0001022408-23-000113.txt : 20231109 0001022408-23-000113.hdr.sgml : 20231109 20231109163345 ACCESSION NUMBER: 0001022408-23-000113 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20231107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231109 DATE AS OF CHANGE: 20231109 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: 231393165 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 11-7-2023

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): November 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 November 7, 2023, ePlus inc. announced by press release its results of operations for its three and six months ended September 30, 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 November 7, 2023, issued by ePlus inc.
   
104
 Cover Page Interactive Date File (embedded within the Inline XBRL document)


SIGNATURES
 
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: November 9, 2023
  







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

ePlus Reports Second Quarter and First Half Financial Results

Second Quarter Net Sales Growth of 19%
Builds on Strong First Quarter Performance-

Second Quarter Fiscal Year 2024
 
•  
Net sales increased 19.0% to $587.6 million from last year’s quarter; technology business net sales increased 21.3% to $571.9 million; professional services and managed services revenues increased 9.0% to $71.0 million.
•  
Technology business gross billings increased 7.4% to $856.5 million.
•  
Consolidated gross profit increased 8.3% to $144.4 million.
•  
Consolidated gross margin was 24.6%, compared with 27.0% last year.
•  
Net earnings increased 14.7% to $32.7 million.
•  
Adjusted EBITDA increased 6.5% to $53.6 million.
•  
Diluted earnings per share increased 14.0% to $1.22. Non-GAAP diluted earnings per share increased 8.5% to $1.40.

First Half Fiscal Year 2024
 
•  
Net sales increased 22.0% to $1,161.8 million; technology business net sales increased 23.6% to $1,137.6 million; professional services and managed services revenues increased 8.0% to $138.5 million.
•  
Technology business gross billings increased 12.2% to $1,698.5 million.
•  
Consolidated gross profit increased 16.1% to $286.6 million.
•  
Consolidated gross margin was 24.7%, compared with 25.9% last year.
•  
Net earnings increased 30.9% to $66.5 million.
•  
Adjusted EBITDA increased 21.3% to $107.4 million.
•  
Diluted earnings per share increased 30.4% to $2.49. Non-GAAP diluted earnings per share increased 23.2% to $2.81.

HERNDON, VA – November 7, 2023 – ePlus inc. (NASDAQ:  PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months and six months ended September 30, 2023.

Management Comment

“Our second quarter financial results underscore the advantages of our diversified solutions and end markets,” said Mark Marron, president and CEO of ePlus. “Net sales improved 19%, driven by growth in most customer segments and key verticals along with solid growth in networking, collaboration and managed services.  We continued to see supply chain and lead times improve throughout the quarter, reducing our open orders and inventory levels.  We achieved significant margin improvement in managed services, with gross margin in this business expanding 460 basis points, driven by enhanced scale and greater operating efficiency.  A significant improvement in sales of networking equipment reduced the proportion of revenue recorded on a net basis which drove down gross margin in the product segment.  Diluted earnings per share increased 14% to $1.22, marking our fourth consecutive quarter of double-digit EPS growth compared to the prior year periods.

Mr. Marron continued, “We continued to expand our capabilities to achieve successful business outcomes for our customers.  As our customers’ IT needs evolve in a dynamic and complex market, ePlus remains a trusted partner backed by our unwavering commitment to innovation and our diverse network of more than 1,500 vendor partnerships.”

1
Second Quarter Fiscal Year 2024 Results

For the second quarter ended September 30, 2023, as compared to the second quarter ended September 30, 2022:

Consolidated net sales increased 19.0% to $587.6 million, from $493.7 million.

Technology business net sales increased 21.3% to $571.9 million, from $471.5 million primarily due to higher sales of product and managed services. Technology business gross billings increased 7.4% to $856.5 million from $797.7 million.

Product sales grew 23.3% to $500.9 million due to an increase in product availability, customer demand, as well as the acquisition of Network Solutions Group (NSG), a division of CCI Systems, Inc. on April 30, 2023. Product margin was 20.9%, down from 23.2% last year due to lower proportion of third-party maintenance and services sold in the current quarter which are recorded on a net basis.

Professional service revenues had a slight increase from last year to $38.3 million.  Gross margins increased to 41.3% from 38.6% last year due to the change in mix between project services and staff augmentation.

Managed service revenues increased 20.7% to $32.7 million due to ongoing growth in these offerings, including Enhanced Maintenance Support, Service Desk, and Security Operations Center services. Gross profit from managed services increased 41.8% from last year due to the scaled growth in these services resulting in a 460-bps gross margin improvement.

