ePlus inc. (NASDAQ:PLUS), a leading provider of technology
solutions, today announced financial results for the three months
and fiscal year ended March 31, 2019.
Management Comment
“Strong growth in adjusted gross billings and an
industry-leading gross margin of 25% were the highlights of this
year’s fourth quarter. While product mix was not optimal and
impacted gross profit in the fourth quarter, we closed the fiscal
year well positioned for future growth in our key solution areas of
cloud, security, and digital infrastructure. We also continue
to build an annuity-quality revenue base to support consistent
revenue growth,” said Mark Marron, President and Chief Executive
Officer.
“For fiscal 2019, consolidated gross margin increased 130-basis
points to 24.1%, primarily reflecting a 15.4% increase in
higher-margin services revenues, which accounted for 10.9% of total
annual revenue. Services have increased at a CAGR of 24% over the
last three years, reflecting the success of our strategy to provide
innovative IT solutions to middle market and enterprise
customers.
“To support customer demand for our solutions, we continue to
make focused investments on consultative, technical and client
facing resources, as well as through strategic acquisitions,” noted
Mr. Marron.
Fourth Quarter Results
For the fourth quarter ended March 31, 2019 as
compared to the fourth quarter of the prior fiscal year:
Consolidated net sales decreased 1.3% to $325.4
million, from $329.9 million primarily due to a larger portion of
our sales that were recognized on a net basis.
Technology segment net sales decreased 1.9% to
$313.2 million, from $319.1 million. Service revenues increased
22.8% to $45.0 million, from $36.6 million. Service revenues
includes revenues from professional services, managed services, and
staff augmentation.
Adjusted gross billings increased 6.8% to $472.4
million due, in part, to the acquisition of SLAIT Consulting, LLC
in January 2019 as well as organic growth.
Financing segment net sales increased 14.2% to
$12.3 million, from $10.7 million, due to an increase in
transactional gains.
Consolidated gross profit decreased 0.4% to
$81.3 million, from $81.6 million. Consolidated gross margin
improved 30 basis points to 25.0%, compared with 24.7% last year,
due to a shift in mix towards third-party maintenance and software
subscriptions, as well as higher services revenues.
Operating expenses increased 5.8% to $66.8
million, from $63.1 million, primarily due to an increase in
healthcare costs and additional expenses associated with the
acquisition and operation of SLAIT Consulting, LLC in January
2019.
Consolidated operating income decreased 21.8% to
$14.5 million.
Other income of $5.6 million includes receipt of
distributions of $5.4 million from a customer’s bankruptcy case and
$0.2 million of interest income and foreign currency gains.
Our effective tax rate for the current quarter
was 24.8%, compared with 51.0% in the prior year quarter. The
higher effective tax rate in the prior year quarter was due to an
adjustment to the remeasurement of our deferred tax assets and
liabilities as a result of the Tax Cuts and Jobs Act.
Net earnings increased 69.2% to $15.1
million.
Adjusted EBITDA decreased 16.0% to $19.6
million, from $23.3 million.
Diluted earnings per share was $1.12, compared
with $0.65 in the prior year quarter. Non-GAAP diluted earnings per
share was $1.03, compared with $1.06 last year.
Fiscal Year 2019 Results
For the fiscal year ended March 31, 2019 as
compared to the fiscal year ended March 31, 2018:
Consolidated net sales decreased 3.3% to
$1,372.7 million, from $1,418.8 million.
Technology segment net sales decreased 3.2% to
$1,329.5 million, from $1,372.8 million primarily due to an
increase in sales reported on a net basis. Service revenues
increased 15.4% to $149.5 million, from $129.5 million, due to an
increase in managed services and staff augmentation.
Adjusted gross billings increased 1.0% to
$1,919.0 million due, in part, to acquisitions completed during the
year.
Financing segment net sales decreased 6.3% to
$43.2 million, from $46.0 million due to a decrease in post
contract earnings from the prior year’s early termination of
several large leases, and the sale of off lease assets.
