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Eplus Inc (PLUS) SEC Filing 8-K Material Event for the period ending Thursday, February 3, 2022

Eplus Inc

CIK: 1022408 Ticker: PLUS
EXHIBIT 99.1

ePlus Reports Third Quarter and First Nine Months Financial Results

--Double-Digit Growth in Sales, Gross Profit and Operating Income--

Third Quarter Fiscal Year 2022
 
           
Net sales increased 15.7% to $494.8 million; technology segment net sales increased 14.8% to $477.0 million; service revenues increased 20.0% to $62.5 million.
           
Adjusted gross billings increased 16.5% to $685.0 million.
           
Gross profit increased 19.3% to $117.1 million.
           
Gross margin was 23.7%, an increase of 70 basis points.
           
Net earnings increased 22.1% to $26.4 million.
           
Adjusted EBITDA increased 21.5% to $41.8 million.
           
Diluted earnings per share increased 21.0% to $0.98. Non-GAAP diluted earnings per share increased 23.6% to $1.10.

First Nine Months Fiscal Year 2022
 
           
Net sales increased 12.6% to $1,369.5 million; technology segment net sales increased 11.7% to $1,313.6 million; service revenues increased 19.9% to $179.0 million.
           
Adjusted gross billings increased 14.2% to $1,982.2 million.
           
Gross profit increased 16.9% to $345.6 million.
           
Gross margin was 25.2%, an increase of 90 basis points.
           
Net earnings increased 38.3% to $81.4 million.
           
Adjusted EBITDA increased 32.0% to $130.3 million.
           
Diluted earnings per share increased 37.7% to $3.03. Non-GAAP diluted earnings per share increased 36.3% to $3.38.

HERNDON, VA – February 3, 2022 – 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, 2021.

Management Comment

“ePlus delivered strong third quarter financial results, driven by consistent execution from our team and continued strong demand for our services and solutions, which enable our customers to accelerate their digital transformation strategies,” said Mark Marron, president and chief executive officer of ePlus. “Net sales increased 15.7% to $494.8 million, reflecting broad-based demand and market share gains in our technology segment as well as solid growth in our financing business. The strength and scalability of our business model is evident in our financial performance, which included a 50-basis point year-over-year improvement in operating margins and a 23% gain in operating income, significantly outpacing revenue growth.”
 
Mr. Marron continued, “Our strong financial performance in the third quarter and year to date reflects the successful execution of our growth strategy, as we leverage our deep expertise and widespread capabilities to deliver cost-effective and agile solutions across the technology stack. In addition, we continue to benefit from our focus on higher-margin and faster-growing areas, including cloud, networking and security, where we provide a suite of comprehensive products and services that address our customers’ most complex IT challenges.”
 
1


Prior Period Reclassifications Due to Stock Split
 
Reclassifications of prior period amounts related to number of shares and per share amounts have been made to conform to the current period presentation due to the December 13, 2021, two-for-one, stock split.

Third Quarter Fiscal 2022 Results

For the third quarter ended December 31, 2021 as compared to the third quarter ended December 31, 2020:

Consolidated net sales increased 15.7% to $494.8 million, from $427.6 million.

Technology segment net sales increased 14.8% to $477.0 million, from $415.6 million due to higher sales of product and services. Service revenues increased 20.0% to $62.5 million, from $52.1 million due to increases in professional services and managed services.  Adjusted gross billings increased 16.5% to $685.0 million from $587.8 million.

Financing segment net sales increased 48.4% to $17.9 million, from $12.0 million due to higher post-contract earnings from several early buyouts of assets under lease.

Consolidated gross profit increased 19.3% to $117.1 million, from $98.2 million. Consolidated gross margin was 23.7%, up from 23.0% last year, due to higher product and services margins in our technology segment and a larger proportion of sales recorded on a net basis.

