0001022408-20-000038.txt : 20201109 0001022408-20-000038.hdr.sgml : 20201109 20201109170324 ACCESSION NUMBER: 0001022408-20-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20201104 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201109 DATE AS OF CHANGE: 20201109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EPLUS INC CENTRAL INDEX KEY: 0001022408 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 541817218 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34167 FILM NUMBER: 201298613 BUSINESS ADDRESS: STREET 1: 13595 DULLES TECHNOLOGY DRIVE CITY: HERNDON STATE: VA ZIP: 20171-3413 BUSINESS PHONE: 7039848400 MAIL ADDRESS: STREET 1: 13595 DULLES TECHNOLOGY DRIVE CITY: HERNDON STATE: VA ZIP: 20171-3413 FORMER COMPANY: FORMER CONFORMED NAME: MLC HOLDINGS INC DATE OF NAME CHANGE: 19960906 8-K 1 form8-k.htm EPLUS INC FORM 8-K 11-4-2020

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): November 4, 2020




ePlus inc.
ePlus inc.
(Exact name of registrant as specified in its charter)


Delaware
001-34167
54-1817218
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)

13595 Dulles Technology Drive, Herndon, Virginia 20171-3413
(Address, including zip code, of principal executive offices)

(703) 984-8400
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value
 PLUS
 NASDAQ Global Select Market 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐


 
Item 2.02 Results of Operations and Financial Condition
 
On November 4, 2020, ePlus inc. announced by press release its results of operations for its three and six months ended September 30, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01 Financial Statements and Exhibits
 
(d) The following exhibits are filed as part of this report:
 
Exhibit No.
Description
   
99.1
Press release dated November 4, 2020, issued by ePlus inc.





Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ePlus inc.








By: /s/ Elaine D. Marion



Elaine D. Marion



Chief Financial Officer

 
Date: November 9, 2020



 EX-99.1 2 ex99-1.htm PRESS RELEASE
EXHIBIT 99.1


ePlus Reports Second Quarter and First Half Financial Results

--Revenue Growth Reflects Strong Demand for ePlus’ Solutions and Services--

Second Quarter Fiscal Year 2021

•           
Net sales increased 5.2% to $433.1 million; technology segment net sales increased 5.4% to $419.4 million; service revenues increased 2.8% to $49.4 million.
•           
Adjusted gross billings increased 3.8% to $601.1 million.
•           
Consolidated gross profit decreased 3.9% to $99.0 million.
•           
Consolidated gross margin was 22.9%, a decrease of 210 basis points.
•           
Net earnings decreased 1.3% to $19.8 million.
•           
Adjusted EBITDA decreased 5.2% to $33.6 million.
•           
Diluted earnings per share decreased 2.0% to $1.48. Non-GAAP diluted earnings per share decreased 7.2% to $1.68.

First Half Fiscal Year 2021

•           
Net sales decreased 0.6% to $788.1 million; technology segment net sales decreased 0.7% to $760.6 million; service revenues increased 3.6% to $97.2 million.
•           
Adjusted gross billings increased 1.8% to $1,147.5 million.
•           
Consolidated gross profit increased 0.9% to $197.5 million.
•           
Consolidated gross margin was 25.1%, an increase of 40 basis points.
•           
Net earnings increased 2.5% to $37.2 million.
•           
Adjusted EBITDA increased 0.5% to $64.3 million.
•           
Diluted earnings per share increased 2.5% to $2.78. Non-GAAP diluted earnings per share decreased 2.1% to $3.19.

HERNDON, VA – November 4, 2020 – 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, 2020.

Management Comment

“ePlus’ base of diverse, middle market and larger customers in stable industries is a key competitive advantage, along with our solutions sets and engineering talent which can readily pivot to address the current needs of our customers,” commented Mark Marron, president and chief executive officer.  “In the second quarter, revenue growth was driven by increased spend from our enterprise and state, local government and educational (SLED) customers.  Thanks to our long time focus on key areas such as cloud, security and collaboration solutions, and our investments in top-notch technology talent, we have both the scale and depth to serve large enterprise customers, who have been most active during this pandemic period.  Additionally, our services business increased in the second quarter, benefitting from our emphasis on managed services which yield consistent annuity quality revenue.

