EXHIBIT 99.1

ePlus Reports Second Quarter and First Half Financial Results

--Achieved Double-digit Gross Profit Growth and Year-on-Year Gross Margin Expansion—

Second Quarter Fiscal Year 2020

  
Net sales increased 19.3% to $411.6 million; technology segment net sales increased 18.8% to $397.7 million; service revenues increased 35.1% to $48.1 million; financing segment net sales increased 34.8% to $13.8 million.
  
Adjusted gross billings increased 19.2% to $579.1 million.
  
Consolidated gross profit increased 20.5% to $103.0 million.
  
Consolidated gross margin was 25.0%, an increase of 20 basis points.
  
Net earnings increased 11.6% to $20.1 million.
  
Adjusted EBITDA increased 18.5% to $35.4 million.
  
Diluted earnings per share increased 13.5% to $1.51. Non-GAAP diluted earnings per share increased 18.3% to $1.81.

First Half Fiscal Year 2020

  
Net sales increased 13.0% to $792.9 million; technology segment net sales increased 12.4% to $766.3 million; service revenues increased 35.4% to $93.8 million; financing segment net sales increased 33.8% to $26.7 million.
  
Adjusted gross billings increased 16.5% to $1,127.4 million.
  
Consolidated gross profit increased 17.7% to $195.7 million.
  
Consolidated gross margin was 24.7%, an increase of 100 basis points.
  
Net earnings increased 9.0% to $36.3 million.
  
Adjusted EBITDA increased 15.8% to $64.0 million.
  
Diluted earnings per share increased 10.6% to $2.71. Non-GAAP diluted earnings per share increased 16.0% to $3.26.

HERNDON, VA – November 6, 2019 – ePlus inc. (NASDAQ:PLUS), a leading provider of technology and financing solutions, today announced financial results for the three and six months ended September 30, 2019.

Management Comment

“Second quarter results demonstrated the continuing benefits of our strategic focus on high growth areas of IT spending and the investments we have made to deliver complex solutions. Revenue growth of 19.3% for the quarter resulted primarily from capturing market share within our middle-market, enterprise, and international customer base, and new logo acquisition.  Services revenue increased 35.1% and accounted for 11.7% of net sales.  Sales of security products and services accounted for 20.1% of trailing twelve months adjusted gross billings, up 110 basis points year-on-year, and continue to represent a critical need for our entire customer base,” said Mark Marron, CEO and President of ePlus.

“Higher sales and a 20 basis point increase in gross margin helped drive a 20.5% increase in gross profit, and a 18.3% increase in non-GAAP diluted EPS.”

1

Second Quarter Fiscal 2020 Results

For the second quarter ended September 30, 2019 as compared to the second quarter of the prior fiscal year ended September 30, 2018:

Consolidated net sales increased 19.3% to $411.6 million, from $345.0 million.

Technology segment net sales increased 18.8% to $397.7 million, from $334.8 million primarily from an increase in sales to customers in the telecom, media and entertainment industry. Service revenues increased 35.1% to $48.1 million, from $35.6 million due to increases across all our services offerings including professional and managed and staff augmentation.

Adjusted gross billings increased 19.2% to $579.1 million due, in part, to organic growth and the acquisitions of SLAIT Consulting, LLC in January 2019 and ABS Technology in August 2019.

Financing segment net sales increased 34.8% to $13.8 million, from $10.3 million, primarily due to an increase in transactional gains.

Consolidated gross profit increased 20.5% to $103.0 million, from $85.5 million. Consolidated gross margin increased to 25.0% from 24.8% last year, due to higher service revenues.

Operating expenses increased 22.5% to $74.7 million, from $60.9 million, primarily due to an increase in variable compensation and additional costs associated with the acquisitions and operations of SLAIT Consulting, LLC and ABS Technology.

Consolidated operating income increased 15.5% to $28.4 million.

Our effective tax rate for the current quarter was 29.1%, compared with 27.7% in the prior year quarter, due primarily to an increase in estimated permanent items.

Net earnings increased 11.6% to $20.1 million.

Adjusted EBITDA increased 18.5% to $35.4 million, from $29.9 million.

