0001022408-21-000017.txt : 20210525 0001022408-21-000017.hdr.sgml : 20210525 20210524180800 ACCESSION NUMBER: 0001022408-21-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210520 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210525 DATE AS OF CHANGE: 20210524 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: 21956631 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 5-20-2021

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): May 20, 2021




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 May 20, 2021, ePlus inc. announced by press release its results of operations for its fiscal year end and fourth quarter ended March 31, 2021. 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 May 20, 2021, 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: May 24, 2021



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

ePlus Reports Fourth Quarter and Fiscal Year 2021 Financial Results

--Strong Earnings Performance Demonstrates Resilience of Business Model--

Fourth Quarter Fiscal Year 2021
 
•           
Net sales decreased 3.8% to $352.6 million; technology segment net sales decreased 6.1% to $331.8 million; service revenues increased 8.2% to $52.9 million.
•           
Adjusted gross billings increased 2.8% to $528.6 million.
•           
Consolidated gross profit increased 6.6% to $97.9 million.
•           
Consolidated gross margin was 27.8%, an increase of 270 basis points.
•           
Net earnings increased 17.4% to $15.6 million.
•           
Adjusted EBITDA increased 25.7% to $29.6 million.
•           
Diluted earnings per share increased 17.2% to $1.16. Non-GAAP diluted earnings per share increased 13.7% to $1.41.

Fiscal Year 2021
 
•           
Net sales decreased 1.3% to $1,568.3 million; technology segment net sales decreased 1.4% to $1,508.0 million; service revenues increased 4.7% to $202.2 million.
•           
Adjusted gross billings increased 1.6% to $2,263.9 million.
•           
Consolidated gross profit increased 0.6% to $393.6 million.
•           
Consolidated gross margin was 25.1%, an increase of 50 basis points.
•           
Net earnings increased 7.7% to $74.4 million.
•           
Adjusted EBITDA increased 7.4% to $128.2 million.
•           
Diluted earnings per share increased 7.6% to $5.54. Non-GAAP diluted earnings per share increased 4.1% to $6.38.

HERNDON, VA – May 20, 2021 – ePlus inc. (NASDAQ:  PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months and fiscal year ended March 31, 2021.

Management Comment

“Our fourth quarter earnings performance reflected continued progress driving profitable growth from our IT solutions, particularly in the areas of security, cloud/data center, collaboration and annuity services, coupled with a steady focus on managing our cost structure. In the fourth quarter, gross profit increased 6.6%, and we realized an strong gross profit margin of 27.8%, our highest ever, due to growth in services revenue, increased product margins, and a high gross to net conversion.  Our improved margins and lower costs drove operating income up 31.9% in the quarter and 11.6% for the year.  EPS increased 17.2%, to $1.16, and adjusted EBITDA grew 25.7%, reflecting the strength and resilience of our business model,” said Mark Marron, President and Chief Executive Officer.

“In what was an unprecedented year, I am extremely proud of the entire ePlus team for responding with agility and unwavering commitment to support our customers’ evolving needs for integrated technology solutions.  For fiscal 2021, lower net sales were due, in part, to the industry’s continuing conversion to the XaaS revenue model and revenues recorded on a net basis.  We grew our services revenue, a key focus area that offers enhanced visibility due to our annuity-quality services offerings.  Importantly, we recorded substantive increases in operating income, adjusted EBITDA, and earnings per share.”

1

Fourth Quarter Fiscal 2021 Results

For the fourth quarter ended March 31, 2021 as compared to the fourth quarter of the prior fiscal year ended March 31, 2020:

Consolidated net sales decreased 3.8% to $352.6 million, from $366.5 million.

Technology segment net sales decreased 6.1% to $331.8 million, from $353.3 million due to lower product sales. Service revenues increased 8.2% to $52.9 million, from $48.9 million due to an increase in managed services.  Adjusted gross billings increased 2.8% to $528.6 million from $514.1 million.

Financing segment net sales increased 57.4% to $20.8 million, from $13.2 million due to an increase from sales of off lease equipment.

Consolidated gross profit increased 6.6% to $97.9 million, from $91.8 million. Consolidated gross margin was 27.8%, up from 25.1% last year, due to higher product margin in our technology segment as well as higher service margins.

Operating expenses were $74.3 million, up 0.5% from $73.9 million last year, primarily due to increases in variable compensation stemming from higher gross profit, partially offset by lower travel expenses and changes in reserve for credit losses.  Our headcount at the end of the quarter was 1,560, down 19 from a year ago.

