UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 15, 2025

ePlus inc.
(Exact name of registrant as specified in its charter)

Delaware
 
001-34167
 
54-1817218
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

13595 Dulles Technology Drive
Herndon, VA 20171-3413
(Address of principal executive offices, including zip code)

(703) 984-8400
(Registrant's telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value
 PLUS
 Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01  Regulation FD Disclosure
Previously, on June 30, 2025, ePlus inc. (the “Company”) filed a Current Report on Form 8-K (the “Transaction Form 8-K”), disclosing that the Company had completed the sale of 100% of the membership interests of Expo Holdings, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“HoldCo”), thereby selling the Company’s domestic subsidiaries comprising the majority of the Company’s financing business segment, to Marlin Leasing Corporation, a Delaware corporation (“Buyer”), pursuant to that certain Membership Interest Purchase Agreement (the “Purchase Agreement”), dated June 20, 2025, by and among Buyer, the Company and HoldCo (the “Transaction”). On July 7, 2025, the Company amended the Transaction Form 8-K to provide, as Exhibit 99.2 thereto, the pro forma financial information required by Item 9.01 of Form 8-K (the “Original Pro Forma Financial Statements”).
The Original Pro Forma Financial Statements provided unaudited pro forma statements of income that were prepared as if the Transaction occurred on April 1, 2022, and an unaudited pro forma balance sheet that was prepared as if the Transaction occurred on March 31, 2025. Beginning with the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2025, the historical results of HoldCo were reflected in the Company’s consolidated financial statements as discontinued operations.
Because the Company customarily provides investor presentations that show select financial information over five fiscal years, the Company is hereby providing certain supplemental pro forma financial information, attached hereto as Exhibit 99.1, as if the Transaction occurred on April 1, 2020 (the “Supplemental Pro Forma Financial Information”). The Supplemental Pro Forma Financial Information also includes quarterly pro forma historical results for the fiscal years ending March 31, 2025 and 2024. The Supplemental Pro Forma Financial Information is provided as a convenience to investors for information purposes only.
The Supplemental Pro Forma Financial Information reflects many, but not all, adjustments required for pro forma financial information prepared in accordance with Article 11 of Regulation S-X and is not intended to be a complete presentation of the Company’s operating results or financial position. The Supplemental Pro Forma Financial Information does not purport to represent what the Company’s operations would have been nor do they purport to project the results of operations for any future period and should not be relied upon as an indicator of future performance, financial condition or liquidity.
The information in Item 7.01 of this Current Report on Form 8-K (including the Supplemental Pro Forma Financial Information provided in Exhibit 99.1) is being furnished pursuant to Regulation FD in order to provide investors with supplemental financial information and historical data, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference in any filing under the Exchange Act and the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
The Supplemental Pro Forma Financial Information should be read in conjunction with the separate historical financial statements and accompanying notes contained in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Report on Form 10-K for the year ended March 31, 2025, as well as the Transaction Form 8-K, as amended, including the Original Pro Forma Financial Statements.
Cautionary Language Concerning Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to the anticipated benefits of the Transaction, which is subject to a number of post-closing adjustments; our ability to earn and/or receive the holdback premium and earn-out payments, if any; and any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. Forward-looking statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to general conditions in the economy and our industry, including those due to regulatory changes, the post-closing performance of HoldCo and related entities, as operated by Buyer after the closing, and other important factors disclosed previously and from time to time in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K.
All information set forth in this Current Report on Form 8-K is current as of the date hereof and the Company undertakes no duty or obligation to update this information either as a result of new information, future events or otherwise, except as required by applicable U.S. securities law.
(d) Exhibits
 
Exhibit No.
Description
 
 
99.1 
Supplemental Pro Forma Financial Information of ePlus inc.
 
 
104
Cover Page Interactive Date File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   
ePlus inc.
    
         
   
By: /s/ Elaine D. Marion
    
   
Elaine D. Marion
    
   
Chief Financial Officer
    
 
Date: September 15, 2025
EXHIBIT 99.1

Explanatory Note

Previously, on June 30, 2025, ePlus inc. (“we”, “our”, “us”, “ePlus, or the “Company”) filed a Current Report on Form 8-K (the “Transaction Form 8-K”), disclosing that the Company had completed the sale of 100% of the membership interests of Expo Holdings, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“HoldCo”), thereby selling the Company’s domestic subsidiaries comprising the majority of the Company’s financing business segment (the “Financing Business”), to Marlin Leasing Corporation, a Delaware corporation (“Buyer”), pursuant to that certain Membership Interest Purchase Agreement (the “Purchase Agreement”), dated June 20, 2025, by and among Buyer, the Company and HoldCo (the “Transaction”). On July 7, 2025, the Company amended the Transaction Form 8-K to provide, as Exhibit 99.2 thereto, the pro forma financial information required by Item 9.01 of Form 8-K (the “Original Pro Forma Financial Statements”).

