings increased 29.7% to $888.6 million from $685.0 million.

Financing segment net sales decreased 34.5% to $11.7 million, from $17.9 million due to lower portfolio earnings and less proceeds from sales of leased equipment.

Consolidated gross profit increased 18.1% to $138.4 million, from $117.1 million. Consolidated gross margin was 22.2%, down from 23.7% last year due to lower product margin and lower service margins caused by increases in managed services costs and a change in our mix of services.

Operating expenses were $91.9 million, up 13.4% from $81.0 million last year, primarily due to increases in salaries and benefits, variable compensation stemming from higher gross profit, professional fees, software license and maintenance, travel expenses, and changes in allowance for credit losses.  Our headcount at the end of the quarter was 1,745, up 191 from a year ago, including 25 employees from the Future Com acquisition that closed July 15, 2022. Of the 191 additional employees, 158 were customer-facing employees, including 101 professional services and technical support personnel due to demand for our services.

Consolidated operating income increased 28.7% to $46.5 million.  During the quarter we had other income of $2.9 million, due to foreign currency transaction gain of $0.9 million and a $1.9 million related to our claim in a class action lawsuit received in December 2022.

Our effective tax rate for the quarter was 27.7%, higher than the prior year quarter of 26.4% due to a tax benefit from restricted stock in the prior year.

Net earnings increased 35.1% to $35.7 million.

Adjusted EBITDA increased 27.6% to $53.3 million.

Net earnings per common share-diluted was $1.34, compared with $0.98 in the prior year quarter. Non-GAAP earnings per common share-diluted was $1.38, compared with $1.10 last year.

First Nine Months Fiscal Year 2023 Results

For the nine months ended December 31, 2022, as compared to the prior fiscal year nine months ended December 31, 2021:

Consolidated net sales increased 15.0% to $1,575.5 million, from $1,369.5 million.

2
Technology segment net sales increased 16.6% to $1,532.0 million, from $1,313.6 million due to higher sales of product and services. Service revenues increased 9.4% to $195.7 million, from $179.0 million due to increases in professional services and managed services.  Adjusted gross billings was $2,356.3 million, an increase of 18.9% from $1,982.2 million.

Financing segment net sales decreased 22.1% to $43.5 million, from $55.9 million, due to lower portfolio earnings and less proceeds from sales of leased equipment.

Consolidated gross profit increased 11.4% to $385.2 million, from $345.6 million. Consolidated gross margin was 24.4%, lower than 25.2% last year, due to lower service margins partially offset by higher product margin.

Operating expenses were $261.5 million, up 12.3% from $232.8 million last year, primarily due to increases in variable compensation stemming from higher gross profit, salaries and benefits, professional fees, advertising and marketing, software license and maintenance, travel expenses, and changes in allowance for credit losses.

Consolidated operating income increased 9.7% to $123.7 million. During the nine months ended December 31, 2022, we incurred foreign currency transaction losses of $5.2 million, which was partially offset by $1.9 million related to our claim in a class action lawsuit.

Our effective tax rate for the first nine months  of fiscal 2023 was 28.3%, higher than 27.7% in the corresponding period in fiscal 2022 due to foreign currency transaction losses incurred in lower tax jurisdictions.

Net earnings increased 6.3% to $86.5 million.

Adjusted EBITDA increased 9.0% to $141.9 million.

Net earnings per common share-diluted was $3.24, compared with $3.03 in the prior year. Non-GAAP net earnings per common share-diluted was $3.66, compared with $3.38 last year.

Balance Sheet Highlights

As of December 31, 2022, ePlus had cash and cash equivalents of $99.4 million, compared with $155.4 million as of March 31, 2022.  Inventory, which represents equipment ordered by customers but not yet delivered, increased 57.9% to $244.8 million from March 31, 2022 due to ongoing projects with customers coupled with continued supply chain constraints; however, sequentially, inventory decreased 10.9%.  Total stockholders’ equity was $746.4 million, compared with $660.7 million as of March 31, 2022.  Total shares outstanding were 26.9 million on December 31, 2022 and March 31, 2022.

Summary and Outlook

“Our solid financial results in the third quarter and through the first nine months of fiscal 2023 speak to the fundamental strength of our business, our expanded portfolio of solutions and services and the dedication of our team. Supported by the strength of our balance sheet and our extensive partnerships within the global IT market, ePlus remains well positioned to capitalize on key long-term growth trends, such as workplace transformation, the need to protect against cybersecurity threats and the shift to the cloud,” Mr. Marron concluded.