Financing business segment net sales decreased 29.5% to $15.7 million, from $22.2 million due to decreases in post-contract earnings and transactional gains. Gross profit in the financing business segment was lower by $3.4 million due to the decline in net sales.

Consolidated gross profit increased 8.3% to $144.4 million, from $133.3 million. Consolidated gross margin was 24.6%, compared with last year of 27.0%.

Operating expenses were $99.5 million, up 11.6% from $89.2 million last year, primarily due to increases in salaries and benefits from additional headcount, as well as increases in acquisition-related depreciation and amortization expenses.  Our headcount at the end of the quarter was 1,877, up 148 from a year ago, partially due to the NSG acquisition. Of the 148 additional employees, 118 were customer facing employees.

Consolidated operating income increased 1.7% to $44.9 million; however, earnings before tax increased 11.8% to $45.0 million as last year’s foreign exchange losses did not replicate.

Our effective tax rate for the current quarter was 27.4%, lower than the prior year quarter of 29.3%, due to lower state and local income taxes and non-deductible executive compensation.

2
Net earnings increased 14.7% to $32.7 million.

Adjusted EBITDA in the technology business rose 17.1% and declined 26.2% in the financing business segment, and when combined, resulted in an increase of 6.5% to $53.6 million.

Diluted earnings per share was $1.22, compared with $1.07 in the prior year quarter. Non-GAAP diluted earnings per share was $1.40, compared with $1.29 last year.

First Half Fiscal Year 2024 Results

For the six months ended September 30, 2023, as compared to the six months ended September 30, 2022:

Consolidated net sales increased 22.0% to $1,161.8 million, from $952.1 million.

Technology business net sales increased 23.6% to $1,137.6 million, from $920.3 million due to higher sales of product and managed services, offset by a decline in professional services. Technology business gross billings increased 12.2% to $1,698.5 million from $1,514.0 million.

Product sales grew 26.2% to $999.1 million due to an increase in customer demand, as well as the acquisition of NSG on April 30, 2023.  Gross profit from sales of product increased 21.7% to $216.1 million due to higher sales combined with a shift in customer mix that resulted in higher margins.

Professional service revenues declined 1.9% due to lower staff augmentation services from softer demand.  Gross margins increased due to the change in mix between project services and staff augmentation.

Managed service revenues increased 21.9% to $64.7 million due to ongoing growth in these offerings, including Enhanced Maintenance Support, Security Operations Center, and Service Desk services. Gross profit from managed services increased 36.8% to $20.0 million due to the scaled growth in these services combined with a 330-bps improvement in gross margin.

Financing business segment net sales decreased 24.0% to $24.2 million, from $31.8 million and gross profit declined $4.9 million due to lower post-contract earnings and transactional gains.

Consolidated gross profit increased 16.1% to $286.6 million, from $246.8 million. Consolidated gross margin was 24.7%, compared with last year of 25.9% last year, as higher service margins were offset by lower product margins and lower gross profit in the financing business segment.

Operating expenses were $195.4 million, up 15.3% from $169.5 million last year, primarily due to increases in salaries and benefits as a result of additional organic and acquisition-related headcount of 148, variable compensation stemming from higher gross profit, and acquisition related amortization and expenses.

Consolidated operating income increased 18.0% to $91.2 million. Earnings before tax increased 28.4% to $91.5 million.

3
Our effective tax rate for the current year period was 27.3%, lower than last year’s 28.7%, due to lower state effective tax rates and less non-deductible executive compensation in the current period.

Net earnings increased 30.9% to $66.5 million.

Adjusted EBITDA increased 21.3% to $107.4 million.

Diluted earnings per share was $2.49, compared with $1.91 in the prior year. Non-GAAP diluted earnings per share was $2.81, compared with $2.28 last year.

Balance Sheet Highlights

As of September 30, 2023, ePlus had cash and cash equivalents of $82.5 million, compared with $103.1 million as of March 31, 2023, primarily due to working capital needs, the acquisition of NSG and the repurchases of our common stock.  Inventory decreased 8.7% to $222.1 million compared with $243.3 million as of March 31, 2023.  Accounts receivable—trade, net increased 28.9% to $650.0 million from March 31, 2023 due to an increase in gross billings.  Total stockholders’ equity was $845.7 million, compared with $782.3 million as of March 31, 2023.  Total shares outstanding were 26.9 million on both September 30, 2023 and March 31, 2023.