Because the Company customarily provides investor presentations that show select financial information over five fiscal years, the Company is hereby providing certain supplemental pro forma financial information as if the Transaction occurred on April 1, 2020 (the “Supplemental Pro Forma Financial Information”). The pro forma historical results for fiscal years 2021 and 2022 presented in the Supplemental Pro Forma Financial Information are comprised of unaudited pro forma statements of income that were prepared as if the Transaction occurred on April 1, 2020. The Supplemental Pro Forma Financial Information also includes quarterly pro forma historical results for the fiscal years ending March 31, 2025 and 2024. The Supplemental Pro Forma Financial Information is provided as a convenience to investors for information purposes only and reflects many, but not all, adjustments required for pro forma financial information prepared in accordance with Article 11 of Regulation S-X.

The pro forma historical results for fiscal years 2023, 2024 and 2025 are presented in accordance with the Original Pro Forma Financial Statements, which provided unaudited pro forma statements of income that were prepared as if the Transaction occurred on April 1, 2022, and such information is the same as was presented in the Original Pro Forma Financial Statements. Please refer to the Transaction Form 8-K and the Original Pro Forma Financial Statements for additional information.

Sale of HoldCo

In the Transaction, the Buyer paid initial consideration of approximately $180.1 million in cash to us, which amount was the sum of (i) the estimated book value of HoldCo as of March 31, 2025, plus (ii) a closing premium payment of approximately $2.4 million and less (iii) unpaid transaction expenses as of immediately prior to the Closing (together, the “Initial Consideration”). Our net cash proceeds from the Initial Consideration were $156.7 million, consisting of cash proceeds of $180.1 million less cash transferred of $23.4 million. The Initial Consideration is subject to a customary post-Closing adjustment process based on the book value of the assets associated with HoldCo as of the effective time of the Closing (as adjusted, the “Purchase Price”). We recognized a receivable of $7.8 million related to a post-closing adjustment process based on the book value of the assets associated with HoldCo and other adjustments. In addition to the Purchase Price, we may earn and receive Holdback Premium (as defined below) payments and two different types of Earn-Out (as defined below) payments based on the post-Closing performance of the HoldCo Group (as defined below), as operated by the Buyer, and we recognized a contingent asset of $13.5 million in the aggregate for these contingent receivables.

1
The Financing Business, which provided financing of information technology equipment, software and related services, was conducted by certain direct and indirect subsidiaries of ePlus (the “Operating Subsidiaries”), including ePlus Group, inc. and ePlus Government, inc., each a Commonwealth of Virginia corporation and a prior wholly-owned subsidiary of ePlus. In order to sell the business to the Buyer in the Transaction, we conducted an internal reorganization (the “Reorganization”) whereby ownership of the Operating Subsidiaries was transferred to HoldCo. Additionally, ownership of certain subsidiaries of the Operating Subsidiaries was transferred from the Operating Subsidiaries to ePlus. The resulting group of HoldCo and its subsidiaries is referred to as the “HoldCo Group”. Upon the Closing of the Transaction, the Buyer purchased 100% of the membership interests of HoldCo from us, thereby purchasing our domestic subsidiaries comprising the majority of the Financing Business. In connection with the Transaction and the Purchase Agreement, we entered into a transition services agreement with the Buyer, pursuant to which the Buyer and us will provide certain transition services to the other on a post-Closing basis. We may receive aggregate post-Closing cash payments of up to $3.0 million (the “Holdback Premium”) based on the achievement of customer lease receivable originations targets by HoldCo (i) from the Closing Date to the 18-month anniversary of the Closing Date and (ii) from the 18-month anniversary of the Closing Date to the 30-month anniversary of the Closing Date.

