--Solid Fourth Quarter Performance Across
Key Metrics--
--Strong Balance Sheet and Liquidity
Position--
Fourth Quarter Ended March 31, 2020
- Net sales increased 12.6% to $366.5 million; technology segment
net sales increased 12.8% to $353.3 million; service revenues
increased 8.6% to $48.9 million; financing segment net sales
increased 7.8% to $13.2 million.
- Adjusted gross billings increased 8.8% to $514.1 million.
- Consolidated gross profit increased 13.0% to $91.8
million.
- Consolidated gross margin was 25.1%, an increase of 10 basis
points.
- Net earnings decreased 12.0% to $13.2 million, reflecting $5.6
million of other income last year.
- Adjusted EBITDA increased 20.0% to $23.5 million.
- Diluted earnings per share decreased 11.6% to $0.99. Non-GAAP
diluted earnings per share increased 20.4% to $1.24.
Fiscal Year Ended March 31, 2020
- Net sales increased 15.7% to $1,588 million; technology segment
net sales increased 15.1% to $1,530 million; service revenues
increased 29.2% to $193.1 million; financing segment net sales
increased 35.0% to $58.3 million.
- Adjusted gross billings increased 16.1% to $2,228 million.
- Consolidated gross profit increased 18.4% to $391.2
million.
- Consolidated gross margin was 24.6%, an increase of 50 basis
points.
- Net earnings increased 9.3% to $69.1 million.
- Adjusted EBITDA increased 18.9% to $119.4 million.
- Diluted earnings per share increased 10.8% to $5.15. Non-GAAP
diluted earnings per share increased 19.7% to $6.13.
ePlus inc. (NASDAQ:PLUS), a leading provider of technology and
financing solutions, today announced financial results for the
three months and fiscal year ended March 31, 2020.
Management Comment
“Fourth quarter results represented a strong finish to fiscal
2020, despite an impact from COVID-19. We achieved double-digit
growth in revenue, gross profit and adjusted EBITDA, reflecting our
ongoing focus on IT solutions that are in high demand,” said Mark
Marron, President and Chief Executive Officer.
“For fiscal 2020, net sales increased by 15.7% year-over-year,
with strong contributions from both segments. Services grew by 29%
in fiscal 2020, reflecting greater demand for our expertise in
assisting customers in designing, configuring, managing, and
staffing their IT infrastructures. Adjusted gross billings for
security products and services increased over 15% year-on-year, and
revenue grew 35% in our financing segment. Gross margin of 24.6%
expanded 50 basis points, driving both operating leverage and
adjusted EBITDA growth.
“With the onset of the COVID-19 health crisis, we prioritized
the health and safety of our employees, customers, and partners,
and quickly activated business continuity plans to ensure ePlus
remained fully operational. We implemented protocols to support our
remote workforce and provided critical on-site staffing and
engineering services in conformance with local ordinances and our
customers’ COVID-19 requirements. The transition was smooth and
accentuates our agile work environment. I am very proud of the
tremendous effort and dedication shown by the ePlus team to
transition our workforce, and provide exceptional service during a
time of need by our customers.
“The financial impact of COVID-19 during the quarter was modest,
as delayed or cancelled orders were mostly offset by new
pandemic-related revenues, however the future is difficult to
predict given the substantial impact of the pandemic on the overall
economy. We have minimal exposure to the hardest-hit industries,
and a proven ability to pivot to meet customers’ new
COVID-19-driven requirements such as enabling remote workers,
strengthening network and data center capabilities, and increasing
security, especially in the cloud. With a strong balance sheet, we
are able to meet our customers’ needs and execute opportunistic
initiatives to support our growth strategy.
Fourth Quarter Results
For the fourth quarter ended March 31, 2020 as compared to the
fourth quarter of the prior fiscal year ended March 31, 2019:
Consolidated net sales increased 12.6% to $366.5 million, from
$325.4 million.
