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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.12 | -0.16% | 73.58 | 73.39 | 73.70 | 74.14 | 73.17 | 73.50 | 36,793 | 16:55:47 |
|
|
|
|
|
(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 November 12, 2024, issued by ePlus inc.
|
104 |
Cover Page Interactive Date File (embedded within the Inline XBRL document) |
ePlus inc.
|
|
By: /s/ Elaine D. Marion
|
|
Elaine D. Marion
|
|
Chief Financial Officer
|
|
Date: November 12, 2024
|
Second Quarter Fiscal Year 2025
|
|
•
|
Net sales decreased 12.3% to $515.2 million; technology business net sales decreased 13.8% to $493.3 million; service revenues increased 46.0% to
$103.7 million.
|
•
|
Technology business gross billings decreased 5.6% to $808.2 million.
|
•
|
Consolidated gross profit increased 2.5% to $148.0 million.
|
•
|
Consolidated gross margin was 28.7%, compared with 24.6% last year.
|
•
|
Net earnings decreased 4.1% to $31.3 million.
|
•
|
Adjusted EBITDA decreased 2.7% to $52.1 million.
|
•
|
Diluted earnings per share decreased 4.1% to $1.17. Non-GAAP diluted earnings per share decreased 2.9% to $1.36.
|
First Half Fiscal Year 2025
|
|
•
|
Net sales decreased 8.8% to $1,059.7 million; technology business net sales decreased 9.6% to $1,028.8 million; service revenues increased 31.3% to
$181.9 million.
|
•
|
Technology business gross billings decreased 3.3% to $1,641.9 million.
|
•
|
Consolidated gross profit decreased 1.5% to $282.5 million.
|
•
|
Consolidated gross margin increased to 26.7%, compared with 24.7% last year.
|
•
|
Net earnings decreased 11.8% to $58.6 million.
|
•
|
Adjusted EBITDA decreased 11.3% to $95.3 million.
|
•
|
Diluted earnings per share decreased 12.0% to $2.19. Non-GAAP diluted earnings per share decreased 11.0% to $2.50.
|
o
|
Achieved renewal of the Cisco Environmental Sustainability Specialization.
|
o
|
Acquired Bailiwick Services, LLC.
|
o
|
Announced Storage-as-a-Service Leveraging NetApp.
|
Date:
|
November 12, 2024
|
Time:
|
4:30 p.m. ET
|
Audio Webcast (Live & Replay)
|
https://events.q4inc.com/attendee/569325154
|
Live Call:
|
(888) 596-4144 (toll-free/domestic)
|
(646) 968-2525 (international)
|
|
Archived Call:
|
(800) 770-2030 (toll-free/domestic)
|
(609) 800-9909 (international)
|
|
Conference ID:
|
5394845# (live call and replay)
|
ePlus inc. AND SUBSIDIARIES
|
||||
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
||||
(in thousands, except per share amounts)
|
||||
September 30, 2024
|
March 31, 2024
|
|||
ASSETS
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
$187,528
|
$253,021
|
||
Accounts receivable—trade, net
|
587,998
|
644,616
|
||
Accounts receivable—other, net
|
|
76,102
|
46,884
|
|
Inventories
|
93,857
|
139,690
|
||
Financing receivables—net, current
|
|
136,357
|
102,600
|
|
Deferred costs
|
|
61,874
|
59,449
|
|
Other current assets
|
|
58,663
|
27,269
|
|
Total current assets
|
|
