EPS increased 51.2% to $1.27; Net Sales up 25.3% to $574.2 million
HERNDON,
Va., Aug. 7, 2023 /PRNewswire/ --
First Quarter Fiscal Year 2024
- Net sales increased 25.3% to $574.2
million from last year's quarter; technology business net
sales increased 26.0% to $565.7
million; professional services and managed services revenues
increased 7.0% to $67.5 million.
- Technology business gross billings increased 17.6% to
$842.0 million.
- Consolidated gross profit increased 25.3% to $142.3 million.
- Consolidated gross margin remained at 24.8%.
- Net earnings increased 51.5% to $33.8
million.
- Adjusted EBITDA increased 40.7% to $53.9
million.
- Diluted earnings per share increased 51.2% to $1.27. Non-GAAP diluted earnings per share
increased 42.4% to $1.41.
ePlus inc. (NASDAQ: PLUS), a leading provider of technology and
financing solutions, today announced financial results for the
three months ended June 30, 2023.
Management Comment
"In an evolving market environment for IT spending, our strong
first quarter results reflect the continued successful execution of
our growth strategy and our ability to provide customized solutions
that deliver value quickly and effectively," said Mark Marron, president and CEO of ePlus.
"Consolidated net sales grew approximately 25% year-over-year,
driven by gains in cloud and networking, as well as contributions
from recent acquisitions. Revenue also benefited from some
easing of supply chain constraints that enabled us to fulfill prior
customer orders. The improvement in our sales revenue, coupled with
continued operational discipline and effective cost management,
fueled EPS growth of approximately 51%."
Mr. Marron continued, "Our first quarter technology business
sales were diverse across end markets, and we were pleased to see
demand broaden and show particular strength in the mid-market
segment. As our customers' needs for technology modernization, AI,
cybersecurity and workplace transformation continue, ePlus remains
a trusted partner due to our deep expertise, extensive strategic
relationships and comprehensive portfolio of high-value
solutions."
First Quarter Fiscal 2024 Results
For the first quarter ended June 30,
2023, as compared to the first quarter of the prior fiscal
year ended June 30, 2022:
Consolidated net sales increased 25.3% to $574.2 million, from $458.4 million.
Technology business net sales increased 26.0% to $565.7 million, from $448.8 million due to higher sales of product and
managed services, offset by a decline in professional services.
Technology business gross billings increased 17.6% to $842.0 million from $716.3
million.
Product sales grew due to an increase in customer demand, as
well as the acquisitions of Future Com, Ltd. on July 15, 2022, and Network Solutions Group (NSG),
a division of CCI Systems, Inc. on April 30,
2023. The increase in gross profit from sales of product was
due to higher sales combined with a shift in customer mix that
resulted in higher margins.
Managed service revenues increased due to ongoing growth in
these offerings, including Enhanced Maintenance Support and
Security Operations Center services. Gross profit from managed
services increased due to the scaled growth in these
services.
Professional service revenues declined due to lower staff
augmentation services from softer demand. Gross margins
increased due to the change in mix.
Financing segment net sales decreased 11.3% to $8.5 million, from $9.6
million due to decreases in post-contract earnings and
transactional gains. Gross profit in the financing segment was
lower by $1.5 million primarily due
to the decline in net sales.
Consolidated gross profit increased 25.3% to $142.3 million, from $113.5 million. Consolidated gross margin was
24.8%, in line with last year.
Operating expenses were $95.9
million, up 19.4% from $80.3
million last year, primarily due to increases in salaries
and benefits, from higher headcount and variable compensation
stemming from higher gross profit, and an increase in acquisition
related amortization expenses. Our headcount at the end of
the quarter was 1,853, up 216 from a year ago, partially due to the
acquisitions of Future Com and NSG. Of the 216 additional
employees, 170 were customer facing employees, including 84
professional services and technical support personnel.
Consolidated operating income increased 39.6% to $46.3 million.
