ePlus inc. (NASDAQ:PLUS) Q2 2023 Results Conference Call November 3, 2023 4:30 PM ET

Company Participants

Kley Parkhurst - SVP

Mark Marron - CEO and President

Elaine Marion - CFO

Erica Stoecker - General Counsel

Conference Call Participants

Matt Sheerin - Stifel

Jesse Wilson - William Blair

Operator

Good day, ladies and gentlemen. Welcome to the ePlus Earnings Results Conference Call. As a reminder, this conference call is being recorded.

I would like to introduce your host for today's conference, Mr. Kley Parkhurst, SVP. Sir, you may begin.

Kley Parkhurst

Thank you for joining us today. On the call is Mark Marron, CEO and President; Elaine Marion, CFO; and Erica Stoecker, General Counsel.

I want to take a moment to remind you that the statements we make this afternoon that are not historical facts may be deemed to be forward-looking statements and are based on management's current plans, estimates and projections. Actual and anticipated future results may vary materially due to certain risks and uncertainties detailed in the earnings release we issued this afternoon and our periodic filings with the Securities and Exchange Commission, including our Form 10-K for the year ended March 31, 2022, and our Form 10-Q for the quarter ended September 30, 2022, when filed.

The company undertakes no responsibility to update any of these forward-looking statements in light of new information or future events. In addition, during the call, we may make reference to non-GAAP financial measures, and we've included a GAAP financial reconciliation in our earnings release, which is posted on the Investor Information section of our website at www.eplus.com.

I'd now like to turn the call over to Mark Marron. Mark?

Mark Marron

Thank you, Kley, and thank you, everyone, for participating in today's call to discuss our results for the second quarter of fiscal 2023. Building on our first quarter performance, ePlus generated solid second quarter results with nearly 8% consolidated net sales growth and adjusted gross billings growth of more than 15%.

We saw growth in most vertical markets and customer sizes, driven primarily by increased demand for our data center, cloud computing, networking and security solutions with particular strength from our mid- to enterprise-size customers. We believe our solutions, services and continued focus on our strategy plans has allowed us to continue to capture market share.

I'm also proud of our team, which continues to execute at a high level, delivering strong top line growth while meeting our customers' needs despite persistent supply chain constraints. Our services business remains an important growth driver and an area of continued investment focus as our customers adopt a broad range of technologies to enhance productivity, increase profitability and drive revenue.