EXHIBIT 99.1


ePlus Reports Third Quarter and First Nine Months Financial Results

--Double-digit Growth Across Key Metrics--

Third Quarter Fiscal Year 2020

  
Net sales increased 24.1% to $429.0 million; technology segment net sales increased 22.7% to $410.6 million; service revenues increased 43.2% to $50.4 million; financing segment net sales increased 67.7% to $18.4 million.
  
Adjusted gross billings increased 22.5% to $586.3 million.
  
Consolidated gross profit increased 25.1% to $103.7 million.
  
Consolidated gross margin was 24.2%, an increase of 20 basis points.
  
Net earnings increased 31.5% to $19.6 million.
  
Adjusted EBITDA increased 24.7% to $31.9 million.
  
Diluted earnings per share increased 32.7% to $1.46. Non-GAAP diluted earnings per share increased 27.1% to $1.64.

First Nine Months Fiscal Year 2020

  
Net sales increased 16.7% to $1,222 million; technology segment net sales increased 15.8% to $1,177 million; service revenues increased 38.0% to $144.3 million; financing segment net sales increased 45.8% to $45.0 million.
  
Adjusted gross billings increased 18.5% to $1,714 million.
  
Consolidated gross profit increased 20.2% to $299.4 million.
  
Consolidated gross margin was 24.5%, an increase of 70 basis points.
  
Net earnings increased 16.0% to $55.8 million.
  
Adjusted EBITDA increased 18.6% to $95.8 million.
  
Diluted earnings per share increased 17.5% to $4.16. Non-GAAP diluted earnings per share increased 19.3% to $4.89.

HERNDON, VA – February 5, 2020 – ePlus inc. (NASDAQ:PLUS), a leading provider of technology and financing solutions, today announced financial results for the three and nine months ended December 31, 2019.

Management Comment

“ePlus achieved strong double-digit growth across key financial metrics in both the third quarter and first nine months of fiscal 2020, demonstrating the competitive advantages of our portfolio of technology products and services, complemented by our financing capabilities. We continued to gain market share in the third quarter, underscored by 20.3% growth in technology product sales and 43.2% growth in technology services revenue, which combined with strong performance from our financing segment, drove a 31.5% increase in net earnings,” commented Mark Marron, CEO and President of ePlus.

“Growth in gross profit and earnings per share outpaced revenue growth in the third quarter, and consolidated gross margin expanded by 20 basis points to 24.2%.  Our continuing investment in customer-facing professionals supports growth in the high demand areas of cloud, security and digital infrastructure.”


Third Quarter Fiscal 2020 Results

For the third quarter ended December 31, 2019 as compared to the third quarter of the prior fiscal year ended December 31, 2018:

Consolidated net sales increased 24.1% to $429.0 million, from $345.7 million.

Technology segment net sales increased 22.7% to $410.6 million, from $334.7 million primarily from an increase in sales to customers in the telecom, media and entertainment industry as well as technology, healthcare, and state and local government and educational institutions. Service revenues increased 43.2% to $50.4 million, from $35.2 million due to increases across all our services offerings including professional and managed services, and staff augmentation.

Adjusted gross billings increased 22.5% to $586.3 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 67.7% to $18.4 million, from $11.0 million, primarily due to an increase in transactional gains.

Consolidated gross profit increased 25.1% to $103.7 million, from $82.9 million. Consolidated gross margin increased to 24.2% from 24.0% last year, due to higher gross profit in our financing segment.

Operating expenses increased 23.1% to $77.4 million, from $62.9 million, primarily due to an increase in salaries and variable compensation and additional costs associated with the acquisitions and operations of SLAIT Consulting, LLC and ABS Technology.  Our headcount increased 337 employees primarily from the acquisitions.

Consolidated operating income increased 31.2% to $26.3 million.

Our effective tax rate for the current quarter was 28.3%, consistent with the prior year quarter.