1

“We had a challenging gross margin comparison due to strength in product sales to enterprise customers this year and a shift in business mix.  Even so, we were pleased to report year-on-year growth in operating income as we have continued to identify opportunities to pare our cost structure.

“Our team has managed well in the COVID-19 business environment, and as we approach our 30th anniversary, we especially appreciate their dedication and ability to effectively support our customers by providing the solutions and the flexibility they require.”

Second Quarter Fiscal 2021 Results

For the second quarter ended September 30, 2020 as compared to the second quarter of the prior fiscal year ended September 30, 2019:

Consolidated net sales increased 5.2% to $433.1 million, from $411.6 million.

Technology segment net sales increased 5.4% to $419.4 million, from $397.7 million primarily due to higher product sales. Service revenues increased 2.8% to $49.4 million, from $48.1 million due to an increase in managed services.  Adjusted gross billings increased 3.8% to $601.1 million from $579.1 million.

Financing segment net sales decreased 0.9% to $13.7 million, from $13.8 million, due to lower post-contract earnings.

Consolidated gross profit decreased 3.9% to $99.0 million, from $103.0 million. Consolidated gross margin was 22.9%, down from 25.0% last year, primarily due to lower product margins and a lower proportion of sales recorded on a net basis.

Operating expenses were $70.5 million, down 5.6% from $74.7 million last year, primarily due to decreases expenses related to travel and entertainment, advertising and marketing, salaries and benefits, and professional fees.  Our headcount at the end of the quarter was 1,497, down 8.1% from 1,629 a year ago and 2.5% from the sequential quarter.  Last year’s quarter included a partial quarter of salaries and benefits from the ABS Technology acquisition resulting in a lower compare.

Consolidated operating income increased 0.4% to $28.5 million.

Our effective tax rate for the current quarter was 30.8%, higher than the prior year quarter of 29.1%, due to an adjustment to the federal benefit from state taxes.

Net earnings decreased 1.3% to $19.8 million.

Adjusted EBITDA decreased 5.2% to $33.6 million, from $35.4 million.

Diluted earnings per share was $1.48, compared with $1.51 in the prior year quarter. Non-GAAP diluted earnings per share was $1.68, compared with $1.81 last year.

2

First Half Fiscal 2021 Results

For the six months ended September 30, 2020 as compared to the six months of the prior fiscal year ended September 30, 2019:

Consolidated net sales decreased 0.6% to $788.1 million, from $792.9 million.

Technology segment net sales decreased 0.7% to $760.6 million, from $766.3 million primarily due to a larger portion of our sales that were recognized on a net basis. Service revenues increased 3.6% to $97.2 million, from $93.8 million primarily due to an increase in managed services.  Adjusted gross billings was $1,147.5 million, an increase of 1.8% from $1,127.4 million.

Financing segment net sales increased 3.2% to $27.5 million, from $26.7 million, primarily due to an increase in post contract revenue.

Consolidated gross profit increased 0.9% to $197.5 million, from $195.7 million. Consolidated gross margin increased to 25.1% from 24.7% last year, due to higher product margins and post contract revenue from the financing segment.

Operating expenses were $144.0 million, slightly lower than last year, primarily due to a decrease in travel and entertainment expense, healthcare cost, and acquisition related expenses.

Consolidated operating income increased 4.6% to $53.5 million.

Our effective tax rate for the first half of the current year was 30.8%, higher than last year of 28.9%, due to an adjustment to the federal benefit from state taxes.

Net earnings increased 2.5% to $37.2 million.

Adjusted EBITDA increased 0.5% to $64.3 million, from $64.0 million.

Diluted earnings per share was $2.78, compared with $2.71 in the prior year quarter. Non-GAAP diluted earnings per share was $3.19, compared with $3.26 last year.

Balance Sheet Highlights

As of September 30, 2020, ePlus had cash and cash equivalents of $161.1 million, compared with $86.2 million as of March 31, 2020.  The increase is primarily the result of increased payment terms from certain of our vendors. Inventory, which represents equipment ordered by customers but not yet delivered, increased 46.7% due to ongoing projects.  Total shareholder’s equity was $523.1 million, compared with $486.1 million as of March 31, 2020.  Total shares outstanding were 13.5 million on September 30, 2020 and March 31, 2020.

