Eplus (PLUS) FY2023 results: revenue $2.0 billion, up 10.7% on the year

Eplus Inc. (PLUS) reported revenue of $2.0 billion for fiscal 2023, the year ended 31 March 2023, up 10.7% on the year before. Net income was $119 million, up 13.0%, and diluted earnings per share $4.48. The figures are the company's own, from the 10-K it filed with the SEC on 25 May 2023.

Revenue

$2.0 billion

+10.7% on the year

FY2016FY2023

Operating margin

6.9%

8.1% a year earlier

FY2016FY2023

Net income

$119 million

+13.0% on the year

FY2016FY2023

Diluted EPS

$4.48

+14.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,016	1,821	1,568	+10.7%
Cost of revenue	1,541	1,360	1,175	+13.3%
Gross profit	475	461	394	+3.0%
Gross margin	23.6%	25.3%	25.1%
Selling, general and administrative	320	297	271	+7.7%
Operating income	139	147	106	-5.9%
Operating margin	6.9%	8.1%	6.8%
Interest expense	4.1	1.9	2.0	+117.2%
Pre-tax income	133	147	107	-9.4%
Income tax	35.7	41.3	32.5	-13.6%
Effective tax rate	26.8%	28.1%	30.4%
Net income	119	106	74.4	+13.0%
Net margin	5.9%	5.8%	4.7%
Diluted EPS	$4.48	$3.93	$2.77	+14.0%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-15.4	-20.6	130
Capital expenditure	8.1	n/a	n/a
Free cash flow	-23.5	n/a	n/a
Free cash flow margin	-1.2%	n/a	n/a
Cash from investing	-18.9	-1.3	-35.8
Cash from financing	-20.9	47.2	-49.8
Depreciation and amortisation	15.3	24.3	20.0	-37.1%
Share-based compensation	7.6	7.1	7.2	+6.6%
Buybacks	7.2	13.6	6.9	-46.9%
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	27m	27m	27m	-0.8%
Shares outstanding at period end	27m	27m	27m	+0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	776	661	562	+17.4%
Debt	40.3	34.3	74.2	+17.7%
Operating lease liabilities	12.0	3.3	5.0	+263.6%
Other liabilities	587	468	435	+25.4%
Total liabilities and equity	1,415	1,166	1,077	+21.3%
Fixed assets	11.9	7.9	7.4	+50.8%
Goodwill	136	127	127	+7.6%
Intangible assets	25.0	27.2	38.6	-8.1%
Cash and equivalents	103	155	130	-33.7%
Receivables	504	430	392	+17.1%
Inventory	243	155	70.0	+56.9%
Other assets	391	264	313	+48.4%
Total assets	1,415	1,166	1,077	+21.3%

10-K for the year ended 31 March 2023, filed 25 May 2023: the filing.