|
|
|
||
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Exhibit No.
|
Description
|
99.1
|
Press release dated February 3, 2021, issued by ePlus inc.
|
ePlus inc.
|
||||
By: /s/ Elaine D. Marion
|
||||
Elaine D. Marion
|
||||
Chief Financial Officer
|
Third Quarter Fiscal Year 2021
|
• Net sales decreased 0.3% to $427.6
million; technology segment net sales increased 1.2% to $415.6 million; service revenues increased 3.3% to $52.1 million.
|
• Adjusted gross billings increased 0.3% to
$587.8 million.
|
• Consolidated gross profit decreased 5.3%
to $98.2 million.
|
• Consolidated gross margin was 23.0%, a
decrease of 120 basis points.
|
• Net earnings increased 10.7% to $21.6
million.
|
• Adjusted EBITDA increased 8.0% to $34.4
million.
|
• Diluted earnings per share increased 11.0%
to $1.62. Non-GAAP diluted earnings per share increased 9.1% to $1.79.
|
First Nine Months Fiscal Year 2021
|
• Net sales decreased 0.5% to $1,215.7
million; technology segment net sales decreased 0.1% to $1,176.2 million; service revenues increased 3.5% to $149.3 million.
|
• Adjusted gross billings increased 1.3% to
$1,735.3 million.
|
• Consolidated gross profit decreased 1.2%
to $295.7 million.
|
• Consolidated gross margin was 24.3%, a
decrease of 20 basis points.
|
• Net earnings increased 5.4% to $58.8
million.
|
• Adjusted EBITDA increased 3.0% to $98.7
million.
|
• Diluted earnings per share increased 5.5%
to $4.39. Non-GAAP diluted earnings per share increased 1.6% to $4.97.
|
•
|
In the month of January:
|
|
o
|
ePlus announced the acquisition of the business of System Management and Planning, Inc. (SMP), an established provider of
technology solutions and services in upstate New York and the Northeast.
|
|
•
|
In the month of December:
|
|
o
|
ePlus announced that it has teamed up with the Garden of Dreams Foundation and the Radio City Rockettes creating an exclusive,
one-of-a-kind holiday celebration, entitled Delivering Joy.
|
|
o
|
ePlus announced that it developed a methodology to help Amazon Web Services (AWS) customers accelerate adoption of the new AWS
Gateway Load Balancer (GWLB) service, which makes it easy to deploy, scale, and manage third-party virtual appliances.
|
|
o
|
ePlus announced participation with AWS on the launch of Professional Services in AWS Marketplace.
|
|
•
|
In the month of November:
|
|
o
|
ePlus announced that it is the recipient of a Cisco®
Partner Summit Digital Geographical Region award for Americas Technology Excellence Partner of the Year: Data Center.
|
|
o
|
ePlus celebrated its 30th anniversary as a leading global technology and financing provider helping advise and enable customers to achieve more from their technology and flexible financing
options.
|
|
•
|
In the month of October:
|
|
o
|
ePlus announced that it successfully completed multiple attestations for controls surrounding its Managed Services Center, Cloud
Hosted Services, Service Desk and OneSource family of software products.
|
Date:
|
February 3, 2021
|
Time:
|
4:30 p.m. ET
|
Pre-registration link:
|
http://www.directeventreg.com/registration/event/6852766
|
Webcast:
|
http://www.eplus.com/investors (live and replay)
|
Replay:
|
(800) 585-8367 (domestic) or (416) 621-4642 (international)
|
Passcode:
|
6852766
|
ePlus inc. AND SUBSIDIARIES
|
||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
||||||||
(in thousands, except per share amounts)
|
||||||||
December 31, 2020
|
March 31, 2020
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
86,463
|
$
|
86,231
|
||||
Accounts receivable—trade, net
|
460,385
|
374,998
|
||||||
Accounts receivable—other, net
|
34,355
|
36,570
|
||||||
Inventories
|
81,304
|
50,268
|
||||||
Financing receivables—net, current
