Press Releases

ePlus Reports Second Quarter and First Half Financial Results

– Broad-Based Demand Drives 8% Sales Growth –

Second Quarter Fiscal Year 2023

  • Net sales increased 7.8% to $493.7 million; technology segment net sales increased 8.1% to $471.5 million; service revenues increased 7.1% to $65.2 million.
  • Adjusted gross billings increased 15.3% to $765.8 million.
  • Consolidated gross profit increased 8.4% to $133.3 million.
  • Consolidated gross margin was 27.0%, up 10 basis points from last year’s quarter.
  • Net earnings decreased 9.4% to $28.5 million.
  • Adjusted EBITDA increased 0.2% to $50.3 million.
  • Diluted earnings per share decreased 8.5% to $1.07. Non-GAAP diluted earnings per share decreased 0.8% to $1.29.

First Half Fiscal Year 2023

  • Net sales increased 8.8% to $952.1 million; technology segment net sales increased 10.0% to $920.3 million; service revenues increased 10.2% to $128.3 million.
  • Adjusted gross billings increased 13.2% to $1,467.7 million.
  • Consolidated gross profit increased 8.0% to $246.8 million.
  • Consolidated gross margin was 25.9%, compared with 26.1% last year.
  • Net earnings decreased 7.5% to $50.8 million.
  • Adjusted EBITDA increased 0.2% to $88.6 million.
  • Diluted earnings per share decreased 6.4% to $1.91. Non-GAAP diluted earnings per share remained at $2.28.

HERNDON, Va., Nov. 3, 2022 /PRNewswire/ — ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced financial results for the three and six months ended September 30, 2022.

Management Comment

“ePlus generated strong second quarter growth in sales and gross profit, with an uptick in gross margins, led by solid demand for our security, modern data center, and networking solutions,” said Mark Marron, president and chief executive officer of ePlus. “Consolidated net sales increased 7.8%, with balanced growth in products and services driving sales gains across the majority of our end markets and customer segments. During the quarter and year to date, we have been investing in headcount – up 175 people or 11% — with the majority customer facing, to capture future opportunities and expand our solution portfolio. A portion of the headcount increase was from our acquisition of Future Com, which expanded our security services capabilities and geographic reach in Texas.”  Our second quarter earnings per share decline of 8.5% reflects the costs of these investments, as well as the impact of foreign currency translation losses, and a challenging year-over-year comparison in our financing segment.

Mr. Marron continued, “ePlus remains an essential partner for our more than 4,200 customers, providing customized solutions and services to manage complex IT infrastructure and accelerate digital transformation.  We remain focused on driving sustainable, long-term growth by continuing to expand our capabilities, investing in talent and capturing share in targeted high-growth market segments.”

Prior Period Reclassifications due to Stock Split

Reclassifications of prior period amounts related to number of shares and per share amounts have been made to conform to the current period presentation due to the December 13, 2021, two-for-one stock split.

Second Quarter Fiscal Year 2023 Results

For the second quarter ended September 30, 2022, as compared to the second quarter of the prior fiscal year ended September 30, 2021:

Consolidated net sales increased 7.8% to $493.7 million, from $458.0 million.

Technology segment net sales increased 8.1% to $471.5 million, from $436.3 million due to higher sales of product and services. Service revenues increased 7.1% to $65.2 million, from $60.9 million due to increases in managed services.  Adjusted gross billings increased 15.3% to $765.8 million from $664.1 million

Financing segment net sales increased 2.4% to $22.2 million, from $21.7 million due to higher proceeds from sales of leased equipment and early lease buyouts. 

Consolidated gross profit increased 8.4% to $133.3 million, from $123.0 million. Consolidated gross margin was 27.0%, up from 26.9% last year due to higher product margin, partially offset by lower service margins caused by increases in third-party costs.

Operating expenses were $89.2 million, up 13.3% from $78.7 million last year, primarily due to increases in salaries and benefits, variable compensation stemming from higher gross profit, advertising and marketing, software license and maintenance, travel expenses, and changes in reserve for credit losses.  Our headcount at the end of the quarter was 1,729, up 175 from a year ago, including 25 employees from the Future Com acquisition on July 15, 2022. Of the 175 additional employees, 148 were customer facing employees, including 100 professional services and technical support personnel due to demand for our services.

