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ePlus Reports Fourth Quarter and Fiscal Year 2021 Financial Results

Business Wire - Thu May 20, 2021

ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months and fiscal year ended March 31, 2021.

Management Comment

“Our fourth quarter earnings performance reflected continued progress driving profitable growth from our IT solutions, particularly in the areas of security, cloud/data center, collaboration and annuity services, coupled with a steady focus on managing our cost structure. In the fourth quarter, gross profit increased 6.6%, and we realized an strong gross profit margin of 27.8%, our highest ever, due to growth in services revenue, increased product margins, and a high gross to net conversion. Our improved margins and lower costs drove operating income up 31.9% in the quarter and 11.6% for the year. EPS increased 17.2%, to $1.16, and adjusted EBITDA grew 25.7%, reflecting the strength and resilience of our business model,” said Mark Marron, President and Chief Executive Officer.

“In what was an unprecedented year, I am extremely proud of the entire ePlus team for responding with agility and unwavering commitment to support our customers’ evolving needs for integrated technology solutions. For fiscal 2021, lower net sales were due, in part, to the industry’s continuing conversion to the XaaS revenue model and revenues recorded on a net basis. We grew our services revenue, a key focus area that offers enhanced visibility due to our annuity-quality services offerings. Importantly, we recorded substantive increases in operating income, adjusted EBITDA, and earnings per share.”

Fourth Quarter Fiscal 2021 Results

For the fourth quarter ended March 31, 2021 as compared to the fourth quarter of the prior fiscal year ended March 31, 2020:

Consolidated net sales decreased 3.8% to $352.6 million, from $366.5 million.

Technology segment net sales decreased 6.1% to $331.8 million, from $353.3 million due to lower product sales. Service revenues increased 8.2% to $52.9 million, from $48.9 million due to an increase in managed services. Adjusted gross billings increased 2.8% to $528.6 million from $514.1 million.

Financing segment net sales increased 57.4% to $20.8 million, from $13.2 million due to an increase from sales of off lease equipment.

Consolidated gross profit increased 6.6% to $97.9 million, from $91.8 million. Consolidated gross margin was 27.8%, up from 25.1% last year, due to higher product margin in our technology segment as well as higher service margins.

Operating expenses were $74.3 million, up 0.5% from $73.9 million last year, primarily due to increases in variable compensation stemming from higher gross profit, partially offset by lower travel expenses and changes in reserve for credit losses. Our headcount at the end of the quarter was 1,560, down 19 from a year ago.

Consolidated operating income increased 31.9% to $23.6 million.

Our effective tax rate for the current quarter was 32.6%, higher than the prior year quarter of 24.9%, primarily due to an increase of non-deductible compensation.

Net earnings increased 17.4% to $15.6 million.

Adjusted EBITDA increased 25.7% to $29.6 million, from $23.5 million.

Diluted earnings per share was $1.16, compared with $0.99 in the prior year quarter. Non-GAAP diluted earnings per share was $1.41, compared with $1.24 last year.

Fiscal Year 2021 Results

For the fiscal year ended March 31, 2021 as compared to the prior fiscal year ended March 31, 2020:

Consolidated net sales decreased 1.3% to $1,568.3 million, from $1,588.4 million.

Technology segment net sales decreased 1.4% to $1,508.0 million, from $1,530.1 million due to a larger portion of our sales that were recognized on a net basis. Service revenues increased 4.7% to $202.2 million, from $193.1 million primarily due to an increase in managed services. Adjusted gross billings was $2,263.9 million, an increase of 1.6% from $2,227.9 million.

Financing segment net sales increased 3.6% to $60.4 million, from $58.3 million, primarily due to an increase in proceeds from sales of off lease equipment.

Consolidated gross profit increased 0.6% to $393.6 million, from $391.2 million. Consolidated gross margin was 25.1%, up from 24.6% last year, due to higher product margin in our technology segment as well as higher service margins.