Net earnings increased 31.5% to $19.6 million.

Adjusted EBITDA increased 24.7% to $31.9 million, from $25.6 million.

Diluted earnings per share was $1.46, compared with $1.10 in the prior year quarter. Non-GAAP diluted earnings per share was $1.64, compared with $1.29 last year.

First Nine Months Fiscal 2020 Results

For the nine months ended December 31, 2019 as compared to the nine months of the prior fiscal year ended December 31, 2018:

Consolidated net sales increased 16.7% to $1,221.9 million, from $1,047.2 million.



Technology segment net sales increased 15.8% to $1,176.9 million, from $1,016.3 million. Service revenues increased 38.0% to $144.3 million, from $104.5 million.

Adjusted gross billings increased 18.5% to $1,713.8 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 45.8% to $45.0 million, from $30.9 million, primarily due to an increase in transactional gains from several large government related transactions.

Consolidated gross profit increased 20.2% to $299.4 million, from $249.1 million. Consolidated gross margin improved 70 basis points to 24.5%, compared with 23.8% last year, due to higher service revenues and higher transaction gains from the financing segment.

Operating expenses increased 20.6% to $222.0 million, from $184.1 million, primarily due to an increase in salaries and variable compensation and additional costs associated with the acquisitions and operations of SLAIT Consulting, LLC and ABS Technology.

Consolidated operating income increased 19.0% to $77.4 million.

Our effective tax rate for the current period was 28.7%, compared with 27.3% in the prior year.  The increase in the rate was primarily due to a decrease in the tax benefit from the vesting of restricted stock.

Net earnings increased 16.0% to $55.8 million.

Adjusted EBITDA increased 18.6% to $95.8 million, from $80.8 million.

Diluted earnings per share was $4.16, compared with $3.54 in the prior year period. Non-GAAP diluted earnings per share was $4.89, compared with $4.10 last year.

Balance Sheet Highlights

As of December 31, 2019, ePlus had cash and cash equivalents of $59.6 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, acquisition funding, and share repurchases totaling $13.7 million.  Total stockholders' equity was $472.5 million, compared with $424.3 million as of March 31, 2019. Total shares outstanding were 13.5 million and 13.6 million on December 31, 2019 and March 31, 2019, respectively.

Summary and Outlook

“Year-to-date results set the stage for fiscal 2020 to be a year of significant growth for ePlus, driven by our ability to capture demand from our growing base of mid-market and enterprise customers for complex solutions that optimize and protect their IT initiatives.  In addition to our organic growth, we have successfully integrated the August, 2019 ABS Technology acquisition, and we continue to evaluate additional acquisition opportunities that would expand our technology capabilities and our geographic reach,” Mr. Marron concluded.



Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on February 5, 2020:

Date:
February 5, 2020
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:
9387537 (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 February 12, 2020.

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 1,600 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.  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 L. Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150



ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

   
December 31, 2019
   
March 31, 2019
 
ASSETS
           
             
Current assets:
           
Cash and cash equivalents
 
$
59,555
   
$
79,816
 
Accounts receivable—trade, net
   
413,741
     
299,899
 
Accounts receivable—other, net
   
37,187
     
41,328
 
Inventories
   
61,065
     
50,493
 
Financing receivables—net, current
   
89,229
     
63,767
 
Deferred costs
   
20,421
     
17,301
 
Other current assets
   
8,809
     
7,499
 
Total current assets
   
690,007
     
560,103
 
                 
Financing receivables and operating leases—net
   
73,506
     
59,032
 
Property, equipment and other assets
   
34,000
     
17,328
 
Goodwill
   
118,225
     
110,807
 
Other intangible assets—net
   
36,870
     
38,928
 
TOTAL ASSETS
 
$
952,608
   
$
786,198
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
LIABILITIES
               
                 
Current liabilities:
               