|
126,692
|
70,169
|
||||||
Deferred costs
|
28,939
|
22,306
|
||||||
Other current assets
|
8,514
|
9,256
|
||||||
Total current assets
|
826,652
|
649,798
|
||||||
|
||||||||
Financing receivables and operating leases—net
|
87,342
|
74,158
|
||||||
Property, equipment and other assets
|
43,387
|
32,596
|
||||||
Goodwill
|
126,945
|
118,097
|
||||||
Other intangible assets—net
|
41,628
|
34,464
|
||||||
TOTAL ASSETS
|
$
|
1,125,954
|
$
|
909,113
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
159,175
|
$
|
82,919
|
||||
Accounts payable—floor plan
|
177,084
|
127,416
|
||||||
Salaries and commissions payable
|
33,197
|
30,952
|
||||||
Deferred revenue
|
68,466
|
55,480
|
||||||
Recourse notes payable—current
|
-
|
37,256
|
||||||
Non-recourse notes payable—current
|
62,021
|
29,630
|
||||||
Other current liabilities
|
31,095
|
22,986
|
||||||
Total current liabilities
|
531,038
|
386,639
|
||||||
|
||||||||
Non-recourse notes payable—long term
|
6,312
|
5,872
|
||||||
Deferred tax liability—net
|
3,763
|
2,730
|
||||||
Other liabilities
|
39,832
|
27,727
|
||||||
TOTAL LIABILITIES
|
580,945
|
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; 13,503
outstanding at December 31, 2020 and
13,500
outstanding at March 31, 2020
|
145
|
144
|
||||||
Additional paid-in capital
|
150,624
|
145,197
|
||||||
Treasury stock, at cost, 993 shares at December 31, 2020 and
896 shares at March 31, 2020
|
(75,372 |
) |
(68,424 |
) |
||||
Retained earnings
|
469,063
|
410,219
|
||||||
Accumulated other comprehensive income—foreign currency
translation adjustment
|
549
|
(991
|
)
|
|||||
Total Stockholders' Equity
|
545,009
|
486,145
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,125,954
|
$
|
909,113
|
ePlus inc. AND SUBSIDIARIES
|
||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net sales
|
||||||||||||||||
Product
|
$
|
375,512
|
$
|
378,569
|
$
|
1,066,408
|
$
|
1,077,667
|
||||||||
Services
|
52,092
|
50,422
|
149,308
|
144,261
|
||||||||||||
Total
|
427,604
|
428,991
|
1,215,716
|
1,221,928
|
||||||||||||
Cost of sales
|
||||||||||||||||
Product
|
297,514
|
293,209
|
827,111
|
832,135
|
||||||||||||
Services
|
31,939
|
32,086
|
92,935
|
90,427
|
||||||||||||
Total
|
329,453
|
325,295
|
920,046
|
922,562
|
||||||||||||
Gross profit
|
98,151
|
103,696
|
295,670
|
299,366
|
||||||||||||
Selling, general, and administrative
|
65,390
|
73,090
|
201,746
|
209,400
|
||||||||||||
Depreciation and amortization
|
3,143
|
3,647
|
10,000
|
10,667
|
||||||||||||
Interest and financing costs
|
355
|
694
|
1,179
|
1,898
|
||||||||||||
Operating expenses
|
68,888
|
77,431
|
212,925
|
221,965
|
||||||||||||
Operating income
|
29,263
|
26,265
|
82,745
|
77,401
|
||||||||||||
Other income (expense)
|
813
|
997
|
1,095
|
912
|
||||||||||||
Earnings before taxes
|
30,076
|
27,262
|
83,840
|
78,313
|
||||||||||||
Provision for income taxes
|
8,438
|
7,712
|
24,996
|
22,477
|
||||||||||||
Net earnings
|
$
|
21,638
|
$
|
19,550
|
$
|
58,844
|
$
|
55,836
|
||||||||
Net earnings per common share—basic
|
$
|
1.62
|
$
|
1.47
|
$
|
4.41
|
$
|
4.19
|
||||||||
Net earnings per common share—diluted
|
$
|
1.62
|
$
|
1.46
|
$
|
4.39
|
$
|
4.16
|
||||||||
Weighted average common shares outstanding—basic
|
13,332
|
13,320
|
13,342
|
13,329
|
||||||||||||
Weighted average common shares outstanding—diluted
|
13,378
|
13,378
|
13,402
|
13,410
|
Technology Segment
|
||||||||||||||||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
|||||||||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||
Product
|
$
|
363,478
|
$
|
360,206
|
0.9
|
%
|
$
|
1,026,845
|
$
|
1,032,620
|
(0.6
|
%)
|
||||||||||||
Services
|
52,092
|
50,422
|
3.3
|
%
|
149,308
|
144,261
|
3.5
|
%
|
||||||||||||||||