Consolidated operating income decreased 0.4% to $44.1 million.  During the quarter we incurred foreign currency translation losses of $3.9 million.

Our effective tax rate for the current quarter was 29.3%, higher than the prior year quarter of 28.6% due to foreign currency losses incurred in lower tax jurisdictions.

Net earnings decreased 9.4% to $28.5 million.

Adjusted EBITDA increased 0.2% to $50.3 million.

Diluted earnings per share was $1.07, compared with $1.17 in the prior year quarter. Non-GAAP diluted earnings per share was $1.29, compared with $1.30 last year. 

First Half Fiscal Year 2023 Results

For the six months ended September 30, 2022, as compared to the six months of the prior fiscal year ended September 30, 2021:

Consolidated net sales increased 8.8% to $952.1 million, from $874.7 million.

Technology segment net sales increased 10.0% to $920.3 million, from $836.7 million due to higher sales of product and services. Service revenues increased 10.2% to $128.3 million, from $116.4 million due to increases in professional services and managed services.  Adjusted gross billings was $1,467.7 million, an increase of 13.2% from $1,297.1 million

Financing segment net sales decreased 16.3% to $31.8 million, from $38.0 million, primarily due to lower portfolio earnings and transactional gains.

Consolidated gross profit increased 8.0% to $246.8 million, from $228.5 million. Consolidated gross margin was 25.9%, compared with 26.1% last year.

Operating expenses were $169.5 million, up 11.7% from $151.8 million last year, primarily due to increases in variable compensation stemming from higher gross profit, salaries and benefits, advertising and marketing, software license and maintenance, travel expenses, and changes in reserve for credit losses.

Consolidated operating income increased 0.7% to $77.3 million. During the six months ended September 30, 2022, we incurred foreign currency translation losses of $6.1 million.

Our effective tax rate for the current year period was 28.7%, higher than last year’s 28.2%.

Net earnings decreased 7.5% to $50.8 million.

Adjusted EBITDA increased 0.2% to $88.6 million.

Diluted earnings per share was $1.91, compared with $2.04 in the prior year. Non-GAAP diluted earnings per share remained at $2.28.

Balance Sheet Highlights

As of September 30, 2022, ePlus had cash and cash equivalents of $99.5 million, compared with $155.4 million as of March 31, 2022.  Inventory, which represents equipment ordered by customers but not yet delivered, increased 77.3% from March 31, 2022 due to ongoing projects with customers coupled with continued supply chain constraints.  Total stockholders’ equity was $705.6 million, compared with $660.7 million as of March 31, 2022.  Total shares outstanding were 26.9 million on September 30, 2022 and March 31, 2022.

Summary and Outlook

“Our balanced sales growth through the first half of fiscal 2023, coupled with the 13% year-to-date growth in our adjusted gross billings, underscore the fundamental health of our business and continued demand in the IT market for the types of fundamental solutions we provide including digital transformation, cloud services, and security.  Despite economic uncertainty, we believe businesses and organizations remain committed to investing in a broad range of technology solutions that enhance efficiency, mitigate risk and drive success. Backed by our robust offering of products and services, ePlus remains well positioned for this environment, and we continue to focus on maximizing our growth through investments in our team and our capabilities.”

Mr. Marron concluded, “As we look toward the remainder of fiscal 2023, we are confident that we are well positioned to capture IT spend despite broader economic uncertainties.  Our open orders and backlog remain strong, but are still subject to supply chain constraints, which remain a persistent challenge, affecting both product and services revenues.  We remain diligent in minimizing the impact to our customers by leveraging our extensive vendor network and offering innovative alternative solutions.”

Recent Corporate Developments/Recognitions

  • In the month of October:
    • Announced the appointment of Renee Bergeron to the Board of Directors
    • Achieved Palo Alto Networks Authorized Support Center certified Partner status.
  • In the month of September:
    • Elaine Marion, CFO, was named a 2022 Washington Business Journal Women Who Mean Business Honoree
  • In the month of August:
    • Announced Microsoft Azure Cloud Managed Services general availability
  • In the month of July:
    • Announced the acquisition of Future Com, a Texas-based cyber security provider. 

