EXHIBIT 99.1

ePlus Reports Fourth Quarter and Fiscal Year 2019 Financial Results

Full Year Consolidated Gross Margin Increased 130-basis points to 24.1%

Fourth Quarter Ended March 31, 2019

·  
Net sales decreased 1.3% to $325.4 million; service revenues increased 22.8% to $45.0 million; technology segment net sales decreased 1.9% to $313.2 million.
·  
Adjusted gross billings increased 6.8% to $472.4 million.
·  
Consolidated gross profit decreased 0.4% to $81.3 million.
·  
Consolidated gross margin was 25.0%, an increase of 30 basis points.
·  
Net earnings increased 69.2% to $15.1 million.
·  
Adjusted EBITDA decreased 16.0% to $19.6 million.
·  
Diluted earnings per share increased 72.3% to $1.12. Non-GAAP diluted earnings per share decreased 2.8% to $1.03.

Fiscal Year Ended March 31, 2019

·  
Net sales decreased 3.3% to $1,372.7 million; service revenues increased 15.4% to $149.5 million; technology segment net sales decreased 3.2% to $1,329.5 million.
·  
Adjusted gross billings increased 1.0% to $1,919.0 million.
·  
Consolidated gross profit increased 2.1% to $330.4 million.
·  
Consolidated gross margin was 24.1%, an increase of 130 basis points.
·  
Net earnings increased 14.6% to $63.2 million.
·  
Adjusted EBITDA decreased 2.3% to $100.4 million.
·  
Diluted earnings per share increased 17.7% to $4.65. Non-GAAP diluted earnings per share increased 1.6% to $5.12.

HERNDON, VA – May 22, 2019 – 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.

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“To support customer demand for our solutions, we continue to make focused investments on consultative, technical and client facing resources, as well 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.

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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.
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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.

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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, 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, 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 translation adjustment
 
 (271)
 
 532
Total Stockholders' Equity
 
424,253
 
372,603
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$786,198
 
 $755,471

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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
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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%)


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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%

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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 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


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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
               
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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.


12

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