ePlus Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Announces New Share Repurchase Program
- Return to Double Digit Net Sales Growth in 4Q Marked a Strong Close to The Year -
Fourth Quarter Fiscal Year 2024
- Net sales increased 12.7% to
$554.5 million from last year's fourth quarter; technology business net sales increased 12.6% to$544.1 million ; services revenues increased 14.8% to$78.9 million . - Technology business gross billings increased 13.8% to
$834.3 million . - Consolidated gross profit decreased 1.5% to
$130.3 million . - Consolidated gross margin was 23.5%, lower than last year's 26.9%.
- Net earnings decreased 33.1% to
$22.0 million . - Adjusted EBITDA decreased 24.4% to
$36.8 million . - Diluted net earnings per common share decreased 33.3% to
$0.82 . Non-GAAP diluted net earnings per common share decreased 31.6% to$0.93 .
Fiscal Year 2024
- Net sales increased 7.6% to
$2,225.3 million ; technology business net sales increased 8.0% to$2,175.9 million ; services revenues increased 10.4% to$292.1 million . - Technology business gross billings increased 5.8% to
$3,329.8 million . - Consolidated gross profit increased 6.4% to
$550.8 million . - Consolidated gross margin was 24.8%, compared with 25.0% last year.
- Net earnings decreased 3.0% to
$115.8 million . - Adjusted EBITDA decreased 0.1% to
$190.4 million . - Diluted net earnings per common share decreased 3.3% to
$4.33 . Non-GAAP diluted net earnings per common share decreased 2.0% to$4.92 .
Management Comment
"ePlus returned to double digit revenue growth in the quarter to finish out a strong year. For the quarter, technology business revenue grew a healthy 12.6%, and gross billings grew 13.8%, driving consolidated annual revenue growth of 7.6% and gross profit growth of 6.4% to
Our fiscal 2024 sales performance, which outpaced industry growth and most of our peers, demonstrates that our portfolio of products is resonating with our customer base. From a cash perspective, we delivered healthy cash flow, and with more than
Fourth Quarter Fiscal Year 2024 Results
For the fourth quarter ended
Consolidated net sales increased 12.7% to
Technology business net sales increased 12.6% to
Product sales increased 12.2% to
Professional service revenues increased 8.7% from last year to
Managed service revenues increased 22.0% to
Financing business segment net sales increased 15.5% to
Consolidated gross profit decreased 1.5% to
Consolidated operating expenses were
Consolidated operating income decreased 31.6% to
Our effective tax rate for the current quarter was 29.5%, higher than the prior year quarter of 22.4% due to lower than forecasted non-deductible expenses, increased benefits from foreign sales along with favorable state adjustments last year.
Net earnings decreased 33.1% to
Consolidated adjusted EBITDA decreased 24.4% to
Diluted net earnings per common share was
Fiscal Year 2024 Results
For the fiscal year ended
Consolidated net sales increased 7.6% to
Technology business net sales increased 8.0% to
Product sales grew 7.6% to
Professional service revenues increased 1.8% due to an increase in project and consulting services offset by a decline in revenue from staff augmentation. Gross profit increased 10.7% as the gross margins expanded 350 bps to 44.1% from 40.6% last year.
Managed service revenues increased 22.1% to
Financing business segment net sales decreased 5.8% to
Consolidated gross profit increased 6.4% to
Consolidated operating expenses were
Consolidated operating income decreased 4.8% to
Our effective tax rate for the current year period was 28.1%, higher than last year's 26.8%, primarily due to lower state taxes in the same period in the prior year.
Net earnings decreased 3.0% to
Consolidated Adjusted EBITDA decreased to
Diluted net earnings per common share was
Balance Sheet Highlights
As of
Fiscal Year Guidance
ePlus is initiating fiscal year 2025 guidance for net sales growth over the prior fiscal year of between 3% and 6%, and an adjusted EBITDA range of
Summary and Outlook
"In fiscal 2024, we delivered solid financial results outpacing our peers and ending the year with a strong cash position. This performance reflects our focus on engaging with our customers to expand wallet share, broadening our product offerings, and attracting new customers. Throughout the year, we also invested in our talent, expanding our sales team and adding client-facing professionals to build upon our industry leading positioning providing customers with innovative solutions. In sum, we are successfully executing our strategy to build a world-class IT solutions platform to serve our customers and partners.