1,202,379
|
1,273,529
|
|
|
|
|||
Financing receivables and operating leases—net
|
90,561
|
79,435
|
||
Deferred tax asset
|
5,633
|
5,620
|
||
Property, equipment and other assets
|
104,081
|
89,289
|
||
Goodwill
|
203,233
|
161,503
|
||
Other intangible assets—net
|
|
94,167
|
44,093
|
|
TOTAL ASSETS
|
$1,700,054
|
$1,653,469
|
||
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||
LIABILITIES
|
||||
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$281,927
|
$315,676
|
|
Accounts payable—floor plan
|
115,660
|
105,104
|
||
Salaries and commissions payable
|
45,163
|
43,696
|
||
Deferred revenue
|
|
143,334
|
134,596
|
|
Non-recourse notes payable—current
|
|
28,970
|
23,288
|
|
Other current liabilities
|
34,868
|
34,630
|
||
Total current liabilities
|
|
649,922
|
656,990
|
|
|
|
|||
Non-recourse notes payable—long-term
|
9,723
|
12,901
|
||
Other liabilities
|
|
93,412
|
81,799
|
|
TOTAL LIABILITIES
|
753,057
|
751,690
|
||
|
|
|||
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; 26,798
outstanding at September 30, 2024 and
26,952 outstanding at
March 31, 2024
|
276
|
274
|
||
Additional paid-in capital
|
187,330
|
180,058
|
||
Treasury stock, at cost, 750 shares at September 30, 2024 and
447 shares at March 31, 2024
|
(47,461) | (23,811) | ||
Retained earnings
|
801,627
|
742,978
|
||
Accumulated other comprehensive income—foreign currency
translation adjustment
|
5,225
|
2,280
|
||
Total Stockholders' Equity
|
|
946,997
|
901,779
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$1,700,054
|
$1,653,469
|
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,
|
||||||
2024
|
2023
|
2024
|
2023
|
||||
Net sales
|
|
||||||
Product
|
$411,505
|
$516,609
|
$877,854
|
$1,023,265
|
|||
Services
|
103,667
|
71,002
|
181,856
|
138,521
|
|||
Total
|
515,172
|
587,611
|
1,059,710
|
1,161,786
|
|||
Cost of sales
|
|||||||
Product
|
301,436
|
398,234
|
661,593
|
787,138
|
|||
Services
|
65,745
|
45,012
|
115,645
|
88,010
|
|||
Total
|
367,181
|
443,246
|
777,238
|
875,148
|
|||
Gross profit
|
147,991
|
144,365
|
282,472
|
286,638
|
|||
Selling, general, and administrative
|
98,971
|
92,652
|
192,579
|
182,950
|
|||
Depreciation and amortization
|
5,765
|
5,630
|
10,584
|
10,422
|
|||
Interest and financing costs
|
537
|
1,220
|
1,122
|
2,071
|
|||
Operating expenses
|
105,273
|
99,502
|
204,285
|
195,443
|
|||
Operating income
|
42,718
|
44,863
|
78,187
|
91,195
|
|||
Other income (expense), net
|
579
|
117
|
2,652
|
307
|
|||
Earnings before taxes
|
43,297
|
44,980
|
80,839
|
91,502
|
|||
Provision for income taxes
|
11,987
|
12,316
|
22,190
|
24,991
|
|||
Net earnings
|
$31,310
|
$32,664
|
$58,649
|
$66,511
|
|||
Net earnings per common share—basic
|
$1.18
|
$1.23
|
$2.20
|
$2.50
|
|||
Net earnings per common share—diluted
|
$1.17
|
$1.22
|
$2.19
|
$2.49
|
|||
|
|
|
|
|
|
||
Weighted average common shares outstanding—basic
|
26,567
|
26,624
|
26,604
|
26,588
|
|||