Consolidated gross profit increased 2.1% to
$330.4 million, from $323.5 million. Consolidated gross margin
improved 130 basis points to 24.1%, compared with 22.8% last year,
due to a shift in mix towards third-party maintenance and software
subscriptions. Also contributing were higher product margins and
service revenues.
Operating expenses increased 4.9% to $250.9
million, from $239.2 million, due, in part to increases in variable
compensation, healthcare costs and software license and
maintenance, as well as the expenses associated with the
acquisitions of IDS in September 2017 and SLAIT Consulting in
January 2019. Our headcount was 1,537, an increase of 277 or 22.0%,
from 1,260 as of March 31, 2018, of which 256 was related to the
acquisition of SLAIT Consulting, LLC.
Consolidated operating income decreased 5.6% to
$79.5 million.
Our effective tax rate for fiscal year 2019 was
26.7%, compared with 34.3% in the prior year. Our effective
tax rate for fiscal year 2018 included a partial year of the lower
U.S. federal statutory rate from the Tax Cuts and Jobs Act.
Net earnings rose 14.6% to $63.2 million.
Adjusted EBITDA decreased 2.3% to $100.4
million, from $102.8 million.
Diluted earnings per share was $4.65, compared
with $3.95 in the prior year. Non-GAAP diluted earnings per share
was $5.12, compared with $5.04 last year.
Balance Sheet Highlights
As of March 31, 2019, ePlus had cash and cash
equivalents of $79.8 million, compared with $118.2 million as of
March 31, 2018. The decrease in cash and cash equivalents was
primarily due to the purchase of SLAIT Consulting, LLC, increases
in working capital in the technology segment, investments in our
financing portfolio, and share repurchases. Total
stockholders' equity was $424.3 million, compared with $372.6
million as of March 31, 2018. Total shares outstanding were 13.6
million and 13.8 million on March 31, 2019 and March 31, 2018,
respectively.
Summary and Outlook
“Looking ahead, market conditions remain favorable, and ePlus is
entering our fiscal 2020 with many strategic and operational
advantages,” noted Mr. Marron. “The industry continues to
transition toward different types of consumption, subscription, and
ratable revenue models, and within that environment, ePlus is well
positioned to benefit, given our investment in these areas and our
overall size and scale. Additionally, we believe we are
aligned closely with the solutions and services our customers need
in today’s IT environment. For example, security products and
services represented 19.5% of adjusted gross billings, up from
18.6% in fiscal year 2018 and 16.1% in fiscal year 2017. We
expect security to continue to be an important growth driver for
us.
“The January acquisition of SLAIT Consulting boosted our
geographic footprint in the Mid-Atlantic and extended our security
consulting, staff augmentation, and managed services capabilities.
We continue to be disciplined in seeking out acquisitions to
drive our strategy and expand our reach,” Mr. Marron concluded.
Recent Corporate
Developments/Recognitions
- On May 6-9th, ePlus hosted its 14th annual Transform sales and
services meeting in Nashville, TN, with over 776 attendees
including 79 vendor partners.
- On May 7th, ePlus announced its Multi-Cloud Architecture
Framework to help organizations design and optimize their
enterprise architecture to support multi-cloud solutions.
- On May 6th, ePlus announced that it expanded its Managed
Services capabilities to support the Cisco Viptela SD-WAN
Solution.
- On March 13th, ePlus announced its wholly owned subsidiary,
ePlus Technology inc., was named to the CRN ® 2019 Managed Service
Provider (MSP) 500 list in the Elite 150 Category.
- On February 19th, ePlus announced the completion of the Type 2
SSAE 18 exam for managed services and the OneSource family of
software products.
- On January 22nd, ePlus announced the acquisition of SLAIT
Consulting, a Mid-Atlantic IT services provider.