3
Recent Corporate Developments/Recognitions

January 2023:
o  
Announced the launch of ePlus Storage-as-a-Service powered by Pure Storage.
December 2022:
o  
Successfully achieved SOC 1, SOC 2, and HIPAA Attestations.
o  
Received Nutanix Global Reseller of the Year, Americas Reseller of the Year, and Americas Partner Systems Engineer of the Year Awards.
November 2022:
o  
Launched Co-Delivered Architecture Support Services for Cisco and Adjacent Technologies.
o  
Recognized with multiple awards, including U.S. Partner of the Year and Global Marketing Partner of the Year at Cisco Partner Summit.

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on February 7, 2023:

Audio Webcast (Live & Replay): https://events.q4inc.com/attendee/482950251
Live Call:
(888) 330-2469 (toll-free/domestic)
 
(240) 789-2740 (international)
Replay:
(800) 770- 2030 (toll-free/domestic)
 
(647) 362-9199 (international)
Passcode:
5403833 (live call and replay)

The replay of this webcast will be available approximately two hours after the call concludes and be available through February 14, 2023.


4
About ePlus inc.

ePlus has an unwavering and relentless focus on leveraging technology to create inspired and transformative business outcomes for its customers. Offering a robust portfolio of solutions, as well as a full set of consultative and managed services across the technology spectrum, ePlus has proudly achieved more than 30 years of success in the business, carrying customers forward through adversity, rapidly changing environments, and other obstacles. ePlus is a trusted advisor, bringing expertise, credentials, talent and a thorough understanding of innovative technologies, spanning security, cloud, data center, networking, collaboration and emerging solutions, to organizations across all industry segments. With complete lifecycle management services and flexible payment solutions, ePlus’ more than 1,700 associates are focused on cultivating positive customer experiences and are dedicated to their craft, harnessing new knowledge while applying decades of proven experience. ePlus is headquartered in Virginia, with locations in the United States, UK, Europe, and Asia‐Pacific. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com.  Connect with ePlus on LinkedIn, Twitter, Facebook, and Instagram.
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.”  Forward-looking statements can be identified by such words and phrases as “believe(s),” “outlook,” “looking ahead,” “anticipate(s),” “expect(s),” “intend(s),” “estimate(s),” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and include the anticipated growth of our company, as well as our outlook for the fourth quarter and balance of the 2023 fiscal year. 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  inflation, increases in our costs which may result in adverse changes in our gross profit and/or price increases to our customers which may result in adverse changes in our gross profit; reduction of vendor incentives provided to us; significant and rapid inflation may cause price, wage, and interest rate increases, as well as increases in operating costs which may impact the arrangements that have pricing commitments over the term of the agreement; significant adverse changes in, reductions in, or loss of one or more of our larger volume customers or vendors; our ability to successfully perform due diligence and integrate acquired businesses; disruptions or a security breach in our or our vendors’ IT systems and data and audio communication networks; supply chain issues, including a shortage of IT products, may increase our costs or cause a delay in fulfilling customer orders, or increase our need for working capital, or completing professional services, or purchasing IT products or services needed to support our internal infrastructure or operations, resulting in an adverse impact on our financial results; ongoing remote work trends, and the increase in cybersecurity attacks that have occurred while employees work remotely; maintaining and increasing advanced professional services by recruiting and retaining highly skilled, competent personnel, and vendor certifications; our dependence on key personnel to maintain certain customer relationships, and our ability to hire, train, and retain sufficient qualified personnel; our ability to
5
secure our own and our customers’ electronic and other confidential information, while maintaining compliance with evolving data privacy and regulatory laws and regulations; our ability to remain secure during a cyber-security attack. Including both disruptions in our or our vendors’ IT systems and data and audio communication networks; reliance on third-parties to perform some of our service obligations with customers, and the reliance on a small number of key vendors in our supply chain with whom we do not have long-term supply agreements, guaranteed price agreements, or assurance of stock availability; the creditworthiness of our customers and our ability to reserve adequately for credit losses; loss of our credit facility or credit lines with our vendors may restrict our current and future operations; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, obtain debt for our financing transactions, or the effect of those changes on our common stock price; a reduction of vendor incentives provided to us; changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service, software as a service and platform as a service; our dependency on continued innovations in hardware, software, and services offerings by our vendors and our ability to partner with them; future growth rates in our core businesses; rising interest rates or the loss of key lenders or the constricting of credit markets; the possibility of a goodwill impairment charges in the future; our ability to adapt to meet changes in markets and competitive developments, to increase the total number of customers using integrated solutions by up-selling within our customer base and gaining new customers, to manage a diverse product set of solutions in highly competitive markets with a number of key vendors, to increase the total number of customers who use our managed services and professional services and continue to enhance our managed services offerings to remain competitive in this marketplace, to perform professional and managed services competently; and to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration, and other key strategies; exposure to changes in, interpretations of, or enforcement trends in, and customer and vendor actions in anticipation of or response to, legislation and regulatory matters; domestic and international economic regulations uncertainty (e.g., tariffs, sanctions, and trade agreements); our contracts may not be adequate to protect us, we are subject to audits which we may not pass, and our professional and liability insurance policies coverage may be insufficient to cover a claim; failure to comply with public sector contracts, or applicable laws and or regulations; our ability to maintain our proprietary software and update our technology infrastructure to remain competitive in the marketplace; our ability to realize our investment in leased equipment; our ability to successfully perform due diligence and integrate acquired business; and our ability to protect our intellectual property rights and successfully defend any challenges to the validity or our patents or allegations that we are infringing upon any third-party patents, and the costs associated with those actions, and, when appropriate, the costs associated with licensing required technology; our ability to profitably adapt our services to meet changes in market developments; the possibility of defects in our products or catalog content data; and other risks or uncertainties detailed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and other 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 either as a result of new information, future events or otherwise, except as required by applicable U.S. securities law.