Total
|
415,570
|
410,628
|
1.2
|
%
|
1,176,153
|
1,176,881
|
(0.1
|
%)
|
||||||||||||||||
Cost of sales
|
||||||||||||||||||||||||
Product
|
295,310
|
290,980
|
1.5
|
%
|
820,859
|
825,509
|
(0.6
|
%)
|
||||||||||||||||
Services
|
31,939
|
32,086
|
(0.5
|
%)
|
92,935
|
90,427
|
2.8
|
%
|
||||||||||||||||
Total
|
327,249
|
323,066
|
1.3
|
%
|
913,794
|
915,936
|
(0.2
|
%)
|
||||||||||||||||
Gross profit
|
88,321
|
87,562
|
0.9
|
%
|
262,359
|
260,945
|
0.5
|
%
|
||||||||||||||||
Selling, general, and administrative
|
62,377
|
67,759
|
(7.9
|
%)
|
190,519
|
197,615
|
(3.6
|
%)
|
||||||||||||||||
Depreciation and amortization
|
3,115
|
3,619
|
(13.9
|
%)
|
9,916
|
10,555
|
(6.1
|
%)
|
||||||||||||||||
Interest and financing costs
|
-
|
-
|
nm
|
266
|
-
|
nm
|
||||||||||||||||||
Operating expenses
|
65,492
|
71,378
|
(8.2
|
%)
|
200,701
|
208,170
|
(3.6
|
%)
|
||||||||||||||||
Operating income
|
$
|
22,829
|
$
|
16,184
|
41.1
|
%
|
$
|
61,658
|
$
|
52,775
|
16.8
|
%
|
||||||||||||
Adjusted gross billings
|
$
|
587,825
|
$
|
586,308
|
0.3
|
%
|
$
|
1,735,283
|
$
|
1,713,755
|
1.3
|
%
|
||||||||||||
Adjusted EBITDA
|
$
|
27,876
|
$
|
21,687
|
28.5
|
%
|
$
|
77,312
|
$
|
70,895
|
9.1
|
%
|
Technology Segment Net Sales by Customer End Market
|
|||||||
Twelve Months Ended December 31,
|
|||||||
2020
|
2019
|
Change
|
|||||
Telecom, Media, & Entertainment
|
23%
|
17%
|
6%
|
||||
Technology
|
18%
|
22%
|
(4%)
|
||||
SLED
|
16%
|
17%
|
(1%)
|
||||
Healthcare
|
14%
|
15%
|
(1%)
|
||||
Financial Services
|
13%
|
14%
|
(1%)
|
||||
All others
|
16%
|
15%
|
1%
|
||||
Total
|
100%
|
100%
|
Financing Segment
|
||||||||||||||||||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
|||||||||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||||||||||
Net sales
|
$
|
12,034
|
$
|
18,363
|
(34.5
|
%)
|
$
|
39,563
|
$
|
45,047
|
(12.2
|
%)
|
||||||||||||
Cost of sales
|
2,204
|
2,229
|
(1.1
|
%)
|
6,252
|
6,626
|
(5.6
|
%)
|
||||||||||||||||
Gross profit
|
9,830
|
16,134
|
(39.1
|
%)
|
33,311
|
38,421
|
(13.3
|
%)
|
||||||||||||||||
Selling, general, and administrative
|
3,013
|
5,331
|
(43.5
|
%)
|
11,227
|
11,785
|
(4.7
|
%)
|
||||||||||||||||
Depreciation and amortization
|
28
|
28
|
0.0
|
%
|
84
|
112
|
(25.0
|
%)
|
||||||||||||||||
Interest and financing costs
|
355
|
694
|
(48.8
|
%)
|
913
|
1,898
|
(51.9
|
%)
|
||||||||||||||||
Operating expenses
|
3,396
|
6,053
|
(43.9
|
%)
|
12,224
|
13,795
|
(11.4
|
%)
|
||||||||||||||||
Operating income
|
$
|
6,434
|
$
|
10,081
|
(36.2
|
%)
|
$
|
21,087
|
$
|
24,626
|
(14.4
|
%)
|
||||||||||||
Adjusted EBITDA
|
$
|
6,519
|
$
|
10,169
|
(35.9
|
%)
|
$
|
21,358
|
$
|
24,933
|
(14.3
|
%)
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
(in thousands)
|
||||||||||||||||
Technology segment net sales
|
$
|
415,570
|
$
|
410,628
|
$
|
1,176,153
|
$
|
1,176,881
|
||||||||
Costs incurred related to sales of third-party
maintenance, software assurance
and subscription / SaaS licenses, and services
|
172,255
|
175,680
|
559,130
|
536,874
|
||||||||||||
Adjusted gross billings
|
$
|
587,825
|
$
|
586,308
|
$
|
1,735,283
|
$
|
1,713,755
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
(in thousands)
|
||||||||||||||||
Consolidated
|
||||||||||||||||
Net earnings
|
$
|
21,638
|
$
|
19,550
|
$
|
58,844
|
$
|
55,836
|
||||||||
Provision for income taxes
|
8,438
|
7,712
|
24,996
|
22,477
|
||||||||||||
Depreciation and amortization [1]
|
3,143
|
3,647
|
10,000
|
10,667
|
||||||||||||
Share based compensation
|
1,756
|
1,944
|
5,427
|
6,021
|
||||||||||||
Acquisition and integration expense
|
233
|
-
|
232
|
1,739
|
||||||||||||
Interest and financing costs
|
-
|
-
|
266
|
-
|
||||||||||||
Other (income) expense [2]
|
(813
|
)
|