Consolidated operating income increased 31.9% to $23.6 million.

Our effective tax rate for the current quarter was 32.6%, higher than the prior year quarter of 24.9%, primarily due to an increase of non-deductible compensation.

Net earnings increased 17.4% to $15.6 million.

Adjusted EBITDA increased 25.7% to $29.6 million, from $23.5 million.

Diluted earnings per share was $1.16, compared with $0.99 in the prior year quarter. Non-GAAP diluted earnings per share was $1.41, compared with $1.24 last year.

Fiscal Year 2021 Results

For the fiscal year ended March 31, 2021 as compared to the prior fiscal year ended March 31, 2020:

Consolidated net sales decreased 1.3% to $1,568.3 million, from $1,588.4 million.

Technology segment net sales decreased 1.4% to $1,508.0 million, from $1,530.1 million due to a larger portion of our sales that were recognized on a net basis. Service revenues increased 4.7% to $202.2 million, from $193.1 million primarily due to an increase in managed services.  Adjusted gross billings was $2,263.9 million, an increase of 1.6% from $2,227.9 million.

Financing segment net sales increased 3.6% to $60.4 million, from $58.3 million, primarily due to an increase in proceeds from sales of off lease equipment.

2

Consolidated gross profit increased 0.6% to $393.6 million, from $391.2 million. Consolidated gross margin was 25.1%, up from 24.6% last year, due to higher product margin in our technology segment as well as higher service margins.

Operating expenses were $287.2 million, down 2.9% from $295.9 million last year, primarily due to a decrease in travel, advertising & marketing, acquisition related expenses, and healthcare cost.

Consolidated operating income increased 11.6% to $106.3 million.

Our effective tax rate for the current fiscal year was 30.4%, higher than last year of 28.0%, primarily due to an adjustment to the federal benefit from state taxes.

Net earnings increased 7.7% to $74.4 million.

Adjusted EBITDA increased 7.4% to $128.2 million, from $119.4 million.

Diluted earnings per share was $5.54, compared with $5.15 in the prior year. Non-GAAP diluted earnings per share was $6.38, compared with $6.13 last year.

Balance Sheet Highlights

As of March 31, 2021, ePlus had cash and cash equivalents of $129.6 million, compared with $86.2 million as of March 31, 2020.  Inventory, which represents equipment ordered by customers but not yet delivered, increased 39.2% due to ongoing projects.  Total shareholders’ equity was $562.4 million, compared with $486.1 million as of March 31, 2020.  Total shares outstanding were 13.5 million on March 31, 2021 and March 31, 2020.

Summary and Outlook

“Fiscal 2021 was a very successful and productive year for ePlus, as we strengthened our capabilities both organically and through acquisitions, while generating growth in adjusted gross billings, margins and earnings.  Although component shortages may delay some near-term revenue, as the market continues to evolve, we expect to see accelerated demand for collaboration, remote work solutions, security, and cloud services.  We remain positive in our outlook for fiscal 2022 as ePlus continues to focus on the high growth areas that are critical to our customers’ digital transformation initiatives.”
3

Recent Corporate Developments/Recognitions

•           
In the month of April:
 
o           
Achieved VMware Cloud on AWS VMware Master Services Competency.
 
o           
ePlus will plant 10,000 trees through One Tree Planted, a non-profit organization dedicated to making it easier for individuals and businesses to give back to the environment, create a healthier climate, protect biodiversity, and help reforestation efforts.
 
•           
In the month of March:
 
o           
CRN®, a brand of The Channel Company, recognized ePlus with a place on its 2021 Tech Elite 250 list.
 
o           
Board of directors authorized the Company to repurchase up to 500,000 shares of ePlus’ outstanding common stock over a 12-month period commencing May 28, 2021.
 
o           
CRN®, a brand of The Channel Company, named ePlus to its 2021 Managed Service Provider (MSP) 500 list in the Elite 150 category.
 
•           
In the month of February:
 
o           
Achieved Amazon Web Services (AWS) Storage Competency status.
 
o           
Implemented a cloud-based Cisco call center solution that helped clear the way for Rowan University in New Jersey to become one of only four of the initial COVID vaccine distribution centers in the state.
 
o           
IGXGlobal UK Limited, its London-based subsidiary, renewed its Cisco Gold Certified Partner designation in the UK.