Accounts payable
 
$
126,154
   
$
86,801
 
Accounts payable—floor plan
   
144,483
     
116,083
 
Salaries and commissions payable
   
27,476
     
21,286
 
Deferred revenue
   
55,128
     
47,251
 
Recourse notes payable—current
   
2,239
     
28
 
Non-recourse notes payable—current
   
59,015
     
38,117
 
Other current liabilities
   
24,995
     
19,285
 
Total current liabilities
   
439,490
     
328,851
 
                 
Non-recourse notes payable—long term
   
7,120
     
10,502
 
Deferred tax liability—net
   
4,924
     
4,915
 
Other liabilities
   
28,588
     
17,677
 
TOTAL LIABILITIES
   
480,122
     
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 December 31, 2019 and
        13,611 outstanding at March 31, 2019
   
144
     
143
 
Additional paid-in capital
   
143,262
     
137,243
 
Treasury stock, at cost, 884 shares at December 31, 2019 and
        693 shares at March 31, 2019
   
(67,691
)
   
(53,999
)
Retained earnings
   
396,973
     
341,137
 
Accumulated other comprehensive income—foreign currency
        translation adjustment
   
(202
)
   
(271
)
Total Stockholders' Equity
   
472,486
     
424,253
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
952,608
   
$
786,198
 


ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
                         
Net sales
                       
     Product
 
$
378,569
   
$
310,443
   
$
1,077,667
   
$
942,735
 
     Services
   
50,422
     
35,221
     
144,261
     
104,504
 
          Total
   
428,991
     
345,664
     
1,221,928
     
1,047,239
 
                                 
Cost of sales
                               
     Product
   
293,209
     
241,856
     
832,135
     
735,802
 
     Services
   
32,086
     
20,895
     
90,427
     
62,321
 
          Total
   
325,295
     
262,751
     
922,562
     
798,123
 
                                 
Gross profit
   
103,696
     
82,913
     
299,366
     
249,116
 
                                 
Selling, general, and administrative
   
73,090
     
59,728
     
209,400
     
174,399
 
Depreciation and amortization
   
3,647
     
2,719
     
10,667
     
8,250
 
Interest and financing costs
   
694
     
443
     
1,898
     
1,403
 
Operating expenses
   
77,431
     
62,890
     
221,965
     
184,052
 
                                 
Operating income
   
26,265
     
20,023
     
77,401
     
65,064
 
                                 
Other income (expense)
   
997
     
721
     
912
     
1,140
 
                                 
Earnings before taxes
   
27,262
     
20,744
     
78,313
     
66,204
 
                                 
Provision for income taxes
   
7,712
     
5,880
     
22,477
     
18,064
 
                                 
Net earnings
 
$
19,550
   
$
14,864
   
$
55,836
   
$
48,140
 
                                 
Net earnings per common share—basic
 
$
1.47
   
$
1.10
   
$
4.19
   
$
3.57
 
Net earnings per common share—diluted
 
$
1.46
   
$
1.10
   
$
4.16
   
$
3.54
 
                                 
Weighted average common shares outstanding—basic
   
13,320
     
13,471
     
13,329
     
13,467
 
Weighted average common shares outstanding—diluted
   
13,378
     
13,544
     
13,410
     
13,592
 


Technology Segment

   
Three Months Ended December 31,
         
Nine Months Ended December 31,
       
   
2019
   
2018
   
% Change
   
2019
   
2018
   
% Change
 
   
(in thousands)
         
(in thousands)
       