(997
|
)
|
(1,095
|
)
|
(912
|
)
|
||||||||
Adjusted EBITDA
|
$
|
34,395
|
$
|
31,856
|
$
|
98,670
|
$
|
95,828
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
(in thousands)
|
||||||||||||||||
Technology Segment
|
||||||||||||||||
Operating income
|
$
|
22,829
|
$
|
16,184
|
$
|
61,658
|
$
|
52,775
|
||||||||
Depreciation and amortization [1]
|
3,115
|
3,619
|
9,916
|
10,555
|
||||||||||||
Share based compensation
|
1,699
|
1,884
|
5,240
|
5,826
|
||||||||||||
Acquisition and integration expense
|
233
|
-
|
232
|
1,739
|
||||||||||||
Interest and financing costs
|
-
|
-
|
266
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
27,876
|
$
|
21,687
|
$
|
77,312
|
$
|
70,895
|
Financing Segment
|
||||||||||||||||
Operating income
|
$
|
6,434
|
$
|
10,081
|
$
|
21,087
|
$
|
24,626
|
||||||||
Depreciation and amortization [1]
|
28
|
28
|
84
|
112
|
||||||||||||
Share based compensation
|
57
|
60
|
187
|
195
|
||||||||||||
Adjusted EBITDA
|
$
|
6,519
|
$
|
10,169
|
$
|
21,358
|
$
|
24,933
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(in thousands)
|
||||||||||||||||
GAAP: Earnings before taxes
|
$
|
30,076
|
$
|
27,262
|
$
|
83,840
|
$
|
78,313
|
||||||||
Share based compensation
|
1,756
|
1,944
|
5,427
|
6,021
|
||||||||||||
Acquisition and integration expense
|
233
|
-
|
232
|
1,739
|
||||||||||||
Acquisition related amortization expense [3]
|
1,986
|
2,421
|
6,386
|
6,953
|
||||||||||||
Other (income) expense [2]
|
(813
|
)
|
(997
|
)
|
(1,095
|
)
|
(912
|
)
|
||||||||
Non-GAAP: Earnings before taxes
|
33,238
|
30,630
|
94,790
|
92,114
|
||||||||||||
GAAP: Provision for income taxes
|
8,438
|
7,712
|
24,996
|
22,477
|
||||||||||||
Share based compensation
|
493
|
553
|
1,621
|
1,736
|
||||||||||||
Acquisition and integration expense
|
65
|
-
|
65
|
506
|
||||||||||||
Acquisition related amortization expense [3]
|
541
|
668
|
1,856
|
1,938
|
||||||||||||
Other (income) expense [2]
|
(228
|
)
|
(283
|
)
|
(314
|
)
|
(258
|
)
|
||||||||
Tax benefit on restricted stock
|
-
|
39
|
(40
|
)
|
87
|
|||||||||||
Non-GAAP: Provision for income taxes
|
9,309
|
8,689
|
28,184
|
26,486
|
||||||||||||
Non-GAAP: Net earnings
|
$
|
23,929
|
$
|
21,941
|
$
|
66,606
|
$
|
65,628
|
||||||||
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
GAAP: Net earnings per common share – diluted
|
$
|
1.62
|
$
|
1.46
|
$
|
4.39
|
$
|
4.16
|
||||||||
Share based compensation
|
0.10
|
0.10
|
0.29
|
0.32
|
||||||||||||
Acquisition and integration expense
|
0.01
|
-
|
0.01
|
0.09
|
||||||||||||
Acquisition related amortization expense [3]
|
0.10
|
0.14
|
0.33
|
0.38
|
||||||||||||
Other (income) expense [2]
|
(0.04
|
)
|
(0.05
|
)
|
(0.05
|
)
|
(0.05
|
)
|
||||||||
Tax benefit on restricted stock
|
-
|
(0.01
|
)
|
-
|
(0.01
|
)
|
||||||||||
Total non-GAAP adjustments – net of tax
|
0.17
|
0.18
|
0.58
|
0.73
|
||||||||||||
Non-GAAP: Net earnings per common share – diluted
|
$
|
1.79
|
$
|
1.64
|
$
|
4.97
|
$
|
4.89
|
[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.
|
Document and Entity Information |
Feb. 03, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 03, 2021 |
Entity Registrant Name | ePlus inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34167 |
Entity Tax Identification Number | 54-1817218 |
Entity Address, Address Line One | 13595 Dulles Technology Drive |
Entity Address, City or Town | Herndon |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 20171-3413 |
City Area Code | 703 |
Local Phone Number | 984-8400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001022408 |
Title of 12(b) Security | Common Stock, $.01 par value |
Trading Symbol | PLUS |
Security Exchange Name | NASDAQ |
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end