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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ePlus inc | NASDAQ:PLUS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.125 | 0.16% | 80.255 | 80.19 | 80.32 | 80.99 | 79.55 | 80.10 | 158,718 | 19:58:02 |
|
|
|
|
|
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Exhibit No.
|
Description
|
99.1
|
Press release dated February 6, 2024, issued by ePlus inc.
|
99.2 |
Transcript of the third quarter ended December 31, 2023, earnings call held on February 6, 2024 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ePlus inc.
|
||||
By: /s/ Elaine D. Marion
|
||||
Elaine D. Marion
|
||||
Chief Financial Officer
|
Third Quarter Fiscal Year 2024
|
|
•
|
Net sales decreased 18.4% to $509.1 million from last year’s third quarter; technology business net sales decreased 19.2% to $494.2 million; services
revenues increased 10.7% to $74.7 million.
|
•
|
Technology business gross billings decreased 11.3% to $797.0 million.
|
•
|
Consolidated gross profit decreased 3.3% to $133.8 million.
|
•
|
Consolidated gross margin was 26.3%, 410 bps higher than last year’s 22.2%.
|
•
|
Net earnings decreased 23.6% to $27.3 million.
|
•
|
Adjusted EBITDA decreased 13.4% to $46.2 million.
|
•
|
Diluted net earnings per common share decreased 23.9% to $1.02. Non-GAAP diluted net earnings per common share decreased 14.5% to $1.18.
|
First Nine Months of Fiscal Year 2024
|
|
•
|
Net sales increased 6.0% to $1,670.8 million; technology business net sales increased 6.5% to $1,631.8 million; services revenues increased 8.9% to
$213.2 million.
|
•
|
Technology business gross billings increased 3.4% to $2,495.5 million.
|
•
|
Consolidated gross profit increased 9.2% to $420.4 million.
|
•
|
Consolidated gross margin was 25.2%, an 80-bps improvement from 24.4% last year.
|
•
|
Net earnings increased 8.4% to $93.8 million.
|
•
|
Adjusted EBITDA increased 8.2% to $153.6 million.
|
•
|
Diluted net earnings per common share increased 8.6% to $3.52. Non-GAAP diluted net earnings per common share increased 9.0% to $3.99.
|
o
|
Acquired PEAK Resources, Inc., a data center solutions provider in Denver, Colorado.
|
o
|
Joined the U.S. Chamber of Commerce.
|
o
|
Launched the 2024 Girls Re-Imagining Tomorrow (GRIT) program across the U.S.
|
o
|
Achieved AWS Resilience Competency.
|
o
|
Awarded the Global Customer Experience (CX) Partner of the Year at Cisco Partner Summit.
|
Audio Webcast (Live & Replay): https://events.q4inc.com/attendee/945214899
|
|
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)
|
ePlus inc. AND SUBSIDIARIES
|
||||
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
||||
(in thousands, except per share amounts)
|
||||
December 31, 2023
|
March 31, 2023
|
|||
ASSETS
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
$142,170
|
$103,093
|
||
Accounts receivable—trade, net
|
597,363
|
504,122
|
||
Accounts receivable—other, net
|
|
50,055
|
55,508
|
|
Inventories
|
218,046
|
243,286
|
||
Financing receivables—net, current
|
|
110,344
|
89,829
|
|
Deferred costs
|
|
54,279
|
44,191
|
|
Other current assets
|
|
47,057
|
55,101
|
|
Total current assets
|
|
1,219,314
|
1,095,130
|
|
|
|
|||
Financing receivables and operating leases—net
|
87,012
|
84,417
|
||
Deferred tax asset
|
3,682
|
3,682
|
||
Property, equipment and other assets
|
84,335
|
70,447
|
||
Goodwill
|
158,284
|
136,105
|
||
Other intangible assets—net
|
|
42,970
|
25,045
|
|
TOTAL ASSETS
|
$1,595,597
|
$1,414,826
|
||
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||
LIABILITIES
|
||||
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$294,705
|
$220,159
|
|
Accounts payable—floor plan
|
92,518
|
134,615
|
||