                                     
Net sales
                                   
    Product
 
$
360,206
   
$
299,490
     
20.3
%
 
$
1,032,620
   
$
911,839
     
13.2
%
    Services
   
50,422
     
35,221
     
43.2
%
   
144,261
     
104,504
     
38.0
%
          Total
   
410,628
     
334,711
     
22.7
%
   
1,176,881
     
1,016,343
     
15.8
%
                                                 
Cost of sales
                                               
     Product
   
290,980
     
239,843
     
21.3
%
   
825,509
     
730,311
     
13.0
%
     Services
   
32,086
     
20,895
     
53.6
%
   
90,427
     
62,321
     
45.1
%
          Total
   
323,066
     
260,738
     
23.9
%
   
915,936
     
792,632
     
15.6
%
                                                 
Gross profit
   
87,562
     
73,973
     
18.4
%
   
260,945
     
223,711
     
16.6
%
                                                 
Selling, general, and administrative
   
67,759
     
56,607
     
19.7
%
   
197,615
     
166,199
     
18.9
%
Depreciation and amortization
   
3,619
     
2,714
     
33.3
%
   
10,555
     
8,243
     
28.0
%
Operating expenses
   
71,378
     
59,321
     
20.3
%
   
208,170
     
174,442
     
19.3
%
                                                 
Operating income
 
$
16,184
   
$
14,652
     
10.5
%
 
$
52,775
   
$
49,269
     
7.1
%
Adjusted gross billings
 
$
586,308
   
$
478,447
     
22.5
%
 
$
1,713,755
   
$
1,446,603
     
18.5
%
Adjusted EBITDA
 
$
21,687
   
$
20,074
     
8.0
%
 
$
70,895
   
$
64,699
     
9.6
%



Technology Segment Net Sales by Customer End Market

 
Twelve Months Ended December 31,
   
 
2019
 
2018
 
% Change
           
Technology
22%
 
22%
 
-
SLED
17%
 
17%
 
-
Telecom, Media, & Entertainment
17%
 
14%
 
3%
Healthcare
15%
 
14%
 
1%
​Financial Services
14%
 
15%
 
(1%)
​All others
15%
 
18%
 
(3%)
Total
100%
 
100%
   


Financing Segment

   
Three Months Ended December 31,
         
Nine Months Ended December 31,
       
   
2019
   
2018
   
% Change
   
2019
   
2018
   
% Change
 
   
(in thousands)
         
(in thousands)
       
                                     
Net sales
 
$
18,363
   
$
10,953
     
67.7
%
 
$
45,047
   
$
30,896
     
45.8
%
Cost of sales
   
2,229
     
2,013
     
10.7
%
   
6,626
     
5,491
     
20.7
%
Gross profit
   
16,134
     
8,940
     
80.5
%
   
38,421
     
25,405
     
51.2
%
                                                 
Selling, general, and administrative
   
5,331
     
3,121
     
70.8
%
   
11,785
     
8,200
     
43.7
%
Depreciation and amortization
   
28
     
5
     
460.0
%
   
112
     
7
     
1,500.0
%
Interest and financing costs
   
694
     
443
     
56.7
%
   
1,898
     
1,403
     
35.3
%
Operating expenses
   
6,053
     
3,569
     
69.6
%
   
13,795
     
9,610
     
43.5
%
                                                 
Operating income
 
$
10,081
   
$
5,371
     
87.7
%
 
$
24,626
   
$
15,795
     
55.9
%
Adjusted EBITDA
 
$
10,169
   
$
5,480
     
85.6
%
 
$
24,933
   
$
16,105
     
54.8
%



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.



   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
 
 
2019
   
2018
   
2019
   
2018
 
   
(in thousands)
 
                         
Technology segment net sales
 
$
410,628
   
$
334,711
   
$
1,176,881
   
$
1,016,343
 
Costs incurred related to sales of third-party maintenance, software assurance and subscription / SaaS licenses, and services
   
175,680
     
143,736
     
536,874
     
430,260
 
Adjusted gross billings
 
$
586,308
   
$
478,447
   
$
1,713,755
   
$
1,446,603
 

   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
 
 
2019
   
2018
   
2019
   
2018
 
   
(in thousands)
 
Consolidated
                       
                         
Net earnings
 
$
19,550
   
$
14,864
     
55,836
   
$
48,140
 
Provision for income taxes
   
7,712
     
5,880
     
22,477
     
18,064
 
Depreciation and amortization [1]
   