The two types of earn-out payments that are potentially payable to us are based on (i) the volume of originations of certain types of lease receivables (the “Lease Originations Earn-Out”) and (ii) the profitability of certain lease receivables originated either to U.S. federal governmental entities or for which a prime contractor acting on behalf of a government entity is the obligor  (the “Transaction Gains Earn-Out,” and together with the Lease Originations Earn-Out, the “Earn-Outs”). Each of the Earn-Outs will be measured for each of the first three consecutive twelve-month periods following the Closing. The Lease Originations Earn-Out is capped at $10.0 million in aggregate for all three post-Closing years. The Transaction Gains Earn-Out does not have a maximum cap.

Our Human Capital

Our employees are an important resource for us, and their collective dedication and talent enable us to be trusted advisors to our customers. The functional areas of our employees as if the Transaction occurred on April 1, 2020 are summarized below:

 
As of March 31,
 
2025
2024
2023
2022
2021
Sales and marketing
                   697
                   702
                   625
                   570
                   571
Professional and managed services
                1,093
                   816
                   750
                   666
                   662
Administration
                   355
                   328
                   324
                   289
                   275
Executive management
                      6
                      6
                      6
                      6
                      7
Total
                2,151
                1,852
                1,705
                1,531
                1,515

Basis of Presentation

The following unaudited pro forma consolidated financial statements were derived from our historical consolidated financial statements, which were prepared in accordance with United States generally accepted accounting principles (“US GAAP”). The pro forma financial statements should be read in conjunction with our historical consolidated financial statements, the accompanying notes to those financial statements, and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2025 filed with the Securities and Exchange Commission on May 22, 2025. Beginning with the quarter ending June 30, 2025, the historical results of HoldCo have been reflected in our consolidated financial statements as discontinued operations.

2
For each of the fiscal years ended March 31, 2025, 2024 and 2023, the unaudited pro forma statements of income have been prepared as if the Transaction occurred on April 1, 2022.

For each of the fiscal years ended March 31, 2022 and 2021, the unaudited pro forma statements of income have been prepared as if the Transaction occurred on April 1, 2020.

The “HoldCo Discontinued Operations” columns in the unaudited pro forma consolidated financial statements were derived from our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025.

We believe that the adjustments included within the “HoldCo Discontinued Operations” columns of the unaudited pro forma consolidated financial statements are consistent with the guidance for discontinued operations under US GAAP. Such adjustments reflect the elimination of revenues and expenses associated with the business of HoldCo. Our current estimates are preliminary and could change as we finalize our accounting for discontinued operations, which will be reported in future filings. Our adjustments did not include any allocation of our corporate costs or other costs that did not transfer to HoldCo upon disposition. Our adjustments also do not include any fees that may be earned or incurred under the transition services agreement as we are unable to forecast the fees that may be due or payable under this agreement.

The unaudited pro forma condensed consolidated financial statements are presented based on our assumptions and adjustments and are intended for illustrative and informational purposes only. The unaudited pro forma condensed consolidated financial statements are not intended to reflect or necessarily be indicative of what our results of operations or financial condition would have been had the divestiture been completed on the dates assumed. In addition, it is not necessarily indicative of our future results of operations or financial condition. Actual adjustments may differ materially from the information presented.

3
Original Pro Forma Financial Statements
ePlus inc. and Subsidiaries
      
Unaudited Pro Forma Condensed Consolidated Statement of Operations
      
Year ended March 31, 2025
      
(in thousands, except per share amounts)
      
       
 
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
      
Product
 $             1,668,412
 $                (59,222)
 $             1,609,190
Services
                   400,377
                           -
                   400,377
Total
                2,068,789
                   (59,222)
                2,009,567
Cost of sales
      
Product
                1,241,115
                     (5,625)
                1,235,490
Services
                   258,553
                           -
                   258,553
Total
                1,499,668
                     (5,625)
                1,494,043
       
Gross profit
                   569,121
                   (53,597)
                   515,524
       
Selling, general, and administrative
                   399,744
                   (14,343)
                   385,401
Depreciation and amortization
                    25,753
                           -
                    25,753
Interest and financing costs
                      2,211
                     (2,211)
                           -
Operating expenses
                   427,708
                   (16,554)
                   411,154
       
Operating income
                   141,413
                   (37,043)
                   104,370
       
Other income (expense), net
                      7,426
                       (988)
                      6,438
       
Earnings before tax
                   148,839
                   (38,031)
                   110,808
       
Provision for income taxes
                    40,861
                     (9,894)
                    30,967
       
