$PLUS
EPLUS INC

2024 Q1 Form 10-Q Financial Statement

#000114036124005910 Filed on February 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $554.5M $509.1M
YoY Change 12.65% -18.35%
Cost Of Revenue $424.1M $375.2M
YoY Change 17.86% -22.65%
Gross Profit $130.3M $133.8M
YoY Change -1.5% -3.3%
Gross Profit Margin 23.51% 26.29%
Selling, General & Admin $95.40M $89.38M
YoY Change 11.82% 3.06%
% of Gross Profit 73.19% 66.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.367M $7.261M
YoY Change 46.67% 54.19%
% of Gross Profit 4.88% 5.43%
Operating Expenses $100.6M $95.76M
YoY Change 13.5% 4.19%
Operating Profit $29.74M $38.05M
YoY Change -31.92% -18.1%
Interest Expense -$723.0K $983.0K
YoY Change -43.07% -37.59%
% of Operating Profit -2.43% 2.58%
Other Income/Expense, Net $2.163M $366.0K
YoY Change -2946.05% -87.41%
Pretax Income $31.18M $38.41M
YoY Change -26.36% -22.19%
Income Tax $9.195M $11.10M
% Of Pretax Income 29.49% 28.9%
Net Earnings $21.98M $27.28M
YoY Change -33.09% -23.57%
Net Earnings / Revenue 3.96% 5.36%
Basic Earnings Per Share $1.02
Diluted Earnings Per Share $0.82 $1.02
COMMON SHARES
Basic Shares Outstanding 26.95M 26.93M
Diluted Shares Outstanding 26.70M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.0M $142.2M
YoY Change 145.43% 43.04%
Cash & Equivalents $253.0M $142.2M
Short-Term Investments
Other Short-Term Assets $27.27M $47.06M
YoY Change -50.51% -14.12%
Inventory $139.7M $218.0M
Prepaid Expenses
Receivables $644.6M $597.4M
Other Receivables $149.5M $160.4M
Total Short-Term Assets $1.274B $1.219B
YoY Change 16.29% -5.73%
LONG-TERM ASSETS
Property, Plant & Equipment $12.94M $4.243M
YoY Change 8.4% -13.6%
Goodwill $161.5M $158.3M
YoY Change 18.66% 16.3%
Intangibles $44.09M $42.97M
YoY Change 76.06% 55.94%
Long-Term Investments
YoY Change
Other Assets $89.29M $84.34M
YoY Change 26.75% 52.31%
Total Long-Term Assets $379.9M $376.3M
YoY Change 18.84% 23.61%
TOTAL ASSETS
Total Short-Term Assets $1.274B $1.219B
Total Long-Term Assets $379.9M $376.3M
Total Assets $1.653B $1.596B
YoY Change 16.87% -0.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $315.7M $294.7M
YoY Change 43.39% -1.64%
Accrued Expenses $43.70M $45.37M
YoY Change 9.14% 10.25%
Deferred Revenue $134.6M $130.4M
YoY Change 18.04% 3.81%
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $23.29M $36.17M
YoY Change -6.17% -12.42%
Total Short-Term Liabilities $657.0M $631.5M
YoY Change 17.04% -20.43%
LONG-TERM LIABILITIES
Long-Term Debt $12.90M $12.23M
YoY Change 35.49% 70.57%
Other Long-Term Liabilities $81.80M $73.59M
YoY Change 34.1% 45.15%
Total Long-Term Liabilities $81.80M $73.59M
YoY Change 34.1% 45.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $657.0M $631.5M
Total Long-Term Liabilities $81.80M $73.59M
Total Liabilities $751.7M $717.8M
YoY Change 18.83% -15.69%
SHAREHOLDERS EQUITY
Retained Earnings $743.0M $721.0M
YoY Change 18.46% 21.31%
Common Stock $274.0K $274.0K
YoY Change 0.74% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.81M $23.77M
YoY Change 69.11% 70.33%
Treasury Stock Shares
Shareholders Equity $901.8M $877.8M
YoY Change
Total Liabilities & Shareholders Equity $1.653B $1.596B
YoY Change 16.87% -0.14%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $21.98M $27.28M
YoY Change -33.09% -23.57%
Depreciation, Depletion And Amortization $6.367M $7.261M
YoY Change 46.67% 54.19%
Cash From Operating Activities $105.0M $133.2M
YoY Change -20.25% -586.69%
INVESTING ACTIVITIES
Capital Expenditures $799.0K $2.104M
YoY Change -78.52% -35.28%
Acquisitions
YoY Change
Other Investing Activities -$5.327M $66.00K
YoY Change -1377.46% -183.54%
Cash From Investing Activities -$6.126M -$2.038M
YoY Change 85.52% -38.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.03M -71.25M
YoY Change -109.66% -321.19%
NET CHANGE
Cash From Operating Activities 105.0M 133.2M
Cash From Investing Activities -6.126M -2.038M
Cash From Financing Activities 12.03M -71.25M
Net Change In Cash 110.9M 59.90M
YoY Change 2812.85% 3851.39%
FREE CASH FLOW
Cash From Operating Activities $105.0M $133.2M
Capital Expenditures $799.0K $2.104M
Free Cash Flow $104.2M $131.1M
YoY Change -18.56% -528.14%

