Financial Data and Key Metrics Changes - Consolidated net sales increased by 26% year-over-year to $623.5 million, with adjusted gross billings rising by 29.7% to $888.6 million [13][37] - Non-GAAP diluted earnings per share were $1.38, up from $1.10 in the same quarter last year, while adjusted EBITDA increased by 27.6% to $53.3 million [16][34] - Consolidated gross profit rose by 18.1% to $138.4 million, with a gross margin of 22.2%, down from 23.7% in the previous year [38] Business Line Data and Key Metrics Changes - Technology segment net sales grew by 28.3% to $611.8 million, driven by a 31% increase in product revenue and a 7.9% increase in services revenue [13][24] - Managed services revenue increased by 7.9% in the quarter and over 9% year-to-date, contributing to higher-margin annuity quality revenue [7][8] - Financing segment revenue decreased to $11.7 million from $17.9 million year-over-year, primarily due to lower proceeds from sales of leased equipment [9][14] Market Data and Key Metrics Changes - The healthcare, SLED, and financial services markets accounted for 14%, 13%, and 9% of net sales, respectively, with the remaining 18% from other end markets [14] - The two largest markets, telecom, media and entertainment, and technology represented 28% and 18% of technology segment net sales [31] Company Strategy and Development Direction - The company is focused on digital transformation, hybrid workforce plans, security, and cloud solutions, positioning itself to capture growth opportunities in these areas [4][10] - ePlus aims to leverage its capabilities in managed services and specialized IT expertise to broaden market opportunities, particularly in cloud and security advisory services [26][28] - The company is actively monitoring the labor market for tech workers to optimize solutions delivery and staffing levels [28] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about future growth despite an uncertain economic environment, noting that IT spending is expected to grow at a low single-digit rate [10][89] - There is recognition of budget tightening and longer sales cycles among larger customers due to economic uncertainties [56][74] - The company remains well-positioned for long-term growth, supported by a strong balance sheet and strategic partnerships [29][89] Other Important Information - SG&A expenses increased by 12.8% year-over-year, reflecting strategic investments in the team to meet growing IT needs [15] - The effective tax rate for the quarter was 27.7%, compared to 26.4% in the previous year [33] Q&A Session Summary Question: What types of projects or solutions were fulfilled for large enterprise customers? - Management indicated that several large projects were fulfilled, contributing positively to financial results, with a strong focus on getting products out quickly [90] Question: How does the company view the impact of supply chain constraints on future performance? - Management acknowledged ongoing supply chain issues but noted some easing, particularly in networking, which has the longest lead times [60][68] Question: What is the outlook for operational expenses moving forward? - Management is closely monitoring operational expenses and will adjust based on market conditions and economic uncertainties [72] Question: How is the company addressing the recent tech layoffs in the industry? - Management sees potential opportunities arising from tech layoffs, suggesting that the company could benefit from the demand for its solutions and skill sets [55][74]

```markdown Part I. Financial Information [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents ePlus inc.'s unaudited consolidated financial statements as of December 31, 2022, and for the three and nine-month periods then ended [Unaudited Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) The balance sheet shows a significant increase in total assets to **$1.60 billion** as of December 31, 2022, from **$1.17 billion** as of March 31, 2022, driven by substantial growth in accounts receivable, inventories, and financing receivables, while total liabilities also rose to **$851.4 million** from **$505.5 million**, primarily due to increases in accounts payable and recourse notes payable Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Dec 31, 2022 | Mar 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,293,443 | $897,482 | | **Total Assets** | **$1,597,865** | **$1,166,203** | | **Total Current Liabilities** | $793,577 | $460,036 | | **Total Liabilities** | **$851,445** | **$505,465** | | **Total Stockholders' Equity** | $746,420 | $660,738 | [Unaudited Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) For the third quarter ended December 31, 2022, net sales grew **26.0%** year-over-year to **$623.5 million**, and net earnings increased **35.1%** to **$35.7 million**, while for the nine-month period, net sales rose **15.0%** to **$1.58 billion**, with net earnings up **6.3%** to **$86.5 million**, primarily driven by strong product sales Key Performance Indicators (Q3 FY23 vs Q3 FY22, in thousands, except EPS) | Metric | Q3 2022 | Q3 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Sales | $623,476 | $494,834 | +26.0% | | Gross Profit | $138,372 | $117,117 | +18.1% | | Operating Income | $46,458 | $36,085 | +28.7% | | Net Earnings | $35,694 | $26,424 | +35.1% | | Diluted EPS | $1.34 | $0.98 | +36.7% | Key Performance Indicators (Nine Months Ended Dec 31, in thousands, except EPS) | Metric | 9M 2022 | 9M 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Sales | $1,575,541 | $1,369,500 | +15.0% | | Gross Profit | $385,199 | $345,631 | +11.4% | | Operating Income | $123,748 | $112,840 | +9.7% | | Net Earnings | $86,502 | $81,355 | +6.3% | | Diluted EPS | $3.24 | $3.03 | +6.9% | [Unaudited Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended December 31, 2022, net cash used in operating activities was **$147.0 million**, an increase from **$121.5 million** in the prior-year period, primarily due to significant increases in accounts receivable and inventories, while net cash provided by financing activities was **$103.6 million**, resulting in an overall decrease of **$56.0 million** in cash and cash equivalents Cash Flow Summary (Nine Months Ended Dec 31, in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(147,038) | $(121,542) | | Net cash used in investing activities | $(15,624) | $(18,448) | | Net cash provided by financing activities | $103,555 | $115,996 | | **Net decrease in cash and cash equivalents** | **$(55,983)** | **$(23,996)** | [Notes to Unaudited Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on significant accounting policies, revenue recognition, financing receivables, goodwill, business combinations, and segment reporting, including the acquisition of Future Com, Ltd., substantial sales from Cisco Systems, and breakdowns of revenue and operating income by segment - A substantial portion of technology segment net sales are from Cisco Systems, accounting for **39%** in Q3 2022 and **38%** in Q3 2021[31](index=31&type=chunk) - On July 15, 2022, ePlus acquired Future Com, Ltd., a cybersecurity solutions provider, for a total consideration of **$13.3 million**, resulting in **$9.7 million** of goodwill[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) Remaining Performance Obligations (in thousands) | Period | Expected Revenue | | :--- | :--- | | Remainder of FY2023 | $24,466 | | FY2024 | $45,891 | | FY2025 | $21,815 | | FY2026 | $8,191 | | FY2027 and thereafter | $4,741 | | **Total** | **$105,104** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting strong revenue growth driven by the technology segment despite supply chain constraints and economic uncertainties, covering consolidated and segment-level results, key business trends, and the company's liquidity position and capital resources [Consolidated Results of Operations](index=34&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net sales for Q3 2022 increased **26.0%** YoY to **$623.5 million**, driven by a **28.6%** rise in product sales, while gross profit grew **18.1%**, though gross margin declined to **22.2%** from **23.7%** due to lower service margins, and operating expenses rose **13.4%**, primarily from increased salaries and benefits, leading to a **35.1%** increase in net earnings to **$35.7 million** - Q3 net sales increased **26.0%** YoY, primarily due to increased demand and higher prices for some products in the technology segment[112](index=112&type=chunk) - Q3 gross margin decreased by **150 basis points** to **22.2%**, mainly due to lower service margins and a lower volume of sales of third-party maintenance and software assurance[117](index=117&type=chunk) - Q3 operating expenses increased **13.4%** YoY, driven by a **$6.8 million** increase in salaries and benefits due to a **12.3%** increase in headcount to **1,745 employees**[119](index=119&type=chunk) [Segment Results of Operations](index=37&type=section&id=Segment%20Results%20of%20Operations) The Technology segment drove overall growth, with Q3 net sales up **28.3%** YoY to **$611.8 million** and operating income surging **51.3%** to **$41.1 million**, while the Financing segment's Q3 net sales decreased **34.5%** to **$11.7 million**, and its operating income fell to **$5.4 million** from **$8.9 million** in the prior year, attributed to lower post-contract and portfolio earnings Segment Performance (Q3 2022 vs Q3 2021, in thousands) | Segment | Metric | Q3 2022 | Q3 2021 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Technology** | Net Sales | $611,774 | $476,975 | +28.3% | | | Operating Income | $41,090 | $27,166 | +51.3% | | **Financing** | Net Sales | $11,702 | $17,859 | -34.5% | | | Operating Income | $5,368 | $8,919 | -39.8% | - Technology segment's Adjusted Gross Billings, a key volume metric, increased **29.7%** YoY to **$888.6 million** in Q3 2022[114](index=114&type=chunk)[140](index=140&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company finances operations through cash flow and borrowings, primarily the WFCDF Credit Facility, with operating activities using **$147.0 million** in cash for the nine months ended December 31, 2022, largely due to increased working capital needs, and the cash conversion cycle for the technology segment increasing to **51 days** from **47 days** a year prior, driven by higher inventory levels (DIO up to **30 days** from **21 days**), though the company believes it has adequate liquidity for the next year - The company relies on the WFCDF Credit Facility, which has a floor plan facility of up to **$425.0 million** and a revolving credit facility of up to **$150.0 million**[61](index=61&type=chunk)[173](index=173&type=chunk) Technology Segment Cash Conversion Cycle (in days) | Metric | As of Dec 31, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | Days Sales Outstanding (DSO) | 62 | 67 | | Days Inventory Outstanding (DIO) | 30 | 21 | | Days Payable Outstanding (DPO) | (41) | (41) | | **Cash Conversion Cycle** | **51** | **47** | - Inventory increased **57.9%** to **$244.8 million** as of December 31, 2022, from March 31, 2022, due to ongoing projects and supply constraints[182](index=182&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, primarily from interest rate fluctuations on its variable-rate borrowings under the WFCDF Credit Facility and foreign currency exchange rates arising from international transactions - The company's primary market risks are interest rate fluctuations on its WFCDF Credit Facility and foreign currency exposure from international