Net earnings from continuing operations
 $               107,978
 $                (28,137)
 $                 79,841
       
Net earnings from continuing operations per common share—basic
 $                     4.07
 $                    (1.06)
 $                     3.01
Net earnings from continuing operations per common share—diluted
 $                     4.05
 $                    (1.06)
 $                     2.99
       

4

ePlus inc. and Subsidiaries
      
Unaudited Pro Forma Condensed Consolidated Statement of Operations
      
Year ended March 31, 2024
      
(in thousands, except per share amounts)
      
       
 
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
      
Product
 $             1,933,225
 $                (48,787)
 $             1,884,438
Services
                   292,077
                           -
                   292,077
Total
                2,225,302
                   (48,787)
                2,176,515
Cost of sales
      
Product
                1,493,293
                     (6,689)
                1,486,604
Services
                   181,216
                           -
                   181,216
Total
                1,674,509
                     (6,689)
                1,667,820
       
Gross profit
                   550,793
                   (42,098)
                   508,695
       
Selling, general, and administrative
                   367,734
                   (12,178)
                   355,556
Depreciation and amortization
                    21,025
                         (74)
                    20,951
Interest and financing costs
                      3,777
                     (2,348)
                      1,429
Operating expenses
                   392,536
                   (14,600)
                   377,936
       
Operating income
                   158,257
                   (27,498)
                   130,759
       
Other income (expense), net
                      2,836
                     (1,404)
                      1,432
       
Earnings before tax
                   161,093
                   (28,902)
                   132,191
       
Provision for income taxes
                    45,317
                     (8,247)
                    37,070
       
Net earnings from continuing operations
 $               115,776
 $                (20,655)
 $                 95,121
       
Net earnings from continuing operations per common share—basic
 $                     4.35
 $                    (0.78)
 $                     3.57
Net earnings from continuing operations per common share—diluted
 $                     4.33
 $                    (0.77)
 $                     3.56
       

5

ePlus inc. and Subsidiaries
      
Unaudited Pro Forma Condensed Consolidated Statement of Operations
      
Year ended March 31, 2023
      
(in thousands, except per share amounts)
      
       
 
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
      
Product
 $             1,803,275
 $                (51,614)
 $             1,751,661
Services
                   264,443
                           -
                   264,443
Total
                2,067,718
                   (51,614)
                2,016,104
Cost of sales
      
Product
                1,379,500
                     (9,110)
                1,370,390
Services
                   170,694
                           -
                   170,694
Total
                1,550,194
                     (9,110)
                1,541,084
       
Gross profit
                   517,524
                   (42,504)
                   475,020
       
Selling, general, and administrative
                   333,520
                   (13,621)
                   319,899
Depreciation and amortization
                    13,709
                       (110)
                    13,599
Interest and financing costs
                      4,133
                     (1,234)
                      2,899
Operating expenses
                   351,362
                   (14,965)
                   336,397
       
Operating income
                   166,162
                   (27,539)
                   138,623
       
Other income (expense), net
                     (3,188)
                     (2,352)
                     (5,540)
       
Earnings before tax
                   162,974
                   (29,891)
                   133,083
       
Provision for income taxes
                    43,618
                     (7,946)
                    35,672
       
Net earnings from continuing operations
 $               119,356
 $                (21,945)
 $                 97,411
       
Net earnings from continuing operations per common share—basic
 $                     4.49
 $                    (0.83)
 $                     3.66
Net earnings from continuing operations per common share—diluted
 $                     4.48
 $                    (0.82)
 $                     3.66
       

6

Supplemental Pro Forma Information
ePlus inc. and Subsidiaries
      
Unaudited Pro Forma Condensed Consolidated Statement of Operations
      
Year ended March 31, 2022
      
(in thousands, except per share amounts)
      
       
 
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
      
Product
 $             1,580,394
 $                (87,184)
 $             1,493,210
Services
                   240,625
                           -
                   240,625
Total
                1,821,019
                   (87,184)
                1,733,835
Cost of sales
      
Product
                1,210,943
                   (34,777)
                1,176,166
Services
                   149,094
                           -
                   149,094
Total
                1,360,037
                   (34,777)
                1,325,260
       
Gross profit
                   460,982
                   (52,407)
                   408,575
       