Our effective tax rate for the current quarter was 27.2%, lower
than the prior year quarter of 28.0%, due to lower state and local
income taxes and non-deductible executive compensation.
Net earnings increased 51.5% to $33.8
million.
Adjusted EBITDA increased 40.7% to $53.9
million.
Diluted earnings per share was $1.27, compared with $0.84 in the prior year quarter. Non-GAAP diluted
earnings per share was $1.41,
compared with $0.99 last
year.
Balance Sheet Highlights
As of June 30, 2023, ePlus had
cash and cash equivalents of $101.6
million, compared with $103.1
million as of March 31,
2023. Accounts receivable—trade, net increased 34.5% to
$678.0 million from March 31, 2023 due to an increase in gross
billings. Total stockholders' equity was $813.3 million, compared with $782.3 million as of March
31, 2023. Total shares outstanding were 26.9 million
on both June 30, 2023 and
March 31, 2023.
Fiscal Year Guidance
ePlus is initiating fiscal year 2024 revenue guidance of
$2.23 billion to $2.33 billion, and an adjusted EBITDA range of
$200 million to $215 million, representing a margin of 9.0% to
9.2%. This guidance assumes, in part, continued improvement in the
supply chain that will enable previously delayed customer
projects. The Company cannot predict with reasonable
certainty and without unreasonable effort, the ultimate outcome of
unusual gains and losses, the occurrence of matters creating GAAP
tax impacts, fluctuations in interest expense and share-based
compensation, and acquisition-related expenses. These items are
uncertain, depend on various factors, and could be material to the
Company's results computed in accordance with GAAP.
Accordingly, the Company is unable to provide a reconciliation of
GAAP net earnings to adjusted EBITDA and adjusted EBITDA margin for
the full year 2024 forecast.
Summary and Outlook
"Our fiscal 2024 year is off to a promising start given our
first quarter financial performance. Through consistent execution
and our strategic focus on serving faster-growing end markets,
ePlus has continued to generate solid sales and earnings growth,
building long-term value for our stakeholders.
Mr. Marron concluded, "Macroeconomic uncertainty continues to
affect overall IT spending, leading organizations to prioritize
projects that enhance operational efficiency, reduce risk and
deliver faster returns. In this environment, we are acting with
agility and meeting our customers' evolving needs with a range of
high-value, cost-effective solutions and services. We remain
confident in our ability to deliver above-market growth, supported
by the resilient nature of our business, the strength of our
backlog and the diversity of our end markets."
Recent Corporate Developments/Recognitions
In the month of July:
- Launched its Threat Detection & Response Guidance
Service.
In the month of June:
- London-based subsidiary,
IGXGlobal, achieved Palo Alto Networks Authorized Support Center
Certified Partner Status.
- Placed in the Top 30 of CRN's 2023 Solution Provider 500
List.
In the month of May:
- Named Rubrik 2023 Public Sector Partner of the Year.
- Recognized for 30 years of membership in the Equipment Leasing
and Financing Association.
- Acquired CCI Systems' Network Solutions Group.
Conference Call Information
ePlus will hold a conference call and webcast at 4:30 p.m. ET on August 7,
2023:
Date:
|
August 7,
2023
|
Time:
|
4:30 p.m. ET
|
Audio Webcast (Live
& Replay):
|
https://events.q4inc.com/attendee/857044059
|
|
|
Live Call:
|
(888) 330-2469
(toll-free/domestic)
|
|
(240) 789-2740
(international)
|
Replay:
|
(800) 770- 2030
(toll-free/domestic) or
|
|
(647) 362-9199
(international)
|
Passcode:
|
5403833 (live call and
replay)
|
A replay of the call will be available approximately two hours
after the call through August 14,
2023. A transcript of the call will also be available on the
ePlus Investor Relations website at
https://www.eplus.com/investors.
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, networking, collaboration and emerging solutions,
to organizations across all industry segments. With complete
lifecycle management services and flexible payment solutions,
ePlus' more than 1,850 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," including, among
other things, statements regarding the future financial performance
of ePlus (including the guidance for the full year FY 2024).