Conference Call Information
ePlus will hold a conference call and webcast at
4:30 p.m. ET on May 22, 2019:
Date: |
Wednesday,
May 22, 2019 |
Time: |
4:30 p.m. ET |
Live Call: |
(877) 870-9226, domestic, (973) 890-8320,
international |
Replay: |
(855) 859-2056, domestic, (404) 537-3406,
international |
Passcode: |
2767069 (live and replay) |
Webcast: |
http://www.eplus.com/investors (live and replay) |
The replay of this webcast will be available
approximately two hours after the call and be available through May
29, 2019.
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 expertise in key
technologies from data center to security, cloud, and
collaboration, 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 at
www.facebook.com/ePlusinc and on Twitter at
www.twitter.com/ePlus.
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. OneCloud is a trademark of
OneCloud Consulting, 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, 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; 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; 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, SVPePlus
inc.kparkhurst@eplus.com703-984-8150
|
|
|
|
ePlus
inc. AND SUBSIDIARIES |
|
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
(in thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
March 31, 2019 |
|
March 31, 2018 |
ASSETS |
|
|
(as adjusted) |
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$79,816 |
|
$118,198 |
Accounts receivable—trade, net |
299,899 |
|
268,287 |
Accounts receivable—other, net |
41,328 |
|
28,401 |
Inventories |
50,493 |
|
39,855 |
Financing receivables—net, current |
63,767 |
|
69,936 |
Deferred costs |
17,301 |
|
16,589 |
Other current assets |
7,499 |
|
23,625 |
Total current assets |
560,103 |
|
564,891 |
|
|
|
|
Financing receivables and
operating leases—net |
59,032 |
|
68,511 |
Property, equipment and other
assets |
17,328 |
|
19,143 |
Goodwill |
110,807 |
|
76,624 |
Other intangible
assets—net |
38,928 |
|
26,302 |
TOTAL ASSETS |
$786,198 |
|
$755,471 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$86,801 |
|
$106,933 |
Accounts payable—floor plan |
116,083 |
|
112,109 |
Salaries and commissions payable |
21,286 |
|
19,801 |
Deferred revenue |
47,251 |
|
35,648 |
Recourse notes payable—current |
28 |
|
1,343 |
Non-recourse notes payable—current |
38,117 |
|
40,863 |
Other current liabilities |
19,285 |
|
33,370 |
Total current liabilities |
328,851 |
|
350,067 |
|
|
|
|
Non-recourse notes
payable—long term |
10,502 |
|
10,072 |
Deferred tax
liability—net |
4,919 |
|
1,662 |
Other liabilities |
17,673 |
|
21,067 |
TOTAL LIABILITIES |
361,945 |
|
382,868 |
|
|
|
|
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; 13,611 outstanding at March 31,
2019 and 13,761 outstanding at March 31, 2018 |
143 |
|
142 |
Additional paid-in
capital |
137,243 |
|
130,000 |
Treasury stock, at cost, 693
shares at March 31, 2019 and 467 shares at March 31, 2018 |
(53,999) |
|
(36,016) |
Retained earnings |
341,137 |
|
277,945 |
Accumulated other
comprehensive income—foreign currency |
(271) |
|
532 |
Total Stockholders'
Equity |
424,253 |
|
372,603 |
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$786,198 |
|
$755,471 |
|
|
|
|
|
ePlus inc. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share