Selling, general, and administrative
                   297,117
                   (11,265)
                   285,852
Depreciation and amortization
                    14,646
                       (111)
                    14,535
Interest and financing costs
                      1,903
                       (705)
                      1,198
Operating expenses
                   313,666
                   (12,081)
                   301,585
       
Operating income
                   147,316
                   (40,326)
                   106,990
       
Other income (expense), net
                       (432)
                           (3)
                       (435)
       
Earnings before tax
                   146,884
                   (40,329)
                   106,555
       
Provision for income taxes
                    41,284
                   (11,335)
                    29,949
       
Net earnings from continuing operations
 $               105,600
 $                   28,994
 $                 76,606
       
Net earnings from continuing operations per common share—basic
 $                     3.96
 $                    (1.08)
 $                     2.88
Net earnings from continuing operations per common share—diluted
 $                     3.93
 $                    (1.08)
 $                     2.85
       

7

ePlus inc. and Subsidiaries
      
Unaudited Pro Forma Condensed Consolidated Statement of Operations
      
Year ended March 31, 2021
      
(in thousands, except per share amounts)
      
       
 
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
      
Product
 $             1,366,158
 $                (59,661)
 $             1,306,497
Services
                   202,165
                           -
                   202,165
Total
                1,568,323
                   (59,661)
                1,508,662
Cost of sales
      
Product
                1,049,677
                   (12,548)
                1,037,129
Services
                   125,092
                           -
                   125,092
Total
                1,174,769
                   (12,548)
                1,162,221
       
Gross profit
                   393,554
                   (47,113)
                   346,441
       
Selling, general, and administrative
                   271,263
                   (12,956)
                   258,307
Depreciation and amortization
                    13,951
                       (112)
                    13,839
Interest and financing costs
                      2,005
                     (1,332)
                         673
Operating expenses
                   287,219
                   (14,400)
                   272,819
       
Operating income
                   106,335
                   (32,713)
                    73,622
       
Other income (expense), net
                         571
                         (36)
                         535
       
Earnings before tax
                   106,906
                   (32,749)
                    74,157
       
Provision for income taxes
                    32,509
                     (9,959)
                    22,550
       
Net earnings from continuing operations
 $                 74,397
 $                   22,790
 $                 51,607
       
Net earnings from continuing operations per common share—basic
 $                     2.79
 $                    (0.86)
 $                     1.93
Net earnings from continuing operations per common share—diluted
 $                     2.77
 $                    (0.85)
 $                     1.92
       

8

ePlus inc. and Subsidiaries
              
Unaudited Pro Forma Condensed Consolidated Statement of Operations
              
(in thousands, except per share amounts)
              
 
Three months ended June 30,
 
2024
  
2023
 
As Reported
HoldCo Discontinued Operations
Pro Forma
Continuing
Operations
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
              
Product
 $                466,349
 $                  (8,886)
 $                457,463
  
 $                506,656
 $                  (8,413)
 $                498,243
Services
                    78,189
                           -
                    78,189
  
                    67,519
                           -
                    67,519
Total
                   544,538
                     (8,886)
                   535,652
  
                   574,175
                     (8,413)
                   565,762
Cost of sales
              
Product
                   360,157
                     (1,279)
                   358,878
  
                   388,904
                     (2,078)
                   386,826
Services
                    49,900
                           -
                    49,900
  
                    42,998
                           -
                    42,998
Total
                   410,057
                     (1,279)
                   408,778
  
                   431,902
                     (2,078)
                   429,824
               
Gross profit
                   134,481
                     (7,607)
                   126,874
  
                   142,273
                     (6,335)
                   135,938
               
Selling, general, and administrative
                    93,608
                     (3,012)
                    90,596
  
                    90,298
                     (2,655)
                    87,643
Depreciation and amortization
                      4,819
                           -
                      4,819
  
                      4,792
                         (28)
                      4,764
Interest and financing costs
                         585
                       (585)
                           -
  
                         851
                       (301)
                         550
Operating expenses
                    99,012
                     (3,597)
                    95,415
  
                    95,941
                     (2,984)
                    92,957
               
Operating income
                    35,469
                     (4,010)
                    31,459
  
                    46,332
                     (3,351)
                    42,981
               
Other income (expense), net
                      2,073
                       (362)
                      1,711
  
                         190
                       (266)
                         (76)
               
Earnings before tax
                    37,542
                     (4,372)
                    33,170
  