Technology segment net sales increased 12.8% to $353.3 million,
from $313.2 million primarily from an increase in sales to
customers in the telecom, media and entertainment industry and the
healthcare industry. Service revenues increased 8.6% to $48.9
million, from $45.0 million due to increases across all our
services offerings including professional and managed services, and
staff augmentation.
Adjusted gross billings increased 8.8% to $514.1 million due, in
part, to organic growth and the acquisition of ABS Technology in
August 2019.
Financing segment net sales increased 7.8% to $13.2 million,
from $12.3 million, primarily due to an increase in transactional
gains and other financing revenue.
Consolidated gross profit increased 13.0% to $91.8 million, from
$81.3 million. Consolidated gross margin increased to 25.1% from
25.0% last year, due to higher product margins.
Operating expenses increased 10.7% to $73.9 million, from $66.8
million, primarily due to an increase in salaries and variable
compensation and additional costs associated with the acquisition
and operation of ABS Technology. Our headcount increased 42
employees, or 2.7%, primarily from the acquisition.
Consolidated operating income increased 23.6% to $17.9
million.
Other expense of $0.2 million this year consists primarily of
foreign currency transaction losses. Last year we had other income
of $5.6 million, which includes $5.4 million as a distribution from
a legal claim and $0.2 million of interest income and foreign
currency gains.
Our effective tax rate for the current quarter was 24.9%,
compared with 24.8% in the prior year quarter.
Net earnings decreased 12.0% to $13.2 million.
Adjusted EBITDA increased 20.0% to $23.5 million, from $19.6
million.
Diluted earnings per share was $0.99, compared with $1.12 in the
prior year quarter. Non-GAAP diluted earnings per share was $1.24,
compared with $1.03 last year.
Fiscal Year 2020 Results
For the fiscal year ended March 31, 2020 as compared to the
prior fiscal year ended March 31, 2019:
Consolidated net sales increased 15.7% to $1,588.4 million, from
$1,372.7 million.
Technology segment net sales increased 15.1% to $1,530.1
million, from $1,329.5 million, mainly attributable to an increase
in sales to customers in the telecom, media and entertainment
industry as well as healthcare and technology industries. Service
revenues increased 29.2% to $193.1 million, from $149.5
million.
Adjusted gross billings increased 16.1% to $2,227.9 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 35.0% to $58.3 million,
from $43.2 million, primarily due to an increase in transactional
gains from several large government related transactions.
Consolidated gross profit increased 18.4% to $391.2 million,
from $330.4 million. Consolidated gross margin improved 50 basis
points to 24.6%, compared with 24.1% last year, due to higher
product margins as well as higher service revenues.
Operating expenses increased 18.0% to $295.9 million, from
$250.9 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.
Consolidated operating income increased 19.8% to $95.3
million.
Other income was $0.7 million and $6.7 million for the years
ended March 31, 2020 and 2019, respectively, primarily due to
distributions from various legal claims.
Our effective tax rate for the current period was 28.0%,
compared with 26.7% in the prior year. The increase was due to a
decrease in the tax benefit from the vesting of restricted
stock.
Net earnings increased 9.3% to $69.1 million.
Adjusted EBITDA increased 18.9% to $119.4 million, from $100.4
million.
Diluted earnings per share was $5.15, compared with $4.65 in the
prior year period. Non-GAAP diluted earnings per share was $6.13,
compared with $5.12 last year.
Balance Sheet Highlights
As of March 31, 2020, ePlus had cash and cash equivalents of
$86.2 million, compared with $79.8 million as of March 31, 2019.
Total stockholders' equity was $486.1 million, compared with $424.3
million as of March 31, 2019. Total shares outstanding were 13.5
million and 13.6 million on March 31, 2020 and March 31, 2019,
respectively.
Summary and Outlook
“Fiscal 2020 was a year of strong growth for ePlus, and we are
well positioned in the marketplace to provide the digital
infrastructure, cloud, and security solutions required by our
customers. We continue to execute on our strategy of expanding
services, including our managed and helpdesk services, and our
cloud hosted offerings to strengthen our annuity-type revenues. Our
industry-leading gross margin demonstrates the value of our service
offerings in today’s dynamic marketplace.
