Eplus (PLUS) FY2024 results: revenue $2.2 billion, up 8.0% on the year

Eplus Inc. (PLUS) reported revenue of $2.2 billion for fiscal 2024, the year ended 31 March 2024, up 8.0% on the year before. Net income was $118 million, down 1.2%, and diluted earnings per share $4.41. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2024.

Revenue

$2.2 billion

+8.0% on the year

FY2017FY2024

Operating margin

6.1%

6.9% a year earlier

FY2017FY2024

Net income

$118 million

-1.2% on the year

FY2017FY2024

Diluted EPS

$4.41

-1.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,178	2,016	1,821	+8.0%
Cost of revenue	1,667	1,541	1,360	+8.1%
Gross profit	512	475	461	+7.7%
Gross margin	23.5%	23.6%	25.3%
Selling, general and administrative	356	320	297	+11.1%
Operating income	134	139	147	-3.5%
Operating margin	6.1%	6.9%	8.1%
Interest expense	3.8	4.1	1.9	-8.6%
Pre-tax income	135	133	147	+1.6%
Income tax	37.9	35.7	41.3	+6.3%
Effective tax rate	28.0%	26.8%	28.1%
Net income	118	119	106	-1.2%
Net margin	5.4%	5.9%	5.8%
Diluted EPS	$4.41	$4.48	$3.93	-1.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	248	-15.4	-20.6
Capital expenditure	7.7	8.1	n/a	-5.2%
Free cash flow	241	-23.5	n/a
Free cash flow margin	11.1%	-1.2%	n/a
Cash from investing	-62.0	-18.9	-1.3
Cash from financing	-36.6	-20.9	47.2
Depreciation and amortisation	22.5	15.3	24.3	+47.2%
Share-based compensation	9.5	7.6	7.1	+24.9%
Buybacks	9.9	7.2	13.6	+36.4%
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	27m	27m	27m	+0.2%
Shares outstanding at period end	27m	27m	27m	+0.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	897	776	661	+15.7%
Debt	36.2	40.3	34.3	-10.3%
Operating lease liabilities	12.7	12.0	3.3	+5.8%
Other liabilities	707	587	468	+20.5%
Total liabilities and equity	1,653	1,415	1,166	+16.9%
Fixed assets	12.9	11.9	7.9	+8.4%
Goodwill	162	136	127	+18.7%
Intangible assets	44.1	25.0	27.2	+76.1%
Cash and equivalents	253	103	155	+145.4%
Receivables	645	504	430	+27.9%
Inventory	140	243	155	-42.6%
Other assets	398	391	264	+1.6%
Total assets	1,653	1,415	1,166	+16.9%

10-K for the year ended 31 March 2024, filed 23 May 2024: the filing.