amounts) |
|
|
Three Months Ended March 31, |
|
Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(as
adjusted) |
|
|
|
(as
adjusted) |
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
Product |
$280,460 |
|
$293,232 |
|
$1,223,195 |
|
$1,289,307 |
Services |
44,974 |
|
36,625 |
|
149,478 |
|
129,495 |
Total |
325,434 |
|
329,857 |
|
1,372,673 |
|
1,418,802 |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
|
|
|
|
Product |
216,662 |
|
228,212 |
|
952,464 |
|
1,023,590 |
Services |
27,500 |
|
20,015 |
|
89,821 |
|
71,730 |
Total |
244,162 |
|
248,227 |
|
1,042,285 |
|
1,095,320 |
|
|
|
|
|
|
|
|
Gross profit |
81,272 |
|
81,630 |
|
330,388 |
|
323,482 |
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
62,683 |
|
59,989 |
|
237,082 |
|
228,127 |
Depreciation and amortization |
3,574 |
|
2,835 |
|
11,824 |
|
9,921 |
Interest and financing costs |
545 |
|
292 |
|
1,948 |
|
1,195 |
Operating expenses |
66,802 |
|
63,116 |
|
250,854 |
|
239,243 |
|
|
|
|
|
|
|
|
Operating income |
14,470 |
|
18,514 |
|
79,534 |
|
84,239 |
|
|
|
|
|
|
|
|
Other income (expense) |
5,556 |
|
(347) |
|
6,696 |
|
(348) |
|
|
|
|
|
|
|
|
Earnings before taxes |
20,026 |
|
18,167 |
|
86,230 |
|
83,891 |
|
|
|
|
|
|
|
|
Provision for income taxes |
4,974 |
|
9,270 |
|
23,038 |
|
28,769 |
|
|
|
|
|
|
|
|
Net earnings |
$ 15,052 |
|
$8,897 |
|
$ 63,192 |
|
$55,122 |
|
|
|
|
|
|
|
|
Net earnings per common share—basic |
$ 1.12 |
|
$0.65 |
|
$ 4.70 |
|
$4.00 |
Net earnings per common share—diluted |
$ 1.12 |
|
$0.65 |
|
$ 4.65 |
|
$3.95 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding—basic |
13,391 |
|
13,620 |
|
13,448 |
|
13,790 |
Weighted average common shares
outstanding—diluted |
13,491 |
|
13,767 |
|
13,578 |
|
13,967 |
|
|
|
|
|
|
|
|
|
Technology
Segment |
|
Three Months Ended March 31, |
|
|
|
Year Ended March 31, |
|
|
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
Product |
$268,203 |
|
$282,502 |
|
(5.1%) |
|
$1,180,042 |
|
$1,243,270 |
|
(5.1%) |
Services |
44,974 |
|
36,625 |
|
22.8% |
|
149,478 |
|
129,495 |
|
15.4% |
Total |
313,177 |
|
319,127 |
|
(1.9%) |
|
1,329,520 |
|
1,372,765 |
|
(3.2%) |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
Product |
214,726 |
|
226,451 |
|
(5.2%) |
|
945,037 |
|
1,013,748 |
|
(6.8%) |
Services |
27,500 |
|
20,015 |
|
37.4% |
|
89,821 |
|
71,730 |
|
25.2% |
Total |
242,226 |
|
246,466 |
|
(1.7%) |
|
1,034,858 |
|
1,085,478 |
|
(4.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
70,951 |
|
72,661 |
|
(2.4%) |
|
294,662 |
|
287,287 |
|
2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses |
59,913 |
|
56,142 |
|
6.7% |
|
226,112 |
|
214,980 |
|
5.2% |
Depreciation and
amortization |
3,569 |
|
2,834 |
|
25.9% |
|
11,812 |
|
9,918 |
|
19.1% |
Operating expenses |
63,482 |
|
58,976 |
|
7.6% |
|
237,924 |
|
224,898 |
|
5.8% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$7,469 |
|
$13,685 |
|
(45.4%) |
|
$56,738 |
|
$62,389 |
|
(9.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
Key Business Metrics |
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross billings |
$472,391 |
|
$442,468 |
|
6.8% |
|
$1,918,995 |
|
$1,899,685 |
|
1.0% |
Adjusted EBITDA |
$12,503 |
|
$18,422 |
|
(32.1%) |
|
$77,202 |
|
$80,555 |
|
