0001022408-23-000022.txt : 20230531 0001022408-23-000022.hdr.sgml : 20230531 20230530173458 ACCESSION NUMBER: 0001022408-23-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230524 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230531 DATE AS OF CHANGE: 20230530 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: 23978040 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 5-24-2023
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): May 24, 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 May 24, 2023, ePlus inc. announced by press release its results of operations for its fiscal year end and fourth quarter ended March 31, 2023. 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 May 24, 2023, issued by ePlus inc.
   
104
 Cover Page Interactive Date 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: May 30, 2023



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

ePlus Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Fourth Quarter Fiscal Year 2023
 
•  
Net sales increased 9.0% to $492.2 million from last year’s quarter; technology segment net sales increased 15.2% to $483.2 million; service revenues increased 11.5% to $68.7 million.
•  
Technology segment gross billings increased 17.6% to $733.1 million.
•  
Consolidated gross profit increased 14.7% to $132.3 million.
•  
Consolidated gross margin was 26.9%, up 140 basis points.
•  
Net earnings increased 35.5% to $32.9 million.
•  
Adjusted EBITDA increased 22.4% to $48.7 million.
•  
Diluted earnings per share increased 35.2% to $1.23. Non-GAAP diluted earnings per share increased 34.7% to $1.36.

Fiscal Year 2023
 
•  
Net sales increased 13.5% to $2,067.7 million; technology segment net sales increased 16.3% to $2,015.2 million; service revenues increased 9.9% to $264.4 million.
•  
Technology segment gross billings increased 19.8% to $3,145.9 million.
•  
Consolidated gross profit increased 12.3% to $517.5 million.
•  
Consolidated gross margin was 25.0%, compared with 25.3% last year.
•  
Net earnings increased 13.0% to $119.4 million.
•  
Adjusted EBITDA increased 12.1% to $190.6 million.
•  
Diluted earnings per share increased 14.0% to $4.48. Non-GAAP diluted earnings per share increased 14.4% to $5.02.

HERNDON, VA – May 24, 2023 – ePlus inc. (NASDAQ:  PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months and fiscal year ended March 31, 2023.

Management Comment

“Our strong fourth quarter results concluded a solid fiscal year that highlighted the success of our growth strategy and our ability to meet our customers’ needs with innovative solutions despite persistent supply chain constraints,” said Mark Marron, president and chief executive officer of ePlus. “Fourth quarter net sales improved 9% and fiscal 2023 net sales advanced 13.5%, reflecting our strategic focus on serving higher-value and higher-growth end markets, such as cloud, security and collaboration.  Over the past year, we invested significantly in our people to expand our service offerings and build on our market position.  Even with these investments, we managed overall expenses efficiently and generated diluted earnings per share growth of 35% in the fourth quarter and 14% for fiscal 2023.  I am pleased with our financial performance and proud of our team’s consistent execution to achieve these results.”

Mr. Marron continued, “Earlier this month, we announced the acquisition of certain assets and liabilities of the Network Solutions Group (NSG) business unit of CCI Systems, Inc., a leading solutions provider to broadband Service Providers. This acquisition both complements our existing solutions offerings in the telecom market and expands our customer base nationwide. We believe this strategic acquisition will drive enhanced value and performance over time.”

1
Fourth Quarter Fiscal Year 2023 Results

For the fourth quarter ended March 31, 2023, as compared to the fourth quarter of the prior fiscal year ended March 31, 2022:

Consolidated net sales increased 9.0% to $492.2 million, from $451.5 million.

Technology segment net sales increased 15.2% to $483.2 million, from $419.4 million primarily due to an increase in sales to customers in the technology and SLED end markets.   Service revenues increased 11.5% to $68.7 million, from $61.6 million due to increases in professional services and managed services.  Gross billings increased 17.6% to $733.1 million from $623.6 million.  Gross billings is an operational metric defined as the total dollar value of customer purchases of goods and services including shipping charges during the period, net of customer returns and credit memos, sales, or other taxes.

Financing segment net sales decreased 72.1% to $9.0 million, from $32.1 million and cost of goods sold was lower by $18.6 million, both due to a decline in sales of leased equipment. Gross profit in the financing segment was lower by $4.6 million due to lower sales of leased equipment and lower transactional gains.

Consolidated gross profit increased 14.7% to $132.3 million, from $115.4 million. Consolidated gross margin was 26.9%, up from 25.5% last year due to higher margins from sales of product and services in our technology segment.

