ePlus Inc. (NASDAQ:PLUS) Q1 2023 Earnings Conference Call August 3, 2022 4:30 PM ET
Company Participants
Kley Parkhurst - SVP of Corporate Development and Assistant Secretary
Mark Marron - CEO, President and Director
Elaine Marion - CFO
Darren Raiguel - COO
Erica Stoecker - General Counsel
Conference Call Participants
Maggie Nolan - William Blair & Company
Greg Burns - Sidoti & Company
Operator
Good day, ladies and gentlemen. Welcome to the ePlus Earnings Results Conference Call. As a reminder, this conference call is being recorded.
I'd to introduce your host for today's conference, Mr. Kley Parkhurst, Senior Vice President. Sir, you may begin.
Kley Parkhurst
Thank you for joining us today. On the call is Mark Marron, CEO and President; Elaine Marion, CFO; Darren Raiguel, COO and President of ePlus Technology; 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 June 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 first quarter of fiscal 2023. We had a solid start to our fiscal year generating double-digit year-over-year growth in both net sales and adjusted gross billings. Demand in the quarter was broad based with nearly every one of our vertical markets and customer size segments experiencing gains.
First quarter consolidated net sales increased 10% driven by continued solid performance in our technology segment where net sales grew 12.1% over the same period last year. Despite ongoing supply chain issues that limited the availability of certain technologies.