Weighted average common shares outstanding—diluted
|
26,676
|
26,679
|
26,750
|
26,659
|
Technology Business
|
|||||||||||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||||||
2024
|
2023
|
Change
|
2024
|
2023
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Net sales
|
|||||||||||
Product
|
$389,613
|
$500,937
|
(22.2%)
|
$846,925
|
$999,103
|
(15.2%)
|
|||||
Professional services
|
61,900
|
38,270
|
61.7%
|
99,179
|
73,826
|
34.3%
|
|||||
Managed services
|
41,767
|
32,732
|
27.6%
|
82,677
|
64,695
|
27.8%
|
|||||
Total
|
493,280
|
571,939
|
(13.8%)
|
1,028,781
|
1,137,624
|
(9.6%)
|
|||||
Gross profit
|
|||||||||||
Product
|
89,359
|
104,749
|
(14.7%)
|
187,864
|
216,140
|
(13.1%)
|
|||||
Professional services
|
25,583
|
15,796
|
62.0%
|
41,038
|
30,520
|
34.5%
|
|||||
Managed services
|
12,339
|
10,194
|
21.0%
|
25,173
|
19,991
|
25.9%
|
|||||
Total
|
127,281
|
130,739
|
(2.6%)
|
254,075
|
266,651
|
(4.7%)
|
|||||
Selling, general, and administrative
|
94,050
|
88,593
|
6.2%
|
184,134
|
175,693
|
4.8%
|
|||||
Depreciation and amortization
|
5,765
|
5,602
|
2.9%
|
10,584
|
10,366
|
2.1%
|
|||||
Interest and financing costs
|
-
|
661
|
(100.0%)
|
-
|
1,211
|
(100.0%)
|
|||||
Operating expenses
|
99,815
|
94,856
|
5.2%
|
194,718
|
187,270
|
4.0%
|
|||||
Operating income
|
$27,466
|
$35,883
|
(23.5%)
|
$59,357
|
$79,381
|
(25.2)%
|
|||||
Gross billings
|
$808,229
|
$856,495
|
(5.6%)
|
$1,641,937
|
$1,698,465
|
(3.3)%
|
|||||
Adjusted EBITDA
|
$36,804
|
$44,496
|
(17.3%)
|
$76,305
|
$95,445
|
(20.1)%
|
Technology Business Gross Billings by Type
|
|||||||||||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||||||
2024
|
2023
|
Change
|
2024
|
2023
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Cloud
|
$195,852
|
$200,637
|
(2.4%)
|
$437,126
|
$459,561
|
(4.9%)
|
|||||
Networking
|
219,797
|
311,671
|
(29.5%)
|
501,325
|
588,316
|
(14.8%)
|
|||||
Security
|
163,565
|
143,340
|
14.1%
|
315,448
|
290,683
|
8.5%
|
|||||
Collaboration
|
46,717
|
51,770
|
(9.8%)
|
79,693
|
73,931
|
7.8%
|
|||||
Other
|
72,545
|
78,571
|
(7.7%)
|
117,137
|
148,332
|
(21.0%)
|
|||||
Product gross billings
|
698,476
|
785,989
|
(11.1%)
|
1,450,729
|
1,560,823
|
(7.1%)
|
|||||
Service gross billings
|
109,753
|
70,506
|
55.7%
|
191,207
|
137,642
|
38.9%
|
|||||
Total gross billings
|
$808,229
|
$856,495
|
(5.6%)
|
$1,641,936
|
$1,698,465
|
(3.5%)
|
|||||
Technology Business Net Sales by Type
|
|||||||||||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||||||
2024
|
2023
|
Change
|
2024
|
2023
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Cloud
|
$121,336
|
$135,068
|
(10.2%)
|
$258,567
|
$307,112
|
(15.8%)
|
|||||
Networking
|
186,776
|
268,636
|
(30.5%)
|
421,516
|
513,824
|
(18.0%)
|
|||||
Security
|
41,209
|
51,886
|
(20.6%)
|
89,214
|
97,682
|
(8.7%)
|
|||||
Collaboration
|
17,988
|
27,083
|
(33.6%)
|
38,887
|
40,039
|
(2.9%)
|
|||||
Other
|
22,304
|
18,264
|
22.1%
