Eplus (PLUS) FY2022 results: revenue $1.8 billion, up 16.1% on the year

Eplus Inc. (PLUS) reported revenue of $1.8 billion for fiscal 2022, the year ended 31 March 2022, up 16.1% on the year before. Net income was $106 million, up 41.9%, and diluted earnings per share $3.93. The figures are the company's own, from the 10-K it filed with the SEC on 26 May 2022.

Revenue

$1.8 billion

+16.1% on the year

FY2015FY2022

Operating margin

8.1%

6.8% a year earlier

FY2015FY2022

Net income

$106 million

+41.9% on the year

FY2015FY2022

Diluted EPS

$3.93

+41.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,821	1,568	1,588	+16.1%
Cost of revenue	1,360	1,175	1,197	+15.8%
Gross profit	461	394	391	+17.1%
Gross margin	25.3%	25.1%	24.6%
Selling, general and administrative	297	271	279	+9.5%
Operating income	147	106	95.3	+38.5%
Operating margin	8.1%	6.8%	6.0%
Interest expense	1.9	2.0	2.6	-5.1%
Pre-tax income	147	107	96.0	+37.4%
Income tax	41.3	32.5	26.9	+27.0%
Effective tax rate	28.1%	30.4%	28.0%
Net income	106	74.4	69.1	+41.9%
Net margin	5.8%	4.7%	4.3%
Diluted EPS	$3.93	$2.77	$2.58	+41.9%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-20.6	130	-74.2
Cash from investing	-1.3	-35.8	-20.3
Cash from financing	47.2	-49.8	101
Depreciation and amortisation	24.3	20.0	19.2	+21.6%
Share-based compensation	7.1	7.2	8.0	-0.8%
Buybacks	13.6	6.9	14.4	+95.9%
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	27m	27m	27m	+0.1%
Shares outstanding at period end	27m	27m	27m	-0.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	661	562	486	+17.5%
Debt	34.3	74.2	72.8	-53.8%
Operating lease liabilities	3.3	5.0	8.3	-34.0%
Other liabilities	468	435	342	+7.5%
Total liabilities and equity	1,166	1,077	909	+8.3%
Fixed assets	7.9	7.4	7.2	+7.1%
Goodwill	127	127	118	-0.1%
Intangible assets	27.2	38.6	34.5	-29.4%
Cash and equivalents	155	130	86.2	+19.9%
Receivables	430	392	375	+9.9%
Inventory	155	70.0	50.3	+121.6%
Other assets	264	313	238	-15.8%
Total assets	1,166	1,077	909	+8.3%

10-K for the year ended 31 March 2022, filed 26 May 2022: the filing.