Eplus (PLUS) Q3 FY2022 earnings: revenue $495 million, up 15.7% on the year

Eplus Inc. (PLUS) reported revenue of $495 million for Q3 FY2022, the quarter ended 31 December 2021, up 15.7% on the same quarter a year earlier as this quarter's filing gives it. Net income was $26 million, up 22.1% on the year as this quarter's filing gives it, and diluted earnings per share $0.98. The figures are the company's own, from the 10-Q it filed with the SEC on 4 February 2022.

Revenue

$495 million

+15.7% on the year · +8.0% on the quarter

Q4 FY2020Q3 FY2022

Operating margin

7.3%

6.8% a year earlier

Q4 FY2020Q3 FY2022

Net income

$26 million

+22.1% on the year · -15.9% on the quarter

Q4 FY2020Q3 FY2022

Diluted EPS

$0.98

+21.0% on the year · -16.2% on the quarter

Q4 FY2020Q3 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2022	Q2 FY2022	Q3 FY2021	On the quarter	On the year
Revenue	495	458	428	+8.0%	+15.7%
Cost of revenue	378	n/a	n/a
Gross profit	117	n/a	n/a
Gross margin	23.7%	n/a	n/a
Selling, general and administrative	76.9	n/a	n/a
Operating income	36.1	44.3	29.3	-18.5%	+23.3%
Operating margin	7.3%	9.7%	6.8%
Interest expense	0.6	n/a	n/a
Pre-tax income	35.9	n/a	n/a
Income tax	9.5	n/a	n/a
Effective tax rate	26.4%	n/a	n/a
Net income	26.4	31.4	21.6	-15.9%	+22.1%
Net margin	5.3%	n/a	n/a
Diluted EPS	$0.98	$1.17	$0.81	-16.2%	+21.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2022	Q2 FY2022	Q3 FY2021	On the quarter	On the year
Operating cash flow	13.5	n/a	n/a
Cash from investing	-4.8	n/a	n/a
Cash from financing	40.2	n/a	n/a
Depreciation and amortisation	6.6	6.0	4.3	+10.3%	+52.9%
Share-based compensation	1.8	n/a	n/a
Buybacks	2.6	n/a	n/a
Dividends paid	0.0	n/a	n/a
Diluted shares, weighted	27m	27m	27m	+0.2%	+0.7%
Shares outstanding at period end	27m	27m	27m	-0.2%	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2022	Q2 FY2022	Q3 FY2021	On the quarter	On the year
Shareholders' equity	639	614	545	+4.2%	+17.3%
Debt	102	70.3	n/a	+45.6%
Operating lease liabilities	3.8	n/a	n/a
Other liabilities	510	n/a	n/a
Total liabilities and equity	1,255	n/a	n/a
Fixed assets	7.6	n/a	n/a
Goodwill	127	n/a	n/a
Intangible assets	29.8	n/a	n/a
Cash and equivalents	106	57.0	86.5	+85.4%	+22.1%
Receivables	521	n/a	n/a
Inventory	148	n/a	n/a
Other assets	317	n/a	n/a
Total assets	1,255	n/a	n/a

Questions

What was Eplus' revenue in Q3 FY2022?

Eplus (PLUS) reported revenue of $495 million for Q3 FY2022, the quarter ended 31 December 2021, up 15.7% on the same quarter a year earlier as the company restated it.

How much did Eplus earn in Q3 FY2022?

Net income for Q3 FY2022 was $26 million, up 22.1% on the year, and diluted earnings per share $0.98.

When did Eplus report Q3 FY2022 results?

Eplus filed its 10-Q for the quarter ended 31 December 2021 with the SEC on 4 February 2022.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026 †	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	495	452	458	494	623	492	574	588	509	554	536	493	493	498	643	609	615	n/a	649	668
Cost of revenue	378	336	345	360	485	360	432	443	375	424	409	366	368	352	489	447	456	n/a	498	488
Gross profit	117	115	114	133	138	132	142	144	134	130	127	127	125	146	154	162	159	n/a	151	180
Gross margin	24%	26%	25%	27%	22%	27%	25%	25%	26%	24%	24%	26%	25%	29%	24%	27%	26%	n/a	23%	27%
SG&A	76.9	77.0	76.8	84.7	86.7	85.3	90.3	92.7	89.4	95.4	90.6	94.5	101	103	104	106	109	n/a	107	118
Operating income	36.1	34.5	33.2	44.1	46.5	42.4	46.3	44.9	38.0	29.0	31.5	27.0	16.5	34.7	42.9	48.8	43.5	n/a	38.8	56.5
Operating margin	7%	8%	7%	9%	7%	9%	8%	8%	7%	5%	6%	5%	3%	7%	7%	8%	7%	n/a	6%	8%
Interest expense	0.6	0.6	0.4	0.9	1.6	1.3	0.9	1.2	1.0	0.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	35.9	34.4	31.0	40.2	49.4	42.3	46.5	45.0	38.4	31.2	33.2	27.3	19.9	35.8	43.6	54.0	45.6	n/a	42.0	56.0
Tax rate	26%	30%	28%	29%	28%	22%	27%	27%	29%	29%	27%	28%	27%	30%	26%	29%	27%	n/a	28%	28%
Net income	26.4	24.2	22.3	28.5	35.7	32.9	33.8	32.7	27.3	22.0	27.3	31.3	24.1	25.2	42.6	34.9	35.1	n/a	30.3	40.4
Net margin	5%	5%	5%	6%	6%	7%	6%	6%	5%	4%	5%	6%	5%	5%	7%	6%	6%	n/a	5%	6%
Diluted EPS	$0.98	$0.91	$0.84	$1.07	$1.34	$1.23	$1.27	$1.22	$1.02	$0.82	$1.02	$1.17	$0.91	$0.95	$1.61	$1.32	$1.33	n/a	$1.16	$1.56
Operating cash flow	13.5	101	-103	-16.7	-27.4	132	-20.9	31.2	133	105	97.1	-21.6	65.7	161	-99.0	-34.8	-87.4	n/a	76.5	-57.4
Capital expenditure	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.8	1.0	1.4	n/a	0.9	1.5
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-99.8	-35.8	-88.9	n/a	75.6	-59.0
Buybacks	2.6	4.1	7.2	0.0	0.0	0.0	7.5	0.9	1.5	0.0	11.6	12.0	9.9	13.5	3.3	4.0	17.0	n/a	25.5	13.1
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.6	6.5	n/a	7.1	7.0
Shares outstanding	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	27m	26m	26m	26m	26m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2021, filed 4 February 2022: the filing.