|
38,741
|
40,446
|
(4.2%)
|
|||||
Total product
|
389,613
|
500,937
|
(22.2%)
|
846,925
|
999,103
|
(15.2%)
|
|||||
Professional services
|
61,900
|
38,270
|
61.7%
|
99,179
|
73,826
|
34.3%
|
|||||
Managed services
|
41,767
|
32,732
|
27.6%
|
82,677
|
64,695
|
27.8%
|
|||||
Total net sales
|
$493,280
|
$571,939
|
(13.8%)
|
$1,028,781
|
$1,137,624
|
(9.6%)
|
Technology Business Net Sales by Customer End Market
|
|||||||||||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||||||
2024
|
2023
|
Change
|
2024
|
2023
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Telecom, Media, & Entertainment
|
$108,870
|
$124,306
|
(12.4%)
|
$226,423
|
$265,641
|
(14.8%)
|
|||||
Technology
|
54,988
|
110,948
|
(50.4%)
|
164,094
|
184,351
|
(11.0%)
|
|||||
SLED
|
97,687
|
94,906
|
2.9%
|
189,783
|
204,311
|
(7.1%)
|
|||||
Healthcare
|
78,235
|
72,022
|
8.6%
|
153,515
|
158,678
|
(3.3%)
|
|||||
Financial Services
|
34,759
|
69,885
|
(50.3%)
|
84,484
|
135,575
|
(37.7%)
|
|||||
All other
|
118,741
|
99,872
|
18.9%
|
210,482
|
189,068
|
11.3%
|
|||||
Total net sales
|
$493,280
|
$571,939
|
(13.8%)
|
$1,028,781
|
$1,137,624
|
(9.6%)
|
Financing Business Segment
|
|||||||||||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||||||
2024
|
2023
|
Change
|
2024
|
2023
|
Change
|
||||||
(in thousands)
|
(in thousands)
|
||||||||||
Portfolio earnings
|
$4,864
|
$3,339
|
45.7%
|
$9,025
|
$6,412
|
40.8%
|
|||||
Transactional gains
|
14,502
|
6,949
|
108.7%
|
15,795
|
8,228
|
92.0%
|
|||||
Post-contract earnings
|
2,105
|
5,038
|
(58.2%)
|
5,420
|
8,672
|
(37.5%)
|
|||||
Other
|
421
|
346
|
21.7%
|
689
|
850
|
(18.9%)
|
|||||
Net sales
|
21,892
|
15,672
|
39.7%
|
30,929
|
24,162
|
28.0%
|
|||||
Gross profit
|
20,710
|
13,626
|
52.0%
|
28,397
|
19,987
|
42.1%
|
|||||
Selling, general, and administrative
|
4,921
|
4,059
|
21.2%
|
8,445
|
7,257
|
16.4%
|
|||||
Depreciation and amortization
|
-
|
28
|
(100.0%)
|
-
|
56
|
(100.0%)
|
|||||
Interest and financing costs
|
537
|
559
|
(3.9%)
|
1,122
|
860
|
30.5%
|
|||||
Operating expenses
|
5,458
|
4,646
|
17.5%
|
9,567
|
8,173
|
17.1%
|
|||||
Operating income
|
$15,252
|
$8,980
|
69.8%
|
$18,830
|
$11,814
|
59.4%
|
|||||
Adjusted EBITDA
|
$15,319
|
$9,072
|
68.9%
|
$18,961
|
$12,002
|
58.0%
|
Three Months Ended September 30, | Six Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(in thousands) |
|||||||
Consolidated |
|||||||
Net earnings
|
$31,310 | $32,664 | $58,649 | $66,511 | |||
Provision for income taxes | 11,987 | 12,316 | 22,190 | 24,991 | |||
Share based compensation | 2,597 | 2,414 | 5,452 | 4,619 | |||
Acquisition related expenses | 1,043 | - | 1,043 | - |
|||
Interest and financing costs | - |
661 | - |
1,211 | |||
Depreciation and amortization [1] | 5,765 | 5,630 | 10,584 | 10,422 | |||
Other (income) expense, net [2] | (579) | (117) | (2,652) | (307) | |||
Adjusted EBITDA | $52,123 | $53,568 | $95,266 | $107,447 | |||