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on May 20, 2021:

Webcast (Live & Replay):
  
https://event.on24.com/wcc/r/3082272/D1D0303B8D92F5555E6FA9690D2FDDDC
Live Call:
(833) 714-0957 (toll-free/domestic)
(778) 560-2893 (international)
Replay:
(800) 585-8367 (toll-free/domestic) or
(416) 621-4642 (international)
Passcode:
1655478  (live call and replay)

The replay of this webcast will be available approximately two hours after the call through May 27, 2021.

About ePlus inc.

ePlus is a leading consultative technology solutions provider that helps customers imagine, implement, and achieve more from their technology.  With the highest certifications from top technology partners and lifecycle services expertise across key areas including security, cloud, data center, collaboration, networking, and emerging technologies, ePlus transforms IT from a cost center to a business enabler.  Founded in 1990, ePlus has more than 1,500 associates serving a diverse set of customers in the U.S., Europe, and Asia-Pac.  The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171.  For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com.  Connect with ePlus on Facebook, LinkedIn, Twitter and Instagram.


4

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, 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 an economic downturn, an increase in tariffs or adverse changes to trade agreements, 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 vendors’ or suppliers’ IT systems and data and audio communication networks, supply chains or other systems; 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 or ransomware 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, 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.
 
Contact:
Kleyton Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150
5


ePlus inc. AND SUBSIDIARIES
        
CONSOLIDATED BALANCE SHEETS
        
(in thousands, except per share amounts)
        
         
   
March 31, 2021
  
March 31, 2020
ASSETS
        
         
Current assets:
        
Cash and cash equivalents
  
 $129,562
  
 $86,231
Accounts receivable—trade, net
  
391,567
  
 374,998
Accounts receivable—other, net
 
41,053
  
 36,570
Inventories
  
69,963
  
 50,268
Financing receivables—net, current
 
106,272
  
 70,169
Deferred costs
 
 28,201
  
 22,306
Other current assets
 
 10,976
  
 9,256
Total current assets
 
777,594
  
 649,798
 
 
      
Financing receivables and operating leases—net
  
90,165
  
 74,158
Deferred tax asset--net
  
1,468
  
-
Property, equipment and other assets
  
 42,289
  
 32,596
Goodwill
  
 126,645
  
 118,097
Other intangible assets—net
 
 38,614
  
 34,464
TOTAL ASSETS
  
 $1,076,775
  
 $909,113
 
 
 
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
LIABILITIES
        
         
Current liabilities:
 
 
  
 
Accounts payable
 
 $165,162
  
 $82,919
Accounts payable—floor plan
  
 98,653
  
 127,416
Salaries and commissions payable
  
36,839
  
 30,952
Deferred revenue
 
72,802
  
 55,480
Recourse notes payable—current
  
5,450
  
 37,256
Non-recourse notes payable—current
 
50,397
  
 29,630
Other current liabilities
  
 30,061
  
 22,986
Total current liabilities
 
459,364
  
386,639
 
 
      
Recourse notes payable—long term
  
12,658
  
-
Non-recourse notes payable—long term
  
5,664
  
 5,872
Deferred tax liability—net
  
-
  
2,730
Other liabilities
 
36,679
  
 27,727
TOTAL LIABILITIES
  
514,365
  
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 March 31, 2021 and
        13,500 outstanding at March 31, 2020
  
145
  
144
Additional paid-in capital
  
152,366
  
145,197
Treasury stock, at cost, 993 shares at March 31, 2021 and
        896 shares at March 31, 2020
    (75,372)    (68,424)
Retained earnings
  
484,616
  
410,219
Accumulated other comprehensive income—foreign currency
        translation adjustment
 
655
  
(991)
Total Stockholders' Equity
  
562,410
  
486,145
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$1,076,775
  
$909,113

6


 
ePlus inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
 
Three Months Ended March 31,
  
Year Ended March 31,
 
2021
  
2020
  
2021
  
2020
               
Net sales
      
 
      
     Product
$299,750
  
$317,621
  
$1,366,158
  
$1,395,288
     Services
52,857
  
48,855
  
202,165
  
193,116
          Total
352,607
  
366,476
  
1,568,323
  
1,588,404
               
Cost of sales
              
     Product
222,566
  
 244,638
  
1,049,677
  
1,076,773
     Services
32,157
  
 30,013
  
125,092
  
120,440
          Total
254,723
  
274,651
  
1,174,769
  
1,197,213
               
Gross profit
97,884
  
91,825
  
393,554
  
391,191
               
Selling, general, and administrative
69,517
  
69,782
  
271,263
  
279,182
Depreciation and amortization
3,951
  
3,489
  
13,951
  
14,156
Interest and financing costs
826
  
676
  
2,005
  
2,574
Operating expenses
74,294
  
73,947
  
287,219
  
295,912
               
Operating income
23,590
  
17,878
  
106,335
  
95,279
     
 
        