operations[208](index=208&type=chunk)[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022, with a notable change being the implementation of a new ERP system within the Financing segment in August 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[210](index=210&type=chunk) - In August 2022, a new ERP system was implemented in the Financing segment, leading to modifications in certain internal controls over financial reporting[211](index=211&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) A putative class action complaint filed in February 2022 regarding a company bylaw was voluntarily dismissed by the plaintiff after the company amended the bylaw, with the company subsequently agreeing to pay **$150,000** to the plaintiff's counsel for attorneys' fees and expenses to fully resolve the matter - A stockholder class action lawsuit concerning a bylaw provision was dismissed after the company amended its bylaws, with ePlus agreeing to pay **$150,000** for the plaintiff's counsel's attorneys' fees and expenses[214](index=214&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022 - No material changes in risk factors were reported since the Annual Report on Form 10-K for the fiscal year ended March 31, 2022[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the nine months ended December 31, 2022, the company repurchased a total of **128,553 shares**, with **70,473 shares** purchased under its publicly announced share repurchase program, and as of December 31, 2022, **1,000,000 shares** remained authorized for repurchase under the current plan - For the nine months ended December 31, 2022, the company purchased **70,473 shares** under its share repurchase plan and an additional **58,080 shares** to satisfy tax withholding obligations from vested restricted stock[216](index=216&type=chunk)[223](index=223&type=chunk) - As of December 31, 2022, **1,000,000 shares** remained available for repurchase under the plan authorized on March 24, 2022, which runs through May 27, 2023[217](index=217&type=chunk)[223](index=223&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amendments to bylaws, credit agreements, and certifications by the CEO and CFO ```

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 ...

Financial Data and Key Metrics Changes - First quarter consolidated net sales increased by 10% year-over-year to $458.4 million, driven by a 12.1% growth in the technology segment [23][7] - Adjusted gross billings rose by 10.9% to nearly $702 million, with a 14.4% increase over the past 12 months [8][24] - Net earnings declined by 5% year-over-year to $22.3 million, primarily due to lower results in the financing segment and higher SG&A expenses [30][18] - Consolidated gross profit increased by 7.6% to $113.5 million, but gross margin decreased by 50 basis points to 24.8% [27][28] Business Line Data and Key Metrics Changes - Technology segment net sales grew by 12.1% to $448.8 million, with product revenues increasing by 11.9% and services revenue rising by 13.5% [23][10] - Financing segment revenue decreased to $9.6 million from $16.3 million in the previous year, reflecting variability in large transactions [16][26] - Security business accounted for 22.1% of adjusted gross billings, up from 19.4% in the same period last year [9] Market Data and Key Metrics Changes - Telecom, media and entertainment, and healthcare were the largest markets, accounting for 29% and 16% of segment net sales, respectively [25] - The company reported a 59.2% increase in inventory due to supply chain issues, contributing to a cash conversion cycle increase to 46 days [32][33] Company Strategy and Development Direction - The company is focused on expanding its capabilities in the enterprise security market through the acquisition of Future Com, enhancing its security solutions [18][19] - Continued investment in personnel, particularly in customer-facing roles, is aimed at strengthening competitive positioning and long-term growth opportunities [15][14] - The company is adapting to IT challenges by offering comprehensive capabilities and solutions aligned with customer technology roadmaps [12] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive view of the IT market, citing continued customer investments in essential areas for growth and efficiency [20][35] - Despite challenges from global supply chain issues, the company is confident in its ability to navigate the environment and maintain market share gains [21][35] Other Important Information - The company’s balance sheet remains solid with cash and cash equivalents of $83.5 million, down from $155.4 million at the end of fiscal 2022 [32] - The effective tax rate was 28%, similar to the previous year [31] Q&A Session Summary Question: Impact of change in reserve for credit losses and updated thoughts on credit risk - The change in reserve was about $1 million, with no change in the customer base or credit methodology [40][42] Question: Discussion on services gross margin trends - Management indicated that current lower margins are influenced by supply chain trends and increased compensation, but expects margins to trend back up [43][44] Question: Enhancements from Future Com acquisition - Future Com brings cloud security offerings and network monitoring capabilities, enhancing the company's security portfolio and regional presence [45][50] Question: Confidence in continued headcount growth amid tech industry pullbacks - The company believes it can capture market share, with a focus on adding resources in services, particularly in security and cloud areas [51][53]

Washington, D.C.20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____ to ____. Commission file number: 1-34167 ePlus inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizatio ...