Diluted earnings per share was $1.51, compared with $1.33 in the prior year quarter. Non-GAAP diluted earnings per share was $1.81, compared with $1.53 last year.

First Half Fiscal 2020 Results

For the six months ended September 30, 2019 as compared to the six months of the prior fiscal year ended September 30, 2018:

Consolidated net sales increased 13.0% to $792.9 million, from $701.6 million.

Technology segment net sales increased 12.4% to $766.3 million, from $681.6 million. Service revenues increased 35.4% to $93.8 million, from $69.3 million.

2

Adjusted gross billings increased 16.5% to $1,127.4 million due, in part, to organic growth as well as the acquisitions of SLAIT Consulting, LLC in January 2019 and ABS Technology in August 2019.

Financing segment net sales increased 33.8% to $26.7 million, from $19.9 million, primarily due to an increase in transactional gains.

Consolidated gross profit increased 17.7% to $195.7 million, from $166.2 million. Consolidated gross margin improved 100 basis points to 24.7%, compared with 23.7% last year, due to a shift in mix towards third-party maintenance, software assurance, subscription/SaaS licenses, and services as well as higher service revenues.

Operating expenses increased 19.3% to $144.5 million, from $121.2 million, primarily due to an increase in variable compensation and additional costs associated with the acquisitions and operations of SLAIT Consulting, LLC and ABS Technology.

Consolidated operating income increased 13.5% to $51.1 million.

Our effective tax rate for the current period was 28.9%, compared with 26.8% in the prior year.  The increase in the rate was primarily due to a decrease in the tax benefit on the vesting of restricted stock and an increase in estimated permanent items.

Net earnings increased 9.0% to $36.3 million.

Adjusted EBITDA increased 15.8% to $64.0 million, from $55.3 million.

Diluted earnings per share was $2.71, compared with $2.45 in the prior year period. Non-GAAP diluted earnings per share was $3.26, compared with $2.81 last year.

Balance Sheet Highlights

As of September 30, 2019, ePlus had cash and cash equivalents of $55.8 million, compared with $79.8 million as of March 31, 2019.  The decrease in cash and cash equivalents was primarily due to investments in our financing portfolio, and share repurchases totaling $13.7 million.  Total stockholders' equity was $450.3 million, compared with $424.3 million as of March 31, 2019. Total shares outstanding were 13.5 million and 13.6 million on September 30, 2019 and March 31, 2019, respectively.

Summary and Outlook

“Strong first half results affirm ePlus’ strategy of investing in solution areas most in-demand by our customers, and providing industry-leading consultative, advisory, and managed services.  Our ability to provide transformative solutions such as cloud migration strategies, integrated cyber security programs and digital business transformation initiatives, along with our core cloud, security and digital infrastructure offerings, is resonating with our middle market, enterprise, and multi-national customers and allowing us to capture market-share.

“We continue to expand our footprint and service offerings by seeking acquisitions to complement our organic growth.  In August we acquired ABS Technology, which expanded our position in the mid-Atlantic region, especially in the state, local, and education (SLED) market.  With a strong balance sheet and proven track record, we expect to continue to invest organically and through acquisitions to support our future growth,” Mr. Marron concluded.

3

Recent Corporate Developments/Recognitions

In the month of November:
o
ePlus was awarded Cisco’s Global Transformation & Innovation Partner of the Year and was named as its U.S. Partner of the Year, as well as four regional and vertical awards: Public Sector:  SLED Software and Service Partner of the Year, Architectural Excellence Partner of the Year: Enterprise Networks East, Customer Experience Partner of the Year (Central), and Architectural Excellence Partner of the Year: Collaboration (West)
In the month of October:
o
ePlus announced that it has extended its Managed Services capabilities to include proactive monitoring and management of switching and wireless solutions from Aruba.
o
ePlus announced it has been awarded a new, five-year contract to provide Cisco technology products and services to the state of Connecticut.
In the month of September:
o
ePlus announced the launch of ePlus CyberSmart, an educational campaign spanning the month of October to provide best practices and thought leadership around organizational cyber security considerations.
o
ePlus announced that it has received the Cisco Gold Master Networking Certification, placing it among an elite group of fewer than 30 partners globally.
o
ePlus announced the successful completed its annual SOC 2 Type 2 examination reporting on controls at a service organization relevant to security, availability, and confidentiality for its Cloud Hosted Services.
In the month of August:
o
ePlus announced the acquisition of certain assets and liabilities of Innovative Technology Systems & Solutions, Inc. (dba “ABS Technology”).
o
ePlus announced the exclusive presenting sponsorship of a new Golf Digest Schools series entitled: My Game: Tiger Woods.