Fiscal Year Guidance

ePlus is maintaining fiscal year 2024 revenue guidance of $2.23 billion to $2.33 billion, and an adjusted EBITDA range of $200 million to $215 million, representing a margin of 9.0% to 9.2%. This guidance assumes, in part, continued improvement in the supply chain that will enable previously delayed customer projects.  The Company cannot predict with reasonable certainty and without unreasonable effort, the ultimate outcome of unusual gains and losses, the occurrence of matters creating GAAP tax impacts, fluctuations in interest expense and share-based compensation, and acquisition-related expenses. These items are uncertain, depend on various factors, and could be material to the Company's results computed in accordance with GAAP.  Accordingly, the Company is unable to provide a reconciliation of GAAP net earnings to adjusted EBITDA and adjusted EBITDA margin for the full year 2024 forecast.

Summary and Outlook

“Despite an uncertain macroeconomic environment, ePlus generated strong financial results through the first half of this fiscal year.  Our performance reflects the continued successful execution of our strategy, which targets higher-growth focus areas with a comprehensive portfolio of solutions and value-added services.

Mr. Marron concluded, “As we look toward the second half of our fiscal 2024, we anticipate that our customers are likely to remain disciplined in their IT spending, prioritizing mission-critical and cybersecurity-focused projects, with a new focus on AI, which is becoming a strategic focus for us.  We believe ePlus remains well-positioned in this environment, underpinned by the capabilities of our talented team and our range of innovative solutions that align with our customers’ needs.”

4
Recent Corporate Developments/Recognitions

•  
In the month of October:
 
o  
Launched its proprietary Compromise Nothing security program to facilitate customers’ business resilience.
•  
In the month of August:
 
o  
Achieved five new Cisco Powered Service Designations.
 
o  
Named NetApp’s North America FlexPod Partner of the Year.
 
o  
Achieved VMware Cross-Cloud Managed Service Provider Designation.

Conference Call Information

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

Audio Webcast (Live & Replay):  https://events.q4inc.com/attendee/611599109
Live Call:
(888) 330-2469  (too-free/domestic)
 
(240) 789-2740  (international)
Archived Call:
(800) 770-2030  (toll-free/domestic)
 
(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 November 14, 2023.  A transcript of the call will also be available on the ePlus Investor Relations website at https://www.eplus.com/investors.

5
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, networking, collaboration and emerging solutions, to organizations across all industry segments. With complete lifecycle management services and flexible payment solutions, ePlus' more than 1,850 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," including, among other things, statements regarding the future financial performance of ePlus (including the guidance for the full year FY 2024).   Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, significant adverse changes in, reductions in, or loss of one or more of our larger volume customers or vendors; supply chain issues, including a shortage of Information Technology ("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; maintaining and increasing advanced professional services by recruiting and retaining highly skilled, competent personnel, and vendor certifications; 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; ongoing remote work trends, and the increase in cybersecurity attacks that have occurred while employees work remotely; 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; 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; the possibility of a reduction of vendor incentives provided to us; 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 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; 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; significant and rapid inflation may cause price, wage, and interest rate increases, as well as increases in operating costs that may impact the arrangements that have pricing commitments over the term of the agreement; a possible decrease in the capital spending budgets of our customers or a decrease in purchases from 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 ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration, and other key strategies; 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

6

ePlus inc. AND SUBSIDIARIES
        
UNAUDITED CONSOLIDATED BALANCE SHEETS
        
(in thousands, except per share amounts)
        
         
   
September 30, 2023
  
March 31, 2023
ASSETS
        
         
Current assets:
        
Cash and cash equivalents
  
$82,498
  
$103,093
Accounts receivable—trade, net
  
650,017
  
504,122
Accounts receivable—other, net
 
73,264
  
55,508
Inventories
  
222,122
  
243,286
Financing receivables—net, current
 
136,294
  
89,829
Deferred costs
 
44,258
  
44,191
Other current assets
 
60,775
  
55,101
Total current assets
 
1,269,228
  
1,095,130
 
 
      
Financing receivables and operating leases—net
  
68,582
  
84,417
Deferred tax asset
  
3,682
  
3,682
Property, equipment and other assets
  
72,153
  
70,447
Goodwill
  
158,199
  
136,105
Other intangible assets—net
 
46,942
  
25,045
TOTAL ASSETS
  
$1,618,786
  
$1,414,826
 
 
 
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
LIABILITIES
        
         
Current liabilities:
 
 
  