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

6
ePlus inc. AND SUBSIDIARIES
        
UNAUDITED CONSOLIDATED BALANCE SHEETS
        
(in thousands, except per share amounts)
        
         
   
December 31, 2022
  
March 31, 2022
ASSETS
        
         
Current assets:
        
Cash and cash equivalents
  
$99,395
  
$155,378
Accounts receivable—trade, net
  
674,935
  
430,380
Accounts receivable—other, net
 
70,589
  
48,673
Inventories
  
244,798
  
155,060
Financing receivables—net, current
 
105,823
  
61,492
Deferred costs
 
43,111
  
32,555
Other current assets
 
54,792
  
13,944
Total current assets
 
1,293,443
  
897,482
 
 
      
Financing receivables and operating leases—net
  
80,579
  
64,292
Deferred tax asset—net
  
4,859
  
5,050
Property, equipment and other assets
  
55,371
  
45,586
Goodwill
  
136,057
  
126,543
Other intangible assets—net
 
27,556
  
27,250
TOTAL ASSETS
  
$1,597,865
  
$1,166,203
 
 
 
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
LIABILITIES
        
         
Current liabilities:
 
 
  
 
Accounts payable
 
$299,627
  
$136,161
Accounts payable—floor plan
  
154,541
  
145,323
Salaries and commissions payable
  
41,152
  
39,602
Deferred revenue
 
125,570
  
86,469
Recourse notes payable—current
  
102,961
  
7,316
Non-recourse notes payable—current
 
41,293
  
17,070
Other current liabilities
  
28,433
  
28,095
Total current liabilities
 
793,577
  
460,036
 
 
      
Recourse notes payable—long term
  
-
  
5,792
Non-recourse notes payable—long term
  
7,172
  
4,108
Other liabilities
 
50,696
  
35,529
TOTAL LIABILITIES
  
851,445
  
505,465
   
 
  
 
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; 50,000 shares
        authorized; 26,907 outstanding at December 31, 2022 and
        26,886 outstanding at March 31, 2022
  
272
  
270
Additional paid-in capital
  
165,161
  
159,480
Treasury stock, at cost, 258 shares at December 31, 2022 and
        130 shares at March 31, 2022
   
(13,958)
    
(6,734)
Retained earnings
  
594,348
  
507,846
Accumulated other comprehensive income—foreign currency
        translation adjustment
  
597
  
(124)
Total Stockholders' Equity
 
746,420
  
660,738
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$1,597,865
  
$1,166,203

7
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,
 
2022
  
2021
  
2022
  
2021
               
Net sales
      
 
      
     Product
$556,018
  
$432,307
  
$1,379,813
  
$1,190,524
     Services
67,458
  
62,527
  
195,728
  
178,976
          Total
623,476
  
494,834
  
1,575,541
  
1,369,500
               
Cost of sales
              
     Product
441,015
  
339,810
  
1,062,352
  
914,666
     Services
44,089
  
37,907
  
127,990
  
109,203
          Total
485,104
  
377,717
  
1,190,342
  
1,023,869
               
Gross profit
138,372
  
117,117
  
385,199
  
345,631
               
Selling, general, and administrative
86,730
  
76,874
  
248,201
  
220,153
Depreciation and amortization
3,609
  
3,597
  
10,387
  
11,376
Interest and financing costs
1,575
  
561
  
2,863
  
1,262
Operating expenses
91,914
  
81,032
  
261,451
  
232,791
               
Operating income
46,458
  
36,085
  
123,748
  
112,840
               
Other income (expense)
2,907
  
(175)
  