4

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on November 6, 2019:

Date:
November 6, 2019
Time:
4:30 p.m. ET
Live Call:
(844)-603-5099, domestic, (825) 312-2246, international
Replay:
(800) 585-8367, domestic, (416) 621-4642, international
Passcode:
2376784  (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 November 13, 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, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150
5


ePlus inc. AND SUBSIDIARIES
       
UNAUDITED CONSOLIDATED BALANCE SHEETS
       
(in thousands, except per share amounts)
       
         
   
September 30, 2019
 
March 31, 2019
ASSETS
       
Current assets:
 
 
   
Cash and cash equivalents
 
 $55,832
 
 $79,816
Accounts receivable—trade, net
 
355,178
 
299,899
Accounts receivable—other, net
 
38,613
 
41,328
Inventories
 
 57,198
 
50,493
Financing receivables—net, current
 
 108,646
 
63,767
Deferred costs
 
 19,225
 
17,301
Other current assets
 
 6,867
 
7,499
Total current assets
 
641,559
 
560,103
 
 
   
 
Financing receivables and operating leases—net
 
79,512
 
59,032
Property, equipment and other assets
 
35,304
 
17,328
Goodwill
 
118,097
 
110,807
Other intangible assets—net
 
39,794
 
38,928
TOTAL ASSETS
 
$914,266
 
 $786,198
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
       
         
LIABILITIES
       
         
Current liabilities:
 
 
 
 
Accounts payable
 
$107,336
 
$86,801
Accounts payable—floor plan
 
129,668
 
116,083
Salaries and commissions payable
 
23,679
 
21,286
Deferred revenue
 
50,284
 
47,251
Recourse notes payable—current
 
-
 
28
Non-recourse notes payable—current
 
77,608
 
38,117
Other current liabilities
 
32,924
 
19,285
Total current liabilities
 
421,499
 
328,851
 
 
   
 
Non-recourse notes payable—long term
 
8,404
 
10,502
Deferred tax liability—net
 
4,927
 
4,915
Other liabilities
 
29,147
 
17,677
TOTAL LIABILITIES
 
463,977
 
361,945
   
 
 
 
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;
13,513 outstanding at September 30, 2019 and
13,611 outstanding at March 31, 2019
 
144
 
143
Additional paid-in capital
 
141,297
 
137,243
Treasury stock, at cost, 884 shares at September 30, 2019 and
693 shares at March 31, 2019
   (67,691)    (53,999)
Retained earnings
 
377,423
 
341,137
Accumulated other comprehensive income—foreign currency translation adjustment
 
(884)
 
 (271)
Total Stockholders' Equity
 
450,289
 
424,253
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$914,266
 
$786,198


6

ePlus inc. AND SUBSIDIARIES
   
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
   
(in thousands, except per share amounts)
   
       
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
               
               
Net sales
     
 
     
     Product
$363,497
 
$309,475
 
$699,098
 
$632,292
     Services
48,068
 
35,568
 
93,839
 
69,283
          Total
411,565
 
345,043
 
792,937
 
701,575
               
Cost of sales
             
     Product
278,863
 
238,134
 
538,926
 
493,946
     Services
29,671
 
21,409
 
58,341
 
41,426
          Total
308,534
 
259,543
 
597,267
 
535,372
               
Gross profit
103,031
 
85,500
 
195,670
 
166,203
 
 
 
 
 
 
   
Selling, general, and administrative
70,523
 
57,705
 
136,310
 
114,671
Depreciation and amortization
3,557
 
2,741
 
7,020
 
5,531
Interest and financing costs
576
 
484
 
1,204
 
960
Operating expenses
74,656
 
60,930
 
144,534
 
121,162
   
 
 