(4.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Segment
Net Sales by Customer End Market |
|
Year Ended March 31, |
|
|
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
Technology |
22% |
|
24% |
|
(2%) |
State & Local Government
& Educational Institutions |
17% |
|
17% |
|
- |
Telecom, Media, and
Entertainment |
13% |
|
14% |
|
(1%) |
Financial Services |
15% |
|
15% |
|
- |
Healthcare |
15% |
|
14% |
|
1% |
All others |
18% |
|
16% |
|
2% |
Total |
100% |
|
100% |
|
|
|
|
|
|
|
|
|
Financing
Segment |
|
Three Months Ended March 31, |
|
|
|
Year Ended March 31, |
|
|
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$12,257 |
|
$10,730 |
|
14.2% |
|
$43,153 |
|
$46,037 |
|
(6.3%) |
Cost of sales |
1,936 |
|
1,761 |
|
9.9% |
|
7,427 |
|
9,842 |
|
(24.5%) |
Gross profit |
10,321 |
|
8,969 |
|
15.1% |
|
35,726 |
|
36,195 |
|
(1.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses |
2,770 |
|
3,847 |
|
(28.0%) |
|
10,970 |
|
13,147 |
|
(16.6%) |
Depreciation and
amortization |
5 |
|
1 |
|
400.0% |
|
12 |
|
3 |
|
300.0% |
Interest and financing
costs |
545 |
|
292 |
|
86.6% |
|
1,948 |
|
1,195 |
|
63.0% |
Operating expenses |
3,320 |
|
4,140 |
|
(19.8%) |
|
12,930 |
|
14,345 |
|
(9.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$7,001 |
|
$4,829 |
|
45.0% |
|
$22,796 |
|
$21,850 |
|
4.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Key Business Metrics |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$7,108 |
|
$4,923 |
|
44.4% |
|
$23,213 |
|
$22,219 |
|
4.5% |
|
|
|
|
|
|
|
|
|
|
|
|
ePlus inc. AND
SUBSIDIARIESRECONCILIATION 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 expenses, provision for
income taxes, and other income. 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, share based
compensation, and acquisition related amortization expense, and the
related tax effects. The presentation of non-GAAP net earnings and
non-GAAP net earnings per common share – diluted have been changed
from prior period presentations to adjust our tax expense assuming
a statutory income tax rate of 21.0% for U.S. operations.
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 similar non-GAAP
Adjusted Gross Billings, Adjusted EBITDA, non-GAAP Net Earnings and
non-GAAP Net Earnings per Common Share - Diluted or similarly
titled measures differently, which may reduce their usefulness as
comparative measures.
|
|
|
|
|
Three Months Ended March 31, |
|
Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
Technology segment net
sales |
$313,177 |
|
$319,127 |
|
$1,329,520 |
|
$1,372,765 |
Costs incurred related to
sales of third party maintenance, software assurance and
subscription/Saas licenses, and services |
159,214 |
|
123,341 |
|
589,475 |
|
526,920 |
Adjusted gross billings |
$472,391 |
|
$442,468 |
|
$1,918,995 |
|
$1,899,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(in thousands) |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$15,052 |
|
$8,897 |
|
$63,192 |
|
$55,122 |
Provision for income
taxes |
4,974 |
|
9,270 |
|
23,038 |
|
28,769 |
Depreciation and amortization
[1] |
3,574 |
|
2,835 |
|
11,824 |
|
9,921 |
Share based compensation |
1,826 |
|
1,608 |
|
7,244 |
|
6,464 |
Acquisition related
expenses |
(259) |
|
388 |
|
1,813 |
|
2,150 |
Other (income) expense
[2] |
(5,556) |
|
347 |
|