“ePlus entered this challenging period with a strong balance
sheet and a resilient business model. We continue to innovate and
develop our offerings which support remote workforces while
securing and optimizing customer’s network, data, cloud, and
collaboration infrastructure, and we remain well-positioned to
support the next phase of IT evolution,” Mr. Marron concluded.
Recent Corporate Developments/Recognitions
- In the month of May:
- ePlus announced that its Chief Financial Offer, Elaine Marion,
was recognized by the Northern Virginia Technology Council as a
finalist in the 2020 Greater Washington CFO awards.
- In the month of April:
- ePlus was engaged by a large financial institution to address
an immediate and unexpected challenge to support 40,000 users to
work from home. ePlus provided technical guidance to architect a
solution and mobilized a team of engineers to rapidly build,
configure, test, and deploy an extension of the organization’s
existing CMware Horizon environment into Microsoft Azure.
- ePlus announced that it is launching a new, informational
webinar series, Secure Workforce Awareness Training (SWAT) to help
enterprises better understand how to navigate cyber security
technology with primarily remote workforces.
- In the month of March:
- ePlus announced that CRNâ, a brand of The Channel Company, has
named ePlus to its 2020 Tech Elite 250 list.
- In the month of February:
- ePlus announced that, ePlus Technology, inc., has been named to
the CRNâ 2020 Managed Service Provider (MSP) 500 list in the Elite
category.
- ePlus announced the launch of a freshly designed and updated
website, www.eplus.com, that serves as a visual showcase of the
company’s broad capabilities across the technology spectrum.
- ePlus announced the launch of Carrier Expense Management, a
managed service that allows organizations to reduce the cost, time,
and complexity of managing multiple carriers and
telecom/connectivity contracts across the globe.
Conference Call Information
ePlus will hold a conference call and webcast at 4:30 p.m. ET on
May 21, 2020:
Date: May 21, 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: 7396374 (live and
replay) Webcast: http://www.eplus.com/investors (live and
replay)
The replay of this webcast will be available approximately two
hours after the call and be available through May 28, 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 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 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 to try 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 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.
ePlus inc. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
amounts)
March 31, 2020
March 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$86,231
$79,816
Accounts receivable—trade, net
374,998
299,899
Accounts receivable—other, net
36,570
41,328
Inventories
50,268
50,493
Financing receivables—net, current
70,169
63,767
Deferred costs
22,306
17,301
Other current assets
9,256
7,499
Total current assets
649,798
560,103
Financing receivables and operating
leases—net
74,158
59,032
Property, equipment and other assets
32,596
17,328
Goodwill
118,097
110,807
Other intangible assets—net
34,464
38,928
TOTAL ASSETS
$909,113
$786,198
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current liabilities:
Accounts payable
$82,919
$86,801
Accounts payable—floor plan
127,416
116,083
Salaries and commissions payable
30,952
21,286
Deferred revenue
55,480
47,251
Recourse notes payable—current
37,256
28