Financial Data and Key Metrics Changes - Fourth quarter net sales increased 28% to $451.5 million compared to $352.6 million in the same quarter of fiscal 2021 [24] - Adjusted gross billings for the fourth quarter rose approximately 21% year-over-year to $638.5 million [8] - Fiscal 2022 adjusted gross billings reached over $2.6 billion, representing a 16% growth from fiscal 2021 [9] - Consolidated net earnings for the fourth quarter were $24.2 million or $0.91 per diluted share, up 55.9% and 56.9% respectively from the previous year [29] - Non-GAAP diluted earnings per share increased 42.3% to $1.01 [30] Business Line Data and Key Metrics Changes - Technology segment net sales increased 26.4% to $419.4 million, with product revenue up 28.3% to $357.8 million and services revenue up 16.6% to $61.6 million [24] - Financing segment revenue grew 54.4% to $32.1 million, primarily due to higher proceeds from sales of off-lease equipment [26] - Services business generated sales growth of 19% for fiscal 2022, reflecting a shift towards recurring long-term services [14] Market Data and Key Metrics Changes - Telecom, Media & Entertainment and healthcare were the largest markets, representing 29% and 16% of segment net sales respectively [32] - The technology segment's gross margin expanded 60 basis points to 23.6% [34] Company Strategy and Development Direction - The company focuses on capturing emerging high-growth opportunities in fast-moving markets, leveraging a differentiated business model that combines technology services and financing [7] - Capital allocation priorities include evaluating potential acquisition targets to enhance growth and expand geographic presence [17] - The company aims to capitalize on long-term trends driving IT spending in key high-growth markets such as cloud, cybersecurity, and managed services [13] Management's Comments on Operating Environment and Future Outlook - Management noted that demand continues to outpace supply, with expectations for solid top-line growth in fiscal 2023 despite extended timelines for IT project implementations due to supply chain constraints [19][20] - The company is encouraged by the strength of open orders and backlog, which reflect high demand for products and services [18] - Management expressed confidence in the ability to outpace industry growth, supported by a favorable outlook for IT spending [38] Other Important Information - Consolidated gross profit increased 17.1% to $461 million, with gross profit in the technology segment up 17.9% to $408.2 million [33] - Cash and cash equivalents at the end of fiscal 2022 were $155.4 million, up 19.9% from the previous year [36] - Inventories increased 121.6% to $155.1 million, reflecting ongoing customer projects not yet completed due to supply chain constraints [37] Q&A Session Summary Question: Insights on client timelines for IT projects and budget factors - Management indicated that demand continues to outpace supply, with customers inquiring about lead times for solutions [42][44] Question: Impact of talent shortages on service offerings - Demand for services has increased, with service revenue up 16.6% for the quarter and 19% for the year, although margins were slightly affected by the talent shortage [45][46] Question: Growth in open order book and backlog - Management reported that open orders are over 100% up compared to last year, indicating strong demand [50] Question: Comparison of outlook with other technology vendors - Management believes their diversified offerings and ability to sell multiple OEM solutions contribute to a stronger outlook compared to peers [53][55] Question: Supply-demand environment and product constraints - Management noted that networking and wireless products have longer lead times, while storage and servers are relatively stable [61][63] Question: Expectations for leasing segment revenue normalization - Management expects leasing segment results to revert to more normalized levels, influenced by rising interest rates [68] Question: M&A pipeline opportunities - Management confirmed a strong pipeline of M&A opportunities across various markets [70]

Part I [Business](index=6&type=section&id=Item%201.%20Business) ePlus operates technology and financing segments, providing integrated IT solutions and equipment financing, with the technology segment dominating sales and operating income in FY2022 - ePlus operates through two primary business segments: Technology and Financing[17](index=17&type=chunk) FY 2022 Segment Contribution | Segment | Net Sales Contribution | Operating Income Contribution | | :--- | :--- | :--- | | Technology | 95% | 74% | | Financing | 5% | 26% | - Sales to Verizon Communications Inc. represented **24% of net sales** for the fiscal year ended March 31, 2022[21](index=21&type=chunk) FY 2022 Revenue by Customer End Market (Technology Segment) | End Market | Percentage of Revenue | | :--- | :--- | | Telecommunications, Media & Entertainment | 29% | | Healthcare | 16% | | Technology Industry | 14% | | SLED (State, Local Gov & Education) | 14% | | Financial Services | 9% | [Industry Background and Market Opportunity](index=7&type=section&id=Our%20Industry%20Background%20and%20Market%20Opportunity) Key market opportunities are driven by multi-cloud adoption, advanced cybersecurity threats, disruptive technology complexity, shifting IT decision-making, and resource constraints - Key market opportunities are driven by several industry trends[22](index=22&type=chunk) - **Multi-Cloud Strategy:** Assisting customers in aligning cloud strategy with business objectives across public, private, and hybrid environments[22](index=22&type=chunk) - **Cybersecurity:** Addressing sophisticated cyber-attacks and data privacy concerns with advanced security solutions and services[23](index=23&type=chunk) - **Disruptive Technologies:** Helping customers manage complexity arising from rapid technological evolution and fragmented vendor landscapes[24](index=24&type=chunk) - **Shifting IT Decision-Making:** Adapting to procurement decisions moving from IT departments to lines-of-business personnel, favoring 'as-a-service' models[25](index=25&type=chunk) [Competition](index=8&type=section&id=Competition) Both IT solutions and financing markets are