(3,112)
  
(377)
               
Earnings before taxes
49,365
  
35,910
  
120,636
  
112,463
               
Provision for income taxes
13,671
  
9,486
  
34,134
  
31,108
               
Net earnings
$35,694
  
$26,424
  
$86,502
  
$81,355
               
Net earnings per common share—basic
$1.34
  
$0.99
  
$3.26
  
$3.05
Net earnings per common share—diluted
$1.34
  
$0.98
  
$3.24
  
$3.03
 
 
 
 
 
 
  
 
Weighted average common shares outstanding—basic
26,592
  
26,668
  
26,561
  
26,666
Weighted average common shares outstanding—diluted
26,648
  
26,930
  
26,688
  
26,887


8
Technology Segment
 
Three Months Ended December 31,
      
Nine Months Ended December 31,
    
 
2022
  
2021
  
Change
  
2022
  
2021
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
                      
    Product
$544,316
  
$414,448
  
31.3%
  
$1,336,309
  
$1,134,658
  
17.8%
    Services
67,458
  
62,527
  
7.9%
  
195,728
  
178,976
  
9.4%
          Total
611,774
  
476,975
  
28.3%
  
1,532,037
  
1,313,634
  
16.6%
                       
Cost of sales
                      
     Product
439,831
  
334,585
  
31.5%
  
1,054,267
  
899,437
  
17.2%
     Services
44,089
  
37,907
  
16.3%
  
127,990
  
109,203
  
17.2%
          Total
483,920
  
372,492
  
29.9%
  
1,182,257
  
1,008,640
  
17.2%
                       
Gross profit
127,854
  
104,483
  
22.4%
  
349,780
  
304,994
  
14.7%
                       
Selling, general, and administrative
81,874
  
73,413
  
11.5%
  
235,147
  
210,369
  
11.8%
Depreciation and amortization
3,582
  
3,569
  
0.4%
  
10,304
  
11,292
  
(8.7%)
Interest and financing costs
1,308
  
335
  
290.4%
  
2,117
  
693
  
205.5%
Operating expenses
86,764
  
77,317
  
12.2%
  
247,568
  
222,354
  
11.3%
                       
Operating income
$41,090
  
$27,166
  
51.3%
  
$102,212
  
$82,640
  
23.7%
Adjusted gross billings
$888,621
  
$685,031
  
29.7%
  
$2,356,326
  
$1,982,162
  
18.9%
Adjusted EBITDA
$47,869
  
$32,794
  
46.0%
  
$120,135
  
$99,811
  
20.4%

Technology Segment Net Sales by Customer End Market
 
Twelve Months Ended December 31,
    
 
2022
  
2021
  
Change
           
Telecom, Media & Entertainment
28%
  
29%
  
(1%)
Technology
18%
  
15%
  
3%
Healthcare
14%
  
16%
  
(2%)
SLED
13%
  
15%
  
(2%)
​Financial Services
9%
  
9%
  
-
​All others
18%
  
16%
  
2%
Total
100%
  
100%
    

Financing Segment
 
Three Months Ended December 31,
      
Nine Months Ended December 31,
    
 
2022
  
2021
  
Change
  
2022
  
2021
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
$11,702
  
$17,859
  
(34.5%)
  
$43,504
  
$55,866
  
(22.1%)
Cost of sales
1,184
  
5,225
  
(77.3%)
  
8,085
  
15,229
  
(46.9%)
Gross profit
10,518
  
12,634
  
(16.7%)
  
35,419
  
40,637
  
(12.8%)
                       
Selling, general, and administrative
4,856
  
3,461
  
40.3%
  
13,054
  
9,784
  
33.4%
Depreciation and amortization
27
  
28
  
(3.6%)
  
83
  
84
  
(1.2%)
Interest and financing costs
267
  
226
  
18.1%
  
746
  
569
  
31.1%
Operating expenses
5,150
  
3,715
  
38.6%
  
13,883
  
10,437
  
33.0%
                       
Operating income
$5,368
  
$8,919
  
(39.8%)
  
$21,536
  
$30,200
  
(28.7%)
Adjusted EBITDA
$5,456
  
$9,003
  
(39.4%)
  
$21,798
  
$30,453
  
(28.4%)


9
ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION

We included reconciliations below for the following non-GAAP financial measures: (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 US 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 US 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 US 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.  As such, they are not included in the amounts added back to net earnings in the Adjusted EBITDA calculation.