"Our performance in fiscal 2024 sets the stage for a successful year in fiscal 2025. To that end, we are introducing our initial fiscal year 2025 guidance which reflects 3.0% to 6.0% growth in revenue. We are also announcing a new share repurchase plan which increases repurchases of up to 1,250,000 shares over the twelve-month term."
ePlus Announces New Stock Repurchase Program
ePlus inc. today announced that its Board of Directors has authorized ePlus to repurchase up to 1,250,000 shares of ePlus' outstanding common stock over a 12-month period commencing
The purchases may be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, if and when needed, for general corporate purposes. ePlus has no obligation to repurchase shares under the authorization, and the timing, actual number and value of the shares which are repurchased will be at the discretion of management and will depend on a number of factors, including the price of ePlus' common stock. ePlus may suspend or discontinue repurchases at any time.
Recent Corporate Developments/Recognitions
In the month of May:
- Honored as Growth Partner of the Year by Varonis
In the month of April:
- Achieved AWS Migration Competency Status
In the month of March:
- Placed on CRN's 2024 MSP 500 Elite 150 and Tech Elite 250 Lists
- Named F5's
North America 2023 Strategic Solutions Partner of the Year
In the month of February:
- Announces AI Ignite: Artificial Intelligence Assessment, Enablement and Implementation Offerings
In the month of January:
- ePlus Acquires Peak Resources
- ePlus
Joins US Chamber of Commerce
Conference Call Information
ePlus will hold a conference call and webcast at |
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Date: |
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Time: |
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Audio Webcast (Live & Replay): |
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Live Call: |
(888) 596-4144 (toll-free/domestic) |
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(646) 968-2525 (international) |
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Archived Call: |
(800) 770-2030 (toll-free/domestic) |
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(609) 800-9909 (international) |
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Conference ID: |
6354397# (live call and replay) |
A replay of the call will be available approximately two hours after the call through
About ePlus inc.
ePlus has an unwavering and relentless focus on leveraging technology to create inspired and transformative business outcomes for its customers. Offering a robust portfolio of solutions, as well as a full set of consultative and managed services across the technology spectrum, ePlus has proudly achieved more than 30 years of success in the business, carrying customers forward through adversity, rapidly changing environments, and other obstacles. ePlus is a trusted advisor, bringing expertise, credentials, talent and a thorough understanding of innovative technologies, spanning security, cloud, networking, collaboration and emerging solutions, to organizations across all industry segments. With complete lifecycle management services and flexible payment solutions, ePlus' more than 1,890 associates are focused on cultivating positive customer experiences and are dedicated to their craft, harnessing new knowledge while applying decades of proven experience. ePlus is headquartered in
ePlus, Where Technology Means More®.
ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in
Forward-looking statements
Statements in this press release that are not historical facts may be deemed to be "forward-looking statements," including, among other things, statements regarding the future financial performance of ePlus. 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 inflation, including increases in our costs and our ability to increase prices to our customers which may result in adverse changes in our gross profit; significant adverse changes in, reductions in, or loss of one or more of our larger volume customers or vendors; a possible decrease in the capital spending budgets of our customers or a decrease in purchases from us; reliance on third-parties to perform some of our service obligations to our customers, and the reliance on a small number of key vendors in our supply chain with whom we do not have long-term supply agreements, guaranteed price agreements, or assurance of stock availability; our ability to remain secure during a cybersecurity attack, including both disruptions in our or our vendors' Information Technology ("IT") systems and data and audio communication networks; our ability to secure our own and our customers' electronic and other confidential information, while maintaining compliance with evolving data privacy and regulatory laws and regulations; ongoing remote work trends, and the increase in cybersecurity attacks that have occurred while employees work remotely and our ability to adequately train our personnel to prevent a cyber event; the possibility of a reduction of vendor incentives provided to us; maintaining and increasing advanced professional services by recruiting and retaining highly skilled, competent personnel, and vendor certifications; our ability to manage a diverse product set of solutions, including artificial intelligence ("AI") products, in highly competitive markets with a number of key vendors; 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, platform as a service and AI; supply chain issues, including a shortage of IT products, may increase our costs or cause a delay in fulfilling customer orders, or increase our need for working capital, or delay completing professional services, or purchasing IT products or services needed to support our internal infrastructure or operations, resulting in an adverse impact on our financial results; our ability to identify acquisition candidates, or perform sufficient due diligence prior to completing an acquisition, or failure to integrate a completed acquisition may affect our earnings; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, obtain debt for our financing transactions, or the effect of those changes on our common stock price; significant and rapid inflation may cause price, wage, and interest rate increases, as well as increases in operating costs that may impact the arrangements that have pricing commitments over the term of the agreement; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration, and other key strategies; and other risks or uncertainties detailed in our reports filed with the
e Plus inc. AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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(in thousands, except per share amounts) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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Accounts receivable—trade, net |
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644,616 |
|
504,122 |
Accounts receivable—other, net |
|
46,884 |
|
55,508 |
Inventories |
|
139,690 |
|
243,286 |
Financing receivables—net, current |
|
102,600 |
|
89,829 |
Deferred costs |
|
59,449 |
|
44,191 |
Other current assets |
|
27,269 |
|
55,101 |
Total current assets |
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1,273,529 |
|
1,095,130 |
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Financing receivables and operating leases—net |
|
79,435 |
|
84,417 |
Deferred tax asset |
|
5,620 |
|
3,682 |
Property, equipment and other assets |
|
89,289 |
|
70,447 |
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|
161,503 |
|
136,105 |
Other intangible assets—net |
|
44,093 |
|
25,045 |
TOTAL ASSETS |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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LIABILITIES |
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Current liabilities: |
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Accounts payable |
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Accounts payable—floor plan |
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105,104 |
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134,615 |
Salaries and commissions payable |
|
43,696 |
|
37,336 |
Deferred revenue |
|
134,596 |
|
114,028 |
Recourse notes payable—current |
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- |
|
5,997 |
Non-recourse notes payable—current |
|
23,288 |
|
24,819 |
Other current liabilities |
|
34,630 |
|
24,372 |
Total current liabilities |
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656,990 |
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561,326 |
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Non-recourse notes payable—long-term |
|
12,901 |
|
9,522 |
Deferred tax liability |
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- |
|
715 |
Other liabilities |
|
81,799 |
|
60,998 |
TOTAL LIABILITIES |
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751,690 |
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632,561 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS' EQUITY |
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Preferred stock, |
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- |
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- |
Common stock, |
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274 |
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272 |
Additional paid-in capital |
|
180,058 |
|
167,303 |
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261 shares at |
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(23,811) |