 
     
Operating income
28,375
 
24,570
 
51,136
 
45,041
 
 
 
 
 
     
Other income (expense)
(40)
 
322
 
(85)
 
419
   
 
 
 
     
Earnings before taxes
28,335
 
24,892
 
51,051
 
45,460
   
 
 
 
     
Provision for income taxes
8,237
 
6,889
 
14,765
 
12,184
   
 
 
 
     
Net earnings
$20,098
 
$18,003
 
$36,286
 
$33,276
 
 
 
 
 
 
   
Net earnings per common share—basic
$1.51
 
$1.33
 
 $2.72
 
$2.47
Net earnings per common share—diluted
$1.51
 
$1.33
 
 $2.71
 
$2.45
 
 
 
 
 
 
   
Weighted average common shares outstanding—basic
13,312
 
13,494
 
13,334
 
13,464
Weighted average common shares outstanding—diluted
13,350
 
13,586
 
13,408
 
13,597
7


Technology Segment
                     
 
Three Months Ended September 30,
   
Six Months Ended September 30,
 
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
 
(in thousands)
     
(in thousands)
   
                       
Net sales
                     
     Product
$349,650
 
$299,200
 
16.9%
 
$672,414
 
$612,349
 
9.8%
     Services
48,068
 
35,568
 
35.1%
 
93,839
 
69,283
 
35.4%
          Total
397,718
 
334,768
 
18.8%
 
766,253
 
681,632
 
12.4%
                       
Cost of sales
                     
     Product
276,475
 
236,404
 
17.0%
 
534,529
 
490,468
 
9.0%
     Services
29,671
 
21,409
 
38.6%
 
58,341
 
41,426
 
40.8%
          Total
306,146
 
257,813
 
18.7%
 
592,870
 
531,894
 
11.5%
                       
Gross profit
91,572
 
76,955
 
19.0%
 
173,383
 
149,738
 
15.8%
                       
Selling, general, and administrative
67,189
 
55,138
 
21.9%
 
129,856
 
109,592
 
18.5%
Depreciation and amortization
3,529
 
2,740
 
28.8%
 
6,936
 
5,529
 
25.4%
Operating expenses
70,718
 
57,878
 
22.2%
 
136,792
 
115,121
 
18.8%
                       
Operating income
$20,854
 
$19,077
 
9.3%
 
$36,591
 
$34,617
 
5.7%
Adjusted gross billings
$579,084
 
$485,856
 
19.2%
 
$1,127,447
 
$968,157
 
16.5%
Adjusted EBITDA
$27,789
 
$24,284
 
14.4%
 
$49,208
 
$44,625
 
10.3%

8

Technology Segment Net Sales by Customer End Market
   
 
Twelve Months Ended September 30,
 
 
2019
 
2018
 
% Change
           
Technology
22%
 
23%
 
(1%)
SLED
17%
 
17%
 
-
Telecom, Media, & Entertainment
16%
 
13%
 
3%
Healthcare
15%
 
15%
 
-
​Financial Services
14%
 
15%
 
(1%)
​All others
16%
 
17%
 
(1%)
Total
100%
 
100%
   

Financing Segment
                     
 
Three Months Ended September 30,
     
Six Months Ended September 30,
   
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
 
(in thousands)
     
(in thousands)
   
                       
Net sales
$13,847
 
$10,275
 
34.8%
 
$26,684
 
$19,943
 
33.8%
Cost of sales
2,388
 
1,730
 
38.0%
 
4,397
 
3,478
 
26.4%
Gross profit
11,459
 
8,545
 
34.1%
 
22,287
 
16,465
 
35.4%
                       
Selling, general, and administrative
3,334
 
2,567
 
29.9%
 
6,454
 
5,079
 
27.1%
Depreciation and amortization
28
 
1
 
2,700.0%
 
84
 
2
 
4,100.0%
Interest and financing costs
576
 
484
 
19.0%
 
1,204
 
960
 
25.4%
Operating expenses
3,938
 
3,052
 
29.0%
 
7,742
 
6,041
 
28.2%
                       
Operating income
$7,521
 
$5,493
 
36.9%
 
$14,545
 
$10,424
 
39.5%
Adjusted EBITDA
$7,616
 
$5,596
 
36.1%
 
$14,764
 
$10,625
 
39.0%

9

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.