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on November 3, 2022:

Audio Webcast (Live & Replay): https://events.q4inc.com/attendee/600083394

Live Call:

(888) 330-2469 (toll-free/domestic)


(240) 789-2740 (international)

Replay:

(800) 770- 2030 (toll-free/domestic)


(647) 362-9199 (international)

Passcode:

5403833 (live call and replay)

The replay of this webcast will be available approximately two hours after the call concludes and be available through November 12, 2022.

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, the duration and impact of the COVID-19 pandemic including but not limited to the impact and severity of new variants, vaccine efficacy and immunization rates, the closure of non-essential businesses and other associated governmental containment actions, and the increase in cyber-security 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, increases in our costs which may result in adverse changes in our gross profit and/or price increases to our customers which may result in adverse changes in our gross profit; reduction of vendor incentives provided to us; significant and rapid inflation may cause price, wage, and interest rate increases, as well as increases in operating costs which may impact the arrangements that have pricing commitments over the term of the agreement; our ability to successfully perform due diligence and integrate acquired businesses; disruptions or a security breach in our or our vendors’ IT systems and data and audio communication networks; supply chain issues, including a shortage of IT products, may increase our costs or cause a delay in fulfilling customer orders, or increase our need for working capital, or completing professional services, or purchasing IT products or services needed to support our internal infrastructure or operations, resulting in an adverse impact on our financial results; the possibility of goodwill impairment charges in the future; significant adverse changes in, reductions in, or losses of relationships with 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; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; the creditworthiness of our customers and our ability to reserve adequately for credit losses; our ability to secure our own and our customers’ electronic and other confidential information and remain secure during a cyber-security attack; future growth rates in our core businesses; the impact of competition in our markets; domestic and international economic regulations uncertainty (e.g., tariffs, sanctions, and trade agreements); 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; the possibility of defects in our products or catalog content data; our ability to adapt to 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 realize our investment in leased equipment; 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.

 

ePlus inc. AND SUBSIDIARIES





UNAUDITED CONSOLIDATED BALANCE SHEETS





(in thousands, except per share amounts)












September 30, 2022


March 31, 2022

ASSETS










Current assets:





Cash and cash equivalents


$99,531


$155,378

Accounts receivable—trade, net


525,176


430,380

Accounts receivable—other, net


44,278


48,673

Inventories


274,863


155,060

Financing receivables—net, current


65,010


61,492

Deferred costs


36,085


32,555

Other current assets


24,970


13,944

Total current assets


1,069,913


897,482






Financing receivables and operating leases—net


75,093


64,292

Deferred tax asset—net


5,058


5,050

Property, equipment and other assets


55,033


45,586

Goodwill


135,907


126,543

Other intangible assets—net


30,336


27,250

TOTAL ASSETS


$1,371,340


$1,166,203






LIABILITIES AND STOCKHOLDERS’ EQUITY










LIABILITIES










Current liabilities:





Accounts payable


$192,511


$136,161

Accounts payable—floor plan


136,215


145,323

Salaries and commissions payable


34,304


39,602

Deferred revenue


108,004


86,469

Recourse notes payable—current


92,744


7,316

Non-recourse notes payable—current


10,346


17,070

Other current liabilities


33,187


28,095

Total current liabilities


607,311


460,036






Non-recourse notes payable—long term


1,947


5,792

Deferred tax liability—net


10,446


4,108

Other liabilities


45,991


35,529

TOTAL LIABILITIES 


665,695


505,465






COMMITMENTS AND CONTINGENCIES










STOCKHOLDERS’ EQUITY





Preferred stock, $.01 per share par value; 2,000 shares authorized; none outstanding



Common stock, $.01 per share par value; 50,000 shares authorized; 26,906 outstanding at September 30, 2022 and 26,886 outstanding at March 31, 2022


272


270

Additional paid-in capital


163,211


159,480

Treasury stock, at cost, 258 shares at September 30, 2022 and

 





        130 shares at March 31, 2022


(13,958)


(6,734)

Retained earnings


558,654


507,846

Accumulated other comprehensive income—foreign currency





        translation adjustment


(2,534)