Operating expenses were $287.2 million, down 2.9% from $295.9 million last year, primarily due to a decrease in travel, advertising & marketing, acquisition related expenses, and healthcare cost.

Consolidated operating income increased 11.6% to $106.3 million.

Our effective tax rate for the current fiscal year was 30.4%, higher than last year of 28.0%, primarily due to an adjustment to the federal benefit from state taxes.

Net earnings increased 7.7% to $74.4 million.

Adjusted EBITDA increased 7.4% to $128.2 million, from $119.4 million.

Diluted earnings per share was $5.54, compared with $5.15 in the prior year. Non-GAAP diluted earnings per share was $6.38, compared with $6.13 last year.

Balance Sheet Highlights

As of March 31, 2021, ePlus had cash and cash equivalents of $129.6 million, compared with $86.2 million as of March 31, 2020. Inventory, which represents equipment ordered by customers but not yet delivered, increased 39.2% due to ongoing projects. Total shareholders’ equity was $562.4 million, compared with $486.1 million as of March 31, 2020. Total shares outstanding were 13.5 million on March 31, 2021 and March 31, 2020.

Summary and Outlook

“Fiscal 2021 was a very successful and productive year for ePlus, as we strengthened our capabilities both organically and through acquisitions, while generating growth in adjusted gross billings, margins and earnings. Although component shortages may delay some near-term revenue, as the market continues to evolve, we expect to see accelerated demand for collaboration, remote work solutions, security, and cloud services. We remain positive in our outlook for fiscal 2022 as ePlus continues to focus on the high growth areas that are critical to our customers’ digital transformation initiatives.”

Recent Corporate Developments/Recognitions

  • In the month of April:
    • Achieved VMware Cloud on AWS VMware Master Services Competency.
    • ePlus will plant 10,000 trees through One Tree Planted, a non-profit organization dedicated to making it easier for individuals and businesses to give back to the environment, create a healthier climate, protect biodiversity, and help reforestation efforts.
  • In the month of March:
    • CRN®, a brand of The Channel Company, recognized ePlus with a place on its 2021 Tech Elite 250 list.
    • Board of directors authorized the Company to repurchase up to 500,000 shares of ePlus’ outstanding common stock over a 12-month period commencing May 28, 2021.
    • CRN®, a brand of The Channel Company, named ePlus to its 2021 Managed Service Provider (MSP) 500 list in the Elite 150 category.
  • In the month of February:
    • Achieved Amazon Web Services (AWS) Storage Competency status.
    • Implemented a cloud-based Cisco call center solution that helped clear the way for Rowan University in New Jersey to become one of only four of the initial COVID vaccine distribution centers in the state.
    • IGXGlobal UK Limited, its London-based subsidiary, renewed its Cisco Gold Certified Partner designation in the UK.

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on May 20, 2021:

Webcast (Live & Replay):

https://event.on24.com/wcc/r/3082272/D1D0303B8D92F5555E6FA9690D2FDDDC

Live Call:(833) 714-0957 (toll-free/domestic)
(778) 560-2893 (international)
Replay:(800) 585-8367 (toll-free/domestic) or
(416) 621-4642 (international)
Passcode:1655478 (live call and replay)

The replay of this webcast will be available approximately two hours after the call through May 27, 2021.

About ePlusinc.

ePlus is a leading consultative technology solutions provider that helps customers imagine, implement, and achieve more from their technology. With the highest certifications from top technology partners and lifecycle services expertise across key areas including security, cloud, data center, collaboration, networking, and emerging technologies, ePlus transforms IT from a cost center to a business enabler. Founded in 1990, ePlus has more than 1,500 associates serving a diverse set of customers in the U.S., Europe, and Asia-Pac. The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com. Connect with ePlus on Facebook, LinkedIn, Twitter and Instagram.

ePlus, Where Technology Means More®.

ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries. The names of other companies and products mentioned herein may be the trademarks of their respective owners.

