ePlus Reports Fourth Quarter and Fiscal Year 2022 Financial Results

Rhea-AI Summary

ePlus reported strong financial results for the fourth quarter and fiscal year ended March 31, 2022. Net sales surged by 28.1% to $451.5 million, with technology segment sales up 26.4% to $419.4 million. Net earnings saw a remarkable 55.9% increase to $24.2 million, with diluted earnings per share rising 56.9% to $0.91. For the fiscal year, net sales increased 16.1% to $1.82 billion, and adjusted EBITDA rose 32.6% to $170 million. The company enters FY 2023 with a solid outlook for IT spending.

Positive

• Net sales growth of 28.1% in Q4 to $451.5 million.
• Net earnings increased 55.9% in Q4 to $24.2 million.
• Diluted EPS rose 56.9% in Q4 to $0.91.
• Fiscal Year 2022 net sales up 16.1% to $1.82 billion.
• Adjusted EBITDA increased 32.6% to $170 million.
• Strong demand in cloud infrastructure and cybersecurity.

Negative

• Consolidated gross margin decreased from 27.8% to 25.5% in Q4.
• Operating expenses increased by 8.9% to $80.9 million in Q4.

--Robust Sales Growth Drives Significant Gains in Operating Income and Earnings--

HERNDON, Va., May 25, 2022 /PRNewswire/ -- 

Fourth Quarter Fiscal Year 2022

• Net sales increased 28.1% to $451.5 million; technology segment net sales increased 26.4% to $419.4 million; service revenues increased 16.6% to $61.6 million.
• Adjusted gross billings increased 20.8% to $638.5 million.
• Consolidated gross profit increased 17.8% to $115.4 million.
• Consolidated gross margin was 25.5% compared to 27.8% in last year's quarter.
• Net earnings increased 55.9% to $24.2 million.
• Adjusted EBITDA increased 34.4% to $39.7 million.
• Diluted earnings per share increased 56.9% to $0.91. Non-GAAP diluted earnings per share increased 42.3% to $1.01.

Fiscal Year 2022

• Net sales increased 16.1% to $1,821.0 million; technology segment net sales increased 14.9% to $1,733.0 million; service revenues increased 19.0% to $240.6 million.
• Adjusted gross billings increased 15.8% to $2,620.6 million.
• Consolidated gross profit increased 17.1% to $461.0 million.
• Consolidated gross margin was 25.3%, an increase of 20 basis points.
• Net earnings increased 41.9% to $105.6 million.
• Adjusted EBITDA increased 32.6% to $170.0 million.
• Diluted earnings per share increased 41.9% to $3.93. Non-GAAP diluted earnings per share increased 37.6% to $4.39.

ePlus inc. (NASDAQ:  PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months and fiscal year ended March 31, 2022.

Management Comment

"Fiscal 2022 marked a highly successful year for ePlus, as we generated strong financial results while investing in our people and capabilities to enhance long-term growth," said Mark Marron, president and chief executive officer of ePlus. "Reflecting broad-based growth in our technology segment, fourth quarter net sales rose 28% to nearly $452 million, capping off an outstanding year in which consolidated net sales grew 16% to $1.8 billion. Our results again demonstrated the scalability and operating leverage in our business, as diluted earnings per share increased nearly 57% in the fourth quarter and over 40% for fiscal 2022."

Mr. Marron continued, "Our wide range of capabilities, providing both services and solutions, empowers our customers to accelerate their digital transformation and harness the power of technology to drive innovation. We continue to experience strong demand for cloud infrastructure, cybersecurity and networking, where our expertise and strategic partnerships enable us to deliver integrated and agile solutions in these rapidly evolving, high-growth markets."

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.

Fourth Quarter Fiscal 2022 Results

For the fourth quarter ended March 31, 2022, as compared to the fourth quarter ended March 31, 2021:

Consolidated net sales increased 28.1% to $451.5 million, from $352.6 million.

Technology segment net sales increased 26.4% to $419.4 million, from $331.8 million due to higher sales of product and services. Service revenues increased 16.6% to $61.6 million, from $52.9 million due to increases in professional services and managed services.  Adjusted gross billings increased 20.8% to $638.5 million from $528.6 million. 