Operating expenses were $81.0 million, up 17.6% from $68.9 million last year, primarily due to increases in variable compensation stemming from higher gross profit, as well as higher salaries and benefits.  Our headcount at the end of the quarter was 1,554, down 32 from a year ago in the third quarter which included 102 employees added on Dec 31, 2020 from the SMP acquisition.

Consolidated operating income increased 23.3% to $36.1 million.

Our effective tax rate for the current quarter was 26.4%, lower than the prior year quarter of 28.1%, due to an adjustment to the prior year tax return related to foreign taxes.

Net earnings increased 22.1% to $26.4 million.

Adjusted EBITDA increased 21.5% to $41.8 million, from $34.4 million.

Diluted earnings per share was $0.98, compared with $0.81 in the prior year quarter. Non-GAAP diluted earnings per share was $1.10, compared with $0.89 last year.

First Nine Months Fiscal Year 2022 Results

For the nine months ended December 31, 2021 as compared to the nine months ended December 31, 2020:

Consolidated net sales increased 12.6% to $1,369.5 million, from $1,215.7 million.

Technology segment net sales increased 11.7% to $1,313.6 million, from $1,176.2 million due to higher sales of product and services. Service revenues increased 19.9% to $179.0 million, from $149.3 million due to increases in professional services and managed services.  Adjusted gross billings was $1,982.2 million, an increase of 14.2% from $1,735.3 million.

2


Financing segment net sales increased 41.2% to $55.9 million, from $39.6 million, due to higher post-contract earnings and higher transactional gains.

Consolidated gross profit increased 16.9% to $345.6 million, from $295.7 million. Consolidated gross margin was 25.2%, up from 24.3% last year, due to higher services margins and a higher proportion of sales recorded on a net basis in our technology segment.

Operating expenses were $232.8 million, up 9.3% from $212.9 million last year, primarily due to increases in variable compensation stemming from higher gross profit, higher healthcare costs, software license and maintenance expenses, and higher depreciation and amortization due to the acquisition of SMP.

Consolidated operating income increased 36.4% to $112.8 million.

Our effective tax rate for the current year period was 27.7%, lower than last year of 29.8% due to an adjustment in the prior year related to the federal benefit from state taxes.

Net earnings increased 38.3% to $81.4 million.

Adjusted EBITDA increased 32.0% to $130.3 million, from $98.7 million.

Diluted earnings per share was $3.03, compared with $2.20 in the prior year. Non-GAAP diluted earnings per share was $3.38, compared with $2.48 last year.

Balance Sheet Highlights

As of December 31, 2021, ePlus had cash and cash equivalents of $105.6 million, compared with $129.6 million as of March 31, 2021 due to additional working capital needs in our technology segment, and the repurchase of stock.  Inventory, which represents equipment ordered by customers but not yet delivered, increased 111.2% from March 31, 2021, and 9.8% sequentially, due to ongoing projects with customers coupled with some impact from continued supply chain constraints.  Total stockholders’ equity was $639.3 million, compared with $562.4 million as of March 31, 2021.  Total shares outstanding were 27.0 million on December 31, 2021 and March 31, 2021.
 
Summary and Outlook

“Supported by our talented and dedicated global team, our extensive network of vendor relationships and our differentiated business model serving the entire IT lifecycle, ePlus is positioned for continued growth. In today’s dynamic market, ePlus remains an essential partner for our customers as they rapidly adapt their IT infrastructure to build a more connected, secure and collaborative environment that aligns with their long-term business objectives.
 
3


Mr. Marron concluded, “We continue to invest in our people and in our capabilities to ensure that we remain at the forefront, providing expert advice, value-added services and innovative solutions for our customers. Our strong balance sheet offers the flexibility to pursue strategic acquisitions that will strengthen our market position, expand our capabilities and enhance our growth prospects.”
 