10



 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Technology segment net sales
 $397,718
 
 $334,768
 
$766,253
 
$681,632
Costs incurred related to sales of third-party maintenance, software assurance and subscription / SaaS licenses, and services
 
181,366
 
 
151,088
 
 
361,194
 
 
286,525
Adjusted gross billings
$579,084
 
$485,856
 
$1,127,447
 
$968,157

 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Consolidated
             
Net earnings
$20,098
 
$18,003
 
$36,286
 
 $33,276
Provision for income taxes
8,237
 
6,889
 
14,765
 
12,184
Depreciation and amortization [1]
3,557
 
2,741
 
7,020
 
5,531
Share based compensation
 2,135
 
1,868
 
4,077
 
3,561
Acquisition and integration expense
 1,338
 
701
 
1,739
 
1,117
Other (income) expense [2]
 40
 
(322)
 
85
 
(419)
Adjusted EBITDA
$35,405
 
$29,880
 
$63,972
 
 $55,250
               

 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Technology Segment
             
Operating income
 $20,854
 
$19,077
 
 $36,591
 
 $34,617
Depreciation and amortization [1]
 3,529
 
2,740
 
 6,936
 
5,529
Share based compensation
 2,068
 
1,766
 
 3,942
 
3,362
Acquisition and integration expense
 1,338
 
701
 
 1,739
 
1,117
Adjusted EBITDA
$27,789
 
$24,284
 
  $49,208
 
 $44,625
               
Financing Segment
             
Operating income
 $7,521
 
$5,493
 
 $14,545
 
 $10,424
Depreciation and amortization [1]
 28
 
1
 
 84
 
     2
Share based compensation
 67
 
102
 
 135
 
199
Adjusted EBITDA
$7,616
 
$5,596
 
$14,764
 
 $10,625
               
11



 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
GAAP: Earnings before taxes
$28,335
 
$24,892
 
$51,051
 
$45,460
Share based compensation
2,135
 
1,868
 
4,077
 
3,561
Acquisition and integration expense
1,338
 
701
 
1,739
 
1,117
Acquisition related amortization expense [3]
2,345
 
1,719
 
4,532
 
3,483
Other (income) expense [2]
40
 
(322)
 
85
 
(419)
Non-GAAP: Earnings before taxes
34,193
 
28,858
 
61,484
 
53,202
               
GAAP: Provision for income taxes
8,237
 
6,889
 
14,765
 
12,184
Share based compensation
624
 
525
 
1,183
 
1,008
Acquisition and integration expense
391
 
197
 
506
 
316
Acquisition related amortization expense [3]
663
 
455
 
1,270
 
929
Other (income) expense [2]
12
 
(90)
 
25
 
(118)
Tax benefit on restricted stock
38
 
103
 
48
 
672
Non-GAAP: Provision for income taxes
9,965
 
8,079
 
17,797
 
14,991
               
Non-GAAP: Net earnings
$24,228
 
$20,779
 
$43,687
 
$38,211
               

 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
               
GAAP: Net earnings per common share – diluted
$1.51
 
$1.33
 
$2.71
 
$2.45
               
Share based compensation
0.11
 
0.10
 
0.22
 
0.19
Acquisition and integration expense
0.07
 
0.04
 
0.09
 
0.06
Acquisition related amortization expense [3]
0.12
 
0.09
 
0.24
 
0.19
Other (income) expense [2]
-
 
(0.02)
 
-
 
(0.03)
Tax benefit on restricted stock
-
 
(0.01)
 
-
 
(0.05)
Total non-GAAP adjustments – net of tax
$0.30
 
$0.20
 
 $0.55
 
$0.36
               
Non-GAAP: Net earnings per common share – diluted
$1.81
 
$1.53
 
$3.26
 
$2.81

[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.


12

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