Delaware
|
001-34167
|
54-1817218
|
||
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
10.1
|
Amendment No. 5, dated July 27, 2017, to Amended and Restated Agreement for Wholesale Financing between ePlus Technology, inc. and Wells Fargo Commercial Distribution Finance, LLC (f/k/a GE Commercial Distribution Finance LLC)
|
10.2
|
Amendment No. 5, dated July 27, 2017, to Amended and Restated Business Financing Agreement between ePlus Technology, inc. and Wells Fargo Commercial Distribution Finance, LLC (f/k/a GE Commercial Distribution Finance LLC)
|
99.1
|
Press release dated August 2, 2017, issued by ePlus inc.
|
ePlus inc.
|
||||
By: /s/ Elaine D. Marion
|
||||
Elaine D. Marion
|
||||
Chief Financial Officer
|
1.
|
Section 2 of the Agreement is hereby deleted in its entirety and replaced with the following:
|
"DEALER"
|
||||
EPLUS TECHNOLOGY, INC.
|
||||
By:
|
/s/ Elaine D. Marion
|
|||
Print Name:
|
Elaine D. Marion
|
|||
Title:
|
Chief Financial Officer
|
|||
EPLUS TECHNOLOGY SERVICES, INC.
|
||||
By:
|
/s/ Elaine D. Marion
|
|||
Print Name:
|
Elaine D. Marion
|
|||
Title:
|
Chief Financial Officer
|
|||
"CDF"
|
||||
WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC
|
||||
By:
|
/s/ John J. Zebracki IV
|
|||
Print Name:
|
John J. Zebracki IV
|
|||
Title:
|
Regional Manager
|
"DEALER"
|
||||
EPLUS TECHNOLOGY, INC.
|
||||
By:
|
/s/ Elaine D. Marion
|
|||
Print Name:
|
Elaine D. Marion
|
|||
Title:
|
Chief Financial Officer
|
|||
EPLUS TECHNOLOGY SERVICES, INC.
|
||||
By:
|
/s/ Elaine D. Marion
|
|||
Print Name:
|
Elaine D. Marion
|
|||
Title:
|
Chief Financial Officer
|
|||
"CDF"
|
||||
WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC
|
||||
By:
|
/s/ John J. Zebracki IV
|
|||
Print Name:
|
John J. Zebracki IV
|
|||
Title:
|
Regional Manager
|
·
|
Net sales increased 23.0% to $367.2 million; technology segment net sales increased 22.9% to $358.1 million.
|
·
|
Adjusted gross billings of product and services increased 21.2% to $481.7 million.
|
·
|
Consolidated gross profit increased 14.7% to $77.6 million; consolidated gross margin was 21.1%.
|
·
|
Net earnings increased 25.8% to $13.4 million.
|
·
|
Adjusted EBITDA increased 17.2% to $22.6 million.
|
·
|
Diluted earnings per share increased 28.0% to $0.96. Non-GAAP diluted earnings per share increased 16.9% to $0.90.
|
Three Months Ended June 30,
|
|||||||||||
2017
|
2016
|
Change
|
|||||||||
Sales of product and services
|
$357,080
|
|
$290,181
|
|
$66,899
|
|
23.1%
|
||||
Fee and other income
|
986
|
|
1,276
|
|
(290)
|
|
(22.7%)
|
||||
Net sales
|
358,066
|
|
291,457
|
|
66,609
|
|
22.9%
|
||||
|
|
|
|
|
|
|
|||||
Cost of sales, product and services
|
288,433
|
|
229,847
|
|
58,586
|
|
25.5%
|
||||
Gross profit
|
69,633
|
|
61,610
|
|
8,023
|
|
13.0%
|
||||
Selling, general and administrative
|
51,501
|
|
45,213
|
|
6,288
|
|
13.9%
|
||||
Depreciation and amortization
|
2,062
|
1,771
|
291
|
16.4%
|
|||||||
Operating expenses
|
53,563
|
|
46,984
|
|
6,579
|
|
14.0%
|
||||
|
|
|
|
|
|
|
|||||
Operating income
|
$16,070
|
|
$14,626
|
$1,444
|
9.9%
|
||||||
Adjusted EBITDA
|
$18,132
|
$16,397
|
$1,735
|
10.6%
|
Twelve Months Ended June 30,
|
|||||
2017
|
2016
|
Change
|
|||
Technology
|
25%
|
22%
|
3%
|
||
State & Local Government & Educational Institutions
|
19%
|
22%
|
(3%)
|
||
Telecom, Media, and Entertainment
|
15%
|
14%
|
1%
|
||
Financial Services
|
13%
|
12%
|
1%
|
||
Healthcare
|
11%
|
11%
|
-
|
||
Other
|
17%
|
19%
|
(2%)
|
||
Total
|
100%
|
100%
|
Three Months Ended June 30,
|
||||||||||
2017
|
2016
|
Change
|
||||||||
Financing revenue
|
$9,071
|
|
$6,987
|
|
$ 2,084
|
|
29.8%
|
|||
Fee and other income
|
20
|
|
59
|
|
(39)
|
|
(66.1%)
|
|||
Net sales
|
9,091
|
|
7,046
|
|
2,045
|
|
29.0%
|
|||
Direct lease costs
|
1,131
|
|
992
|
|
139
|
|
14.0%
|
|||
Gross profit
|
7,960
|
|
6,054
|
|
1,906
|
|
31.5%
|
|||
Selling, general and administrative
|
3,163
|
|
2,841
|
|
322
|
|
11.3%
|
|||
Depreciation and amortization
|
1
|
4
|
(3)
|
(75.0%)
|
||||||
Interest and financing costs
|
359
|
|
349
|
|
10
|
|
2.9%
|
|||
Operating expenses
|
3,523
|
|
3,194
|
|
329
|
|
10.3%
|
|||
Operating income
|
$4,437
|
|
$2,860
|
$1,577
|
55.1%
|
|||||
Adjusted EBITDA
|
$4,438
|
$2,864
|
$1,574
|
55.0%
|
·
|
On July 11, ePlus announced the enhancement of its Managed Security Services Offering by adding support for Palo Alto Networks and Fortinet security appliances to existing support for Cisco devices.