Actual and anticipated future results may vary materially due
to certain risks and uncertainties, including, without limitation,
significant adverse changes in, reductions in, or loss of one or
more of our larger volume customers or vendors; supply chain
issues, including a shortage of Information Technology ("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; maintaining and increasing advanced professional services
by recruiting and retaining highly skilled, competent personnel,
and vendor certifications; our ability to secure our own and our
customers' electronic and other confidential information, while
maintaining compliance with evolving data privacy and regulatory
laws and regulations; ongoing remote work trends, and the increase
in cybersecurity attacks that have occurred while employees work
remotely; our ability to raise capital, maintain or increase as
needed our lines of credit with vendors or floor planning facility,
obtain debt for our financing transactions, or the effect of those
changes on our common stock price; 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
a reduction of vendor incentives provided to us; our ability to
remain secure during a cybersecurity attack, including both
disruptions in our or our vendors' IT systems and data and audio
communication networks; our ability to identify acquisition
candidates, or perform sufficient due diligence prior to completing
an acquisition, or failure to integrate a completed acquisition may
affect our earnings; 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 our ability to increase prices to our customers which may
result in adverse changes in our gross profit; significant and
rapid inflation may cause price, wage, and interest rate increases,
as well as increases in operating costs that may impact the
arrangements that have pricing commitments over the term of the
agreement; a possible decrease in the capital spending budgets of
our customers or a decrease in purchases from us; 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 implement
comprehensive plans for the integration of sales forces, cost
containment, asset rationalization, systems integration, and other
key strategies; 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)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2023
|
|
March 31,
2023
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$101,574
|
|
$103,093
|
Accounts
receivable—trade, net
|
|
677,988
|
|
504,122
|
Accounts
receivable—other, net
|
|
78,637
|
|
55,508
|
Inventories
|
|
244,331
|
|
243,286
|
Financing
receivables—net, current
|
|
81,111
|
|
89,829
|
Deferred
costs
|
|
45,408
|
|
44,191
|
Other current
assets
|
|
47,084
|
|
55,101
|
Total current
assets
|
|
1,276,133
|
|
1,095,130
|
|
|
|
|
|
Financing receivables
and operating leases—net
|
|
120,664
|
|
84,417
|
Deferred tax
asset
|
|
3,682
|
|
3,682
|
Property, equipment and
other assets
|
|
70,794
|
|
70,447
|
Goodwill
|
|
158,280
|
|
136,105
|
Other intangible
assets—net
|
|
51,253
|
|
25,045
|
TOTAL ASSETS
|
|
$1,680,806
|
|
$1,414,826
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$351,384
|
|
$220,159
|
Accounts payable—floor
plan
|
|
182,859
|
|
134,615
|
Salaries and