Forward-looking statements

Statements in this press release that are not historical facts may be deemed to be “forward-looking statements.” Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, the duration and impact of the COVID-19 pandemic, which could materially adversely affect our financial condition and results of operations and has resulted worldwide in governmental authorities imposing numerous unprecedented measures to try to contain the virus that has impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners; national and international political instability fostering uncertainty and volatility in the global economy including an economic downturn, an increase in tariffs or adverse changes to trade agreements, exposure to fluctuation in foreign currency rates, interest rates and downward pressure on prices; reduction of vendor incentive programs; and restrictions on our access to capital necessary to fund our operations; our ability to successfully perform due diligence and integrate acquired businesses; disruptions or a security breach in our or our vendors’ or suppliers’ IT systems and data and audio communication networks, supply chains or other systems; the possibility of goodwill impairment charges in the future; significant adverse changes in, reductions in, or losses of relationships with one or more of our largest volume customers or vendors; a possible decrease in the capital spending budgets of our customers or a decrease in purchases from us; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, or obtain debt for our financing transactions; uncertainty regarding the phase out of LIBOR may negatively affect our operating results; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; the creditworthiness of our customers and our ability to reserve adequately for credit losses; our ability to secure our own and our customers’ electronic and other confidential information and remain secure during a cyber-security or ransomware attack; future growth rates in our core businesses; the impact of competition in our markets; our reliance on third parties to perform some of our service obligations to our customers; the possibility of defects in our products or catalog content data; our ability to adapt to changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service, software as a service and platform as a service; our ability to realize our investment in leased equipment; maintaining and increasing advanced professional services by recruiting and retaining highly skilled, competent personnel and vendor certifications; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

ePlus inc. AND SUBSIDIARIES

 

 

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

March 31, 2020

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

Cash and cash equivalents

 

$129,562

$86,231

Accounts receivable—trade, net

 

391,567

374,998

Accounts receivable—other, net

 

41,053

36,570

Inventories

 

69,963

50,268

Financing receivables—net, current

 

106,272

70,169

Deferred costs

 

28,201

22,306

Other current assets

 

10,976

9,256

Total current assets

 

777,594

649,798

 

 

 

 

Financing receivables and operating leases—net

 

90,165

74,158

Deferred tax asset--net

 

1,468

 

-

Property, equipment and other assets

 

42,289

 

32,596

Goodwill

 

126,645

 

118,097

Other intangible assets—net

 

38,614

34,464

TOTAL ASSETS

 

$1,076,775

$909,113

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

$165,162

 

$82,919

Accounts payable—floor plan

 

98,653

127,416

Salaries and commissions payable

 

36,839

30,952

Deferred revenue

 

72,802

55,480

Recourse notes payable—current

 

5,450

37,256

Non-recourse notes payable—current

 

50,397

29,630

Other current liabilities

 

30,061

22,986

Total current liabilities

 

459,364

386,639

 

 

 

 

Recourse notes payable—long term

 

12,658

-

Non-recourse notes payable—long term

 

5,664

 

5,872

Deferred tax liability—net

 

-

2,730

Other liabilities

 

36,679

27,727

TOTAL LIABILITIES

 

514,365

422,968

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

Preferred stock, $.01 per share par value; 2,000 shares authorized; none outstanding

 

-

 

-

Common stock, $.01 per share par value; 25,000 shares authorized;

13,503 outstanding at March 31, 2021 and 13,500 outstanding at March 31, 2020

 

145

144

Additional paid-in capital

 

152,366

145,197

Treasury stock, at cost, 993 shares at March 31, 2021 and 896 shares at March 31, 2020

 

(75,372)

 

(68,424)

Retained earnings

 

484,616

410,219

Accumulated other comprehensive income—foreign currency translation adjustment

 

655

(991)

Total Stockholders' Equity

 

562,410

486,145

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$1,076,775

$909,113

ePlus inc. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

Three Months Ended March 31,

Year Ended March 31,

2021

2020

2021

2020

 