Recent Corporate Developments/Recognitions

           
In the month of December:
 
o           
Announced the unveiling of a networking strategy called READI to help organizations implement foundational software-defined technologies and solutions that transform and modernize their enterprise network infrastructures.
 
o           
Honored with the Social Impact Partner of the Year Award for the Americas at the Cisco Partner Summit 2021
           
In the month of November:
 
o           
Announced the successful achievement of Cloud Management and Automation VMware Master Services Competency.
 
o           
Rang the NASDAQ closing bell in celebration of its 25th listing anniversary.

Conference Call Information

ePlus will hold a conference call and audio webcast at 4:30 p.m. ET on February 3, 2022:

Audio Webcast (Live & Replay):  https://events.q4inc.com/attendee/793714691
Live Call:
(888) 330-2469 (too-free/domestic)
 
(240) 789-2740 (international)
Replay:
(800) 770- 2030 (toll-free/domestic)
 
(647) 362-9199 (international)
Passcode:
5403833 (live call and replay)

The replay of this webcast will be available approximately two hours after the call concludes through February 10, 2022.


4


About ePlus inc.

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

ePlus, Where Technology Means More®.

ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.  The names of other companies and products mentioned herein may be the trademarks of their respective owners.

Forward-looking statements

Statements in this press release that are not historical facts may be deemed to be “forward-looking statements.”  Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, the duration and impact of the ongoing COVID-19 pandemic, which could materially adversely affect our financial condition and results of operations and has resulted worldwide in governmental authorities imposing numerous unprecedented measures and court opinions regarding the legality thereof to contain the virus that has impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners; national and international political instability fostering uncertainty and volatility in the global economy including an economic downturn, significant and rapid inflation, an increase in tariffs or adverse changes to trade agreements, exposure to fluctuation in foreign currency rates, interest rates and pressure on prices; supply constraints of certain IT products, including constraints caused by shortages in semiconductors and other components; inflation of both wages and product costs; reduction of vendor incentive programs; and restrictions on our access to capital necessary to fund our operations; our ability to successfully perform due diligence and integrate acquired businesses; disruptions or a security breach in our or our vendors’ or suppliers’ IT systems and data and audio communication networks, supply chains or other systems; the possibility of goodwill impairment charges in the future; significant adverse changes in, reductions in, or losses of relationships with one or more of our largest volume customers or vendors; a possible decrease in the capital spending budgets of our customers or a decrease in purchases from us; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, or obtain debt for our financing transactions; uncertainty regarding the phase out of LIBOR may negatively affect our operating results; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; the creditworthiness of our customers and our ability to reserve adequately for credit losses; our ability to secure our own and our customers’ electronic and other confidential information and remain secure during a cyber-security or ransomware attack; future growth rates in our core businesses; our dependence on continued innovation in hardware, software and services offerings by our vendors, availability of these products from our vendors and our ability to partner with them; our reliance on third parties to perform some of our service obligations to our customers; the possibility of defects in our products or catalog content data; our ability to adapt to changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service, software as a service and platform as a service; our ability to realize our investment in leased equipment; maintaining and increasing advanced professional services by recruiting and retaining highly skilled, competent personnel and vendor certifications; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission.  All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

Contact:
Kleyton Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150
5



ePlus inc. AND SUBSIDIARIES
       
UNAUDITED CONSOLIDATED BALANCE SHEETS
       
(in thousands, except per share amounts)
       
         
   
December 31, 2021
 
March 31, 2021
ASSETS
       
         
Current assets:
       
Cash and cash equivalents
 
$105,566
 
 $129,562
Accounts receivable—trade, net
 
520,629
 
391,567
Accounts receivable—other, net
 
40.818
 
41,053
Inventories
 
147,739
 
69,963
Financing receivables—net, current
 
98,183
 
106,272
Deferred costs
 
34,684
 
 28,201
Other current assets
 
12,932
 
 10,976
Total current assets
 
960,551
 
777,594
 
 
     