commissions payable
|
|
41,144
|
|
37,336
|
Deferred
revenue
|
|
118,976
|
|
114,028
|
Recourse notes
payable—current
|
|
58,115
|
|
5,997
|
Non-recourse notes
payable—current
|
|
17,742
|
|
24,819
|
Other current
liabilities
|
|
30,566
|
|
24,372
|
Total current
liabilities
|
|
800,786
|
|
561,326
|
|
|
|
|
|
Non-recourse notes
payable—long term
|
|
5,005
|
|
9,522
|
Deferred tax
liability
|
|
717
|
|
715
|
Other
liabilities
|
|
61,007
|
|
60,998
|
TOTAL
LIABILITIES
|
|
867,515
|
|
632,561
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Preferred stock, $0.01
per share par value; 2,000 shares authorized; none
outstanding
|
|
-
|
|
-
|
Common stock, $0.01 per
share par value; 50,000 shares authorized; 26,947
outstanding
at June 30, 2023 and
26,905 outstanding at March 31, 2023
|
|
274
|
|
272
|
Additional paid-in
capital
|
|
170,904
|
|
167,303
|
Treasury stock, at
cost, 408 shares at June 30, 2023 and
|
|
|
|
|
261 shares
at March 31, 2023
|
|
(21,451)
|
|
(14,080)
|
Retained
earnings
|
|
661,049
|
|
627,202
|
Accumulated other
comprehensive income—foreign currency
translation adjustment
|
|
2,515
|
|
1,568
|
Total Stockholders'
Equity
|
|
813,291
|
|
782,265
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
$1,680,806
|
|
$1,414,826
|
ePlus
inc. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share amounts)
|
|
|
Three Months Ended June
30,
|
|
2023
|
|
2022
|
|
|
|
|
Net sales
|
|
|
|
Product
|
$506,656
|
|
$395,250
|
Services
|
67,519
|
|
63,109
|
Total
|
574,175
|
|
458,359
|
|
|
|
|
Cost of
sales
|
|
|
|
Product
|
388,904
|
|
304,210
|
Services
|
42,998
|
|
40,626
|
Total
|
431,902
|
|
344,836
|
|
|
|
|
Gross profit
|
142,273
|
|
113,523
|
|
|
|
|
Selling, general, and
administrative
|
90,298
|
|
76,767
|
Depreciation and
amortization
|
4,792
|
|
3,210
|
Interest and financing
costs
|
851
|
|
363
|
Operating
expenses
|
95,941
|
|
80,340
|
|
|
|
|
Operating
income
|
46,332
|
|
33,183
|
|
|
|
|
Other income
(expense)
|
190
|
|
(2,153)
|
|
|
|
|
Earnings before
taxes
|
46,522
|
|
31,030
|
|
|
|
|
Provision for income
taxes
|
12,675
|
|
8,691
|
|
|
|
|
Net earnings
|
$33,847
|
|
$22,339
|
|
|
|
|
Net earnings per common
share—basic
|
$1.27
|
|
$0.84
|
Net earnings per common
share—diluted
|
$1.27
|
|
$0.84
|
|
|
|
|
Weighted average common
shares outstanding—basic
|
26,552
|
|
26,513
|
Weighted average common
shares outstanding—diluted
|
26,648
|
|
26,685
|
During the first quarter of fiscal year ending March 31, 2024, our operating segments, which are
also reportable segments, changed. We separated our technology
segment into three different operating segments: product,
professional services, and managed services. For additional
information, see Note 16, "Segment Reporting" in our Form 10-Q for
the quarter ended June 30, 2023."
Technology
Business
|
|
Three Months Ended June
30,
|
|
|
2023
|
|
2022
|
|
Change
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
Product
|
$498,166
|
|
$385,676
|
|
29.2 %
|
Professional services
|
35,556
|
|
37,168
|
|
(4.3 %)
|
Managed services
|
31,963
|
|
25,941
|
|
23.2 %
|
Total
|
565,685
|
|
448,785
|
|
26.0 %
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
Product
|
111,391
|
|
83,168
|
|
33.9 %