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(14,080) |
Retained earnings |
|
742,978 |
|
627,202 |
Accumulated other comprehensive income—foreign currency |
|
|
|
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translation adjustment |
|
2,280 |
|
1,568 |
Total Stockholders' Equity |
|
901,779 |
|
782,265 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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e Plus inc. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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Three Months Ended |
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Year Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales |
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Product |
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Services |
78,872 |
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68,715 |
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292,077 |
|
264,443 |
Total |
554,461 |
|
492,177 |
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2,225,302 |
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2,067,718 |
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Cost of sales |
|
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Product |
377,247 |
|
317,148 |
|
1,493,293 |
|
1,379,500 |
Services |
46,869 |
|
42,704 |
|
181,216 |
|
170,694 |
Total |
424,116 |
|
359,852 |
|
1,674,509 |
|
1,550,194 |
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Gross profit |
130,345 |
|
132,325 |
|
550,793 |
|
517,524 |
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Selling, general, and administrative |
95,403 |
|
85,319 |
|
367,734 |
|
333,520 |
Depreciation and amortization |
5,204 |
|
3,322 |
|
21,025 |
|
13,709 |
Interest and financing costs |
723 |
|
1,270 |
|
3,777 |
|
4,133 |
Operating expenses |
101,330 |
|
89,911 |
|
392,536 |
|
351,362 |
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|
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Operating income |
29,015 |
|
42,414 |
|
158,257 |
|
166,162 |
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|
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Other income (expense), net |
2,163 |
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(76) |
|
2,836 |
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(3,188) |
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Earnings before taxes |
31,178 |
|
42,338 |
|
161,093 |
|
162,974 |
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|
|
|
|
|
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Provision for income taxes |
9,195 |
|
9,484 |
|
45,317 |
|
43,618 |
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Net earnings |
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Net earnings per common share—basic |
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Net earnings per common share—diluted |
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|
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|
|
|
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Weighted average common shares outstanding—basic |
26,644 |
|
26,593 |
|
26,610 |
|
26,569 |
Weighted average common shares outstanding—diluted |
26,806 |
|
26,702 |
|
26,717 |
|
26,654 |
Technology Business |
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Three Months Ended |
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Year Ended |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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(in thousands) |
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(in thousands) |
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Net sales |
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Product |
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12.2 % |
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7.6 % |
Professional services |
40,679 |
|
37,416 |
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8.7 % |
|
154,549 |
|
151,785 |
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1.8 % |
Managed services |
38,193 |
|
31,299 |
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22.0 % |
|
137,528 |
|
112,658 |
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22.1 % |
Total |
544,100 |
|
483,208 |
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12.6 % |
|
2,175,886 |
|
2,015,245 |
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8.0 % |
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Gross profit |
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Product |
89,559 |
|
98,699 |
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(9.3 %) |
|
397,618 |
|
380,741 |
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4.4 % |
Professional services |
20,342 |
|
16,548 |
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22.9 % |
|
68,194 |
|
61,594 |
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10.7 % |
Managed services |
11,661 |
|
9,463 |
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23.2 % |
|
42,667 |
|
32,155 |
|
32.7 % |
Total |
121,562 |
|
124,710 |
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(2.5 %) |
|
508,479 |
|
474,490 |
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7.2 % |
|
|
|
|
|
|
|
|
|
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Selling, general, and administrative |
91,846 |
|
82,738 |
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11.0 % |
|
353,540 |
|
317,885 |
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11.2 % |
Depreciation and amortization |
5,204 |
|
3,294 |
|
58.0 % |
|
20,951 |
|
13,598 |
|
54.1 % |
Interest and financing costs |
- |
|
780 |
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(100.0 %) |
|
1,428 |
|
2,897 |
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(50.7 %) |
Operating expenses |
97,050 |
|
86,812 |
|
11.8 % |
|
375,919 |
|
334,380 |
|
12.4 % |
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|
|
|
|
|
|
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Operating income |
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(35.3 %) |
|