3,647
     
2,719
     
10,667
     
8,250
 
Share based compensation
   
1,944
     
1,857
     
6,021
     
5,418
 
Acquisition and integration expense
   
-
     
955
     
1,739
     
2,072
 
Other (income) expense [2]
   
(997
)
   
(721
)
   
(912
)
   
(1,140
)
Adjusted EBITDA
 
$
31,856
   
$
25,554
   
$
95,828
   
$
80,804
 
                                 

   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
 
 
2019
   
2018
   
2019
   
2018
 
   
(in thousands)
 
Technology Segment
                       
Operating income
 
$
16,184
   
$
14,652
   
$
52,775
   
$
49,269
 
Depreciation and amortization [1]
   
3,619
     
2,714
     
10,555
     
8,243
 
Share based compensation
   
1,884
     
1,753
     
5,826
     
5,115
 
Acquisition and integration expense
   
-
     
955
     
1,739
     
2,072
 
Adjusted EBITDA
 
$
21,687
   
$
20,074
   
$
70,895
   
$
64,699
 
                                 
Financing Segment
                               
Operating income
 
$
10,081
   
$
5,371
   
$
24,626
   
$
15,795
 
Depreciation and amortization [1]
   
28
     
5
     
112
     
7
 
Share based compensation
   
60
     
104
     
195
     
303
 
Adjusted EBITDA
 
$
10,169
   
$
5,480
   
$
24,933
   
$
16,105
 
                                 



   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
   
(in thousands)
 
GAAP: Earnings before taxes
 
$
27,262
   
$
20,744
   
$
78,313
   
$
66,204
 
Share based compensation
   
1,944
     
1,857
     
6,021
     
5,418
 
Acquisition and integration expense
   
-
     
955
     
1,739
     
2,072
 
Acquisition related amortization expense [3]
   
2,421
     
1,552
     
6,953
     
5,035
 
Other (income) expense [2]
   
(997
)
   
(721
)
   
(912
)
   
(1,140
)
Non-GAAP: Earnings before taxes
   
30,630
     
24,387
     
92,114
     
77,589
 
                                 
GAAP: Provision for income taxes
   
7,712
     
5,880
     
22,477
     
18,064
 
Share based compensation
   
553
     
526
     
1,736
     
1,534
 
Acquisition and integration expense
   
-
     
270
     
506
     
586
 
Acquisition related amortization expense [3]
   
668
     
414
     
1,938
     
1,343
 
Other (income) expense [2]
   
(283
)
   
(204
)
   
(258
)
   
(322
)
Tax benefit on restricted stock
   
39
     
-
     
87
     
672
 
Non-GAAP: Provision for income taxes
   
8,689
     
6,886
     
26,486
     
21,877
 
                                 
Non-GAAP: Net earnings
 
$
21,941
   
$
17,501
   
$
65,628
   
$
55,712
 
                                 

   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
                         
GAAP: Net earnings per common share – diluted
 
$
1.46
   
$
1.10
   
$
4.16
   
$
3.54
 
                                 
Share based compensation
   
0.10
     
0.10
     
0.32
     
0.30
 
Acquisition and integration expense
   
-
     
0.05
     
0.09
     
0.10
 
Acquisition related amortization expense [3]
   
0.14
     
0.08
     
0.38
     
0.27
 
Other (income) expense [2]
   
(0.05
)
   
(0.04
)
   
(0.05
)
   
(0.07
)
Tax benefit on restricted stock
   
(0.01
)
   
-
     
(0.01
)
   
(0.04
)
Total non-GAAP adjustments – net of tax
 
$
0.18
   
$
0.19
   
$
0.73
   
$
0.56
 
                                 
Non-GAAP: Net earnings per common share – diluted
 
$
1.64
   
$
1.29
   
$
4.89
   
$
4.10
 

[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.



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