Financing receivables and operating leases—net
 
90,026
 
90,165
Deferred tax asset—net
 
1,972
 
1,468
Property, equipment and other assets
 
46,215
 
 42,289
Goodwill
 
126,604
 
 126,645
Other intangible assets—net
 
29,778
 
 38,614
TOTAL ASSETS
 
$1,255,146
 
 $1,076,775
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
       
         
LIABILITIES
       
         
Current liabilities:
 
 
 
 
Accounts payable
 
$162,670
 
 $165,162
Accounts payable—floor plan
 
157,667
 
 98,653
Salaries and commissions payable
 
39,184
 
36,839
Deferred revenue
 
93,319
 
72,802
Recourse notes payable—current
 
51,104
 
5,450
Non-recourse notes payable—current
 
37,245
 
50,397
Other current liabilities
 
26,224
 
 30,061
Total current liabilities
 
567,413
 
459,364
 
 
     
Recourse notes payable—long term
 
7,689
 
12,658
Non-recourse notes payable—long term
 
6,340
 
5,664
Other liabilities
 
34,408
 
36,679
TOTAL LIABILITIES
 
615,850
 
514,365
   
 
 
 
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; 50,000 shares
         authorized; 26,966 outstanding at December 31, 2021 and
         27,006 outstanding at March 31, 2021
 
270
 
145
Additional paid-in capital
 
157,721
 
152,366
Treasury stock, at cost, 50 shares at December 31, 2021 and
         1,987 shares at March 31, 2021
   
(2,592)
   
(75,372)
Retained earnings
 
483,601
 
484,616
Accumulated other comprehensive income—foreign currency
         translation adjustment
 
296
 
655
Total Stockholders' Equity
 
639,296
 
562,410
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$1,255,146
 
$1,076,775

6


 
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,
 
2021
 
2020
 
2021
 
2020
               
Net sales
     
 
     
     Product
$432,307
 
$375,512
 
$1,190,524
 
$1,066,408
     Services
62,527
 
52,092
 
178,976
 
149,308
          Total
494,834
 
427,604
 
1,369,500
 
1,215,716
               
Cost of sales
             
     Product
339,810
 
 297,514
 
914,666
 
827,111
     Services
37,907
 
 31,939
 
109,203
 
92,935
          Total
377,717
 
329,453
 
1,023,869
 
920,046
               
Gross profit
117,117
 
98,151
 
345,631
 
295,670
               
Selling, general, and administrative
76,874
 
65,390
 
220,153
 
201,746
Depreciation and amortization
3,597
 
3,143
 
11,376
 
10,000
Interest and financing costs
561
 
355
 
1,262
 
1,179
Operating expenses
81,032
 
68,888
 
232,791
 
212,925
               
Operating income
36,085
 
29,263
 
112,840
 
82,745
     
 
       
Other income (expense)
(175)
 
813
 
(377)
 
1,095
               
Earnings before taxes
35,910
 
30,076
 
112,463
 
83,840
               
Provision for income taxes
9,486
 
8,438
 
31,108
 
24,996
               
Net earnings
$26,424
 
$21,638
 
$81,355
 
$58,844
     
 
     
 
Net earnings per common share—basic
$0.99
 
$0.81
 
$3.05
 
 $2.21
Net earnings per common share—diluted
$0.98
 
$0.81
 
$3.03
 
 $2.20
 
 
 
 
 
 
 
 
Weighted average common shares outstanding—basic
26,668
 
26,664
 
26,666
 
26,684
Weighted average common shares outstanding—diluted
26,930
 
26,756
 
26,887
 
26,804
7



Technology Segment
 
 
Three Months Ended December 31,
     
Nine Months Ended December 31,
   
 
2021
 
2020
 
Change
 
2021
 
2020
 
Change
 
(in thousands)
     
(in thousands)
   