(124)

Total Stockholders’ Equity


705,645


660,738

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY


$1,371,340


$1,166,203

 

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,


2022


2021


2022


2021









Net sales








     Product

$428,545


$397,160


$823,795


$758,217

     Services

65,161


60,857


128,270


116,449

          Total

493,706


458,017


952,065


874,666









Cost of sales








     Product

317,127


297,629


621,337


574,856

     Services

43,275


37,386


83,901


71,296

          Total

360,402


335,015


705,238


646,152









Gross profit

133,304


123,002


246,827


228,514









Selling, general, and administrative

84,704


74,504


161,471


143,279

Depreciation and amortization

3,568


3,853


6,778


7,779

Interest and financing costs

925


342


1,288


701

Operating expenses

89,197


78,699


169,537


151,759









Operating income

44,107


44,303


77,290


76,755









Other income (expense)

(3,866)


(325)


(6,019)


(202)









Earnings before taxes

40,241


43,978


71,271


76,553









Provision for income taxes

11,772


12,565


20,463


21,622









Net earnings

$28,469


$31,413


$50,808


$54,931









Net earnings per common share—basic

$1.07


$1.18


$1.91


$2.06

Net earnings per common share—diluted

$1.07


$1.17


$1.91


$2.04









Weighted average common shares outstanding—basic

26,578


26,664


26,546


26,666

Weighted average common shares outstanding—diluted

26,623


26,864


26,671


26,862

 

Technology Segment


Three Months Ended September 30,




Six Months Ended September 30,




2022


2021


Change


2022


2021


Change


(in thousands)




(in thousands)















Net sales












    Product

$406,317


$375,444


8.2 %


$791,993


$720,210


10.0 %

    Services

65,161


60,857


7.1 %


128,270


116,449


10.2 %

          Total

471,478


436,301


8.1 %


920,263


836,659


10.0 %













Cost of sales












     Product

311,928


293,837


6.2 %


614,436


564,852


8.8 %

     Services

43,275


37,386


15.8 %


83,901


71,296


17.7 %

          Total

355,203


331,223


7.2 %


698,337


636,148


9.8 %













Gross profit

116,275


105,078


10.7 %


221,926


200,511


10.7 %













Selling, general, and administrative

80,161


70,803


13.2 %


153,273


136,956


11.9 %

Depreciation and amortization

3,540


3,825


(7.5 %)


6,722


7,723


(13.0 %)

Interest and financing costs

671


199


237.2 %


809


358


126.0 %

Operating expenses

84,372


74,827


12.8 %


160,804


145,037


10.9 %













Operating income

$31,903


$30,251


5.5 %


$61,122


$55,474


10.2 %

Adjusted gross billings

$765,762


$664,124


15.3 %


$1,467,705


$1,297,131


13.2 %

Adjusted EBITDA

$38,012


$36,059


5.4 %


$72,266


$67,017


7.8 %

 

Technology Segment Net Sales by Customer End Market


Twelve Months Ended September 30,




2022


2021


Change







Telecom, Media & Entertainment

29 %


28 %


1 %

Technology

16 %


14 %


2 %

Healthcare

14 %


15 %


(1 %)

SLED

13 %


15 %


(2 %)

Financial Services 

9 %


11 %


(2 %)

All others

19 %


17 %


2 %

Total

100 %


100 %



 

Financing Segment


Three Months Ended September 30,




Six Months Ended September 30,




2022


2021


Change


2022


2021


Change


(in thousands)




(in thousands)















Net sales

$22,228


$21,716


2.4 %


$31,802


$38,007


(16.3 %)

Cost of sales

5,199


3,792


37.1 %


6,901


10,004


(31.0 %)

Gross profit

17,029


17,924


(5.0 %)


24,901


28,003


(11.1 %)













Selling, general, and administrative

4,543


3,701


22.8 %


8,198


6,323


29.7 %

Depreciation and amortization

28


28


0.0 %


56


56


0.0 %

Interest and financing costs

254


143


77.6 %


479


343


39.7 %

Operating expenses

4,825


3,872


24.6 %


8,733


6,722


29.9 %













Operating income

$12,204


$14,052


(13.2 %)


$16,168


$21,281


(24.0 %)

Adjusted EBITDA

$12,292


$14,136


(13.0 %)


$16,342


$21,450


(23.8 %)

 

ePlus inc. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP INFORMATION

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

We define adjusted gross billings as our technology segment net sales calculated in accordance with GAAP, adjusted to exclude the costs incurred related to sales of third-party maintenance, software assurance and subscription/SaaS licenses, and services.    