Other income (expense)
(524)
  
(232)
  
571
  
680
               
Earnings before taxes
23,066
  
17,646
  
106,906
  
95,959
               
Provision for income taxes
7,513
  
4,400
  
32,509
  
26,877
               
Net earnings
$15,553
  
$13,246
  
$74,397
  
$69,082
     
 
      
 
Net earnings per common share—basic
$1.17
  
$0.99
  
$5.58
  
 $5.18
Net earnings per common share—diluted
$1.16
  
$0.99
  
$5.54
  
 $5.15
 
 
 
 
 
 
  
 
Weighted average common shares outstanding—basic
13,323
  
13,318
  
13,337
  
13,327
Weighted average common shares outstanding—diluted
13,416
  
13,390
  
13,417
  
13,415

7


Technology Segment
 
Three Months Ended March 31,
      
Year Ended March 31,
    
 
2021
  
2020
  
Change
  
2021
  
2020
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
                      
    Product
$278,944
  
$304,402
  
(8.4%)
  
$1,305,789
  
$1,337,022
  
(2.3%)
    Services
52,857
  
48,855
  
8.2%
  
202,165
  
193,116
  
4.7%
          Total
331,801
  
353,257
  
(6.1%)
  
1,507,954
  
1,530,138
  
(1.4%)
                       
Cost of sales
                      
     Product
215,768
  
243,601
  
(11.4%)
  
1,036,627
  
1,069,110
  
(3.0%)
     Services
32,157
  
30,013
  
7.1%
  
125,092
  
120,440
  
3.9%
          Total
247,925
  
273,614
  
(9.4%)
  
1,161,719
  
1,189,550
  
(2.3%)
                       
Gross profit
83,876
  
79,643
  
5.3%
  
346,235
  
340,588
  
1.7%
                       
Selling, general, and administrative
65,691
  
66,508
  
(1.2%)
  
256,210
  
264,123
  
(3.0%)
Depreciation and amortization
3,923
  
3,461
  
13.3%
  
13,839
  
14,016
  
(1.3%)
Interest and financing costs
255
  
294
  
(13.3%)
  
521
  
294
  
77.2%
Operating expenses
69,869
  
70,263
  
(0.6%)
  
270,570
  
278,433
  
(2.8%)
                       
Operating income
$14,007
  
$9,380
  
49.3%
  
$75,665
  
$62,155
  
21.7%
Adjusted gross billings
$528,582
  
$514,130
  
2.8%
  
$2,263,865
  
$2,227,885
  
1.6%
Adjusted EBITDA
$19,907
  
$14,945
  
33.2%
  
$97,219
  
$85,840
  
13.3%

Technology Segment Net Sales by Customer End Market
 
Twelve Months Ended March 31,
    
 
2021
  
2020
  
Change
           
Telecom, Media, & Entertainment
25%
  
19%
  
6%
Technology
17%
  
21%
  
(4%)
SLED
16%
  
16%
  
-
Healthcare
13%
  
15%
  
(2%)
​Financial Services
13%
  
13%
  
-
​All others
16%
  
16%
  
-
Total
100%
  
100%
    

Financing Segment
 
Three Months Ended March 31,
      
Year Ended March 31,
    
 
2021
  
2020
  
Change
  
2021
  
2020
  
Change
 
(in thousands)
      
(in thousands)
    
                       
Net sales
$20,806
  
$13,219
  
57.4%
  
$60,369
  
$58,266
  
3.6%
Cost of sales
6,798
  
1,037
  
555.5%
  
13,050
  
7,663
  
70.3%
Gross profit
14,008
  
12,182
  
15.0%
  
47,319
  
50,603
  
(6.5%)
                       
Selling, general, and administrative
3,826
  
3,274
  
16.9%
  
15,053
  
15,059
  
(0.0%)
Depreciation and amortization
28
  
28
  
0.0%
  
112
  
140
  
(20.0%)
Interest and financing costs
571
  
382
  
49.5%
  
1,484
  
2,280
  
(34.9%)
Operating expenses
4,425
  
3,684
  
20.1%
  
16,649
  
17,479
  
(4.7%)
                       
Operating income
$9,583
  
$8,498
  
12.8%
  
$30,670
  
$33,124
  
(7.4%)
Adjusted EBITDA
$9,668
  
$8,586
  
12.6%
  
$31,026
  
$33,519
  
(7.4%)

8

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.