|
·
|
On June 26, ePlus announced it would both present and exhibit at Cisco Live, held on June 25-29. The presentations and exhibit would be made by the newly-acquired OneCloud division.
|
·
|
On June 20, ePlus announced it was named Intel's server platform Partner of the Year. The award was presented on May 23 at the Intel Solutions Summit to recognize ePlus' engineering and deployment of a hybrid cloud solution built on Intel technology for a large non-profit organization.
|
·
|
On June 6, ePlus announced that it was named to CRN®'s 2017 Solution Provider 500 list. The list is CRN's annual ranking of the largest technology integrators, solution providers and IT consultants in North America by revenue.
|
·
|
On June 1, ePlus announced management would present at the 2017 Global Consumer, Technology & Services Conference held in New York on June 8, 2017.
|
·
|
On May 30, ePlus announced management would present at the 2017 Technology, Internet & Media conference held in San Francisco on June 5, 2017.
|
·
|
On May 16, ePlus announced the acquisition of OneCloud Consulting, expanding ePlus' ability to address its customers' needs in cloud-based solutions and infrastructure.
|
·
|
On May 10, ePlus announced it extended the availability of Enhanced Maintenance Support (EMS) to all of its customers. The EMS service helps customers improve their device availability and reduce downtime.
|
Date:
|
Wednesday, August 2, 2017
|
Time:
|
4:30 p.m. ET
|
Live Call:
|
(877) 870-9226, domestic, (973) 890-8320, international
|
Replay:
|
(855) 859-2056, domestic, (404) 537-3406, international
|
Passcode:
|
48272309 (live and replay)
|
Webcast:
|
http://www.eplus.com/investors
(live and replay)
|
e
Plus inc. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP INFORMATION
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|||
|
2017
|
2016
|
|
(in thousands)
|
|||
Sales of product and services
|
$357,080
|
|
$290,181
|
Costs incurred related to sales of third party software assurance, maintenance and services
|
124,605
|
107,292
|
|
Adjusted gross billings of product and services
|
$481,685
|
$397,473
|
Three Months Ended June 30,
|
|||
|
2017
|
2016
|
|
(in thousands)
|
|||
Consolidated
|
|||
Net earnings
|
$13,423
|
|
$10,671
|
Provision for income taxes
|
7,355
|
|
6,815
|
Depreciation and amortization [1]
|
2,063
|
|
1,775
|
Other income [2]
|
(271)
|
-
|
|
Adjusted EBITDA
|
$22,570
|
|
$19,261
|
Three Months Ended June 30,
|
|||
|
2017
|
2016
|
|
(in thousands)
|
|||
Technology Segment
|
|||
Operating income
|
$16,070
|
|
$14,626
|
Depreciation and amortization [1]
|
2,062
|
|
1,771
|
Adjusted EBITDA
|
$18,132
|
|
$16,397
|
Financing Segment
|
|||
Operating income
|
$4,437
|
|
$2,860
|
Depreciation and amortization [1]
|
1
|
|
4
|
Adjusted EBITDA
|
$4,438
|
|
$2,864
|
Three Months Ended June 30,
|
||||
2017
|
2016
|
|||
(in thousands, except per share data)
|
||||
GAAP: Earnings before provision for income taxes
|
|
$20,778
|
|
$17,486
|
Acquisition related amortization expense [3]
|
1,121
|
1,089
|
||
Other income [2]
|
(271)
|
-
|
||
Non-GAAP: Earnings before provision for income taxes
|
21,628
|
18,575
|
||
GAAP: Provision for income taxes
|
7,355
|
6,815
|
||
Acquisition related amortization expense
|
424
|
365
|
||
Other income
|
(114)
|
-
|
||
Tax benefit on restricted stock
|
1,359
|
436
|
||
Non-GAAP: Provision for income taxes
|
9,024
|
7,616
|
||
Non-GAAP: Net earnings
|
$12,604
|
$10,959
|
||
GAAP: Net earnings per common share – diluted
|
|
$0.96
|
$0.75
|
|
Non-GAAP: Net earnings per common share – diluted
|
$0.90
|
$0.77
|
[1] Amount consists of depreciation and amortization for assets used internally.
|
[2] Interest income and foreign currency transaction gain.
|
[3] Amount consists of amortization of intangible assets from acquired businesses.
|