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(5.4 %) |
Gross billings |
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13.8 % |
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|
5.8 % |
Adjusted EBITDA |
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(26.8 %) |
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0.1 % |
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|||||||||||
Technology Business Gross Billings by Type |
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Three Months Ended |
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Year Ended |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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(in thousands) |
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(in thousands) |
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Networking |
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32.8 % |
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|
|
|
26.4 % |
Cloud |
183,008 |
|
184,228 |
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(0.7 %) |
|
824,128 |
|
892,308 |
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(7.6 %) |
Security |
145,233 |
|
130,175 |
|
11.6 % |
|
625,392 |
|
639,416 |
|
(2.2 %) |
Collaboration |
23,849 |
|
26,228 |
|
(9.1 %) |
|
120,960 |
|
127,027 |
|
(4.8 %) |
Other |
58,634 |
|
77,145 |
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(24.0 %) |
|
262,439 |
|
282,748 |
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(7.2 %) |
Product gross billings |
743,360 |
|
668,334 |
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11.2 % |
|
3,005,193 |
|
2,868,818 |
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4.8 % |
Service gross billings |
90,953 |
|
64,751 |
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40.5 % |
|
324,571 |
|
277,070 |
|
17.1 % |
Total gross billings |
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|
13.8 % |
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|
|
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|
5.8 % |
Technology Business |
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Three Months Ended |
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Year Ended |
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2024 |
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2023 |
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Change |
|
2024 |
|
2023 |
|
Change |
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(in thousands) |
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(in thousands) |
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Networking |
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|
28.5 % |
|
|
|
|
|
25.1 % |
Cloud |
118,976 |
|
116,246 |
|
2.3 % |
|
546,341 |
|
587,097 |
|
(6.9 %) |
Security |
37,452 |
|
40,836 |
|
(8.3 %) |
|
193,956 |
|
214,459 |
|
(9.6 %) |
Collaboration |
12,067 |
|
11,900 |
|
1.4 % |
|
65,714 |
|
57,472 |
|
14.3 % |
Other |
14,814 |
|
26,144 |
|
(43.3 %) |
|
72,119 |
|
88,096 |
|
(18.1 %) |
Total product |
465,228 |
|
414,493 |
|
12.2 % |
|
1,883,809 |
|
1,750,802 |
|
7.6 % |
Professional services |
40,679 |
|
37,416 |
|
8.7 % |
|
154,549 |
|
151,785 |
|
1.8 % |
Managed services |
38,193 |
|
31,299 |
|
22.0 % |
|
137,528 |
|
112,658 |
|
22.1 % |
Total net sales |
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|
|
|
12.6 % |
|
|
|
|
|
8.0 % |
|
|||||||||||
Technology Business |
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|
|||||||||||
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Three Months Ended |
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|
Year Ended |
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|
||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
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(in thousands) |
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(in thousands) |
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||||
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Telecom, Media, & Entertainment |
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|
40.0 % |
|
|
|
|
|
2.7 % |
Technology |
111,418 |
|
94,506 |
|
17.9 % |
|
379,720 |
|
393,594 |
|
(3.5 %) |
SLED |
65,198 |
|
82,802 |
|
(21.3 %) |
|
329,617 |
|
290,624 |
|
13.4 % |
Healthcare |
64,711 |
|
69,639 |
|
(7.1 %) |
|
278,893 |
|
274,936 |
|
1.4 % |
Financial Services |
69,239 |
|
37,339 |
|
85.4 % |
|
243,630 |
|
156,257 |
|
55.9 % |
All other |
91,201 |
|
97,270 |
|
(6.2 %) |
|
396,501 |
|
366,913 |
|
8.1 % |
Total net sales |
|
|
|
|
12.6 % |
|
|
|
|
|
8.0 % |
|
|||||||||||
Financing Business Segment |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
|
|
Year Ended |
|
|
||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
(in thousands) |
|
|
|
(in thousands) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio earnings |
|
|
|
|
12.3 % |
|
|
|
|
|
22.7 % |
Transactional gains |
2,681 |
|
1,000 |
|
168.1 % |
|
19,016 |
|
16,125 |
|
17.9 % |
Post-contract earnings |
2,944 |
|
4,300 |
|
(31.5 %) |
|
14,301 |
|
23,581 |
|
(39.4 %) |
Other |
912 |
|
265 |
|
244.2 % |
|
2,162 |
|
1,411 |
|
53.2 % |
Net sales |
10,361 |
|
8,969 |
|
15.5 % |
|
49,416 |
|
52,473 |
|
(5.8 %) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
8,783 |
|
7,615 |
|
15.3 % |
|
42,314 |
|
43,034 |
|
(1.7 %) |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative |
3,557 |
|
2,581 |
|
37.8 % |
|
14,194 |
|
15,635 |
|
(9.2 %) |
Depreciation and amortization |
- |
|
28 |
|
(100.0 %) |
|
74 |
|
111 |
|
(33.3 %) |
Interest and financing costs |
723 |
|
490 |
|
47.6 % |
|
2,349 |
|
1,236 |
|
90.0 % |
Operating expenses |
4,280 |
|
3,099 |
|
38.1 % |
|
16,617 |
|
16,982 |
|
(2.1 %) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
(0.3 %) |
|
|
|
|
|
(1.4 %) |
Adjusted EBITDA |
|
|
|
|
(1.0 %) |
|
|
|
|
|
(1.4 %) |
e
Plus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION
We included reconciliations below for the following non-GAAP financial measures: (i) Adjusted EBITDA, (ii) Adjusted EBITDA for business segments, (iii) non-GAAP Net Earnings and (iv) non-GAAP Net Earnings per Common Share - Diluted.