 
Accounts payable
 
$295,855
  
$220,159
Accounts payable—floor plan
  
168,601
  
134,615
Salaries and commissions payable
  
38,607
  
37,336
Deferred revenue
 
118,910
  
114,028
Recourse notes payable—current
  
2,016
  
5,997
Non-recourse notes payable—current
 
41,824
  
24,819
Other current liabilities
  
34,555
  
24,372
Total current liabilities
 
700,368
  
561,326
 
 
      
Non-recourse notes payable—long-term
  
9,717
  
9,522
Deferred tax liability
  
721
  
715
Other liabilities
 
62,284
  
60,998
TOTAL LIABILITIES
  
773,090
  
632,561
   
 
  
 
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; 26,942 outstanding at September 30, 2023 and
        26,905 outstanding at March 31, 2023
  
274
  
272
Additional paid-in capital
  
173,318
  
167,303
Treasury stock, at cost, 424 shares at September 30, 2023 and
        261 shares at March 31, 2023
  
(22,375)
  
(14,080)
Retained earnings
  
693,713
  
627,202
Accumulated other comprehensive income—foreign currency
        translation adjustment
  
766
  
1,568
Total Stockholders' Equity
 
845,696
  
782,265
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$1,618,786
  
$1,414,826

7

ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
 
Three Months Ended September 30,
  
Six Months Ended September 30,
 
2023
  
2022
  
2023
  
2022
               
Net sales
      
 
      
     Product
$516,609
  
$428,545
  
$1,023,265
  
$823,795
     Services
71,002
  
65,161
  
138,521
  
128,270
          Total
587,611
  
493,706
  
1,161,786
  
952,065
               
Cost of sales
              
     Product
398,234
  
317,127
  
787,138
  
621,337
     Services
45,012
  
43,275
  
88,010
  
83,901
          Total
443,246
  
360,402
  
875,148
  
705,238
               
Gross profit
144,365
  
133,304
  
286,638
  
246,827
               
Selling, general, and administrative
92,652
  
84,704
  
182,950
  
161,471
Depreciation and amortization
5,630
  
3,568
  
10,422
  
6,778
Interest and financing costs
1,220
  
925
  
2,071
  
1,288
Operating expenses
99,502
  
89,197
  
195,443
  
169,537
               
Operating income
44,863
  
44,107
  
91,195
  
77,290
               
Other income (expense), net
117
  
(3,866)
  
307
  
(6,019)
               
Earnings before taxes
44,980
  
40,241
  
91,502
  
71,271
               
Provision for income taxes
12,316
  
11,772
  
24,991
  
20,463
               
Net earnings
$32,664
  
$28,469
  
$66,511
  
$50,808
               
Net earnings per common share—basic
$1.23
  
$1.07
  
$2.50
  
$1.91
Net earnings per common share—diluted
$1.22
  
$1.07
  
$2.49
  
$1.91
 
 
 
 
 
 
  
 
Weighted average common shares outstanding—basic
26,624
  
26,578
  
26,588
  
26,546
Weighted average common shares outstanding—diluted
26,679
  
26,623
  
26,659
  
26,671

8

Technology Business
 
 
Three Months Ended September 30,
      
Six Months Ended September 30,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
                      
    Product
$500,937
  
$406,317
  
23.3%
  
$999,103
  
$791,993
  
26.2%
    Professional services
38,270
  
38,050
  
0.6%
  
73,826
  
75,218
  
(1.9%)
    Managed services
32,732
  
27,111
  
20.7%
  
64,695
  
53,052
  
21.9%
          Total
571,939
  
471,478
  
21.3%
  
1,137,624
  
920,263
  
23.6%
                       
Gross profit
                      
     Product
104,749
  
94,389
  
11.0%
  
216,140
  
177,557
  
21.7%
     Professional services
15,796
  
14,697
  
7.5%
  
30,520
  
29,752
  
2.6%
     Managed services
10,194
  
7,189
  
41.8%
  
19,991
  
14,617
  
36.8%
          Total
130,739
  
116,275
  
12.4%
  
266,651
  
221,926
  
20.2%
                       
Selling, general, and administrative
88,593
  
80,161
  
10.5%
  
175,693
  
153,273
  
14.6%
Depreciation and amortization
5,602
  
3,540
  
58.2%
  
10,366
  
6,722
  
54.2%
Interest and financing costs
661
  
671
  
(1.5%)
  