Summary and Outlook

“With a broad portfolio of products and services mostly directed to high growth areas and a more streamlined operation, we believe ePlus is well positioned to continue to effectively and efficiently serve our diversified customer base.

3

“During challenging and uncertain economic periods, our portfolio of Technology and Financing businesses represents a competitive advantage for ePlus, enabling us to provide customers with their technology requirements while assisting them in managing through budgetary constraints.  Of late, we are seeing an increase in demand for financing from several customers, and we expect this trend to continue across our customer set, enabling us to further leverage this ePlus market differentiator.

“Additionally, our strong balance sheet provides capital to invest in organic and inorganic growth opportunities and the resources to manage effectively under difficult business conditions.  We continue to monitor the landscape for attractive opportunities, while pursuing growth by supporting our customers’ needs and preferred methods of IT consumption,” Mr. Marron concluded.

Recent Corporate Developments/Recognitions

•           
In the month of October:
 
o           
ePlus announced the launch of ePlus CyberSmart, an educational initiative created to help organizations gain greater foundational cyber security knowledge and implement more robust measures for date and network protection.
 
o           
ePlus announced that its Chief Financial Officer, Elaine Marion, was recognized as Public Company CFO of the Year by the Northern Virginia Technology Council in its 2020 Greater Washington Technology CFO Awards.

•           
In the month of September:
 
o           
ePlus announced that it strengthened its Managed Cloud Security Service portfolio by adding a market-leading managed detection and response (MDR) solution to its lineup of capabilities.
 
o           
ePlus announced that it received the NetApp Americas Flash Growth Partner of the Year Award 2020 for its overall fiscal year 2020 flash sales performance, growth year-over-year and wins in significant accounts.
 
o           
ePlus announced that it extended its Managed Services capabilities to include proactive monitoring, management, and remediation of APC by Schneider Electric uninterruptible power supply (UPS) devices.
 
o           
ePlus announced the launch of ePlus Cloud Collaboration, a unified communications-as-a-service solution, powered by Cisco Unified Communications Manager Cloud (UCM Cloud).
 
o           
ePlus sponsored Check Point’s virtual Women in IT event in support of the drive to engage more women in STEM fields, including cyber security.
 
o           
ePlus announced that it was recognized as the Check Point Americas Cloud Partner of the Year.
 
o           
ePlus announced it partnered with Mobile Heartbeat, a leading provider of enterprise-grade clinical communication and collaboration solutions, to provide MH-CURE®, a Unified Clinical Communication platform, to healthcare organizations looking to enhance clinical workflows and patient care.

•           
In the month of August:
 
o           
ePlus announced that it launched a customized suite of technology solutions and consultative services to Navigate the Next.

4

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on November 4, 2020:

In a new process, participants must pre-register in advance to listen or participate in the call.  Once registered, the call-in numbers will be provided by email.

Date:
November 4, 2020
Time:
4:30 p.m. ET
Pre-registration link:
http://www.directeventreg.com/registration/event/6198583
Webcast:
http://www.eplus.com/investors (live and replay)
Replay:
(800) 585-8367 (domestic) or (416) 621-4642 (international)
Passcode:
6198583

The replay of this webcast will be available approximately two hours after the call concludes and be available through November 11, 2020.

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 1,400 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.

5

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, 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 downward pressure on prices; reduction of vendor incentive programs; and 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 vendor’s IT systems and data and audio communication networks; 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 largest 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; uncertainty regarding the phase out of LIBOR may negatively affect our operating results; 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; 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.

Contact:
Kleyton Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150
6


ePlus inc. AND SUBSIDIARIES
  
UNAUDITED CONSOLIDATED BALANCE SHEETS
  
(in thousands, except per share amounts)
  

 
   
September 30, 2020
    
March 31, 2020
  
ASSETS
            
             
Current assets:
            
Cash and cash equivalents
  
$
161,081
    
$
86,231
  
Accounts receivable—trade, net
    
369,037
      
374,998
  
Accounts receivable—other, net
    
40,832
      
36,570
  
Inventories
    
73,751
      
50,268
  
Financing receivables—net, current
    
92,766
      
70,169
  
Deferred costs
    
22,329
      
22,306
  
Other current assets
    
8,233
      
9,256
  
Total current assets
    
768,029
      
649,798
  
 
                