Financing segment net sales increased 54.4% to $32.1 million, from $20.8 million mainly due to higher post-contract revenue from early lease buyouts. 

Consolidated gross profit increased 17.8% to $115.4 million, from $97.9 million. Consolidated gross margin was 25.5%, down from 27.8% last year, primarily due to lower margins from our financing segment combined with lower service margins, partially offset by higher product margin in our technology segment. The decrease in margins from our financing segment was due to a large early lease buyout in the current quarter, while the decline in service margins was due to an increase in both internal and third-party costs.

Operating expenses were $80.9 million, up 8.9% from $74.3 million last year, primarily due to increases in variable compensation stemming from higher gross profit, and higher salaries and benefits.  Our headcount at the end of the quarter was 1,577, up 17 from a year ago.

Consolidated operating income increased 46.1% to $34.5 million.

Our effective tax rate for the current quarter was 29.6%, lower than the prior year quarter of 32.6%, due to higher non-deductible compensation in the prior year.

Net earnings increased 55.9% to $24.2 million.

Adjusted EBITDA increased 34.4% to $39.7 million, from $29.6 million.

Diluted earnings per share was $0.91, compared with $0.58 in the prior year quarter. Non-GAAP diluted earnings per share was $1.01, compared with $0.71 last year.

Fiscal Year 2022 Results

For the fiscal year ended March 31, 2022, as compared to the fiscal year ended March 31, 2021:

Consolidated net sales increased 16.1% to $1,821.0 million, from $1,568.3 million.

Technology segment net sales increased 14.9% to $1,733.0 million, from $1,508.0 million due to higher sales of product and services. Service revenues increased 19.0% to $240.6 million, from $202.2 million due to increases in professional services and managed services.  Adjusted gross billings was $2,620.6 million, an increase of 15.8% from $2,263.9 million. 

Financing segment net sales increased 45.7% to $88.0 million, from $60.4 million, primarily due to higher proceeds from sales of equipment, including early lease buyouts as well as sales of equipment at the end of the lease term.

Consolidated gross profit increased 17.1% to $461.0 million, from $393.6 million. Consolidated gross margin was 25.3%, up from 25.1% last year, due to higher product margin and a higher proportion of sales recorded on a net basis in our technology segment.

Operating expenses were $313.7 million, up 9.2% from $287.2 million last year, primarily due to increases in variable compensation stemming from higher gross profit, higher healthcare costs, software license and maintenance, and travel expenses, as well as higher depreciation and amortization due to the acquisition of SMP on December 31, 2020.

Consolidated operating income increased 38.5% to $147.3 million.

Our effective tax rate for the current year period was 28.1%, lower than last year of 30.4% due to prior year's unfavorable adjustments to the federal benefit from state taxes and non-deductible executive compensation.

Net earnings increased 41.9% to $105.6 million.

Adjusted EBITDA increased 32.6% to $170.0 million, from $128.2 million.

Diluted earnings per share was $3.93, compared with $2.77 in the prior year. Non-GAAP diluted earnings per share was $4.39, compared with $3.19 last year.

Balance Sheet Highlights

As of March 31, 2022, ePlus had cash and cash equivalents of $155.4 million, compared with $129.6 million as of March 31, 2021.  Inventory, which represents equipment ordered by customers but not yet delivered, increased 121.6% from March 31, 2021, and 5.0% sequentially, due to ongoing projects with customers coupled with some impact from continued supply chain constraints.  Total stockholders' equity was $660.7 million, compared with $562.4 million as of March 31, 2021.  Total shares outstanding were 26.9 million on March 31, 2022 and 27.0 million on March 31, 2021.

Summary and Outlook

"We enter fiscal 2023 with solid momentum, supported by the strength of our backlog and healthy market fundamentals as enterprise technology investments remain a top priority. We continue to successfully execute on our growth strategy, expanding our market share by strengthening our relationships with existing customers and leveraging our expertise and capabilities across the technology stack to capture new business opportunities.