                    46,522
                     (3,617)
                    42,905
               
Provision for income taxes
                    10,203
                     (1,226)
                      8,977
  
                    12,675
                       (940)
                    11,735
               
Net earnings from continuing operations
 $                 27,339
 $                  (3,146)
 $                 24,193
  
 $                 33,847
 $                  (2,677)
 $                 31,170
               
Net earnings from continuing operations per common share—basic
 $                     1.03
 $                    (0.12)
 $                     0.91
  
 $                     1.27
 $                    (0.10)
 $                     1.17
Net earnings from continuing operations per common share—diluted
 $                     1.02
 $                    (0.12)
 $                     0.90
  
 $                     1.27
 $                    (0.10)
 $                     1.17
               

9

ePlus inc. and Subsidiaries
              
Unaudited Pro Forma Condensed Consolidated Statement of Operations
              
(in thousands, except per share amounts)
              
 
Three months ended September 30,
 
2024
  
2023
 
As Reported
HoldCo Discontinued Operations
Pro Forma
Continuing
Operations
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
              
Product
 $                411,505
 $                (21,800)
 $                389,705
  
 $                516,609
 $                (15,335)
 $                501,274
Services
                   103,667
                           -
                   103,667
  
                    71,002
                           -
                    71,002
Total
                   515,172
                   (21,800)
                   493,372
  
                   587,611
                   (15,335)
                   572,276
Cost of sales
              
Product
                   301,436
                     (1,111)
                   300,325
  
                   398,234
                     (1,819)
                   396,415
Services
                    65,745
                           -
                    65,745
  
                    45,012
                           -
                    45,012
Total
                   367,181
                     (1,111)
                   366,070
  
                   443,246
                     (1,819)
                   441,427
               
Gross profit
                   147,991
                   (20,689)
                   127,302
  
                   144,365
                   (13,516)
                   130,849
               
Selling, general, and administrative
                    98,971
                     (4,430)
                    94,541
  
                    92,652
                     (3,560)
                    89,092
Depreciation and amortization
                      5,765
                           -
                      5,765
  
                      5,630
                         (28)
                      5,602
Interest and financing costs
                         537
                       (537)
                           -
  
                      1,220
                       (559)
                         661
Operating expenses
                   105,273
                     (4,967)
                   100,306
  
                    99,502
                     (4,147)
                    95,355
               
Operating income
                    42,718
                   (15,722)
                    26,996
  
                    44,863
                     (9,369)
                    35,494
               
Other income (expense), net
                         579
                       (263)
                         316
  
                         117
                       (382)
                       (265)
               
Earnings before tax
                    43,297
                   (15,985)
                    27,312
  
                    44,980
                     (9,751)
                    35,229
               
Provision for income taxes
                    11,987
                     (4,474)
                      7,513
  
                    12,316
                     (2,751)
                      9,565
               
Net earnings from continuing operations
 $                 31,310
 $                (11,511)
 $                 19,799
  
 $                 32,664
 $                  (7,000)
 $                 25,664
               
Net earnings from continuing operations per common share—basic
 $                     1.18
 $                    (0.43)
 $                     0.75
  
 $                     1.23
 $                    (0.26)
 $                     0.96
Net earnings from continuing operations per common share—diluted
 $                     1.17
 $                    (0.43)
 $                     0.74
  
 $                     1.22
 $                    (0.26)
 $                     0.96
               

10

ePlus inc. and Subsidiaries
              
Unaudited Pro Forma Condensed Consolidated Statement of Operations
              
(in thousands, except per share amounts)
              
 
Three months ended December 31,
 
2024
  
2023
 
As Reported
HoldCo Discontinued Operations
Pro Forma
Continuing
Operations
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
              
Product
 $                397,318
 $                (17,744)
 $                379,574
  
 $                434,371
 $                (14,778)
 $                419,593
Services
                   113,647
                           -
                   113,647
  
                    74,684
                           -
                    74,684
Total
                   510,965
                   (17,744)
                   493,221
  
                   509,055
                   (14,778)
                   494,277
Cost of sales
              
Product
                   297,434
                     (1,937)
                   295,497
  
                   328,908
                     (1,275)
                   327,633
Services
                    72,646
                           -
                    72,646
  
                    46,337
                           -
                    46,337
Total
                   370,080
                     (1,937)
                   368,143
  
                   375,245
                     (1,275)
                   373,970
               
Gross profit
                   140,885
                   (15,807)
                   125,078
  