Financing receivables and operating leases—net
    
87,926
      
74,158
  
Property, equipment and other assets
    
34,314
      
32,596
  
Goodwill
    
118,177
      
118,097
  
Other intangible assets—net
    
30,265
      
34,464
  
TOTAL ASSETS
  
$
1,038,711
    
$
909,113
  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
LIABILITIES
                
                 
Current liabilities:
                
Accounts payable
  
$
104,893
    
$
82,919
  
Accounts payable—floor plan
    
218,970
      
127,416
  
Salaries and commissions payable
    
30,284
      
30,952
  
Deferred revenue
    
59,078
      
55,480
  
Recourse notes payable—current
    
2,286
      
37,256
  
Non-recourse notes payable—current
    
35,610
      
29,630
  
Other current liabilities
    
25,372
      
22,986
  
Total current liabilities
    
476,493
      
386,639
  
 
                
Non-recourse notes payable—long term
    
2,444
      
5,872
  
Deferred tax liability—net
    
3,762
      
2,730
  
Other liabilities
    
32,942
      
27,727
  
TOTAL LIABILITIES
    
515,641
      
422,968
  
                 
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; 25,000 shares
        authorized; 13,537 outstanding at September 30, 2020 and
        13,500 outstanding at March 31, 2020
    
145
      
144
  
Additional paid-in capital
    
148,845
      
145,197
  
Treasury stock, at cost, 958 shares at September 30, 2020 and
        896 shares at March 31, 2020
    (72,911
) 
    (68,424
) 
Retained earnings
    
447,425
      
410,219
  
Accumulated other comprehensive income—foreign currency
        translation adjustment
    
(434
) 
   
(991
) 
Total Stockholders' Equity
    
523,070
      
486,145
  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
1,038,711
    
$
909,113
  

7


 
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,
  
   
2020
    
2019
    
2020
    
2019
  
                         
Net sales
                        
     Product
  
$
383,656
    
$
363,497
    
$
690,896
    
$
699,098
  
     Services
    
49,425
      
48,068
      
97,216
      
93,839
  
          Total
    
433,081
      
411,565
      
788,112
      
792,937
  
                                 
Cost of sales
                                
     Product
    
302,963
      
278,863
      
529,597
      
538,926
  
     Services
    
31,156
      
29,671
      
60,996
      
58,341
  
          Total
    
334,119
      
308,534
      
590,593
      
597,267
  
                                 
Gross profit
    
98,962
      
103,031
      
197,519
      
195,670
  
                                 
Selling, general, and administrative
    
66,889
      
70,523
      
136,356
      
136,310
  
Depreciation and amortization
    
3,341
      
3,557
      
6,857
      
7,020
  
Interest and financing costs
    
247
      
576
      
824
      
1,204
  
Operating expenses
    
70,477
      
74,656
      
144,037
      
144,534
  
                                 
Operating income
    
28,485
      
28,375
      
53,482
      
51,136
  
                                 
Other income (expense)
    
184
      
(40
)
    
282
      
(85
)
                                 
Earnings before taxes
    
28,669
      
28,335
      
53,764
      
51,051
  
                                 
Provision for income taxes
    
8,823
      
8,237
      
16,558
      
14,765
  
                                 
Net earnings
  
$
19,846
    
$
20,098
    
$
37,206
    
$
36,286
  
                                 
Net earnings per common share—basic
  
$
1.48
    
$
1.51
    
$
2.79
    
$
2.72
  
Net earnings per common share—diluted
  
$
1.48
    
$
1.51
    
$
2.78
    
$
2.71
  
                                 
Weighted average common shares outstanding—basic
    
13,372
      
13,312
      
13,347
      
13,334
  
Weighted average common shares outstanding—diluted
    
13,391
      
13,350
      
13,394
      
13,408
  
8


Technology Segment
                                
   
Three Months Ended September 30,
          
Six Months Ended September 30,
        
   
2020
    
2019
    
% Change
    
2020
    
2019
    
% Change
  
   
(in thousands)
          
(in thousands)
        
                                     
Net sales
                                    
    Product
  
$
369,934
    
$
349,650
      
5.8
%
  
$
663,367
    
$
672,414
      
(1.3
%)
    Services
    
49,425
      
48,068
      
2.8
%
    
97,216
      
93,839
      
3.6
%
          Total
    
419,359
      
397,718
      
5.4
%
    
760,583
      
766,253
      
(0.7
%)
                                                 