highly competitive, with rivals ranging from local firms to international resellers, banks, and vendor captive finance companies, some with superior resources - The IT solutions market is highly competitive, with competition from local, regional, national, and international firms, including vendors, consulting firms, and other resellers[29](index=29&type=chunk) - The leasing and financing markets are also competitive, with rivals including banks, specialty finance companies, and vendors' captive finance companies, some of whom have access to more capital[30](index=30&type=chunk) [Our Solutions](index=9&type=section&id=Our%20Solutions) ePlus delivers integrated IT solutions through its Technology segment and offers diverse financing options, including leases and consumption-based models, via its Financing segment - **Technology Segment:** Offers integrated IT solutions including hardware, software, and services in areas like data center, cloud, security, and collaboration[34](index=34&type=chunk) - **Financing Segment:** Provides sales-type and operating leases, loans, and consumption-based financing for IT and other equipment, along with asset management and disposal services[35](index=35&type=chunk)[41](index=41&type=chunk) [Human Capital](index=14&type=section&id=Human%20Capital) As of March 31, 2022, ePlus employed 1,577 individuals, primarily in the US, fostering a culture of development, social responsibility, and flexible work arrangements Employee Headcount by Function | Functional Area | As of March 31, 2022 | As of March 31, 2021 | | :--- | :--- | :--- | | Sales and marketing | 588 | 589 | | Professional services | 666 | 662 | | Administration | 229 | 217 | | Internal IT | 88 | 85 | | Management | 6 | 7 | | **Total** | **1,577** | **1,560** | - The company's employees collectively hold nearly 5,000 certifications or accreditations, with approximately 375 technical employees holding nearly 3,000 certifications[80](index=80&type=chunk) [Executive Officers](index=16&type=section&id=Executive%20Officers) As of March 31, 2022, ePlus inc.'s executive officers included Mark P. Marron (CEO), Elaine D. Marion (CFO), and Darren Raiguel (COO and President of ePlus Technology, inc.) Executive Officers (as of March 31, 2022) | Name | Age | Position | | :--- | :--- | :--- | | Mark P. Marron | 60 | Chief Executive Officer, President, and Director | | Elaine D. Marion | 54 | Chief Financial Officer | | Darren Raiguel | 51 | Chief Operating Officer and ePlus Technology, inc. President | [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) ePlus faces significant risks including customer dependence, supply chain disruptions, talent retention, cybersecurity threats, economic downturns, industry shifts to cloud, regulatory compliance, and intellectual property protection - **Business Risks:** Dependence on large customers (Verizon accounted for **14% of accounts receivable**), supply chain shortages, competition for talent, and the impact of pandemics like COVID-19[89](index=89&type=chunk)[90](index=90&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk) - **Cybersecurity Risks:** Potential for breaches of data security, which could lead to liability, reputational damage, and business disruption, with increased risk from remote work[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - **Vendor Risks:** Reliance on a small number of key vendors, with Cisco Systems representing approximately **39% of technology segment net sales** in FY2022[107](index=107&type=chunk)[108](index=108&type=chunk) - **Economic & Industry Risks:** Vulnerability to general economic weakness, rising interest rates, and rapid changes in the IT industry, such as the shift to cloud services (IaaS, SaaS, PaaS)[145](index=145&type=chunk)[147](index=147&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - **Regulatory & Legal Risks:** Failure to comply with a wide range of laws (data privacy, public-sector contracts), potential for intellectual property infringement claims, and costs to protect its own IP[157](index=157&type=chunk)[159](index=159&type=chunk)[162](index=162&type=chunk)[164](index=164&type=chunk) [Unresolved Staff Comments](index=28&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - The company reports no unresolved staff comments[169](index=169&type=chunk) [Properties](index=28&type=section&id=Item%202.%20Properties) As of March 31, 2022, ePlus leased approximately 252,000 square feet across 33 properties in the US, UK, and India, deemed adequate for current operations - As of March 31, 2022, the company leased approximately **252 thousand square feet** of space across 33 properties in the US, UK, and India[170](index=170&type=chunk) [Legal Proceedings](index=28&type=section&id=Item%203.%20Legal%20Proceedings) Material pending legal proceedings are detailed in Note 9, "Commitments and Contingencies," within the Notes to Consolidated Financial Statements - Information on material pending legal proceedings is available in Note 9, "Commitments and Contingencies" of the financial statements[171](index=171&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[172](index=172&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=29&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) ePlus common stock trades on NASDAQ under "PLUS"; no cash dividends were paid in FY2022 or FY2021, with 283,420 shares repurchased in FY2022 - The company's common stock trades on the NASDAQ Global Select Market under the symbol "PLUS"[173](index=173&type=chunk) - No cash dividends were paid on common stock during the fiscal years ended March 31, 2022, and 2021, as earnings are retained for business operations and growth[174](index=174&type=chunk) FY 2022 Share Repurchases | Metric | Value | | :--- | :--- | | Total shares purchased | 283,420 | | Shares purchased under public plan | 227,990 | | Shares remaining for purchase (as of 3/31/22) | 772,010 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) FY2022 saw net sales rise 16.1% to $1.82 billion and net earnings increase 41.9% to $105.6 million, driven by strong demand despite supply chain and inflationary pressures FY 2022 vs. FY 2021 Financial Highlights | Metric | FY 2022 | FY 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,821.0M | $1,568.3M | 