                       
Net sales
                     
    Product
$414,448
 
$363,478
 
14.0%
 
$1,134,658
 
$1,026,845
 
10.5%
    Services
62,527
 
52,092
 
20.0%
 
178,976
 
149,308
 
19.9%
          Total
476,975
 
415,570
 
14.8%
 
1,313,634
 
1,176,153
 
11.7%
                       
Cost of sales
                     
     Product
334,585
 
295,310
 
13.3%
 
899,437
 
820,859
 
9.6%
     Services
37,907
 
31,939
 
18.7%
 
109,203
 
92,935
 
17.5%
          Total
372,492
 
327,249
 
13.8%
 
1,008,640
 
913,794
 
10.4%
                       
Gross profit
104,483
 
88,321
 
18.3%
 
304,994
 
262,359
 
16.3%
                       
Selling, general, and administrative
73,413
 
62,377
 
17.7%
 
210,369
 
190,519
 
10.4%
Depreciation and amortization
3,569
 
3,115
 
14.6%
 
11,292
 
9,916
 
13.9%
Interest and financing costs
335
 
-
 
nm
 
693
 
266
 
160.5%
Operating expenses
77,317
 
65,492
 
18.1%
 
222,354
 
200,701
 
10.8%
                       
Operating income
$27,166
 
$22,829
 
19.0%
 
$82,640
 
$61,658
 
34.0%
Adjusted gross billings
$685,031
 
$587,825
 
16.5%
 
$1,982,162
 
$1,735,283
 
14.2%
Adjusted EBITDA
$32,794
 
$27,876
 
17.6%
 
$99,811
 
$77,312
 
29.1%


Technology Segment Net Sales by Customer End Market
 
Twelve Months Ended December 31,
   
 
2021
 
2020
 
Change
           
Telecom, Media, & Entertainment
29%
 
23%
 
6%
Healthcare
16%
 
14%
 
2%
SLED
15%
 
16%
 
(1%)
Technology
15%
 
18%
 
(3%)
​Financial Services
9%
 
13%
 
(4%)
​All others
16%
 
16%
 
-
Total
100%
 
100%
   

8


 
Financing Segment
 
Three Months Ended December 31,
     
Nine Months Ended December 31,
     
 
2021
 
2020
 
Change
 
2021
 
2020
 
Change
 
 
(in thousands)
     
(in thousands)
     
                         
Net sales
$17,859
 
$12,034
 
48.4%
 
$55,866
 
$39,563
 
41.2%
 
Cost of sales
5,225
 
2,204
 
137.1%
 
15,229
 
6,252
 
143.6%
 
Gross profit
12,634
 
9,830
 
28.5%
 
40,637
 
33,311
 
22.0%
 
                         
Selling, general, and administrative
3,461
 
3,013
 
14.9%
 
9,784
 
11,227
 
(12.9%)
 
Depreciation and amortization
28
 
28
 
0.0%
 
84
 
84
 
0.0%
 
Interest and financing costs
226
 
355
 
(36.3%)
 
569
 
913
 
(37.7%)
 
Operating expenses
3,715
 
3,396
 
9.4%
 
10,437
 
12,224
 
(14.6%)
 
                         
Operating income
$8,919
 
$6,434
 
38.6%
 
$30,200
 
$21,087
 
43.2%
 
Adjusted EBITDA
$9,003
 
$6,519
 
38.1%
 
$30,453
 
$21,358
 
42.6%
 


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.

 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2021
 
2020
 
2021
 
2020
 
(in thousands)
               
Technology segment net sales
$476,975
 
 $415,570
 
$1,313,634
 
$1,176,153
Costs incurred related to sales of third-party
maintenance, software assurance and
subscription / SaaS licenses, and services
208,056
 