|
Professional
services
|
14,724
|
|
15,055
|
|
(2.2 %)
|
Managed services
|
9,797
|
|
7,428
|
|
31.9 %
|
Total
|
135,912
|
|
105,651
|
|
28.6 %
|
|
|
|
|
|
|
Selling, general, and
administrative
|
87,100
|
|
73,112
|
|
19.1 %
|
Depreciation and
amortization
|
4,764
|
|
3,182
|
|
49.7 %
|
Interest and financing
costs
|
550
|
|
138
|
|
298.6 %
|
Operating
expenses
|
92,414
|
|
76,432
|
|
20.9 %
|
|
|
|
|
|
|
Operating
income
|
$43,498
|
|
$29,219
|
|
48.9 %
|
Gross
billings
|
$841,970
|
|
$716,263
|
|
17.6 %
|
Adjusted
EBITDA
|
$50,949
|
|
$34,254
|
|
48.7 %
|
Technology Business
Gross Billings by Type
|
|
Three Months Ended June
30,
|
|
|
2023
|
|
2022
|
|
Change
|
|
(in
thousands)
|
|
|
Cloud
|
$ 258,924
|
|
$ 253,337
|
|
2.2 %
|
Networking
|
276,645
|
|
165,626
|
|
67.0 %
|
Security
|
147,343
|
|
145,349
|
|
1.4 %
|
Collaboration
|
22,161
|
|
34,775
|
|
(36.3 %)
|
Other
|
69,761
|
|
49,009
|
|
42.3 %
|
Product gross
billings
|
774,834
|
|
648,096
|
|
19.6 %
|
Service gross
billings
|
67,136
|
|
68,167
|
|
(1.5 %)
|
Total gross
billings
|
$ 841,970
|
|
$ 716,263
|
|
17.6 %
|
Technology Business Net
Sales by Type
|
|
Three Months Ended June
30,
|
|
|
2023
|
|
2022
|
|
Change
|
|
(in
thousands)
|
|
|
Cloud
|
$ 172,044
|
|
$ 164,733
|
|
4.4 %
|
Networking
|
245,188
|
|
142,641
|
|
71.9 %
|
Security
|
45,796
|
|
47,995
|
|
(4.6 %)
|
Collaboration
|
12,956
|
|
12,980
|
|
(0.2 %)
|
Other
|
22,182
|
|
17,327
|
|
28.0 %
|
Total
Product
|
498,166
|
|
385,676
|
|
29.2 %
|
Professional
Services
|
35,556
|
|
37,168
|
|
(4.3 %)
|
Managed
Services
|
31,963
|
|
25,941
|
|
23.2 %
|
Total gross
billings
|
$ 565,685
|
|
$ 448,785
|
|
26.0 %
|
Technology Business Net
Sales by Customer End Market
|
|
Three Months Ended June
30,
|
|
|
2023
|
|
2022
|
|
Change
|
|
(in
thousands)
|
|
|
Telecom, Media, &
Entertainment
|
$ 141,335
|
|
$ 128,277
|
|
10.2 %
|
Technology
|
73,403
|
|
69,862
|
|
5.1 %
|
SLED
|
109,405
|
|
64,602
|
|
69.4 %
|
Healthcare
|
86,656
|
|
68,512
|
|
26.5 %
|
Financial
Services
|
65,690
|
|
33,299
|
|
97.3 %
|
All others
|
89,196
|
|
84,233
|
|
5.9 %
|
Total
|
$ 565,685
|
|
$ 448,785
|
|
26.0 %
|
Financing
Segment
|
|
Three Months Ended June
30,
|
|
|
2023
|
|
2022
|
|
Change
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Portfolio
earnings
|
$3,073
|
|
$2,673
|
|
15.0 %
|
Transactional
gains
|
1,279
|
|
1,835
|
|
(30.3 %)
|
Post-contract
earnings
|
3,634
|
|
4,726
|
|
(23.1 %)
|
Other
|
504
|
|
340
|
|
48.2 %
|
Net sales
|
8,490
|
|
9,574
|
|
(11.3 %)
|
|
|
|
|
|
|
Gross profit
|
6,361
|
|
7,872
|
|
(19.2 %)
|
|
|
|
|
|
|
Selling, general, and
administrative
|
3,198
|
|
3,655
|
|
(12.5 %)
|
Depreciation and
amortization
|
28
|
|
28
|
|
0.0 %
|
Interest and financing
costs
|
301
|
|
225
|
|
33.8 %
|
Operating
expenses
|
3,527
|
|
3,908
|
|
(9.7 %)
|
|
|
|
|
|
|
Operating
income
|
$2,834
|
|
$3,964
|
|
(28.5 %)
|
Adjusted
EBITDA
|
$2,930
|
|
$4,050
|
|
(27.7 %)
|
ePlus inc. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
INFORMATION
We included reconciliations below for the following non-GAAP
financial measures: (i) Adjusted EBITDA, (ii) Segment Adjusted
EBITDA, (iii) non-GAAP Net Earnings and (iv) non-GAAP Net Earnings
per Common Share - Diluted.