 

 

 

 

 

 

 

Net sales

 

 

 

 

 

 

Product

$299,750

 

$317,621

 

$1,366,158

 

$1,395,288

Services

52,857

 

48,855

 

202,165

 

193,116

Total

352,607

 

366,476

 

1,568,323

 

1,588,404

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

Product

222,566

 

244,638

 

1,049,677

 

1,076,773

Services

32,157

 

30,013

 

125,092

 

120,440

Total

254,723

 

274,651

 

1,174,769

 

1,197,213

 

 

 

 

 

 

 

 

Gross profit

97,884

 

91,825

 

393,554

 

391,191

 

 

 

 

 

 

 

 

Selling, general, and administrative

69,517

 

69,782

 

271,263

 

279,182

Depreciation and amortization

3,951

 

3,489

 

13,951

 

14,156

Interest and financing costs

826

 

676

 

2,005

 

2,574

Operating expenses

74,294

 

73,947

 

287,219

 

295,912

 

 

 

 

 

 

 

Operating income

23,590

 

17,878

 

106,335

 

95,279

 

 

 

 

 

 

 

Other income (expense)

(524)

 

(232)

 

571

 

680

 

 

 

 

 

 

 

Earnings before taxes

23,066

 

17,646

 

106,906

 

95,959

 

 

 

 

 

 

 

Provision for income taxes

7,513

 

4,400

 

32,509

 

26,877

 

 

 

 

 

 

 

Net earnings

$15,553

 

$13,246

 

$74,397

 

$69,082

 

 

 

 

 

 

 

Net earnings per common share—basic

$1.17

 

$0.99

 

$5.58

 

$5.18

Net earnings per common share—diluted

$1.16

 

$0.99

 

$5.54

 

$5.15

 

 

 

 

 

 

Weighted average common shares outstanding—basic

13,323

 

13,318

 

13,337

 

13,327

Weighted average common shares outstanding—diluted

13,416

 

13,390

 

13,417

 

13,415

Technology Segment

 

Three Months Ended March 31,

 

 

 

Year Ended March 31,

 

 

2021

2020

Change

2021

2020

Change

 

(in thousands)

 

 

 

(in thousands)

 

 

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

Product

$278,944

 

$304,402

 

(8.4%)

 

$1,305,789

 

$1,337,022

 

(2.3%)

Services

52,857

 

48,855

 

8.2%

 

202,165

 

193,116

 

4.7%

Total

331,801

 

353,257

 

(6.1%)

 

1,507,954

 

1,530,138

 

(1.4%)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

Product

215,768

 

243,601

 

(11.4%)

 

1,036,627

 

1,069,110

 

(3.0%)

Services

32,157

 

30,013

 

7.1%

 

125,092

 

120,440

 

3.9%

Total

247,925

 

273,614

 

(9.4%)

 

1,161,719

 

1,189,550

 

(2.3%)

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

83,876

 

79,643

 

5.3%

 

346,235

 

340,588

 

1.7%

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

65,691

 

66,508

 

(1.2%)

 

256,210

 

264,123

 

(3.0%)

Depreciation and amortization

3,923

 

3,461

 

13.3%

 

13,839

 

14,016

 

(1.3%)

Interest and financing costs

255

 

294

 

(13.3%)

 

521

 

294

 

77.2%

Operating expenses

69,869

 

70,263

 

(0.6%)

 

270,570

 

278,433

 

(2.8%)

 

 

 

 

 

 

 

 

 

 

 

Operating income

$14,007

 

$9,380

 

49.3%

 

$75,665

 

$62,155

 

21.7%

Adjusted gross billings

$528,582

 

$514,130

 

2.8%

 

$2,263,865

 

$2,227,885

 

1.6%

Adjusted EBITDA

$19,907

 

$14,945

 

33.2%

 

$97,219

 

$85,840

 

13.3%

Technology Segment Net Sales by Customer End Market

 

