Business
ePlus Reports Second Quarter and First Half Financial Results and Announces 2-for-1 Stock Split
-- Substantial Operating Leverage Drives Strong Earnings Growth -- HERNDON, Va., Nov. 9, 2021 /PRNewswire/ -- Second Quarter Fiscal Year 2022 Net sales
About this update from Eplus Inc.
[{"type":"text","content":"-- Substantial Operating Leverage Drives Strong Earnings Growth --\n\n\nHERNDON, Va., Nov. 9, 2021 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nSecond Quarter Fiscal Year 2022\nNet sales increased 5.8% to $458.0 million; technology segment net sales increased 4.0% to $436.3 million; service revenues increased 23.1% to $60.9 million. Adjusted gross billings increased 10.5% to $664.1 million. Consolidated gross profit increased 24.3% to $123.0 million. Consolidated gross margin was 26.9%, an increase of 400 basis points. Net earnings increased 58.3% to $31.4 million. Adjusted EBITDA increased 49.6% to $50.2 million. Diluted earnings per share increased 58.1% to $2.34. Non-GAAP diluted earnings per share increased 54.2% to $2.59.First Half Fiscal Year 2022\nNet sales increased 11.0% to $874.7 million; technology segment net sales increased 10.0% to $836.7 million; service revenues increased 19.8% to $116.4 million. Adjusted gross billings increased 13.0% to $1,297.1 million. Consolidated gross profit increased 15.7% to $228.5 million. Consolidated gross margin was 26.1%, an increase of 100 basis points. Net earnings increased 47.6% to $54.9 million. Adjusted EBITDA increased 37.6% to $88.5 million. Diluted earnings per share increased 47.1% to $4.09. Non-GAAP diluted earnings per share increased 42.6% to $4.55.ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced financial results for the three and six months ended September 30, 2021.\n\"Building on our strong performance in the first quarter, ePlus generated strong financial results in the second quarter, underscoring the strength of our business model and the continued success of our growth strategy,\" said Mark Marron, president and chief executive officer. \"Supported by the breadth of our solutions, extensive vendor partnerships and engineering talent, ePlus continues to meet the evolving needs of our customers across the technology solutions stack, driving solid adjusted gross billings and revenue growth that fueled robust gains in both profitability and earnings.\" \nMr. Marron continued, \"Services remained one of the fastest-growing areas in our solutions portfolio, with second quarter revenue for this business increasing more than 23% year-over-year. Our financing segment also contributed favorably to our results, as ePlus bene...