Operating expenses were $89.9 million, up 11.2% from $80.9 million last year, primarily due to increases in salaries and benefits, variable compensation stemming from higher gross profit, professional fees, software license and maintenance, and travel expenses, partially offset by changes in allowance for credit losses.  Our headcount at the end of the quarter was 1,754, up 177 from a year ago, partially due to the Future Com acquisition on July 15, 2022. Of the 177 additional employees, 140 were customer facing employees, including 84 professional services and technical support personnel due to demand for our services.

Consolidated operating income increased 23.0% to $42.4 million.

Our effective tax rate for the current quarter was 22.4%, lower than the prior year quarter of 29.6%, due to lower than forecasted non-deductible expenses, increased benefits from foreign sales along with favorable state return to provision adjustments.

Net earnings increased 35.5% to $32.9 million.

Adjusted EBITDA increased 22.4% to $48.7 million.

Diluted earnings per share was $1.23, compared with $0.91 in the prior year quarter. Non-GAAP diluted earnings per share was $1.36, compared with $1.01 last year.

2
Fiscal Year 2023 Results

For the fiscal year ended March 31, 2023, as compared to the prior fiscal year ended March 31, 2022:

Consolidated net sales increased 13.5% to $2,067.7 million, from $1,821.0 million.

Technology segment net sales increased 16.3% to $2,015.2 million, from $1,733.0 million primarily due to an increase in sales to customers in the technology and SLED end markets.  Service revenues increased 9.9% to $264.4 million, from $240.6 million due to increases in professional services and managed services.  Gross billings was $3,145.9 million, an increase of 19.8% from $2,625.7 million.

Financing segment net sales decreased 40.4% to $52.5 million, from $88.0 million, and cost of sales was $9.4 million, 73.1% lower than the prior year, both primarily due to fewer early lease buyouts and a decline in sales of leased equipment.   Gross profit in the financing segment decreased $9.8 million due to lower sales of leased equipment, transactional gains and portfolio earnings.

Consolidated gross profit increased 12.3% to $517.5 million, from $461.0 million. Consolidated gross margin was 25.0%, overall consistent with the consolidated gross margin of 25.3% last year, as higher product margins were offset by lower service margins.

Operating expenses were $351.4 million, up 12.0% from $313.7 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 12.8% to $166.2 million. During fiscal year 2023, we incurred foreign currency transaction losses of $5.4 million, which was partially offset by $1.9 million related to our receipt of funds resulting from our claim in a class action lawsuit.

Our effective tax rate for the current year period was 26.8%, lower than last year’s 28.1%, due to lower than forecasted non-deductible expenses, increased benefits from foreign sales along with favorable state return to provision adjustments.

Net earnings increased 13.0% to $119.4 million.

Adjusted EBITDA increased 12.1% to $190.6 million.

Diluted earnings per share was $4.48, compared with $3.93 in the prior year. Non-GAAP diluted earnings per share was $5.02, compared with $4.39 last year.

Balance Sheet Highlights

As of March 31, 2023, ePlus had cash and cash equivalents of $103.1 million, compared with $155.4 million as of March 31, 2022.  Inventory, which represents equipment ordered by customers but not yet delivered, increased 56.9% to $243.3 million from March 31, 2022 due to ongoing projects with customers coupled with continued supply chain constraints. Total stockholders’ equity was $782.3 million, compared with $660.7 million as of March 31, 2022.  Total shares outstanding were 26.9 million on both March 31, 2023 and March 31, 2022.

3
Summary and Outlook

“ePlus achieved solid sales and earnings growth in fiscal 2023, driven by the outstanding performance of our team, the strength of our competitive positioning and our expanded breadth of offerings. Supported by our extensive vendor network, we continued to deliver transformative solutions that enabled our more than 4,300 customers to realize their technology goals and progress on their long-term IT strategies.”

Mr. Marron concluded, “Despite an uncertain economic environment, we have a resilient business model and the capabilities to deliver cost effective technology solutions for our customers.  With IT spending still focused on solutions that drive growth, continue digital transformation, generate efficiencies, and strengthen cybersecurity, we believe our portfolio is strongly aligned with our customers’ needs.  We remain committed to building long-term stakeholder value through consistent execution of our growth strategy both organically and through acquisitions and generating further operational efficiencies.”

Recent Corporate Developments/Recognitions

In the month of April:
o
Renewed Cisco Advanced Customer Experience Specialization.
o
Announced a new share repurchase program of up to one million shares.
In the month of March:
o
Achieved inclusion on the CRN Tech Elite 250 List for tenth year.
o
Announced the expansion of ePlus’ credit facility.
o
Announced the launch of ePlus Automated Virtual Assistant for Collaboration Spaces.
In the month of February:
o
Recognized on CRN’s 2023 Managed Service Provider 500 List in the Elite 150 category.
o
Announced Cloud Hosted Services Powered by VMware Cloud on AWS.