Technology Business Segments
|
|||||||
Operating income
|
$27,466
|
$35,883
|
$59,357
|
$79,381
|
|||
Share based compensation
|
2,530
|
2,350
|
5,321
|
4,487
|
|||
Depreciation and amortization [1]
|
5,765
|
5,602
|
10,584
|
10,366
|
|||
Acquisition related expenses
|
1,043
|
-
|
1,043
|
-
|
|||
Interest and financing costs
|
-
|
661
|
-
|
1,211
|
|||
Adjusted EBITDA
|
$36,804
|
$44,496
|
$76,305
|
$95,445
|
|||
Financing Business Segment
|
|||||||
Operating income
|
$15,252
|
$8,980
|
$18,830
|
$11,814
|
|||
Share based compensation
|
67
|
64
|
131
|
132
|
|||
Depreciation and amortization [1]
|
-
|
28
|
-
|
56
|
|||
Adjusted EBITDA
|
$15,319
|
$9,072
|
$18,961
|
$12,002
|
|||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||
2024
|
2023
|
2024
|
2023
|
||||
(in thousands)
|
|||||||
GAAP: Earnings before taxes
|
$43,297
|
$44,980
|
$80,839
|
$91,502
|
|||
Share based compensation
|
2,597
|
2,414
|
5,452
|
4,619
|
|||
Acquisition related expenses
|
1,043
|
-
|
1,043
|
-
|
|||
Acquisition related amortization expense [3]
|
4,447
|
4,023
|
8,197
|
7,492
|
|||
Other (income) expense [2]
|
(579)
|
(117)
|
(2,652)
|
(307)
|
|||
Non-GAAP: Earnings before provision for income taxes
|
50,805
|
51,300
|
92,879
|
103,306
|
|||
GAAP: Provision for income taxes
|
11,987
|
12,316
|
22,190
|
24,991
|
|||
Share based compensation
|
730
|
665
|
1,529
|
1,272
|
|||
Acquisition related expenses
|
293
|
-
|
293
|
-
|
|||
Acquisition related amortization expense [3]
|
1,246
|
1,106
|
2,293
|
2,058
|
|||
Other (income) expense, net [2]
|
(163)
|
(32)
|
(743)
|
(84)
|
|||
Tax benefit (expense) on restricted stock
|
184
|
79
|
492
|
216
|
|||
Non-GAAP: Provision for income taxes
|
14,277
|
14,134
|
26,054
|
28,453
|
|||
Non-GAAP: Net earnings
|
$36,528
|
$37,166
|
$66,825
|
$74,853
|
|||
Three Months Ended September 30,
|
Six Months Ended September 30,
|
||||||
2024
|
2023
|
2024
|
2023
|
||||
GAAP: Net earnings per common share – diluted
|
$1.17
|
$1.22
|
$2.19
|
$2.49
|
|||
Share based compensation
|
0.07
|
0.07
|
0.15
|
0.13
|
|||
Acquisition related expenses
|
0.03
|
-
|
0.03
|
-
|
|||
Acquisition related amortization expense [3]
|
0.12
|
0.11
|
0.22
|
0.20
|
|||
Other (income) expense, net [2]
|
(0.02)
|
-
|
(0.07)
|
-
|
|||
Tax benefit (expense) on restricted stock
|
(0.01)
|
-
|
(0.02)
|
(0.01)
|
|||
Total non-GAAP adjustments – net of tax
|
0.19
|
0.18
|
0.31
|
0.32
|
|||
Non-GAAP: Net earnings per common share – diluted
|
$1.36
|
$1.40
|
$2.50
|
$2.81
|
[1] Amount consists of depreciation and amortization for assets used internally.
|
[2] Interest income and foreign currency transaction gains and losses.
|
[3] Amount consists of amortization of intangible assets from acquired businesses.
|
Document and Entity Information |
Nov. 12, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 12, 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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