Salaries and commissions payable
|
45,372
|
37,336
|
||
Deferred revenue
|
|
130,352
|
114,028
|
|
Recourse notes payable—current
|
-
|
5,997
|
||
Non-recourse notes payable—current
|
|
36,165
|
24,819
|
|
Other current liabilities
|
32,351
|
24,372
|
||
Total current liabilities
|
|
631,463
|
561,326
|
|
|
|
|||
Non-recourse notes payable—long-term
|
12,233
|
9,522
|
||
Deferred tax liability
|
561
|
715
|
||
Other liabilities
|
|
73,587
|
60,998
|
|
TOTAL LIABILITIES
|
717,844
|
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; 26,954
outstanding at December 31, 2023 and
26,905 outstanding at
March 31, 2023
|
274
|
272
|
||
Additional paid-in capital
|
177,465
|
167,303
|
||
Treasury stock, at cost, 446 shares at December 31, 2023 and
261 shares at March 31, 2023
|
(23,774)
|
(14,080)
|
||
Retained earnings
|
720,995
|
627,202
|
||
Accumulated other comprehensive income—foreign currency
translation adjustment
|
2,793
|
1,568
|
||
Total Stockholders' Equity
|
|
877,753
|
782,265
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$1,595,597
|
$1,414,826
|
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,
|
||||||
2023
|
2022
|
2023
|
2022
|
||||
Net sales
|
|
||||||
Product
|
$434,371
|
$556,018
|
$1,457,636
|
$1,379,813
|
|||
Services
|
74,684
|
67,458
|
213,205
|
195,728
|
|||
Total
|
509,055
|
623,476
|
1,670,841
|
1,575,541
|
|||
Cost of sales
|
|||||||
Product
|
328,908
|
441,015
|
1,116,046
|
1,062,352
|
|||
Services
|
46,337
|
44,089
|
134,347
|
127,990
|
|||
Total
|
375,245
|
485,104
|
1,250,393
|
1,190,342
|
|||
Gross profit
|
133,810
|
138,372
|
420,448
|
385,199
|
|||
Selling, general, and administrative
|
89,381
|
86,730
|
272,331
|
248,201
|
|||
Depreciation and amortization
|
5,399
|
3,609
|
15,821
|
10,387
|
|||
Interest and financing costs
|
983
|
1,575
|
3,054
|
2,863
|
|||
Operating expenses
|
95,763
|
91,914
|
291,206
|
261,451
|
|||
Operating income
|
38,047
|
46,458
|
129,242
|
123,748
|
|||
Other income (expense), net
|
366
|
2,907
|
673
|
(3,112)
|
|||
Earnings before taxes
|
38,413
|
49,365
|
129,915
|
120,636
|
|||
Provision for income taxes
|
11,131
|
13,671
|
36,122
|
34,134
|
|||
Net earnings
|
$27,282
|
$35,694
|
$93,793
|
$86,502
|
|||
Net earnings per common share—basic
|
$1.02
|
$1.34
|
$3.53
|
$3.26
|
|||
Net earnings per common share—diluted
|
$1.02
|
$1.34
|
$3.52
|
$3.24
|
|||
|
|
|
|
|
|
||
Weighted average common shares outstanding—basic
|
26,618
|
26,592
|
26,598
|
26,561
|
|||
Weighted average common shares outstanding—diluted
|
26,697
|
26,648
|
26,665
|
26,688
|
Technology Business
|
|||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||||||
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Net sales
|
|||||||||||
Product
|
$419,478
|
$544,316
|
(22.9%)
|
$1,418,581
|
$1,336,309
|
6.2%
|
|||||
Professional services
|
40,044
|
39,151
|
2.3%
|
113,870
|
114,369
|
(0.4%)
|
|||||
Managed services
|
34,640
|
28,307
|
22.4%
|
99,335
|
81,359
|
22.1%
|
|||||
Total
|
494,162
|
611,774
|
(19.2%)
|
1,631,786
|
1,532,037
|
6.5%
|
|||||
Gross profit
|
|||||||||||
Product
|
91,919
|
104,485
|
(12.0%)
|
308,059
|
282,042
|
9.2%
|
|||||
Professional services
|
17,332
|
15,294
|
13.3%
|
47,852
|
45,046
|
6.2%
|
|||||
Managed services
|
11,015
|
8,075
|
36.4%
|
31,006
|
22,692
|
36.6%
|
|||||
Total
|
120,266
|
127,854
|
(5.9%)
|
386,917
|
349,780
|
10.6%
|
|||||
Selling, general, and administrative
|
86,001
|
81,874
|
5.0%
|
261,694
|
235,147
|
11.3%
|
|||||
Depreciation and amortization
|
5,381
|
3,582
|
50.2%
|
15,747
|
10,304
|
52.8%
|
|||||
Interest and financing costs
|
217
|
1,308
|
(83.4%)
|
1,428
|
2,117
|
(32.5%)
|
|||||
Operating expenses
|
91,599
|
86,764
|
5.6%
|
278,869
|
247,568