 
172,255
 
668,528
 
 
559,130
Adjusted gross billings
$685,031
 
$587,825
 
$1,982,162
 
$1,735,283


10


 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2021
 
2020
 
2021
 
2020
 
(in thousands)
Consolidated
             
Net earnings
$26,424
 
$21,638
 
$81,355
 
$58,844
Provision for income taxes
9,486
 
8,438
 
31,108
 
24,996
Depreciation and amortization [1]
3,597
 
3,143
 
11,376
 
10,000
Share based compensation
1,780
 
1,756
 
5,355
 
5,427
Acquisition and integration expense
-
 
233
 
-
 
232
Interest and financing costs
335
 
-
 
693
 
266
Other (income) expense [2]
175
 
 (813)
 
377
 
(1,095)
Adjusted EBITDA
$41,797
 
$34,395
 
$130,264
 
$98,670
               

 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2021
 
2020
 
2021
 
2020
 
(in thousands)
Technology Segment
             
Operating income
$27,166
 
 $22,829
 
$82,640
 
 $61,658
Depreciation and amortization [1]
3,569
 
 3,115
 
11,292
 
9,916
Share based compensation
1,724
 
 1,699
 
5,186
 
 5,240
Acquisition and integration expense
-
 
233
 
-
 
232
Interest and financing costs
335
 
-
 
693
 
266
Adjusted EBITDA
$32,794
 
$27,876
 
$99,811
 
  $77,312
               

Financing Segment
             
Operating income
$8,919
 
 $6,434
 
$30,200
 
 $21,087
Depreciation and amortization [1]
28
 
 28
 
84
 
84
Share based compensation
56
 
57
 
169
 
187
Adjusted EBITDA
$9,003
 
$6,519
 
$30,453
 
$21,358
               
11


 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2021
 
2020
 
2021
 
2020
 
(in thousands)
GAAP: Earnings before taxes
$35,910
 
$30,076
 
$112,463
 
$83,840
Share based compensation
1,780
 
1,756
 
5,355
 
5,427
Acquisition and integration expense
-
 
233
 
-
 
232
Acquisition related amortization expense [3]
2,497
 
1,986
 
7,854
 
6,386
Other (income) expense [2]
175
 
(813)
 
377
 
(1,095)
Non-GAAP: Earnings before taxes
40,362
 
33,238
 
126,049
 
94,790
               
GAAP: Provision for income taxes
9,486
 
8,438
 
31,108
 
24,996
Share based compensation
470
 
493
 
1,494
 
1,621
Acquisition and integration expense
-
 
65
 
-
 
65
Acquisition related amortization expense [3]
649
 
541
 
2,156
 
1,856
Other (income) expense [2]
46
 
(228)
 
104
 
(314)
Tax benefit on restricted stock
-
 
-
 
317
 
(40)
Non-GAAP: Provision for income taxes
10,651
 
9,309
 
35,179
 
28,184
               
Non-GAAP: Net earnings
$29,711
 
$23,929
 
$90,870
 
$66,606
               

 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2021
 
2020
 
2021
 
2020
               
GAAP: Net earnings per common share – diluted
$0.98
 
$0.81
 
$3.03
 
$2.20
               
Share based compensation
0.05
 
0.05
 
0.14
 
0.14
Acquisition related amortization expense [3]
0.07
 
0.05
 
0.21
 
0.16
Other (income) expense [2]
-
 
(0.02)
 
0.01
 
(0.02)
Tax benefit on restricted stock
-
 
-
 
(0.01)
 
-
Total non-GAAP adjustments – net of tax
$0.12
 
$0.08
 
$0.35
 
$0.28
               
Non-GAAP: Net earnings per common share – diluted
$1.10
 
$0.89
 
$3.38
 
$2.48

[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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Eplus Inc provided additional information to their SEC Filing as exhibits

Ticker: PLUS
CIK: 1022408
Form Type: 8-K Corporate News
Accession Number: 0001022408-22-000003
Submitted to the SEC: Tue Feb 08 2022 5:44:03 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Thursday, February 3, 2022
Industry: Wholesale Computers And Peripheral Equipment And Software
Events:
  1. Earnings Release
  2. Financial Exhibit

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