1,211
  
809
  
49.7%
Operating expenses
94,856
  
84,372
  
12.4%
  
187,270
  
160,804
  
16.5%
                       
Operating income
$35,883
  
$31,903
  
12.5%
  
$79,381
  
$61,122
  
29.9%
Gross billings
$856,495
  
$797,697
  
7.4%
  
$1,698,465
  
$1,513,960
  
12.2%
Adjusted EBITDA
$44,496
  
$38,012
  
17.1%
  
$95,445
  
$72,266
  
32.1%

Technology Business Gross Billings by Type
 
 
Three Months Ended September 30,
      
Six Months Ended September 30,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Cloud
$200,637
  
$220,279
  
(8.9%)
  
$459,561
  
$473,616
  
(3.0%)
Networking
311,671
  
196,426
  
58.7%
  
588,316
  
362,052
  
62.5%
Security
143,340
  
170,026
  
(15.7%)
  
290,683
  
315,375
  
(7.8%)
Collaboration
51,770
  
38,099
  
35.9%
  
73,931
  
72,874
  
1.5%
Other
78,571
  
95,791
  
(18.0%)
  
148,332
  
144,800
  
2.4%
Product gross billings
785,989
  
720,621
  
9.1%
  
1,560,823
  
1,368,717
  
14.0%
Service gross billings
70,506
  
77,076
  
(8.5%)
  
137,642
  
145,243
  
(5.2%)
Total gross billings
$856,495
  
$797,697
  
7.4%
  
$1,698,465
  
$1,513,960
  
12.2%
 

Technology Business Net Sales by Type
 
 
Three Months Ended September 30,
      
Six Months Ended September 30,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Cloud
$135,068
  
$148,992
  
(9.3%)
  
$307,112
  
$313,725
  
(2.1%)
Networking
268,636
  
165,896
  
61.9%
  
513,824
  
308,537
  
66.5%
Security
51,886
  
48,517
  
6.9%
  
97,682
  
96,512
  
1.2%
Collaboration
27,083
  
19,187
  
41.2%
  
40,039
  
32,167
  
24.5%
Other
18,264
  
23,725
  
(23.0%)
  
40,446
  
41,052
  
(1.5%)
Total product
500,937
  
406,317
  
23.3%
  
999,103
  
791,993
  
26.2%
Professional services
38,270
  
38,050
  
0.6%
  
73,826
  
75,218
  
(1.9%)
Managed services
32,732
  
27,111
  
20.7%
  
64,695
  
53,052
  
21.9%
Total net sales
$571,939
  
$471,478
  
21.3%
  
$1,137,624
  
$920,263
  
23.6%
 


9
Technology Business Net Sales by Customer End Market
 
 
Three Months Ended September 30,
      
Six Months Ended September 30,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Telecom, Media, & Entertainment
$124,306
  
$118,454
  
4.9%
  
$265,641
  
$246,731
  
7.7%
Technology
110,948
  
96,160
  
15.4%
  
184,351
  
166,021
  
11.0%
SLED
94,906
  
70,491
  
34.6%
  
204,311
  
135,092
  
51.2%
Healthcare
72,022
  
66,959
  
7.6%
  
158,678
  
135,471
  
17.1%
​Financial Services
69,885
  
37,611
  
85.8%
  
135,575
  
70,910
  
91.2%
All other
99,872
  
81,803
  
22.1%
  
189,068
  
166,038
  
13.9%
Total net sales
$571,939
  
$471,478
  
21.3%
  
$1,137,624
  
$920,263
  
23.6%

Financing Business Segment
 
 
Three Months Ended September 30,
      
Six Months Ended September 30,
    
 
2023
  
2022
  
Change
  
2023
  
2022
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Portfolio earnings
$3,339
  
$2,888
  
15.6%
  
$6,412
  
$5,561
  
15.3%
Transactional gains
6,949
  
8,109
  
(14.3%)
  
8,228
  
9,944
  
(17.3%)
Post-contract earnings
5,038
  
10,519
  
(52.1%)
  
8,672
  
15,245
  
(43.1%)
Other
346
  
712
  
(51.4%)
  
850
  
1,052
  
(19.2%)
Net sales
15,672
  
22,228
  
(29.5%)
  
24,162
  
31,802
  
(24.0%)
                       
Gross profit
13,626
  
17,029
  
(20.0%)
  
19,987
  
24,901
  
(19.7%)
                       
Selling, general, and administrative
4,059
  
4,543
  
(10.7%)
  