Cost of sales
                                                
     Product
    
301,006
      
276,475
      
8.9
%
    
525,549
      
534,529
      
(1.7
%)
     Services
    
31,156
      
29,671
      
5.0
%
    
60,996
      
58,341
      
4.6
%
          Total
    
332,162
      
306,146
      
8.5
%
    
586,545
      
592,870
      
(1.1
%)
                                                 
Gross profit
    
87,197
      
91,572
      
(4.8
%)
    
174,038
      
173,383
      
0.4
%
                                                 
Selling, general, and administrative
    
62,586
      
67,189
      
(6.9
%)
    
128,142
      
129,856
      
(1.3
%)
Depreciation and amortization
    
3,313
      
3,529
      
(6.1
%)
    
6,801
      
6,936
      
(1.9
%)
Interest and financing costs
    
1
      
-
    
nm
      
266
      
-
    
nm
  
Operating expenses
    
65,900
      
70,718
      
(6.8
%)
    
135,209
      
136,792
      
(1.2
%)
                                                 
Operating income
  
$
21,297
    
$
20,854
      
(2.1
%)
  
$
38,829
    
$
36,591
      
6.1
%
Adjusted gross billings
  
$
601,064
    
$
579,084
      
3.8
%
  
$
1,147,458
    
$
1,127,447
      
1.8
%
Adjusted EBITDA
  
$
26,275
    
$
27,789
      
(5.4
%)
  
$
49,436
    
$
49,208
      
0.5
%


9

Technology Segment Net Sales by Customer End Market
      
 
Twelve Months Ended September 30,
  
 
2020
  
2019
  
% Change
           
Technology
19%
  
22%
  
(3%)
Telecom, Media, & Entertainment
20%
  
16%
  
4%
SLED
16%
  
17%
  
(1%)
Healthcare
15%
  
15%
  
-
​Financial Services
13%
  
14%
  
(1%)
​All others
17%
  
16%
  
1%
Total
100%
  
100%
    


Financing Segment
                                
   
Three Months Ended September 30,
          
Six Months Ended September 30,
        
   
2020
    
2019
    
% Change
    
2020
    
2019
    
% Change
  
   
(in thousands)
          
(in thousands)
        
                                     
Net sales
  
$
13,722
    
$
13,847
      
(0.9
%)
  
$
27,529
    
$
26,684
      
3.2
%
Cost of sales
    
1,957
      
2,388
      
(18.0
%)
    
4,048
      
4,397
      
(7.9
%)
Gross profit
    
11,765
      
11,459
      
2.7
%
    
23,481
      
22,287
      
5.4
%
                                                 
Selling, general, and administrative
    
4,303
      
3,334
      
29.1
%
    
8,214
      
6,454
      
27.3
%
Depreciation and amortization
    
28
      
28
      
0.0
%
    
56
      
84
      
(33.3
%)
Interest and financing costs
    
246
      
576
      
(57.3
%)
    
558
      
1,204
      
(53.7
%)
Operating expenses
    
4,577
      
3,938
      
16.2
%
    
8,828
      
7,742
      
14.0
%
                                                 
Operating income
  
$
7,188
    
$
7,521
      
(4.4
%)
  
$
14,653
    
$
14,545
      
0.7
%
Adjusted EBITDA
  
$
7,286
    
$
7,616
      
(4.3
%)
  
$
14,839
    
$
14,764
      
0.5
%



10

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.

11



   
Three Months Ended September 30,
    
Six Months Ended September 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
   
(in thousands)
  
                         
Technology segment net sales
  
$
419,359
    
$
397,718
    
$
760,583
    
$
766,253
  
Costs incurred related to sales of third-party maintenance,
software assurance and subscription / SaaS licenses, and services
    
181,705
      
181,366
      
386,875
      
361,194
  
Adjusted gross billings
  
$
601,064
    
$
579,084
    
$
1,147,458
    
$
1,127,447
  


   
Three Months Ended September 30,
    
Six Months Ended September 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
   
(in thousands)
  
Consolidated
                        
Net earnings
  
$
19,846
    
$
20,098
    
$
37,206
    
$
36,286
  
Provision for income taxes
    
8,823
      
8,237
      
16,558
      
14,765
  
Depreciation and amortization [1]
    