Mr. Marron concluded, "We believe the outlook for IT spending in 2022 remains favorable, positioning ePlus for continued growth. Against this backdrop, lead times are extending for certain technologies, which we anticipate will serve to extend project implementations throughout the year. To navigate this environment, we continue to work closely with our extensive roster of technology partners to deliver timely, innovative solutions that solve our customers' complex IT challenges."

Recent Corporate Developments/Recognitions

In the month of March, ePlus:

• Announced the commencement of its 2022 Girls Re-Imagining Tomorrow Program, which introduces school-aged girls to technology-based careers with an emphasis on cybersecurity and artificial intelligence.
• Was named to the CRN 2022 Tech Elite 250 list for the ninth year.
• Announced a stock repurchase program with the authorization to purchase up to one million shares.
• Announced it earned multiple attestations for controls surrounding its Managed Services Center, Cloud Hosted Services, Services Desk, Warehousing Operations and OneSource family of products.

In the month of February, ePlus:

• Was recognized on CRN's 2022 Managed Service Provider (MSP) 500 List in the Elite 150 category for the fifth consecutive year.

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on May 25, 2022:

Audio Webcast (Live & Replay): https://events.q4inc.com/attendee/586961564
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 June 1, 2022.

About ePlus inc.

ePlus is a leading consultative technology solutions provider that helps customers imagine, implement, and achieve more from their technology.  With the highest certifications from top technology partners and lifecycle services expertise across key areas including security, cloud, data center, collaboration, networking, and emerging technologies, ePlus transforms IT from a cost center to a business enabler.  Founded in 1990, ePlus has more than 1,500 associates serving a diverse set of customers in the U.S., Europe, and Asia-Pac.  The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171.  For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com.  Connect with ePlus on Facebook, LinkedIn, Twitter 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 and the efficacy of vaccine roll-outs, which could materially adversely affect our financial condition and results of operations and has resulted worldwide in governmental authorities imposing numerous unprecedented measures to try to contain the virus that has impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners; 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 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; restrictions on our access to capital necessary to fund our operations; 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 orders, or completing professional services, 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; 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; 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 and software 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
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
		March 31, 2022		March 31, 2021
ASSETS
Current assets:
Cash and cash equivalents		$155,378		$129,562
Accounts receivable—trade, net		430,380		391,567
Accounts receivable—other, net		48,673		41,053
Inventories		155,060		69,963
Financing receivables—net, current		61,492		106,272
Deferred costs		32,555		28,201
Other current assets		13,944		10,976
Total current assets		897,482		777,594
Financing receivables and operating leases—net		64,292		90,165
Deferred tax asset—net		5,050		1,468
Property, equipment and other assets		45,586		42,289
Goodwill		126,543		126,645
Other intangible assets—net		27,250		38,614
TOTAL ASSETS		$1,166,203		$1,076,775
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current liabilities:
Accounts payable		$136,161		$165,162
Accounts payable—floor plan		145,323		98,653
Salaries and commissions payable		39,602		36,839
Deferred revenue		86,469		72,802
Recourse notes payable—current		7,316		5,450
Non-recourse notes payable—current		17,070		50,397
Other current liabilities		28,095		30,061
Total current liabilities		460,036		459,364
Non-recourse notes payable—long term		5,792		12,658
Deferred tax liability—net		4,108		5,664
Other liabilities		35,529		36,679
TOTAL LIABILITIES		505,465		514,365
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; 26,886 outstanding at March 31, 2022 and 27,006 outstanding at March 31, 2021		270		145
Additional paid-in capital		159,480		152,366
Treasury stock, at cost, 130 shares at March 31, 2022 and 1,987 shares at March 31, 2021		(6,734)		(75,372)
Retained earnings		507,846		484,616
Accumulated other comprehensive income—foreign currency translation adjustment		(124)		655
Total Stockholders' Equity		660,738		562,410
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$1,166,203		$1,076,775