Non-recourse notes payable—current
29,630
38,117
Other current liabilities
22,986
19,285
Total current liabilities
386,639
328,851
Non-recourse notes payable—long term
5,872
10,502
Deferred tax liability—net
2,730
4,915
Other liabilities
27,727
17,677
TOTAL LIABILITIES
422,968
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; 13,500 outstanding at March 31, 2020 and
13,611 outstanding at March 31, 2019
144
143
Additional paid-in capital
145,197
137,243
Treasury stock, at cost, 896 shares at
March 31, 2020 and 693 shares at March 31, 2019
(68,424)
(53,999)
Retained earnings
410,219
341,137
Accumulated other comprehensive
income—foreign currency translation adjustment
(991)
(271)
Total Stockholders' Equity
486,145
424,253
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$909,113
$786,198
ePlus inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts)
Three Months Ended March 31,
Year Ended March 31,
2020
2019
2020
2019
Net sales
Product
$317,621
$280,460
$1,395,288
$1,223,195
Services
48,855
44,974
193,116
149,478
Total
366,476
325,434
1,588,404
1,372,673
Cost of sales
Product
244,638
216,662
1,076,773
952,464
Services
30,013
27,500
120,440
89,821
Total
274,651
244,162
1,197,213
1,042,285
Gross profit
91,825
81,272
391,191
330,388
Selling, general, and administrative
69,782
62,683
279,182
237,082
Depreciation and amortization
3,489
3,574
14,156
11,824
Interest and financing costs
676
545
2,574
1,948
Operating expenses
73,947
66,802
295,912
250,854
Operating income
17,878
14,470
95,279
79,534
Other income (expense)
(232)
5,556
680
6,696
Earnings before taxes
17,646
20,026
95,959
86,230
Provision for income taxes
4,400
4,974
26,877
23,038
Net earnings
$13,246
$15,052
$69,082
$63,192
Net earnings per common share—basic
$0.99
$1.12
$5.18
$4.70
Net earnings per common share—diluted
$0.99
$1.12
$5.15
$4.65
Weighted average common shares
outstanding—basic
13,318
13,391
13,327
13,448
Weighted average common shares
outstanding—diluted
13,390
13,491
13,415
13,578
Technology
Segment
Three Months Ended March 31,
Year Ended March 31,
2020
2019
% Change
2020
2019
% Change
(in thousands)
(in thousands)
Net sales
Product
$304,402
$268,203
13.5%
$1,337,022
$1,180,042
13.3%
Services
48,855
44,974
8.6%
193,116
149,478
29.2%
Total
353,257
313,177
12.8%
1,530,138
1,329,520
15.1%
Cost of sales
Product
243,601
214,726
13.4%
1,069,110
945,037
13.1%
Services
30,013
27,500
9.1%
120,440
89,821
34.1%
Total
273,614
242,226
13.0%
1,189,550
1,034,858
14.9%
Gross profit
79,643
70,951
12.3%
340,588
294,662
15.6%
Selling, general, and administrative
66,508
59,913
11.0%
264,123
226,112
16.8%
Depreciation and amortization
3,461
3,569
(3.0%)
14,016
11,812
18.7%
Interest and financing costs
294
-
nm
294
-
nm
Operating expenses
70,263
63,482
10.7%
278,433
237,924
17.0%
Operating income
$9,380
$7,469
25.6%
$62,155
$56,738
9.5%
Adjusted gross billings
$514,130
$472,391
8.8%
$2,227,885
$1,918,995
16.1%
Adjusted EBITDA
$14,945
$12,503
19.5%
$85,840
$77,202
11.2%
Technology Segment
Net Sales by Customer End Market
Twelve Months Ended March 31,
2020
2019
% Change
Technology
21%
22%
(1%)
Telecom, Media, & Entertainment
19%
13%
6%
SLED
16%
17%
(1%)
Healthcare
15%
15%
-
Financial Services
13%
15%
(2%)
All others
16%
18%
(2%)
Total
100%
100%
Financing
Segment
Three Months Ended March 31,
Year Ended March 31,
2020
2019
% Change
2020
2019
% Change
(in thousands)
(in thousands)
Net sales
$13,219
$12,257
7.8%
$58,266
$43,153
35.0%
Cost of sales
1,037
1,936
(46.4%)
7,663
7,427
3.2%
Gross profit
12,182
10,321
18.0%
50,603
35,726
41.6%