Twelve Months Ended March 31,

 

 

 

2021

 

2020

 

Change

 

 

 

 

 

 

Telecom, Media, & Entertainment

25%

 

19%

 

6%

Technology

17%

 

21%

 

(4%)

SLED

16%

 

16%

 

-

Healthcare

13%

 

15%

 

(2%)

​Financial Services

13%

 

13%

 

-

​All others

16%

 

16%

 

-

Total

100%

 

100%

 

 

Financing Segment

 

Three Months Ended March 31,

 

 

 

Year Ended March 31,

 

 

2021

2020

Change

2021

2020

Change

 

(in thousands)

 

 

 

(in thousands)

 

 

 

Net sales

$20,806

 

$13,219

 

57.4%

 

$60,369

 

$58,266

 

3.6%

Cost of sales

6,798

 

1,037

 

555.5%

 

13,050

 

7,663

 

70.3%

Gross profit

14,008

 

12,182

 

15.0%

 

47,319

 

50,603

 

(6.5%)

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

3,826

 

3,274

 

16.9%

 

15,053

 

15,059

 

(0.0%)

Depreciation and amortization

28

 

28

 

0.0%

 

112

 

140

 

(20.0%)

Interest and financing costs

571

 

382

 

49.5%

 

1,484

 

2,280

 

(34.9%)

Operating expenses

4,425

 

3,684

 

20.1%

 

16,649

 

17,479

 

(4.7%)

 

 

 

 

 

 

 

 

 

 

 

Operating income

$9,583

 

$8,498

 

12.8%

 

$30,670

 

$33,124

 

(7.4%)

Adjusted EBITDA

$9,668

 

$8,586

 

12.6%

 

$31,026

 

$33,519

 

(7.4%)

ePlus inc. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP INFORMATION

We included reconciliations below for the following non-GAAP information: (i) Adjusted Gross Billings, (ii) Adjusted EBITDA, (iii) Segment Adjusted EBITDA, (iv) non-GAAP Net Earnings and (v) non-GAAP Net Earnings per Common Share - Diluted.

We define adjusted gross billings as our technology segment net sales calculated in accordance with GAAP, adjusted to exclude the costs incurred related to sales of third-party maintenance, software assurance and subscription/SaaS licenses, and services.

We define adjusted EBITDA as net earnings calculated in accordance with GAAP, adjusted for the following: interest expense, depreciation and amortization, share based compensation, acquisition and integration expense, provision for income taxes, and other income (expense). Segment adjusted EBITDA is defined as operating income calculated in accordance with GAAP, adjusted for interest expense, share based compensation, acquisition and integration expenses, and depreciation and amortization. We consider the interest on notes payable from our financing segment and depreciation expense presented within cost of sales, which includes depreciation on assets financed as operating leases, to be operating expenses.

Non-GAAP net earnings and non-GAAP net earnings per common share – diluted are based on net earnings calculated in accordance with GAAP, adjusted to exclude other income (expense), share based compensation, and acquisition related amortization expense, and the related tax effects.

Our use of non-GAAP information as analytical tools has limitations, and you should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies, including companies in our industry, might calculate non-GAAP adjusted gross billings, adjusted EBITDA, non-GAAP net earnings and non-GAAP net earnings per common share or similarly titled measures differently, which may reduce their usefulness as comparative measures.

 

Three Months Ended March 31,

 

Year Ended March 31,

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

 

 

 

 

 

 

 

 

Technology segment net sales

$331,801

 

$353,257

 

$1,507,954

 

$1,530,138

Costs incurred related to sales of third-party

maintenance, software assurance and

subscription / SaaS licenses, and services

196,781

 

160,873

 

755,911

 

697,747

Adjusted gross billings

$528,582

 

$514,130

 

$2,263,865

 

$2,227,885

Three Months Ended March 31,

 

Year Ended March 31,

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

$15,553

 

$13,246

 

$74,397

 