 

ePlus inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
	Three Months Ended March 31,				Year Ended March 31,
	2022		2021		2022		2021
Net sales
Product	$389,870		$299,750		$1,580,394		$1,366,158
Services	61,649		52,857		240,625		202,165
Total	451,519		352,607		1,821,019		1,568,323
Cost of sales
Product	296,277		222,566		1,210,943		1,049,677
Services	39,891		32,157		149,094		125,092
Total	336,168		254,723		1,360,037		1,174,769
Gross profit	115,351		97,884		460,982		393,554
Selling, general, and administrative	76,964		69,517		297,117		271,263
Depreciation and amortization	3,270		3,951		14,646		13,951
Interest and financing costs	641		826		1,903		2,005
Operating expenses	80,875		74,294		313,666		287,219
Operating income	34,476		23,590		147,316		106,335
Other income (expense)	(55)		(524)		(432)		571
Earnings before taxes	34,421		23,066		146,884		106,906
Provision for income taxes	10,176		7,513		41,284		32,509
Net earnings	$24,245		$15,553		$105,600		$74,397
Net earnings per common share—basic	$0.91		$0.58		$3.96		$2.79
Net earnings per common share—diluted	$0.91		$0.58		$3.93		$2.77
Weighted average common shares outstanding—basic	26,553		26,646		26,638		26,674
Weighted average common shares outstanding—diluted	26,703		26,832		26,866		26,834

 

Technology Segment
	Three Months Ended March 31,						Year Ended March 31,
	2022		2021		Change		2022		2021		Change
	(in thousands)						(in thousands)
Net sales
Product	$357,753		$278,944		28.3%		$1,492,411		$1,305,789		14.3%
Services	61,649		52,857		16.6%		240,625		202,165		19.0%
Total	419,402		331,801		26.4%		1,733,036		1,507,954		14.9%
Cost of sales
Product	276,352		215,768		28.1%		1,175,789		1,036,627		13.4%
Services	39,891		32,157		24.1%		149,094		125,092		19.2%
Total	316,243		247,925		27.6%		1,324,883		1,161,719		14.0%
Gross profit	103,159		83,876		23.0%		408,153		346,235		17.9%
Selling, general, and administrative	73,321		65,691		11.6%		283,690		256,210		10.7%
Depreciation and amortization	3,243		3,923		(17.3%)		14,535		13,839		5.0%
Interest and financing costs	235		255		(7.8%)		928		521		78.1%
Operating expenses	76,799		69,869		9.9%		299,153		270,570		10.6%
Operating income	$26,360		$14,007		88.2%		$109,000		$75,665		44.1%
Adjusted gross billings	$638,452		$528,582		20.8%		$2,620,614		$2,263,865		15.8%
Adjusted EBITDA	$31,542		$19,907		58.4%		$131,353		$97,219		35.1%

 

Technology Segment Net Sales by Customer End Market
	Twelve Months Ended March 31,
	2022		2021		Change
Telecom, Media, & Entertainment	29%		25%		4%
Healthcare	16%		13%		3%
Technology	14%		17%		(3%)
SLED	14%		16%		(2%)
Financial Services	9%		13%		(4%)
All others	18%		16%		2%
Total	100%		100%

 

Financing Segment
	Three Months Ended March 31,						Year Ended March 31,
	2022		2021		Change		2022		2021		Change
	(in thousands)						(in thousands)
Net sales	$32,117		$20,806		54.4%		$87,983		$60,369		45.7%
Cost of sales	19,925		6,798		193.1%		35,154		13,050		169.4%
Gross profit	12,192		14,008		(13.0%)		52,829		47,319		11.6%
Selling, general, and administrative	3,643		3,826		(4.8%)		13,427		15,053		(10.8%)
Depreciation and amortization	27		28		(3.6%)		111		112		(0.9%)
Interest and financing costs	406		571		(28.9%)		975		1,484		(34.3%)
Operating expenses	4,076		4,425		(7.9%)		14,513		16,649		(12.8%)
Operating income	8,116		$9,583		(15.3%)		$38,316		$30,670		24.9%
Adjusted EBITDA	8,198		$9,668		(15.2%)		$38,651		$31,026		24.6%

ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION

We included reconciliations below for the following non-GAAP information: (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 March 31,				Year Ended March 31,
	2022		2021		2022		2021
	(in thousands)
Technology segment net sales	$419,402		$331,801		$1,733,036		$1,507,954
Costs incurred related to sales of third-party maintenance, software assurance and subscription / SaaS licenses, and services	219,050		196,781		887,578		755,911
Adjusted gross billings	$638,452		$528,582		$2,620,614		$2,263,865
	Three Months Ended March 31,				Year Ended March 31,
	2022		2021		2022		2021
	(in thousands)
Consolidated
Net earnings	$24,245		$15,553		$105,600		$74,397
Provision for income taxes	10,176		7,513		41,284		32,509
Depreciation and amortization [1]	3,270		3,951		14,646		13,951
Share based compensation	1,759		1,740		7,114		7,167
Acquisition and integration expense	-		39		-		271
Interest and financing costs	235		255		928		521
Other (income) expense [2]	55		524		432		(571)
Adjusted EBITDA	$39,740		$29,575		$170,004		$128,245
	Three Months Ended March 31,				Year Ended March 31,
	2022		2021		2022		2021
	(in thousands)
Technology Segment
Operating income	$26,360		$14,007		$109,000		$75,665
Depreciation and amortization [1]	3,243		3,923		14,535		13,839
Share based compensation	1,704		1,683		6,890		6,923
Acquisition and integration expense	-		39		-		271
Interest and financing costs	235		255		928		521
Adjusted EBITDA	$31,542		$19,907		$131,353		$97,219
Financing Segment
Operating income	$8,116		$9,583		$38,316		$30,670
Depreciation and amortization [1]	27		28		111		112
Share based compensation	55		57		224		244
Adjusted EBITDA	$8,198		$9,668		$38,651		$31,026
	Three Months Ended March 31,				Year Ended March 31,
	2022		2021		2022		2021
	(in thousands)
GAAP: Earnings before taxes	$34,421		$23,066		$146,884		$106,906
Share based compensation	$1,759		1,740		7,114		7,167
Acquisition and integration expense	-		39		-		271
Acquisition related amortization expense [3]	2,218		2,730		10,072		9,116
Other (income) expense [2]	55		524		432		(571)
Non-GAAP: Earnings before taxes	38,453		28,099		164,502		122,889
GAAP: Provision for income taxes	10,176		7,513		41,284		32,509
Share based compensation	520		567		2,014		2,188
Acquisition and integration expense	-		13		-		78
Acquisition related amortization expense [3]	647		874		2,803		2,730
Other (income) expense [2]	16		171		120		(143)
Tax benefit on restricted stock	-		-		317		(40)
Non-GAAP: Provision for income taxes	11,359		9,138		46,538		37,322
Non-GAAP: Net earnings	$27,094		$18,961		$117,964		$85,567
	Three Months Ended March 31,				Year Ended March 31,
	2022		2021		2022		2021
GAAP: Net earnings per common share – diluted	$0.91		$0.58		$3.93		$2.77
Share based compensation	0.05		0.05		0.20		0.19
Acquisition and integration expense	-		-		-		0.01
Acquisition related amortization expense [3]	0.05		0.07		0.26		0.24
Other (income) expense [2]	-		0.01		0.01		(0.02)
Tax benefit on restricted stock	-		-		(0.01)		-
Total non-GAAP adjustments – net of tax	0.10		0.13		0.46		0.42
Non-GAAP: Net earnings per common share – diluted	$1.01		$0.71		$4.39		$3.19

[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.

 

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SOURCE ePlus inc.

FAQ

What were ePlus's earnings results for Q4 2022?

ePlus reported Q4 earnings with net sales of $451.5 million, a 28.1% increase, and net earnings of $24.2 million, a 55.9% increase.

How did ePlus perform in Fiscal Year 2022?

In FY 2022, ePlus's net sales grew by 16.1% to $1.82 billion, with net earnings increasing by 41.9% to $105.6 million.

What was the diluted EPS for ePlus in Q4 2022?

The diluted earnings per share for ePlus in Q4 2022 increased by 56.9% to $0.91.

What factors contributed to ePlus's growth in FY 2022?

ePlus attributed its growth to increased demand for technology solutions, particularly in cloud infrastructure and cybersecurity.

What is the outlook for ePlus in FY 2023?

ePlus enters FY 2023 with solid momentum, driven by a strong backlog and favorable IT spending conditions.