16.1% | | Gross Profit | $461.0M | $393.6M | 17.1% | | Operating Income | $147.3M | $106.3M | 38.5% | | Net Earnings | $105.6M | $74.4M | 41.9% | | Diluted EPS | $3.93 | $2.77 | 41.9% | - Adjusted gross billings, a non-GAAP measure, increased **15.8% to $2.62 billion**, indicating strong business volume, particularly in services and software recognized on a net basis[204](index=204&type=chunk) - The business continues to be impacted by the COVID-19 pandemic, ongoing IT product supply constraints, and inflationary pressures on costs and wages[187](index=187&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) In FY2022, the Technology segment's net sales grew 14.9% to $1.73 billion, while the Financing segment's net sales increased 45.7% to $88.0 million, contributing to a 41.9% rise in consolidated net earnings - Technology segment net sales increased **14.9% to $1.73 billion**, with operating income increasing **44.1% to $109.0 million**[243](index=243&type=chunk)[254](index=254&type=chunk) - Financing segment net sales increased **45.7% to $88.0 million**, with operating income increasing **24.9% to $38.3 million**[256](index=256&type=chunk)[260](index=260&type=chunk) - The consolidated effective income tax rate decreased to **28.1% in FY2022** from 30.4% in the prior year[262](index=262&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, cash and cash equivalents increased to $155.4 million, despite operating activities using $20.6 million due to higher working capital needs, supported by an expanded $375 million credit facility Cash Flow Summary (in millions) | Cash Flow Activity | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $(20.6) | $129.5 | | Net cash used in investing activities | $(1.3) | $(35.8) | | Net cash from (used in) financing activities | $47.2 | $(49.8) | | **Net increase in cash** | **$25.8** | **$43.3** | - The cash conversion cycle for the Technology segment increased from **37 days to 48 days**, driven by a **10-day increase in days inventory outstanding (DIO)** due to supply chain issues[274](index=274&type=chunk)[276](index=276&type=chunk) - In October 2021, the company's credit facility with WFCDF was increased from **$275 million to $375 million**[453](index=453&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) ePlus faces market risks from interest rate fluctuations on variable-rate borrowings and foreign currency exchange rates, though foreign currency impact is deemed immaterial - The company's primary market risks are interest rate risk and foreign currency risk[300](index=300&type=chunk) - Interest rate risk stems from variable-rate borrowings under the WFCDF credit facility and from financing transactions funded with company cash[301](index=301&type=chunk) - Foreign currency risk is primarily from transactions in British Pounds, Euros, and Indian Rupees, but is not considered material[302](index=302&type=chunk) [Financial Statements and Supplementary Data](index=48&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section directs readers to the consolidated financial statements and schedules detailed in the "Index to Financial Statements and Schedules" - This section directs the reader to the full consolidated financial statements and schedules included later in the report[304](index=304&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, affirmed the effectiveness of disclosure controls and internal control over financial reporting as of March 31, 2022, with no material changes reported - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[306](index=306&type=chunk) - Management's assessment concluded that the company maintained effective internal control over financial reporting as of March 31, 2022[310](index=310&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended March 31, 2022, that materially affected, or are reasonably likely to materially affect, internal controls[312](index=312&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=49&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement and Item 1 of this Form 10-K - Required information is incorporated by reference from the company's 2022 Proxy Statement[317](index=317&type=chunk) [Executive Compensation](index=49&type=section&id=Item%2011.%20Executive%20Compensation) Information on director and executive compensation, including the Compensation Discussion and Analysis, is incorporated by reference from the 2022 Proxy Statement - Required information is incorporated by reference from the company's 2022 Proxy Statement[320](index=320&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=50&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2022 Proxy Statement - Required information is incorporated by reference from the company's 2022 Proxy Statement[321](index=321&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=50&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related person transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Required information is incorporated by reference from the company's 2022 Proxy Statement[322](index=322&type=chunk) [Principal Accounting Fees and Services](index=50&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the 2022 Proxy Statement - Required information is incorporated by reference from the company's 2022 Proxy Statement[323](index=323&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=50&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section enumerates the financial statements, schedules, and exhibits, including auditor consent and executive certifications, filed with the Form 10-K report - The consolidated financial statements are filed as part of this report[325](index=325&type=chunk) - Financial Statement Schedule II - Valuation and Qualifying Accounts is included[326](index=326&type=chunk) - A list of exhibits, including management contracts and compensatory plans, is provided[327](index=327&type=chunk)[328](index=328&type=chunk)

e * Where Technology Means More® ePlus inc. Investor Presentation February 2022 © 2022 ePlus inc. Confidential and Proprietary. Safe Harbor Statement Statements in this presentation 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, possible adverse effects resulting from national and international political instability fostering uncertainty and volati ...