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.
We use the above non-GAAP financial measures as supplemental
measures of our performance to gain insight into our operating
performance and performance trends. We believe that such non-GAAP
financial measures provide management and investors a useful
measure for period-to-period comparisons of our business and
operating results by excluding items that management believes are
not reflective of our underlying operating performance.
Accordingly, we believe that such non-GAAP financial measures
provide useful information to investors and others in understanding
and evaluating our operating results.
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 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 June
30,
|
|
2023
|
|
2022
|
|
(in
thousands)
|
Consolidated
|
|
|
|
Net earnings
|
$33,847
|
|
$22,339
|
Provision for income
taxes
|
12,675
|
|
8,691
|
Depreciation and
amortization [1]
|
4,792
|
|
3,210
|
Share based
compensation
|
2,205
|
|
1,773
|
Interest and financing
costs
|
550
|
|
138
|
Other (income) expense
[2]
|
(190)
|
|
2,153
|
Adjusted
EBITDA
|
$53,879
|
|
$38,304
|
|
|
|
|
|
Three Months Ended June
30,
|
|
2023
|
|
2022
|
|
(in
thousands)
|
Technology
Segment
|
|
|
|
Operating
income
|
$43,498
|
|
$29,219
|
Depreciation and
amortization [1]
|
4,764
|
|
3,182
|
Share based
compensation
|
2,137
|
|
1,715
|
Interest and financing
costs
|
550
|
|
138
|
Adjusted
EBITDA
|
$50,949
|
|
$34,254
|
|
|
|
|
Financing
Segment
|
|
|
|
Operating
income
|
$2,834
|
|
$3,964
|
Depreciation and
amortization [1]
|
28
|
|
28
|
Share based
compensation
|
68
|
|
58
|
Adjusted
EBITDA
|
$2,930
|
|
$4,050
|
|
|
|
|
|
Three Months Ended June
30,
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
|
GAAP: Earnings before
taxes
|
$46,522
|
|
$31,030
|
Share based
compensation
|
2,205
|
|
1,773
|
Acquisition related
amortization expense [3]
|
3,469
|
|
2,183
|
Other (income) expense
[2]
|
(190)
|
|
2,153
|
Non-GAAP: Earnings
before taxes
|
52,006
|
|
37,139
|
|
|
|
|
GAAP: Provision for
income taxes
|
12,675
|
|
8,691
|
Share based
compensation
|
607
|
|
508
|
Acquisition related
amortization expense [3]
|
952
|
|
617
|
Other (income) expense
[2]
|
(52)
|
|
616
|
Tax benefit (expense)
on restricted stock
|
137
|
|
194
|
Non-GAAP: Provision for
income taxes
|
14,319
|
|
10,626
|
|
|
|
|
Non-GAAP: Net
earnings
|
$37,687
|
|
$26,513
|
|
|
|
|
|
Three Months Ended June
30,
|
|
2023
|
|
2022
|
|
|
|
|
GAAP: Net earnings per
common share – diluted
|
$1.27
|
|
$0.84
|
|
|
|
|
Share based
compensation
|
0.06
|
|
0.04
|
Acquisition related
amortization expense [3]
|
0.09
|
|
0.06
|
Other (income) expense
[2]
|
-
|
|
0.06
|
Tax benefit (expense)
on restricted stock
|
(0.01)
|
|
(0.01)
|
Total non-GAAP
adjustments – net of tax
|
0.14
|
|
0.15
|
|
|
|
|
Non-GAAP: Net earnings
per common share – diluted
|
$1.41
|
|
$0.99
|
|
|
|
|
|
|
|
|
|
|
[1] Amount consists of
depreciation and amortization for assets used
internally.
|
[2] Legal settlement,
interest income and foreign currency transaction gains and
losses.
|
[3] Amount consists of
amortization of intangible assets from acquired
businesses.
|
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SOURCE ePlus inc.