9


 
Three Months Ended March 31,
  
Year Ended March 31,
 
2021
  
2020
  
2021
  
2020
 
(in thousands)
               
Technology segment net sales
$331,801
  
$353,257
  
$1,507,954
  
$1,530,138
Costs incurred related to sales of third-party
maintenance, software assurance and
subscription / SaaS licenses, and services
196,781
  
160,873
  
755,911
  
697,747
Adjusted gross billings
$528,582
  
$514,130
  
$2,263,865
  
$2,227,885


 
Three Months Ended March 31,
  
Year Ended March 31,
 
2021
  
2020
  
2021
  
2020
 
(in thousands)
Consolidated
              
               
Net earnings
$15,553
  
$13,246
  
$74,397
  
$69,082
Provision for income taxes
7,513
  
4,400
  
32,509
  
26,877
Depreciation and amortization [1]
3,951
  
3,489
  
13,951
  
14,156
Share based compensation
1,740
  
1,933
  
7,167
  
7,954
Acquisition and integration expense
39
  
(63)
  
271
  
1,676
Interest and financing costs
255
  
294
  
521
  
294
Other (income) expense [2]
524
  
232
  
(571)
  
(680)
Adjusted EBITDA
$29,575
  
$23,531
  
128,245
  
$119,359
               


 
Three Months Ended March 31,
  
Year Ended March 31,
 
2021
  
2020
  
2021
  
2020
 
(in thousands)
Technology Segment
              
Operating income
$14,007
  
$9,380
  
$75,665
  
$62,155
Depreciation and amortization [1]
3,923
  
3,461
  
13,839
  
14,016
Share based compensation
1,683
  
1,873
  
6,923
  
7,699
Acquisition and integration expense
39
  
(63)
  
271
  
1,676
Interest and financing costs
255
  
294
  
521
  
294
Adjusted EBITDA
$19,907
  
$14,945
  
$97,219
  
$85,840
               


Financing Segment
              
Operating income
$9,583
  
$8,498
  
$30,670
  
$33,124
Depreciation and amortization [1]
28
  
28
  
112
  
140
Share based compensation
57
  
60
  
244
  
255
Adjusted EBITDA
$9,668
  
$8,586
  
$31,026
  
$33,519
               

 
10

 
Three Months Ended March 31,
  
Year Ended March 31,
 
2021
  
2020
  
2021
  
2020
 
(in thousands)
GAAP: Earnings before taxes
$23,066
  
$17,646
  
$106,906
  
$95,959
Share based compensation
1,740
  
1,933
  
7,167
  
7,954
Acquisition and integration expense
39
  
(63)
  
271
  
1,676
Acquisition related amortization expense [3]
2,730
  
2,264
  
9,116
  
9,217
Other (income) expense [2]
524
  
232
  
(571)
  
(680)
Non-GAAP: Earnings before taxes
28,099
  
22,012
  
122,889
  
114,126
               
GAAP: Provision for income taxes
7,513
  
4,400
  
32,509
  
26,877
Share based compensation
567
  
482
  
2,188
  
2,218
Acquisition and integration expense
13
  
(16)
  
78
  
490
Acquisition related amortization expense [3]
874
  
549
  
2,730
  
2,487
Other (income) expense [2]
171
  
58
  
(143)
  
(200)
Tax benefit on restricted stock
-
  
-
  
(40)
  
87
Non-GAAP: Provision for income taxes
9,138
  
5,473
  
37,322
  
31,959
               
Non-GAAP: Net earnings
$18,961
  
$16,539
  
$85,567
  
$82,167
               

 
Three Months Ended March 31,
  
Year Ended March 31,
 
2021
  
2020
  
2021
  
2020
               
GAAP: Net earnings per common share – diluted
$1.16
  
$0.99
  
$5.54
  
$5.15
               
Share based compensation
0.09
  
0.11
  
0.38
  
0.43
Acquisition and integration expense
-
  
-
  
0.01
  
0.09
Acquisition related amortization expense [3]
0.13
  
0.13
  
0.48
  
0.51
Other (income) expense [2]
0.03
  
0.01
  
(0.03)
  
(0.04)
Tax benefit on restricted stock
-
  
-
  
-
  
(0.01)
Total non-GAAP adjustments – net of tax
$0.25
  
$0.25
  
$0.84
  
$0.98
               
Non-GAAP: Net earnings per common share – diluted
$1.41
  
$1.24
  
$6.38
  
$6.13

[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.

11
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