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on May 24, 2023:

Audio Webcast (Live & Replay):  https://events.q4inc.com/attendee/484026067
 
Live Call:
(888) 330-2469 (toll-free/domestic)
 
(240) 789-2740 (international)
Replay:
(800) 770- 2030 (toll-free/domestic) or
 
(647) 362-9199 (international)
Passcode:
5403833 (live call and replay)

A replay of the call will be available approximately two hours after the call through May 31, 2023. A transcript of the call will also be available on the ePlus Investor Relations website at https://www.eplus.com/investors.

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 offices 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.”  Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, ongoing remote work trends, and the increase in cybersecurity attacks that have occurred while employees work remotely; 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, including increases in our costs and our ability to increase prices to our customers which may result in adverse changes in our gross profit; the possibility of a 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; our ability to identify acquisition candidates, or perform sufficient due diligence prior to completing an acquisition, or failure to integrate a completed acquisition may affect our earnings; 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; significant adverse changes in, reductions in, or loss of one or more of our larger volume customers or vendors; a possible decrease in the capital spending budgets of our customers or a decrease in purchases from us; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, or obtain debt for our financing transactions or the effect of those changes on our common stock price; 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 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 cybersecurity attack, including both disruptions in our or our vendors’ IT systems and data and audio communication networks; our reliance on third parties to perform some of our service obligations to our 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; 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; 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 Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150

5
ePlus inc. AND SUBSIDIARIES
        
CONSOLIDATED BALANCE SHEETS
        
(in thousands, except per share amounts)
        
         
   
March 31, 2023
  
March 31, 2022
ASSETS
        
         
Current assets:
        
Cash and cash equivalents
  
$103,093
  
$155,378
Accounts receivable—trade, net
  
504,122
  
430,380
Accounts receivable—other, net
 
55,508
  
48,673
Inventories
  
243,286
  
155,060
Financing receivables—net, current
 
89,829
  
61,492
Deferred costs
 
44,191
  
32,555
Other current assets
 
55,101
  
13,944
Total current assets
 
1,095,130
  
897,482
 
 
      
Financing receivables and operating leases—net
  
84,417
  
64,292
Deferred tax asset
  
3,682
  
5,050
Property, equipment and other assets
  
70,447
  
45,586
Goodwill
  
136,105
  
126,543
Other intangible assets—net
 
25,045
  
27,250
TOTAL ASSETS
  
$1,414,826
  
$1,166,203
 
 
 
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
LIABILITIES
        
         
Current liabilities:
 
 
  
 
Accounts payable
 
$220,159
  
$136,161
Accounts payable—floor plan
  
134,615
  
145,323
Salaries and commissions payable
  
37,336
  
39,602
Deferred revenue
 
114,028
  
86,469
Recourse notes payable—current
  
5,997
  
7,316
Non-recourse notes payable—current
 
24,819
  
17,070
Other current liabilities
  
24,372
  
28,095
Total current liabilities
 
561,326
  
460,036
 
 
      
Recourse notes payable—long-term
  
-
  
5,792
Non-recourse notes payable—long-term
  
9,522
  
4,108
Deferred tax liability
  
715
  
-
Other liabilities
 
60,998
  
35,529
TOTAL LIABILITIES
  
632,561
  
505,465
   
 
  
 
COMMITMENTS AND CONTINGENCIES
 
 
 
 
   
 
  
 
STOCKHOLDERS' EQUITY
  
 
  
 
Preferred stock, $0.01 per share par value; 2,000 shares
        authorized; none outstanding
  
-
 
-
Common stock, $0.01 per share par value; 50,000 shares
        authorized; 26,905 outstanding at March 31, 2023 and
        26,886 outstanding at March 31, 2022
  
272
  
270
Additional paid-in capital
  
167,303
  
159,480
Treasury stock, at cost, 261 shares at March 31, 2023 and
        130 shares at March 31, 2022
  
(14,080)
  
(6,734)
Retained earnings
  
627,202
  
507,846
Accumulated other comprehensive income—foreign currency
        translation adjustment
  
1,568
  
(124)
Total Stockholders' Equity
 
782,265
  
660,738
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$1,414,826
  
$1,166,203

6
ePlus inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
 
Three Months Ended March 31,
  
Year Ended March 31,
 
2023
  
2022
  
2023
  
2022
               
Net sales
      
 
      