|
12.6%
|
|||||
Operating income
|
$28,667
|
$41,090
|
(30.2%)
|
$108,048
|
$102,212
|
5.7%
|
|||||
Gross billings
|
$796,986
|
$898,843
|
(11.3%)
|
$2,495,451
|
$2,412,803
|
3.4%
|
|||||
Adjusted EBITDA
|
$36,725
|
$47,869
|
(23.3%)
|
$132,170
|
$120,135
|
10.0%
|
Technology Business Gross Billings by Type
|
|||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||||||
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Cloud
|
$181,559
|
$234,464
|
(22.6%)
|
$641,120
|
$708,080
|
(9.5%)
|
|||||
Networking
|
251,322
|
314,709
|
(20.1%)
|
839,638
|
676,761
|
24.1%
|
|||||
Security
|
189,476
|
193,866
|
(2.3%)
|
480,159
|
509,241
|
(5.7%)
|
|||||
Collaboration
|
23,180
|
27,925
|
(17.0%)
|
97,111
|
100,799
|
(3.7%)
|
|||||
Other
|
55,473
|
60,803
|
(8.8%)
|
203,805
|
205,603
|
(0.9%)
|
|||||
Product gross billings
|
701,010
|
831,767
|
(15.7%)
|
2,261,833
|
2,200,484
|
2.8%
|
|||||
Service gross billings
|
95,976
|
67,076
|
43.1%
|
233,618
|
212,319
|
10.0%
|
|||||
Total gross billings
|
$796,986
|
$898,843
|
(11.3%)
|
$2,495,451
|
$2,412,803
|
3.4%
|
|||||
Technology Business Net Sales by Type
|
|||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||||||
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Cloud
|
$120,253
|
$157,126
|
(23.5%)
|
$427,365
|
$470,851
|
(9.2%)
|
|||||
Networking
|
209,936
|
275,774
|
(23.9%)
|
723,760
|
584,311
|
23.9%
|
|||||
Security
|
58,822
|
77,111
|
(23.7%)
|
156,504
|
173,623
|
(9.9%)
|
|||||
Collaboration
|
13,608
|
13,405
|
1.5%
|
53,647
|
45,572
|
17.7%
|
|||||
Other
|
16,859
|
20,900
|
(19.3%)
|
57,305
|
61,952
|
(7.5%)
|
|||||
Total product
|
419,478
|
544,316
|
(22.9%)
|
1,418,581
|
1,336,309
|
6.2%
|
|||||
Professional services
|
40,044
|
39,151
|
2.3%
|
113,870
|
114,369
|
(0.4%)
|
|||||
Managed services
|
34,640
|
28,307
|
22.4%
|
99,335
|
81,359
|
22.1%
|
|||||
Total net sales
|
$494,162
|
$611,774
|
(19.2%)
|
$1,631,786
|
$1,532,037
|
6.5%
|
|||||
Technology Business Net Sales by Customer End Market
|
|||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||||||
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Telecom, Media, & Entertainment
|
$139,551
|
$184,539
|
(24.4%)
|
$405,192
|
$431,269
|
(6.0%)
|
|||||
Technology
|
83,951
|
133,067
|
(36.9%)
|
268,302
|
299,088
|
(10.3%)
|
|||||
SLED
|
60,108
|
72,730
|
(17.4%)
|
264,419
|
207,823
|
27.2%
|
|||||
Healthcare
|
55,504
|
69,825
|
(20.5%)
|
214,182
|
205,297
|
4.3%
|
|||||
Financial Services
|
38,816
|
48,008
|
(19.1%)
|
174,391
|
118,917
|
46.6%
|
|||||
All other
|
116,232
|
103,605
|
12.2%
|
305,300
|
269,643
|
13.2%
|
|||||
Total net sales
|
$494,162
|
$611,774
|
(19.2%)
|
$1,631,786
|
$1,532,037
|
6.5%
|
Financing Business Segment
|
|||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||||||
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Portfolio earnings
|
$3,701
|
$2,391
|
54.8%
|
$10,113
|
$7,952
|
27.2%
|
|||||
Transactional gains
|
8,107
|
5,181
|
56.5%
|
16,335
|
15,125
|
8.0%
|
|||||
Post-contract earnings
|
2,685
|
4,036
|
(33.5%)
|
11,357
|
19,281
|
(41.1%)
|
|||||
Other
|
400
|
94
|
325.5%
|
1,250
|
1,146
|
9.1%
|
|||||
Net sales
|
14,893
|
11,702
|
27.3%
|
39,055
|
43,504
|
(10.2%)
|
|||||
Gross profit
|
13,544
|
10,518
|
28.8%
|
33,531
|
35,419
|
(5.3%)
|
|||||
Selling, general, and administrative
|
3,380
|
4,856
|
(30.4%)
|
10,637
|
13,054
|
(18.5%)
|
|||||
Depreciation and amortization
|
18
|
27
|
(33.3%)
|
74
|
83
|
(10.8%)
|
|||||
Interest and financing costs
|
766
|
267
|
186.9%
|
1,626
|
746
|
118.0%
|
|||||
Operating expenses
|
4,164
|
5,150
|
(19.1%)
|
12,337
|
13,883
|
(11.1%)
|
|||||
Operating income
|
$9,380
|
$5,368
|
74.7%
|
$21,194
|
$21,536
|
(1.6%)
|
|||||
Adjusted EBITDA
|