7,257
  
8,198
  
(11.5%)
Depreciation and amortization
28
  
28
  
0.0%
  
56
  
56
  
0.0%
Interest and financing costs
559
  
254
  
120.1%
  
860
  
479
  
79.5%
Operating expenses
4,646
  
4,825
  
(3.7%)
  
8,173
  
8,733
  
(6.4%)
                       
Operating income
$8,980
  
$12,204
  
(26.4%)
  
$11,814
  
$16,168
  
(26.9%)
Adjusted EBITDA
$9,072
  
$12,292
  
(26.2%)
  
$12,002
  
$16,342
  
(26.6%)


10
ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION

We included reconciliations below for the following non-GAAP financial measures: (i) Adjusted EBITDA, (ii) Adjusted EBITDA for business segments, (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 US GAAP, adjusted for the following: interest expense, depreciation and amortization, share-based compensation, acquisition and integration expenses, provision for income taxes, and other income. Adjusted EBITDA presented for the technology business segments and the financing business segment 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 business 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 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.


11
 
Three Months Ended September 30,
  
Six Months Ended September 30,
 
2023
  
2022
  
2023
  
2022
 
(in thousands)
Consolidated
              
               
Net earnings
$32,664
  
$28,469
  
$66,511
  
$50,808
Provision for income taxes
12,316
  
11,772
  
24,991
  
20,463
Depreciation and amortization [1]
5,630
  
3,568
  
10,422
  
6,778
Share based compensation
2,414
  
1,958
  
4,619
  
3,731
Interest and financing costs
661
  
671
  
1,211
  
809
Other expense, net [2]
(117)
  
3,866
  
(307)
  
6,019
Adjusted EBITDA
$53,568
  
$50,304
  
$107,447
  
$88,608
               

Technology Business Segment
              
Operating income
$35,883
  
$31,903
  
$79,381
  
$61,122
Depreciation and amortization [1]
5,602
  
3,540
  
10,366
  
6,722
Share based compensation
2,350
  
1,898
  
4,487
  
3,613
Interest and financing costs
661
  
671
  
1,211
  
809
Adjusted EBITDA
$44,496
  
$38,012
  
$95,445
  
$72,266
               

Financing Business Segment
              
Operating income
$8,980
  
$12,204
  
$11,814
  
$16,168
Depreciation and amortization [1]
28
  
28
  
56
  
56
Share based compensation
64
  
60
  
132
  
118
Adjusted EBITDA
$9,072
  
$12,292
  
$12,002
  
$16,342
               

12
 
Three Months Ended September 30,
  
Six Months Ended September 30,
 
2023
  
2022
  
2023
  
2022
 
(in thousands)
GAAP: Earnings before taxes
$44,980
  
$40,241
  
$91,502
  
$71,271
Share based compensation
2,414
  
1,958
  
4,619
  
3,731
Acquisition related amortization expense [3]
4,023
  
2,494
  
7,492
  
4,677
Other (income) expense [2]
(117)
  
3,866
  
(307)
  
6,019
Non-GAAP: Earnings before provision for income taxes
51,300
  
48,559
  
103,306
  
85,698
               
GAAP: Provision for income taxes
12,316
  
11,772
  
24,991
  
20,463
Share based compensation
665
  
572
  
1,272
  
1,080
Acquisition related amortization expense [3]
1,106
  
720
  
2,058
  
1,337
Other (income) expense, net [2]
(32)
  
1,128
  
(84)
  
1,744
Tax benefit (expense) on restricted stock
79
  
(29)
  
216
  
165
Non-GAAP: Provision for income taxes
14,134
  
14,163
  
28,453
  
24,789
               
Non-GAAP: Net earnings
$37,166
  
$34,396
  
$74,853
  
$60,909
               

 
Three Months Ended September 30,
  
Six Months Ended September 30,
 
2023
  
2022
  
2023
  
2022
               
GAAP: Net earnings per common share – diluted
$1.22
  
$1.07
  
$2.49
  
$1.91
               
Share based compensation
0.07
  
0.05
  
0.13
  
0.09
Acquisition related amortization expense [3]
0.11
  
0.07
  
0.20
  
0.13
Other (income) expense, net [2]
-
  
0.10
  
-
  
0.16
Tax benefit (expense) on restricted stock
-
  
-
  
(0.01)
  
(0.01)
Total non-GAAP adjustments – net of tax
0.18
  
0.22
  
0.32
  
0.37
               
Non-GAAP: Net earnings per common share – diluted
$1.40
  
$1.29
  
$2.81
  
$2.28

[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.


13
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