     Product
$423,462
  
$389,870
  
$1,803,275
  
$1,580,394
     Services
68,715
  
61,649
  
264,443
  
240,625
          Total
492,177
  
451,519
  
2,067,718
  
1,821,019
               
Cost of sales
              
     Product
317,148
  
296,277
  
1,379,500
  
1,210,943
     Services
42,704
  
39,891
  
170,694
  
149,094
          Total
359,852
  
336,168
  
1,550,194
  
1,360,037
               
Gross profit
132,325
  
115,351
  
517,524
  
460,982
               
Selling, general, and administrative
85,319
  
76,964
  
333,520
  
297,117
Depreciation and amortization
3,322
  
3,270
  
13,709
  
14,646
Interest and financing costs
1,270
  
641
  
4,133
  
1,903
Operating expenses
89,911
  
80,875
  
351,362
  
313,666
               
Operating income
42,414
  
34,476
  
166,162
  
147,316
               
Other income (expense), net
(76)
  
(55)
  
(3,188)
  
(432)
               
Earnings before taxes
42,338
  
34,421
  
162,974
  
146,884
               
Provision for income taxes
9,484
  
10,176
  
43,618
  
41,284
               
Net earnings
$32,854
  
$24,245
  
$119,356
  
$105,600
               
Net earnings per common share—basic
$1.24
  
$0.91
  
$4.49
  
$3.96
Net earnings per common share—diluted
$1.23
  
$0.91
  
$4.48
  
$3.93
 
 
 
 
 
 
  
 
Weighted average common shares outstanding—basic
26,593
  
26,553
  
26,569
  
26,638
Weighted average common shares outstanding—diluted
26,702
  
26,703
  
26,654
  
26,866

7
Technology Segment
 
Three Months Ended March 31,
      
Year Ended March 31,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
                      
    Product
$414,493
  
$357,753
  
15.9%
  
$1,750,802
  
$1,492,411
  
17.3%
    Services
68,715
  
61,649
  
11.5%
  
264,443
  
240,625
  
9.9%
          Total
483,208
  
419,402
  
15.2%
  
2,015,245
  
1,733,036
  
16.3%
                       
Cost of sales
                      
     Product
315,794
  
276,352
  
14.3%
  
1,370,061
  
1,175,789
  
16.5%
     Services
42,704
  
39,891
  
7.1%
  
170,694
  
149,094
  
14.5%
          Total
358,498
  
316,243
  
13.4%
  
1,540,755
  
1,324,883
  
16.3%
                       
Gross profit
124,710
  
103,159
  
20.9%
  
474,490
  
408,153
  
16.3%
                       
Selling, general, and administrative
82,738
  
73,321
  
12.8%
  
317,885
  
283,690
  
12.1%
Depreciation and amortization
3,294
  
3,243
  
1.6%
  
13,598
  
14,535
  
(6.4%)
Interest and financing costs
780
  
235
  
231.9%
  
2,897
  
928
  
212.2%
Operating expenses
86,812
  
76,799
  
13.0%
  
334,380
  
299,153
  
11.8%
                       
Operating income
$37,898
  
$26,360
  
43.8%
  
$140,110
  
$109,000
  
28.5%
Gross billings
$733,085
  
$623,558
  
17.6%
  
$3,145,888
  
$2,625,749
  
19.8%
Adjusted EBITDA
$44,049
  
$31,542
  
39.7%
  
$164,184
  
$131,353
  
25.0%


Technology Segment Net Sales by Customer End Market
 
Year Ended March 31,
    
 
2023
  
2022
  
Change
 
(in thousands)
    
Telecom, Media & Entertainment
$532,921
  
$502,408
  
6.1%
Technology
393,594
  
250,485
  
57.1%
SLED
290,624
  
241,769
  
20.2%
Healthcare
274,936
  
270,481
  
1.6%
​Financial Services
156,257
  
155,160
  
0.7%
​All others
366,913
  
312,733
  
17.3%
Total
$2,015,245
  
$1,733,036
  
16.3%

8
Financing Segment
 
Three Months Ended March 31,
      
Year Ended March 31,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
$8,969
  
$32,117
  
(72.1%)
  
$52,473
  
$87,983
  
(40.4%)
Cost of sales
1,354
  
19,925
  
(93.2%)
  
9,439
  
35,154
  
(73.1%)
Gross profit
7,615
  
12,192
  
(37.5%)
  
43,034
  
52,829
  
(18.5%)
                       