We define Adjusted EBITDA as net earnings calculated in accordance with US GAAP, adjusted for the following: interest expense, depreciation and amortization, share-based compensation, acquisition and integration expenses, provision for income taxes, and other income (expense). Adjusted EBITDA presented for the technology business segments and the financing business segment is defined as operating income calculated in accordance with US 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 business segment and depreciation expense presented within cost of sales, which includes depreciation on assets financed as operating leases, to be operating expenses. As such, they are not included in the amounts added back to net earnings in the Adjusted EBITDA calculation.
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.
We use the above non-GAAP financial measures as supplemental measures of our performance to gain insight into our operating performance and performance trends. We believe that such non-GAAP financial measures provide management and investors a useful measure for period-to-period comparisons of our business and operating results by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that such non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results.
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 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 March 31, |
|
Year Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(in thousands) |
||||||
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
|
|
|
|
|
|
Provision for income taxes |
9,195 |
|
9,484 |
|
45,317 |
|
43,618 |
Depreciation and amortization [1] |
5,204 |
|
3,322 |
|
21,025 |
|
13,709 |
Share based compensation |
2,586 |
|
2,143 |
|
9,731 |
|
7,824 |
Interest and financing costs |
- |
|
780 |
|
1,428 |
|
2,897 |
Other expense, net [2] |
(2,163) |
|
76 |
|
(2,836) |
|
3,188 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Business |
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
Depreciation and amortization [1] |
5,204 |
|
3,294 |
|
20,951 |
|
13,598 |
Share based compensation |
2,523 |
|
2,077 |
|
9,470 |
|
7,579 |
Interest and financing costs |
- |
|
780 |
|
1,428 |
|
2,897 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Business Segment |
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
Depreciation and amortization [1] |
- |
|
28 |
|
74 |
|
111 |
Share based compensation |
63 |
|
66 |
|
261 |
|
245 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(in thousands) |
||||||
GAAP: Earnings before taxes |
|
|
|
|
|
|
|
Share based compensation |
2,586 |
|
2,143 |
|
9,731 |
|
7,824 |
Acquisition related amortization expense [3] |
3,832 |
|
2,229 |
|
15,180 |
|
9,411 |
Other (income) expense [2] |
(2,163) |
|
76 |
|
(2,836) |
|
3,188 |
Non-GAAP: Earnings before provision for income taxes |
35,433 |
|
46,786 |
|
183,168 |
|
183,397 |
|
|
|
|
|
|
|
|
GAAP: Provision for income taxes |
9,195 |
|
9,484 |
|
45,317 |
|
43,618 |
Share based compensation |
767 |
|
480 |
|
2,772 |
|
2,104 |
Acquisition related amortization expense [3] |
1,133 |
|
497 |
|
4,306 |
|
2,527 |
Other (income) expense, net [2] |
(641) |
|
17 |
|
(831) |
|
950 |
Tax benefit (expense) on restricted stock |
51 |
|
- |
|
277 |
|
267 |
Non-GAAP: Provision for income taxes |
10,505 |
|
10,478 |
|
51,841 |
|
49,466 |
|
|
|
|
|
|
|
|
Non-GAAP: Net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP: Net earnings per common share – diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
0.07 |
|
0.07 |
|
0.27 |
|
0.21 |
Acquisition related amortization expense [3] |
0.10 |
|
0.06 |
|
0.40 |
|
0.26 |
Other (income) expense, net [2] |
(0.06) |
|
- |
|
(0.07) |
|
0.08 |
Tax benefit (expense) on restricted stock |
- |
|
- |
|
(0.01) |
|
(0.01) |
Total non-GAAP adjustments – net of tax |
0.11 |
|
0.13 |
|
0.59 |
|
0.54 |
|
|
|
|
|
|
|
|
Non-GAAP: Net earnings per common share – diluted |
|
|
|
|
|
|
|
|
[1] Amount consists of depreciation and amortization for assets used internally. |
[2] Legal settlement, interest income and foreign currency transaction gains and losses. |
[3] Amount consists of amortization of intangible assets from acquired businesses. |
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