ePlus Reports Second Quarter and First Half Financial Results

Rhea-AI Summary

ePlus inc. (NASDAQ: PLUS) reported a strong second quarter for fiscal year 2023, with net sales rising 7.8% to $493.7 million and technology segment sales increasing 8.1%. Service revenues grew 7.1% to $65.2 million. Adjusted gross billings surged 15.3% to $765.8 million, while consolidated gross profit grew 8.4% to $133.3 million, with a gross margin of 27.0%. Despite this growth, net earnings decreased 9.4% to $28.5 million, and diluted earnings per share fell 8.5% to $1.07.

Positive

• Net sales increased 7.8% to $493.7 million.
• Technology segment net sales rose 8.1% to $471.5 million.
• Adjusted gross billings surged 15.3% to $765.8 million.
• Consolidated gross profit increased 8.4% to $133.3 million.
• Consolidated gross margin improved to 27.0%.

Negative

• Net earnings decreased 9.4% to $28.5 million.
• Diluted earnings per share fell 8.5% to $1.07.
• Operating expenses increased 13.3% to $89.2 million.

- 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.

 

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

SOURCE ePlus inc.

FAQ

What were ePlus's second quarter fiscal year 2023 net sales?

Net sales increased 7.8% to $493.7 million.

How did ePlus perform in the technology segment in Q2 2023?

Technology segment net sales increased 8.1% to $471.5 million.

What was the diluted earnings per share for ePlus in Q2 2023?

Diluted earnings per share decreased 8.5% to $1.07.

What is the outlook for ePlus for the remainder of fiscal year 2023?

ePlus is confident in capturing IT spend despite economic uncertainties, with a strong open orders and backlog.

What were the adjusted gross billings for ePlus in the second quarter of fiscal year 2023?

Adjusted gross billings increased 15.3% to $765.8 million.