We define adjusted EBITDA as net earnings calculated in accordance with 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.

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 non-GAAP adjusted gross billings, 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.

 


Three Months Ended September 30,


Six Months Ended September 30,


2022


2021


2022


2021


(in thousands)









Technology segment net sales

$471,478


$436,301


$920,263


$836,659

Costs incurred related to sales of third-party

maintenance, software assurance and

subscription / SaaS licenses, and services

294,284


227,823


547,442


460,472

Adjusted gross billings

$765,762


$664,124


$1,467,705


$1,297,131

 


Three Months Ended September 30,


Six Months Ended September 30,


2022


2021


2022


2021


(in thousands)

Consolidated
















Net earnings

$28,469


$31,413


$50,808


$54,931

Provision for income taxes

11,772


12,565


20,463


21,622

Depreciation and amortization [1]

3,568


3,853


6,778


7,779

Share based compensation

1,958


1,840


3,731


3,575

Interest and financing costs

671


199


809


358

Other (income) expense [2]

3,866


325


6,019


202

Adjusted EBITDA

$50,304


$50,195


$88,608


$88,467









 


Three Months Ended September 30,


Six Months Ended September 30,


2022


2021


2022


2021


(in thousands)

Technology Segment








Operating income

$31,903


$30,251


$61,122


$55,474

Depreciation and amortization [1]

3,540


3,825


6,722


7,723

Share based compensation

1,898


1,784


3,613


3,462

Interest and financing costs

671


199


809


358

Adjusted EBITDA

$38,012


$36,059


$72,266


$67,017



















 

Financing Segment








Operating income

$12,204


$14,052


$16,168


$21,281

Depreciation and amortization [1]

28


28


56


56

Share based compensation

60


56


118


113

Adjusted EBITDA

$12,292


$14,136


$16,342


$21,450









 


Three Months Ended September 30,


Six Months Ended September 30,


2022


2021


2022


2021


(in thousands)

GAAP: Earnings before taxes

$40,241


$43,978


$71,271


$76,553

Share based compensation

$1,958


1,840


3,731


3,575

Acquisition related amortization expense [3]

2,494


2,661


4,677


5,357

Other expense [2]

3,866


325


6,019


202

Non-GAAP: Earnings before taxes

48,559


48,804


85,698


85,687









GAAP: Provision for income taxes

11,772


12,565


20,463


21,622

Share based compensation

572


528


1,080


1,024

Acquisition related amortization expense [3]

720


750


1,337


1,507

Other (income) expense [2]

1,128


93


1,744


58

Tax benefit on restricted stock

(29)


62


165


317

Non-GAAP: Provision for income taxes

14,163


13,998


24,789


24,528









Non-GAAP: Net earnings

$34,396


$34,806


$60,909


$61,159









 


Three Months Ended September 30,


Six Months Ended September 30,


2022


2021


2022


2021









GAAP: Net earnings per common share – diluted

$1.07


$1.17


$1.91


$2.04









Share based compensation

0.05


0.05


0.09


0.10

Acquisition related amortization expense [3]

0.07


0.07


0.13


0.14

Other (income) expense [2]

0.10


0.01


0.16


0.01

Tax benefit on restricted stock



(0.01)


(0.01)

Total non-GAAP adjustments – net of tax

0.22


0.13


0.37


0.24









Non-GAAP: Net earnings per common share – diluted

$1.29


$1.30


$2.28


$2.28

 

[1] Amount consists of depreciation and amortization for assets used internally.

[2] Interest income and foreign currency translation gains and losses.

[3] Amount consists of amortization of intangible assets from acquired businesses.

 

Cision View original content:https://www.prnewswire.com/news-releases/eplus-reports-second-quarter-and-first-half-financial-results-301668225.html

SOURCE ePlus inc.

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