3,341
      
3,557
      
6,857
      
7,020
  
Share based compensation
    
1,764
      
2,135
      
3,671
      
4,077
  
Acquisition and integration expense
    
(30
)
    
1,338
      
(1
)
    
1,739
  
Interest and financing costs
    
1
      
-
      
266
      
-
  
Other (income) expense [2]
    
(184
)
    
40
      
(282
)
    
85
  
Adjusted EBITDA
  
$
33,561
    
$
35,405
    
$
64,275
    
$
63,972
  


   
Three Months Ended September 30,
    
Six Months Ended September 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
   
(in thousands)
  
Technology Segment
                        
Operating income
  
$
21,297
    
$
20,854
    
$
38,829
    
$
36,591
  
Depreciation and amortization [1]
    
3,313
      
3,529
      
6,801
      
6,936
  
Share based compensation
    
1,693
      
2,068
      
3,541
      
3,942
  
Acquisition and integration expense
    
(30
)
    
1,338
      
(1
)
    
1,739
  
Interest and financing costs
    
1
      
-
      
266
      
-
  
Adjusted EBITDA
  
$
26,275
    
$
27,789
    
$
49,436
    
$
49,208
  
                                 

Financing Segment
                        
Operating income
  
$
7,188
    
$
7,521
    
$
14,653
    
$
14,545
  
Depreciation and amortization [1]
    
28
      
28
      
56
      
84
  
Share based compensation
    
70
      
67
      
130
      
135
  
Adjusted EBITDA
  
$
7,286
    
$
7,616
    
$
14,839
    
$
14,764
  
                                 



12


   
Three Months Ended September 30,
    
Six Months Ended September 30,
  
   
2020
    
2019
    
2020
    
2019
  
   
(in thousands)
  
GAAP: Earnings before taxes
  
$
28,669
    
$
28,335
    
$
53,764
    
$
51,051
  
Share based compensation
    
1,764
      
2,135
      
3,671
      
4,077
  
Acquisition and integration expense
    
(30
)
    
1,338
      
(1
)
    
1,739
  
Acquisition related amortization expense [3]
    
2,172
      
2,345
      
4,400
      
4,532
  
Other (income) expense [2]
    
(184
)
    
40
      
(282
)
    
85
  
Non-GAAP: Earnings before taxes
    
32,391
      
34,193
      
61,552
      
61,484
  
                                 
GAAP: Provision for income taxes
    
8,823
      
8,237
      
16,558
      
14,765
  
Share based compensation
    
541
      
624
      
1,128
      
1,183
  
Acquisition and integration expense
    
(9
)
    
391
      
-
      
506
  
Acquisition related amortization expense [3]
    
648
      
663
      
1,315
      
1,270
  
Other (income) expense [2]
    
(56
)
    
12
      
(86
)
    
25
  
Tax benefit on restricted stock
    
(26
)
    
38
      
(40
)
    
48
  
Non-GAAP: Provision for income taxes
    
9,921
      
9,965
      
18,875
      
17,797
  
                                 
Non-GAAP: Net earnings
  
$
22,470
    
$
24,228
    
$
42,677
    
$
43,687
  
                                 


   
Three Months Ended September 30,
    
Six Months Ended September 30,
  
   
2020
    
2019
    
2020
    
2019
  
                         
GAAP: Net earnings per common share – diluted
  
$
1.48
    
$
1.51
    
$
2.78
    
$
2.71
  
                                 
Share based compensation
    
0.09
      
0.11
      
0.19
      
0.22
  
Acquisition and integration expense
    
-
      
0.07
      
-
      
0.09
  
Acquisition related amortization expense [3]
    
0.11
      
0.12
      
0.23
      
0.24
  
Other (income) expense [2]
    
-
      
-
      
(0.01
)
    
-
  
Tax benefit on restricted stock
    
-
      
-
      
-
      
-
  
Total non-GAAP adjustments – net of tax
  
$
0.20
    
$
0.30
    
$
0.41
    
$
0.55
  
                                 
Non-GAAP: Net earnings per common share – diluted
  
$
1.68
    
$
1.81
    
$
3.19
    
$
3.26
  

[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.


13


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