Eplus (PLUS) Q3 FY2024 earnings: revenue $509 million, down 18.4% on the year

Eplus Inc. (PLUS) reported revenue of $509 million for Q3 FY2024, the quarter ended 31 December 2023, down 18.4% on the same quarter a year earlier. Net income was $27 million, down 23.6% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-Q it filed with the SEC on 7 February 2024.

Revenue$509 milliondown 18.4%

Net income$27 milliondown 23.6%

Diluted EPS$1.02

QuarterQ3 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	509	588	n/a	n/a
Cost of revenue	375	443	n/a	n/a
Gross profit	134	144	n/a	n/a
Gross margin	26.3%	24.6%	n/a
Selling, general and administrative	89.4	92.7	n/a	n/a
Operating income	38.0	44.9	n/a	n/a
Operating margin	7.5%	7.6%	n/a
Interest expense	1.0	1.2	n/a	n/a
Pre-tax income	38.4	45.0	n/a	n/a
Income tax	11.1	12.3	n/a	n/a
Effective tax rate	29.0%	27.4%	n/a
Net income	27.3	32.7	n/a	n/a
Net margin	5.4%	5.6%	n/a
Diluted EPS	$1.02	$1.22	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	133	31.2	n/a	n/a
Cash from investing	-2.0	9.3	n/a	n/a
Cash from financing	-71.3	-60.0	n/a	n/a
Depreciation and amortisation	5.4	5.6	n/a	n/a
Share-based compensation	2.5	2.4	n/a	n/a
Buybacks	1.5	0.9	n/a	n/a
Diluted shares, weighted	27m	27m	n/a	n/a
Shares outstanding at period end	27m	27m	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	878	846	n/a	n/a
Debt	48.4	53.6	n/a	n/a
Other liabilities	669	720	n/a	n/a
Total liabilities and equity	1,596	1,619	n/a	n/a
Goodwill	158	158	n/a	n/a
Intangible assets	43.0	46.9	n/a	n/a
Cash and equivalents	142	82.5	n/a	n/a
Receivables	597	650	n/a	n/a
Inventory	218	222	n/a	n/a
Other assets	437	459	n/a	n/a
Total assets	1,596	1,619	n/a	n/a

Questions

What was Eplus' revenue in Q3 FY2024?

Eplus (PLUS) reported revenue of $509 million for Q3 FY2024, the quarter ended 31 December 2023, down 18.4% on the same quarter a year earlier.

How much did Eplus earn in Q3 FY2024?

Net income for Q3 FY2024 was $27 million, down 23.6% on the year, and diluted earnings per share $1.02.

When did Eplus report Q3 FY2024 results?

Eplus filed its 10-Q for the quarter ended 31 December 2023 with the SEC on 7 February 2024.

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026 †	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	588	509	554	536	493	493	498	643	609	615	n/a	649
Cost of revenue	443	375	424	409	366	368	352	489	447	456	n/a	498
Gross profit	144	134	130	127	127	125	146	154	162	159	n/a	151
Gross margin	25%	26%	24%	24%	26%	25%	29%	24%	27%	26%	n/a	23%
SG&A	92.7	89.4	95.4	90.6	94.5	101	103	104	106	109	n/a	107
Operating income	44.9	38.0	29.0	31.5	27.0	16.5	34.7	42.9	48.8	43.5	n/a	38.8
Operating margin	8%	7%	5%	6%	5%	3%	7%	7%	8%	7%	n/a	6%
Interest expense	1.2	1.0	0.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	45.0	38.4	31.2	33.2	27.3	19.9	35.8	43.6	54.0	45.6	n/a	42.0
Tax rate	27%	29%	29%	27%	28%	27%	30%	26%	29%	27%	n/a	28%
Net income	32.7	27.3	22.0	27.3	31.3	24.1	25.2	42.6	34.9	35.1	n/a	30.3
Net margin	6%	5%	4%	5%	6%	5%	5%	7%	6%	6%	n/a	5%
Diluted EPS	$1.22	$1.02	$0.82	$1.02	$1.17	$0.91	$0.95	$1.43	$1.32	$1.33	n/a	$1.16
Operating cash flow	31.2	133	105	97.1	-21.6	65.7	161	-99.0	-34.8	-87.4	n/a	76.5
Capital expenditure	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.8	n/a	n/a	n/a	0.9
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-99.8	n/a	n/a	n/a	75.6
Buybacks	0.9	1.5	0.0	11.6	12.0	9.9	13.5	3.3	4.0	17.0	n/a	25.5
Dividends paid	n/a	n/a	n/a	n/a	n/a	0.0	n/a	0.0	6.6	6.5	n/a	7.1
Shares outstanding	27m	27m	27m	27m	27m	27m	27m	27m	27m	26m	26m	26m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 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.

Source

10-Q for the period ended 31 December 2023, filed 7 February 2024, accession 0001140361-24-005910: the filing on EDGAR. All of Eplus Inc.'s filings: EDGAR company page.

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