ePlus inc. (NASDAQ:PLUS) Q4 2024 Earnings Conference Call May 22, 2024 4:30 PM ET

Company Participants

Kleyton Parkhurst - General Counsel
Mark Marron - Director, President & CEO
Elaine Marion - CFO

Conference Call Participants

Maggie Nolan - William Blair
Matt Sheerin - Stifel
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 would like to introduce your host for today's conference, Mr. Kley Parkhurst, General Counsel. Sir, you may begin.

Kleyton Parkhurst

Thank you for joining us today. On the call is Mark Marron, CEO and President; Darren Raiguel, COO and President of ePlus Technology; 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 in our periodic filings with the Securities and Exchange Commission including our most recent annual report on 10-K, quarterly reports on form 10-Q, and other documents that we may file with the SEC.

Any forward-looking statement speaks only as of the date at which the statement is made and the company undertakes no responsibility to update any of these forward-looking statements in light of new information, future events or otherwise.

In addition, we will be using certain non-GAAP measures during the call. We have included the GAAP financial reconciliation and our earnings release, which is posted on the Investor information section of our website at www.eplus.com.

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

Mark Marron

Thank you, Kley, and good afternoon, everyone. Thank you for joining us today to discuss our fiscal fourth quarter and full year 2024 results. In the fourth quarter, our top-line and gross billings increased by double-digits with net sales up 12.7% and gross billings up 13.8%. While our gross margin and operating income were below our expectations, we had a strong year overall, and are pleased with how the business has performed in a challenging demand environment.

We ended the year with over $250 million in cash on hand, which provides us with the resources to continue to make strategic acquisitions, invest in customer facing personnel, and expand our solutions and services, especially in the fast growing areas such as AI, Cloud, Networking, and Security.