$9,464
|
$5,456
|
73.5%
|
$21,466
|
$21,798
|
(1.5%)
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||
2023
|
2022
|
2023
|
2022
|
||||
(in thousands)
|
|||||||
Consolidated
|
|||||||
Net earnings
|
$27,282
|
$35,694
|
$93,793
|
$86,502
|
|||
Provision for income taxes
|
11,131
|
13,671
|
36,122
|
34,134
|
|||
Depreciation and amortization [1]
|
5,399
|
3,609
|
15,821
|
10,387
|
|||
Share based compensation
|
2,526
|
1,950
|
7,145
|
5,681
|
|||
Interest and financing costs
|
217
|
1,308
|
1,428
|
2,117
|
|||
Other expense, net [2]
|
(366)
|
(2,907)
|
(673)
|
3,112
|
|||
Adjusted EBITDA
|
$46,189
|
$53,325
|
$153,636
|
$141,933
|
|||
Technology Business Segment
|
|||||||
Operating income
|
$28,667
|
$41,090
|
$108,048
|
$102,212
|
|||
Depreciation and amortization [1]
|
5,381
|
3,582
|
15,747
|
10,304
|
|||
Share based compensation
|
2,460
|
1,889
|
6,947
|
5,502
|
|||
Interest and financing costs
|
217
|
1,308
|
1,428
|
2,117
|
|||
Adjusted EBITDA
|
$36,725
|
$47,869
|
$132,170
|
$120,135
|
|||
Financing Business Segment
|
|||||||
Operating income
|
$9,380
|
$5,368
|
$21,194
|
$21,536
|
|||
Depreciation and amortization [1]
|
18
|
27
|
74
|
83
|
|||
Share based compensation
|
66
|
61
|
198
|
179
|
|||
Adjusted EBITDA
|
$9,464
|
$5,456
|
$21,466
|
$21,798
|
|||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||
2023
|
2022
|
2023
|
2022
|
||||
(in thousands)
|
|||||||
GAAP: Earnings before taxes
|
$38,413
|
$49,365
|
$129,915
|
$120,636
|
|||
Share based compensation
|
2,526
|
1,950
|
7,145
|
5,681
|
|||
Acquisition related amortization expense [3]
|
3,856
|
2,505
|
11,348
|
7,182
|
|||
Other (income) expense [2]
|
(366)
|
(2,907)
|
(673)
|
3,112
|
|||
Non-GAAP: Earnings before provision for income taxes
|
44,429
|
50,913
|
147,735
|
136,611
|
|||
GAAP: Provision for income taxes
|
11,131
|
13,671
|
36,122
|
34,134
|
|||
Share based compensation
|
733
|
544
|
2,005
|
1,624
|
|||
Acquisition related amortization expense [3]
|
1,115
|
693
|
3,173
|
2,030
|
|||
Other (income) expense, net [2]
|
(106)
|
(811)
|
(190)
|
933
|
|||
Tax benefit (expense) on restricted stock
|
10
|
102
|
226
|
267
|
|||
Non-GAAP: Provision for income taxes
|
12,883
|
14,199
|
41,336
|
38,988
|
|||
Non-GAAP: Net earnings
|
$31,546
|
$36,714
|
$106,399
|
$97,623
|
|||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||
2023
|
2022
|
2023
|
2022
|
||||
GAAP: Net earnings per common share – diluted
|
$1.02
|
$1.34
|
$3.52
|
$3.24
|
|||
Share based compensation
|
0.07
|
0.05
|
0.19
|
0.15
|
|||
Acquisition related amortization expense [3]
|
0.10
|
0.07
|
0.30
|
0.20
|
|||
Other (income) expense, net [2]
|
(0.01)
|
(0.08)
|
(0.01)
|
0.08
|
|||
Tax benefit (expense) on restricted stock
|
-
|
-
|
(0.01)
|
(0.01)
|
|||
Total non-GAAP adjustments – net of tax
|
0.16
|
0.04
|
0.47
|
0.42
|
|||
Non-GAAP: Net earnings per common share – diluted
|
$1.18
|
$1.38
|
$3.99
|
$3.66
|
[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.
|
Document and Entity Information |
Feb. 06, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 06, 2024 |
Entity File Number | 001-34167 |
Entity Registrant Name | ePlus inc. |
Entity Central Index Key | 0001022408 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 54-1817218 |
Entity Address, Address Line One | 13595 Dulles Technology Drive |
Entity Address, City or Town | Herndon |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 20171-3413 |
City Area Code | 703 |
Local Phone Number | 984-8400 |
Title of 12(b) Security | Common Stock, $.01 par value |
Trading Symbol | PLUS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year ePlus Chart |
1 Month ePlus Chart |
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