Selling, general, and administrative
3,274
2,770
18.2 %
15,059
10,970
37.3%
Depreciation and amortization
28
5
460.0%
140
12
1,066.7%
Interest and financing costs
382
545
(29.9%)
2,280
1,948
17.0%
Operating expenses
3,684
3,320
11.0%
17,479
12,930
35.2%
Operating income
$8,498
$7,001
21.4%
$33,124
$22,796
45.3%
Adjusted EBITDA
$8,586
$7,108
20.8%
$33,519
$23,213
44.4%
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 March 31,
Year Ended March 31,
2020
2019
2020
2019
(in thousands)
Technology segment net sales
$353,257
$313,177
$1,530,138
$1,329,520
Costs incurred related to sales of
third-party maintenance, software assurance and subscription / SaaS
licenses, and services
160,873
159,214
697,747
589,475
Adjusted gross billings
$514,130
$472,391
$2,227,885
$1,918,995
Three Months Ended March 31,
Year Ended March 31,
2020
2019
2020
2019
(in thousands)
Consolidated
Net earnings
$13,246
$15,052
$69,082
$63,192
Provision for income taxes
4,400
4,974
26,877
23,038
Depreciation and amortization [1]
3,489
3,574
14,156
11,824
Share based compensation
1,933
1,826
7,954
7,244
Acquisition and integration expense
(63)
(259)
1,676
1,813
Interest and financing costs
294
-
294
-
Other (income) expense [2]
232
(5,556)
(680)
(6,696)
Adjusted EBITDA
$23,531
$19,611
$119,359
$100,415
Three Months Ended March 31,
Year Ended March 31,
2020
2019
2020
2019
(in thousands)
Technology
Segment
Operating income
$9,380
$7,469
$62,155
$56,738
Depreciation and amortization [1]
3,461
3,569
14,016
11,812
Share based compensation
1,873
1,724
7,699
6,839
Acquisition and integration expense
(63)
(259)
1,676
1,813
Interest and financing costs
294
-
294
-
Adjusted EBITDA
$14,945
$12,503
$85,840
$77,202
Financing
Segment
Operating income
$8,498
$7,001
$33,124
$22,796
Depreciation and amortization [1]
28
5
140
12
Share based compensation
60
102
255
405
Adjusted EBITDA
$8,586
$7,108
$33,519
$23,213
Three Months Ended March 31,
Year Ended March 31,
2020
2019
2020
2019
(in thousands)
GAAP: Earnings before taxes
$17,646
$20,026
$95,959
$86,230
Share based compensation
1,933
1,826
7,954
7,244
Acquisition and integration expense
(63)
(259)
1,676
1,813
Acquisition related amortization expense
[3]
2,264
2,388
9,217
7,423
Other (income) expense [2]
232
(5,556)
(680)
(6,696)
Non-GAAP: Earnings before taxes
22,012
18,425
114,126
96,014
GAAP: Provision for income taxes
4,400
4,974
26,877
23,038
Share based compensation
482
454
2,218
1,988
Acquisition and integration expense
(16)
(64)
490
522
Acquisition related amortization expense
[3]
549
573
2,487
1,916
Other (income) expense [2]
58
(1,380)
(200)
(1,702)
Tax benefit on restricted stock
-
-
87
672
Non-GAAP: Provision for income taxes
5,473
4,557
31,959
26,434
Non-GAAP: Net earnings
$16,539
$13,868
$82,167
$69,580
Three Months Ended March 31,
Year Ended March 31,
2020
2019
2020
2019
GAAP: Net earnings per common share –
diluted
$0.99
$1.12
$5.15
$4.65
Share based compensation
0.11
0.10
0.43
0.38
Acquisition and integration expense
-
(0.01)
0.09
0.09
Acquisition related amortization expense
[3]
0.13
0.13
0.51
0.40
Other (income) expense [2]
0.01
(0.31)
(0.04)
(0.35)
Tax benefit on restricted stock
-
-
(0.01)
(0.05)
Total non-GAAP adjustments – net of
tax
$0.25
($0.09)
$0.98
$0.47
Non-GAAP: Net earnings per common share –
diluted
$1.24
$1.03
$6.13
$5.12
[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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200521005666/en/
Kleyton Parkhurst, SVP ePlus inc. kparkhurst@eplus.com
703-984-8150
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