Selling, general, and administrative
2,581
  
3,643
  
(29.2%)
  
15,635
  
13,427
  
16.4%
Depreciation and amortization
28
  
27
  
3.7%
  
111
  
111
  
0.0%
Interest and financing costs
490
  
406
  
20.7%
  
1,236
  
975
  
26.8%
Operating expenses
3,099
  
4,076
  
(24.0%)
  
16,982
  
14,513
  
17.0%
                       
Operating income
$4,516
  
8,116
  
(44.4%)
  
$26,052
  
$38,316
  
(32.0%)
Adjusted EBITDA
$4,610
  
8,198
  
(43.8%)
  
$26,408
  
$38,651
  
(31.7%)


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

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

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.

We use the above non-GAAP financial measures as supplemental measures of our performance to gain insight into our operating performance and performance trends. We believe that such non-GAAP financial measures provide management and investors a useful measure for period-to-period comparisons of our business and operating results by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that such non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results.

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 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.


10
 
Three Months Ended March 31,
  
Year Ended March 31,
 
2023
  
2022
  
2023
  
2022
 
(in thousands)
Consolidated
              
               
Net earnings
$32,854
  
$24,245
  
$119,356
  
$105,600
Provision for income taxes
9,484
  
10,176
  
43,618
  
41,284
Depreciation and amortization [1]
3,322
  
3,270
  
13,709
  
14,646
Share based compensation
2,143
  
1,759
  
7,824
  
7,114
Interest and financing costs
780
  
235
  
2,897
  
928
Other expense, net [2]
76
  
55
  
3,188
  
432
Adjusted EBITDA
$48,659
  
$39,740
  
$190,592
  
$170,004
               


 
Three Months Ended March 31,
  
Year Ended March 31,
 
2023
  
2022
  
2023
  
2022
 
(in thousands)
Technology Segment
              
Operating income
$37,898
  
$26,360
  
$140,110
  
$109,000
Depreciation and amortization [1]
3,294
  
3,243
  
13,598
  
14,535
Share based compensation
2,077
  
1,704
  
7,579
  
6,890
Interest and financing costs
780
  
235
  
2,897
  
928
Adjusted EBITDA
$44,049
  
$31,542
  
$164,184
  
$131,353
               


Financing Segment
              
Operating income
$4,516
  
$8,116
  
$26,052
  
$38,316
Depreciation and amortization [1]
28
  
27
  
111
  
111
Share based compensation
66
  
55
  
245
  
224
Adjusted EBITDA
$4,610
  
$8,198
  
$26,408
  
$38,651
               

11

 
Three Months Ended March 31,
  
Year Ended March 31,
 
2023
  
2022
  
2023
  
2022
 
(in thousands)
GAAP: Earnings before taxes
$42,338
  
$34,421
  
$162,974
  
$146,884
Share based compensation
2,143
  
$1,759
  
7,824
  
7,114
Acquisition related amortization expense [3]
2,229
  
2,218
  
9,411
  
10,072
Other expense, net [2]
76
  
55
  
3,188
  
432
Non-GAAP: Earnings before provision for income taxes
46,786
  
38,453
  
183,397
  
164,502
               
GAAP: Provision for income taxes
9,484
  
10,176
  
43,618
  
41,284
Share based compensation
480
  
520
  
2,104
  
2,014
Acquisition related amortization expense [3]
497
  
647
  
2,527
  
2,803
Other expense, net [2]
17
  
16
  
950
  
120
Tax benefit (expense) on restricted stock
-
  
-
  
267
  
317
Non-GAAP: Provision for income taxes
10,478
  
11,359
  
49,466
  
46,538
               
Non-GAAP: Net earnings
$36,308
  
$27,094
  
$133,931
  
$117,964
               

 
Three Months Ended March 31,
  
Year Ended March 31,
 
2023
  
2022
  
2023
  
2022
               
GAAP: Net earnings per common share – diluted
$1.23
  
$0.91
  
$4.48
  
$3.93
               
Share based compensation
0.07
  
0.05
  
0.21
  
0.20
Acquisition related amortization expense [3]
0.06
  
0.05
  
0.26
  
0.26
Other expense, net [2]
-
  
-
  
0.08
  
0.01
Tax benefit (expense) on restricted stock
-
  
-
  
(0.01)
  
(0.01)
Total non-GAAP adjustments – net of tax
0.13
  
0.10
  
0.54
  
0.46
               
Non-GAAP: Net earnings per common share – diluted
$1.36
  
$1.01
  
$5.02
  
$4.39

[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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