$69,082

Provision for income taxes

7,513

 

4,400

 

32,509

 

26,877

Depreciation and amortization [1]

3,951

 

3,489

 

13,951

 

14,156

Share based compensation

1,740

 

1,933

 

7,167

 

7,954

Acquisition and integration expense

39

 

(63)

 

271

 

1,676

Interest and financing costs

255

 

294

 

521

 

294

Other (income) expense [2]

524

 

232

 

(571)

 

(680)

Adjusted EBITDA

$29,575

 

$23,531

 

128,245

 

$119,359

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Year Ended March 31,

 

2021

 

2020

 

2021

2020

 

(in thousands)

Technology Segment

 

 

 

 

 

 

 

Operating income

$14,007

 

$9,380

 

$75,665

 

$62,155

Depreciation and amortization [1]

3,923

 

3,461

 

13,839

 

14,016

Share based compensation

1,683

 

1,873

 

6,923

 

7,699

Acquisition and integration expense

39

 

(63)

 

271

 

1,676

Interest and financing costs

255

 

294

 

521

 

294

Adjusted EBITDA

$19,907

 

$14,945

 

$97,219

 

$85,840

 

 

 

 

 

 

 

 

Financing Segment

 

 

 

 

 

 

 

Operating income

$9,583

 

$8,498

 

$30,670

 

$33,124

Depreciation and amortization [1]

28

 

28

 

112

 

140

Share based compensation

57

 

60

 

244

 

255

Adjusted EBITDA

$9,668

 

$8,586

 

$31,026

 

$33,519

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Year Ended March 31,

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

GAAP: Earnings before taxes

$23,066

 

$17,646

 

$106,906

 

$95,959

Share based compensation

1,740

 

1,933

 

7,167

 

7,954

Acquisition and integration expense

39

 

(63)

 

271

 

1,676

Acquisition related amortization expense [3]

2,730

 

2,264

 

9,116

 

9,217

Other (income) expense [2]

524

 

232

 

(571)

 

(680)

Non-GAAP: Earnings before taxes

28,099

 

22,012

 

122,889

 

114,126

 

 

 

 

 

 

 

 

GAAP: Provision for income taxes

7,513

 

4,400

 

32,509

 

26,877

Share based compensation

567

 

482

 

2,188

 

2,218

Acquisition and integration expense

13

 

(16)

 

78

 

490

Acquisition related amortization expense [3]

874

 

549

 

2,730

 

2,487

Other (income) expense [2]

171

 

58

 

(143)

 

(200)

Tax benefit on restricted stock

-

 

-

 

(40)

 

87

Non-GAAP: Provision for income taxes

9,138

 

5,473

 

37,322

 

31,959

 

 

 

 

 

 

 

 

Non-GAAP: Net earnings

$18,961

 

$16,539

 

$85,567

 

$82,167

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Year Ended March 31,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

GAAP: Net earnings per common share – diluted

$1.16

 

$0.99

 

$5.54

 

$5.15

 

 

 

 

 

 

 

 

Share based compensation

0.09

 

0.11

 

0.38

 

0.43

Acquisition and integration expense

-

 

-

 

0.01

 

0.09

Acquisition related amortization expense [3]

0.13

 

0.13

 

0.48

 

0.51

Other (income) expense [2]

0.03

 

0.01

 

(0.03)

 

(0.04)

Tax benefit on restricted stock

-

 

-

 

-

 

(0.01)

Total non-GAAP adjustments – net of tax

$0.25

 

$0.25

 

$0.84

 

$0.98

 

 

 

 

 

 

 

 

Non-GAAP: Net earnings per common share – diluted

$1.41

 

$1.24

 

$6.38

 

$6.13

[1] Amount consists of depreciation and amortization for assets used internally.

[2] Interest income and foreign currency transaction gains and losses.

[3] Amount consists of amortization of intangible assets from acquired businesses.

 

Provided Content: Content provided by Business Wire. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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