(6,696) |
|
348 |
Adjusted EBITDA |
$19,611 |
|
$23,345 |
|
$100,415 |
|
$102,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(in thousands) |
Technology Segment |
|
|
|
|
|
|
|
Operating income |
$7,469 |
|
$13,685 |
|
$56,738 |
|
$62,389 |
Depreciation and amortization
[1] |
3,569 |
|
2,834 |
|
11,812 |
|
9,918 |
Share based compensation |
1,724 |
|
1,515 |
|
6,839 |
|
6,098 |
Acquisition and integration
expenses |
(259) |
|
388 |
|
1,813 |
|
2,150 |
Segment Adjusted EBITDA |
$12,503 |
|
$18,422 |
|
$77,202 |
|
$80,555 |
|
|
|
|
|
|
|
|
Financing Segment |
|
|
|
|
|
|
|
Operating income |
$7,001 |
|
$4,829 |
|
$22,796 |
|
$21,850 |
Depreciation and amortization
[1] |
5 |
|
1 |
|
12 |
|
3 |
Share based compensation |
102 |
|
93 |
|
405 |
|
366 |
Segment Adjusted EBITDA |
$7,108 |
|
$4,923 |
|
$23,213 |
|
$22,219 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(in thousands) |
GAAP: Earnings before taxes |
$20,026 |
|
$18,167 |
|
$86,230 |
|
$83,891 |
Share based compensation |
1,826 |
|
1,608 |
|
7,244 |
|
6,464 |
Acquisition and integration expense |
(259) |
|
388 |
|
1,813 |
|
2,150 |
Acquisition related amortization expense [3] |
2,388 |
|
1,800 |
|
7,423 |
|
5,978 |
Other (income) expense [2] |
(5,556) |
|
347 |
|
(6,696) |
|
348 |
Non-GAAP: Earnings before taxes |
18,425 |
|
22,310 |
|
96,014 |
|
98,831 |
|
|
|
|
|
|
|
|
GAAP: Provision for income taxes |
4,974 |
|
9,270 |
|
23,038 |
|
28,769 |
Share based compensation |
454 |
|
464 |
|
1,988 |
|
1,866 |
Acquisition and integration expense |
(64) |
|
112 |
|
522 |
|
621 |
Acquisition related amortization expense [3] |
573 |
|
490 |
|
1,916 |
|
1,598 |
Other (income) expense [2] |
(1,380) |
|
100 |
|
(1,702) |
|
101 |
Re-measurement of deferred taxes [4] |
- |
|
(1,753) |
|
- |
|
1,654 |
Adjustment to US federal income tax rate to 21% |
- |
|
(1,017) |
|
- |
|
(7,635) |
Tax benefit on restricted stock |
- |
|
- |
|
672 |
|
1,444 |
Non-GAAP: Provision for income taxes |
4,557 |
|
7,666 |
|
26,434 |
|
28,418 |
|
|
|
|
|
|
|
|
Non-GAAP: Net earnings |
$13,868 |
|
$14,644 |
|
$69,580 |
|
$70,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Ended March 31, |
|
Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
GAAP: Net earnings per common share – diluted |
$1.12 |
|
$0.65 |
|
$4.65 |
|
$3.95 |
|
|
|
|
|
|
|
|
Share based compensation |
0.10 |
|
0.08 |
|
0.38 |
|
0.33 |
Acquisition and integration expense |
(0.01) |
|
0.02 |
|
0.09 |
|
0.11 |
Acquisition related amortization expense [3] |
0.13 |
|
0.09 |
|
0.40 |
|
0.32 |
Other (income) expense [2] |
(0.31) |
|
0.02 |
|
(0.35) |
|
0.01 |
Re-measurement of deferred taxes [4] |
- |
|
0.13 |
|
- |
|
(0.12) |
Adjustment to US federal income tax rate to 21% |
- |
|
0.07 |
|
- |
|
0.54 |
Tax benefit on restricted stock |
- |
|
- |
|
(0.05) |
|
(0.10) |
Total non-GAAP adjustments – net of tax |
($0.09) |
|
$0.41 |
|
$0.47 |
|
$1.09 |
|
|
|
|
|
|
|
|
Non-GAAP: Net earnings per common share – diluted |
$1.03 |
|
$1.06 |
|
$5.12 |
|
$5.04 |
|
|
|
|
|
|
|
|
[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. |
[4] Tax benefit (expense) for the re-measurement of
U.S. deferred income tax assets and liabilities at 21% federal
income tax rate for U.S. operations. |
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