Facts In Submission

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CY2023Q1 us-gaap Financing Receivable Originated Two Years Before Latest Fiscal Year
FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear
14166000
CY2023Q1 us-gaap Financing Receivable Originated Three Years Before Latest Fiscal Year
FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear
1085000
CY2023Q1 us-gaap Financing Receivable Originated Four Years Before Latest Fiscal Year
FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear
145000
CY2023Q1 us-gaap Financing Receivable Originated Five Or More Years Before Latest Fiscal Year
FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear
10000
CY2023Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
167104000
CY2023Q1 plus Financing Receivable Transfers
FinancingReceivableTransfers
32578000
CY2023Q1 plus Finance Receivable Net Credit Exposure
FinanceReceivableNetCreditExposure
134526000
CY2023Q1 plus Net Investment In Direct Financing And Sale Type Leases Unguaranteed Residual Values Of Leased Property
NetInvestmentInDirectFinancingAndSaleTypeLeasesUnguaranteedResidualValuesOfLeasedProperty
4222000
CY2023Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
20329000
CY2023Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
171068000
CY2023Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
191397000
CY2023Q1 us-gaap Billed Contract Receivables
BilledContractReceivables
17866000
CY2023Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
149238000
CY2023Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
167104000
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
27282000
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
35694000
us-gaap Net Income Loss
NetIncomeLoss
93793000
us-gaap Net Income Loss
NetIncomeLoss
86502000
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26618000
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26592000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26598000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26561000
CY2023Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
79000
CY2022Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
56000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
67000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
127000
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26697000
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26648000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26665000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26688000
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.53
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.26
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.02
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.24
CY2023Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
CY2022Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
131263
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6700000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
53945
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3000000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
70473
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3900000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
58080
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3300000
CY2023Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2526000
CY2022Q4 us-gaap Share Based Compensation
ShareBasedCompensation
1950000
us-gaap Share Based Compensation
ShareBasedCompensation
7145000
us-gaap Share Based Compensation
ShareBasedCompensation
5681000
CY2023Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
733000
CY2022Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
540000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1986000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1608000
CY2023Q4 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1000000
CY2022Q4 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3600000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3200000
CY2023Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
366000
CY2022Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2907000
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36100000
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34100000
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.29
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.278
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.277
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
30230000
CY2023Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
8880000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2023Q4 us-gaap Revenues
Revenues
509055000
CY2022Q4 us-gaap Revenues
Revenues
623476000
us-gaap Revenues
Revenues
1670841000
us-gaap Revenues
Revenues
1575541000
CY2023Q4 us-gaap Gross Profit
GrossProfit
133810000
CY2022Q4 us-gaap Gross Profit
GrossProfit
138372000
us-gaap Gross Profit
GrossProfit
420448000
us-gaap Gross Profit
GrossProfit
385199000
CY2023Q4 us-gaap Operating Expenses
OperatingExpenses
95763000
CY2022Q4 us-gaap Operating Expenses
OperatingExpenses
91914000
us-gaap Operating Expenses
OperatingExpenses
291206000
us-gaap Operating Expenses
OperatingExpenses
261451000
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
38047000
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
46458000
us-gaap Operating Income Loss
OperatingIncomeLoss
129242000
us-gaap Operating Income Loss
OperatingIncomeLoss
123748000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
673000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3112000
CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
38413000
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
49365000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129915000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
120636000
CY2023Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5399000
CY2022Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3609000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
15821000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10387000
CY2023Q4 us-gaap Interest Expense
InterestExpense
983000
CY2022Q4 us-gaap Interest Expense
InterestExpense
1575000
us-gaap Interest Expense
InterestExpense
3054000
us-gaap Interest Expense
InterestExpense
2863000
CY2023Q4 plus Purchases Of Property Equipment And Operating Lease Equipment And Assets To Be Leased Or Financed
PurchasesOfPropertyEquipmentAndOperatingLeaseEquipmentAndAssetsToBeLeasedOrFinanced
2096000
CY2022Q4 plus Purchases Of Property Equipment And Operating Lease Equipment And Assets To Be Leased Or Financed
PurchasesOfPropertyEquipmentAndOperatingLeaseEquipmentAndAssetsToBeLeasedOrFinanced
3251000
plus Purchases Of Property Equipment And Operating Lease Equipment And Assets To Be Leased Or Financed
PurchasesOfPropertyEquipmentAndOperatingLeaseEquipmentAndAssetsToBeLeasedOrFinanced
7704000
plus Purchases Of Property Equipment And Operating Lease Equipment And Assets To Be Leased Or Financed
PurchasesOfPropertyEquipmentAndOperatingLeaseEquipmentAndAssetsToBeLeasedOrFinanced
5661000
CY2023Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
487518000
CY2023Q4 plus Financing And Other
FinancingAndOther
21537000
CY2023Q4 us-gaap Revenues
Revenues
509055000
CY2023Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
487518000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1616772000
plus Financing And Other
FinancingAndOther
54069000
us-gaap Revenues
Revenues
1670841000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1616772000
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
606418000
CY2022Q4 plus Financing And Other
FinancingAndOther
17058000
CY2022Q4 us-gaap Revenues
Revenues
623476000
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
606418000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1525060000
plus Financing And Other
FinancingAndOther
50481000
us-gaap Revenues
Revenues
1575541000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1525060000
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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