Non-GAAP: Net earnings and Non-GAAP: Net earnings per common share – diluted are based on net earnings calculated in accordance with US 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 US GAAP. In addition, other companies, including companies in our industry, might calculate Adjusted gross billings, Adjusted EBITDA, Non-GAAP: Net earnings and Non-GAAP: Net earnings per common share-diluted or similarly titled measures differently, which may reduce their usefulness as comparative measures.



10

 
Three Months Ended December 31,
  
Nine Months Ended December 31,
 
2022
  
2021
  
2022
  
2021
 
(in thousands)
               
Technology segment net sales
$611,774
  
$476,975
  
$1,532,037
  
$1,313,634
Costs incurred related to sales of third-party
maintenance, software assurance and
subscription / SaaS licenses, and services
276,847
  
208,056
  
824,289
  
668,528
Adjusted gross billings
$888,621
  
$685,031
  
$2,356,326
  
$1,982,162

 
Three Months Ended December 31,
  
Nine Months Ended December 31,
 
2022
  
2021
  
2022
  
2021
 
(in thousands)
Consolidated
              
               
Net earnings
$35,694
  
$26,424
  
$86,502
  
$81,355
Provision for income taxes
13,671
  
9.486
  
34,134
  
31,108
Depreciation and amortization [1]
3,609
  
3,597
  
10,387
  
11,376
Share based compensation
1,950
  
1,780
  
5,681
  
5,355
Interest and financing costs
1,308
  
335
  
2,117
  
693
Other (income) expense [2]
(2,907)
  
175
  
3,112
  
377
Adjusted EBITDA
$53,325
  
$41,797
  
$141,933
  
$130,264
               

 
Three Months Ended December 31,
  
Nine Months Ended December 31,
 
2022
  
2021
  
2022
  
2021
 
(in thousands)
Technology Segment
              
Operating income
$41,090
  
$27,166
  
$102,212
  
$82,640
Depreciation and amortization [1]
3,582
  
3,569
  
10,304
  
11,292
Share based compensation
1,889
  
1,724
  
5,502
  
5,186
Interest and financing costs
1,308
  
335
  
2,117
  
693
Adjusted EBITDA
$47,869
  
$32,794
  
$120,135
  
$99,811
               

Financing Segment
              
Operating income
$5,368
  
$8,919
  
$21,536
  
$30,200
Depreciation and amortization [1]
27
  
28
  
83
  
84
Share based compensation
61
  
56
  
179
  
169
Adjusted EBITDA
$5,456
  
$9,003
  
$21,798
  
$30,453
               

11
 
Three Months Ended December 31,
  
Nine Months Ended December 31,
 
2022
  
2021
  
2022
  
2021
 
(in thousands)
GAAP: Earnings before taxes
$49,365
  
$35,910
  
$120,636
  
$112,463
Share based compensation
1,950
  
1,780
  
5,681
  
5,355
Acquisition related amortization expense [3]
2,505
  
2,497
  
7,182
  
7,854
Other (income) expense [2]
(2,907)
  
175
  
3,112
  
377
Non-GAAP: Earnings before taxes
50,913
  
40,362
  
136,611
  
126,049
               
GAAP: Provision for income taxes
13,671
  
9,486
  
34,134
  
31,108
Share based compensation
544
  
470
  
1,624
  
1,494
Acquisition related amortization expense [3]
693
  
649
  
2,030
  
2,156
Other (income) expense [2]
(811)
  
46
  
933
  
104
Tax benefit on restricted stock
102
  
-
  
267
  
317
Non-GAAP: Provision for income taxes
14,199
  
10,651
  
38,988
  
35,179
               
Non-GAAP: Net earnings
$36,714
  
$29,711
  
$97,623
  
$90,870
               

 
Three Months Ended December 31,
  
Nine Months Ended December 31,
 
2022
  
2021
  
2022
  
2021
               
GAAP: Net earnings per common share – diluted
$1.34
  
$0.98
  
$3.24
  
$3.03
               
Share based compensation
0.05
  
0.05
  
0.15
  
0.14
Acquisition related amortization expense [3]
0.07
  
0.07
  
0.20
  
0.21
Other (income) expense [2]
(0.08)
  
-
  
0.08
  
0.01
Tax benefit on restricted stock
-
  
-
  
(0.01)
  
(0.01)
Total non-GAAP adjustments – net of tax
0.04
  
0.12
  
0.42
  
0.35
               
Non-GAAP: Net earnings per common share – diluted
$1.38
  
$1.10
  
$3.66
  
$3.38

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



12
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