                   133,810
                   (13,503)
                   120,307
               
Selling, general, and administrative
                   104,181
                     (3,249)
                   100,932
  
                    89,381
                     (2,880)
                    86,501
Depreciation and amortization
                      7,676
                           -
                      7,676
  
                      5,399
                         (18)
                      5,381
Interest and financing costs
                         517
                       (517)
                           -
  
                         983
                       (765)
                         218
Operating expenses
                   112,374
                     (3,766)
                   108,608
  
                    95,763
                     (3,663)
                    92,100
               
Operating income
                    28,511
                   (12,041)
                    16,470
  
                    38,047
                     (9,840)
                    28,207
               
Other income (expense), net
                      3,650
                       (203)
                      3,447
  
                         366
                       (253)
                         113
               
Earnings before tax
                    32,161
                   (12,244)
                    19,917
  
                    38,413
                   (10,093)
                    28,320
               
Provision for income taxes
                      8,028
                     (2,677)
                      5,351
  
                    11,131
                     (3,215)
                      7,916
               
Net earnings from continuing operations
 $                 24,133
 $                  (9,567)
 $                 14,566
  
 $                 27,282
 $                  (6,878)
 $                 20,404
               
Net earnings from continuing operations per common share—basic
 $                     0.91
 $                    (0.36)
 $                     0.55
  
 $                     1.02
 $                    (0.26)
 $                     0.77
Net earnings from continuing operations per common share—diluted
 $                     0.91
 $                    (0.36)
 $                     0.55
  
 $                     1.02
 $                    (0.26)
 $                     0.76
               

11

ePlus inc. and Subsidiaries
              
Unaudited Pro Forma Condensed Consolidated Statement of Operations
              
(in thousands, except per share amounts)
              
 
Three months ended March 31,
 
2025
  
2024
 
As Reported
HoldCo Discontinued Operations
Pro Forma
Continuing
Operations
As Reported
HoldCo Discontinued Operations
Pro Forma Continuing Operations
Net sales
              
Product
 $                393,240
 $                (10,792)
 $                382,448
  
 $                475,589
 $                (10,261)
 $                465,328
Services
                   104,874
                           -
                   104,874
  
                    78,872
                           -
                    78,872
Total
                   498,114
                   (10,792)
                   487,322
  
                   554,461
                   (10,261)
                   544,200
Cost of sales
              
Product
                   282,088
                     (1,298)
                   280,790
  
                   377,247
                     (1,517)
                   375,730
Services
                    70,262
                           -
                    70,262
  
                    46,869
                           -
                    46,869
Total
                   352,350
                     (1,298)
                   351,052
  
                   424,116
                     (1,517)
                   422,599
               
Gross profit
                   145,764
                     (9,494)
                   136,270
  
                   130,345
                     (8,744)
                   121,601
               
Selling, general, and administrative
                   102,984
                     (3,652)
                    99,332
  
                    95,403
                     (3,083)
                    92,320
Depreciation and amortization
                      7,493
                           -
                      7,493
  
                      5,204
                           -
                      5,204
Interest and financing costs
                         572
                       (572)
                           -
  
                         723
                       (723)
                           -
Operating expenses
                   111,049
                     (4,224)
                   106,825
  
                   101,330
                     (3,806)
                    97,524
               
Operating income
                    34,715
                     (5,270)
                    29,445
  
                    29,015
                     (4,938)
                    24,077
               
Other income (expense), net
                      1,124
                       (160)
                         964
  
                      2,163
                       (503)
                      1,660
               
Earnings before tax
                    35,839
                     (5,430)
                    30,409
  
                    31,178
                     (5,441)
                    25,737
               
Provision for income taxes
                    10,643
                     (1,517)
                      9,126
  
                      9,195
                     (1,341)
                      7,854
               
Net earnings from continuing operations
 $                 25,196
 $                  (3,913)
 $                 21,283
  
 $                 21,983
 $                  (4,100)
 $                 17,883
               
Net earnings from continuing operations per common share—basic
 $                     0.96
 $                    (0.15)
 $                     0.81
  
 $                     0.83
 $                    (0.15)
 $                     0.67
Net earnings from continuing operations per common share—diluted
 $                     0.95
 $                    (0.15)
 $                     0.81
  
 $                     0.82
 $                    (0.15)
 $                     0.67
               


12