Financial Data and Key Metrics Changes - Adjusted gross billings increased 16.5% year-over-year to $685 million in Q3, with year-to-date growth exceeding 14% to nearly $2 billion [7][19] - Net sales grew by 15.7% year-over-year to $495 million, with year-to-date sales increasing 12.6% to $1.37 billion [8][24] - Diluted earnings per share rose 21% year-over-year, while non-GAAP earnings per share improved nearly 24% [8][24] - Consolidated gross profit increased 19.3% to $117.1 million, with gross margin widening 70 basis points to 23.7% [20][21] Business Line Data and Key Metrics Changes - Technology segment net sales increased 14.8% to $477 million, with product and service revenues rising by 14% and 20% respectively [19] - Services revenue was up 20% for both the quarter and year-to-date, contributing to higher gross margins of 39.4% in Q3 [9][21] - Financing segment revenue surged 48.4% to $17.9 million, reflecting higher post-contract sales [20] Market Data and Key Metrics Changes - Telecom media and entertainment remains the largest end market, accounting for 29% of net sales, followed by healthcare, SLED, technology, and financial services [26] - The company reported strong demand across all customer segments, indicating broad-based growth [6][19] Company Strategy and Development Direction - The company is focused on capturing market share in mid-market, enterprise, and public sector segments, with a strategy emphasizing consultant, advisory, and management services [6][7] - Continued investment in technology, partnerships, and strategic hires is planned to support future growth [15] - The company aims to leverage its financing capabilities to provide customers with flexible solutions amid tightening budgets [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain challenges but expressed confidence in the company's ability to navigate these issues [16] - The outlook remains positive with strong open orders and a growing services backlog, indicating robust demand [14][35] - Management noted that while labor availability is competitive, the company has managed to maintain staffing levels effectively [43] Other Important Information - The company ended the quarter with $105.6 million in cash and cash equivalents, down from $129.6 million due to share repurchases and increased working capital needs [27] - Inventory levels more than doubled to $147.7 million, attributed to ongoing customer projects and supply chain constraints [28][29] Q&A Session Summary Question: Can you provide details on the backlog and its current status? - Management reported that open orders are up about 106% year-over-year, with a significant increase in services backlog and a strong pipeline for Q4 [35] Question: What is the trend regarding services gross margin? - The increase in project-related services has contributed to higher margins, with service revenue growing as a percentage of total net sales [36][37] Question: What is the outlook for working capital and inventory? - Management expects supply chain issues to persist through the end of the calendar year, impacting inventory levels [42] Question: Are there challenges in labor availability and costs? - The labor market is competitive, with increased costs for new hires and replacements noted [43] Question: How does management view operating leverage in the current environment? - Management plans to continue investing in headcount while maintaining operating income growth, indicating room for operating leverage [46] Question: Were there any constraints on meeting demand in the quarter? - Management acknowledged some constraints due to supply chain issues but indicated that they have managed expectations effectively [50] Question: Is inflation impacting revenue growth? - While inflation has not yet significantly impacted revenue, management noted that price increases could be passed on in the future [51] Question: What are the expectations for the March quarter? - Seasonality is expected to affect demand, with a tough comparison for Q4 due to previous year sales [52]

Part I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) ePlus inc.'s unaudited consolidated financial statements as of December 31, 2021, show total assets of **$1.26 billion** and nine-month net earnings of **$81.4 million** Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2021 (in thousands) | Mar 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $960,551 | $777,594 | | **Total Assets** | **$1,255,146** | **$1,076,775** | | **Total Current Liabilities** | $567,413 | $459,364 | | **Total Liabilities** | $615,850 | $514,365 | | **Total Stockholders' Equity** | $639,296 | $562,410 | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Nine Months Ended Dec 31, 2021 (in thousands) | Nine Months Ended Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Net Sales** | **$1,369,500** | **$1,215,716** | | Gross Profit | $345,631 | $295,670 | | Operating Income | $112,840 | $82,745 | | **Net Earnings** | **$81,355** | **$58,844** | | Diluted EPS | $3.03 | $2.20 | Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Dec 31, 2021 (in thousands) | Nine Months Ended Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($121,542) | $5,244 | | Net cash used in investing activities | ($18,448) | ($30,659) | | Net cash provided by financing activities | $115,996 | $26,382 | | **Net (decrease) increase in cash** | **($23,996)** | **$232** | | Cash and cash equivalents, end of period | $105,566 | $86,463 | - On December 13, 2021, the company completed a two-for-one stock split, with all share and per-share amounts in the financial statements retroactively adjusted to reflect this split[35](index=35&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights **12.6% net sales growth to $1.37 billion** for the nine months ended December 31, 2021, driven by strong demand, confirming sufficient liquidity for the next year [Executive Overview and Business Trends](index=30&type=section&id=Executive%20Overview%20and%20Business%20Trends) ePlus provides integrated IT solutions, with its technology segment generating **96% of net sales**, facing ongoing IT product shortages and rising inflation - The technology segment accounts for **96% of net sales** and **73% of operating income**, while the financing segment accounts for **4% of net sales** and **27% of operating income** for the nine months ended December 31, 2021[109](index=109&type=chunk) - The company is experiencing ongoing supply constraints affecting product lead times and costs, which are expected to persist for at least the next few quarters[115](index=115&type=chunk) - Inflation has led to price increases from suppliers and rising wages, but the company has generally been able to pass these costs to customers, though future material impact is not assured[116](index=116&type=chunk) [Consolidated Results of Operations](index=32&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net sales grew **12.6% to $1.37 billion** and net earnings increased **38.3% to $81.4 million** for the nine months ended December 31, 2021 Consolidated Performance (Nine Months Ended Dec 31) | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,369.5M | $1,215.7M | +12.6% | | Gross Profit | $345.6M | $295.7M | +16.9% | | Operating Income | $112.8M | $82.7M | +36.4% | | Net Earnings | $81.4M | $58.8M | +38.3% | | Diluted EPS | $3.03 | $2.20 | +37.7% | Consolidated Performance (Q3 Ended Dec 31) | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $494.8M | $427.6M | +15.7% | | Gross Profit | $117.1M | $98.2M | +19.3% | | Net Earnings | $26.4M | $21.6M | +22.1% | | Diluted EPS | $0.98 | $0.81 | +21.0% | - Adjusted gross billings, a non-GAAP measure, increased **14.2% to $1.982 billion** for the nine-month period, driven by the SMP acquisition and higher demand from customers in telecom, media, entertainment, and healthcare[128](index=128&type=chunk) [Segment Results of Operations](index=37&type=section&id=Segment%20Results%20of%20Operations) Technology segment net sales grew **11.7% to $1.31 billion** and operating income rose **34.0%**, while Financing segment net sales increased **41.2%** with operating income up **43.2%** Technology Segment Performance (Nine Months Ended Dec 31) | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,313.6M | $1,176.2M | +11.7% | | Gross Profit | $305.0M | $262.4M | +16.2% | | Operating Income | $82.6M | $61.7M | +34.0% | | Adjusted Gross Billings | $1,982.2M | $1,735.3M | +14.2% | Financing Segment Performance (Nine Months Ended Dec 31) | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $55.9M | $39.6M | +41.2% | | Gross Profit | $40.6M | $33.3M | +22.0% | | Operating Income | $30.2M | $21.1M | +43.2% | - In the Technology segment, open orders increased to **$852.9 million** as of Dec 31, 2021, from **$413.9 million** a year prior, indicating strong future demand but also reflecting supply chain delays[153](index=153&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased by **$24.0 million** to **$105.6 million** due to operating activities, largely offset by financing, with management confirming sufficient liquidity Cash Flow Summary (Nine Months Ended Dec 31, in thousands) | Cash Flow Activity | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | Net cash from operating activities | ($121,542) | $5,244 | | Net cash from investing activities | ($18,448) | ($30,659) | | Net cash from financing activities | $115,996 | $26,382 | - The cash conversion cycle for the technology segment increased to **47 days** from **24 days** year-over-year, driven by higher Days Sales Outstanding (DSO) and Days Inventory Outstanding (DIO)[187](index=187&type=chunk)[189](index=189&type=chunk) - On October 13, 2021, the company amended its credit facility, increasing the senior secured floorplan facility from **$275 million to $375 million** and maintaining a revolving credit sublimit of **$100 million**[69](index=69&type=chunk)[197](index=197&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations on its variable-rate credit facility and foreign currency exchange rates, with foreign operations not expected to have a material impact - The company's primary market risks are related to interest rate fluctuations on its variable-rate credit facility and foreign currency exchange risk from international operations[213](index=213&type=chunk)[214](index=214&type=chunk) - Foreign operations in the UK, Europe, and Canada are considered insignificant in relation to total consolidated operations, and currency fluctuations are not expected to have a material impact[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded disclosure controls and procedures were effective as of December 31, 2021, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[217](index=217&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[218](index=218&type=chunk) Part II. Other Information [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the normal course of business, with no currently expected material adverse effects - The company is involved in various legal proceedings in the normal course of business and expenses legal costs as incurred, with outcomes not expected to have a material adverse effect[76](index=76&type=chunk)[220](index=220&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been reported in the company's risk factors since the last Annual Report on Form 10-K and subsequent quarterly report - No material changes have been reported in the company's risk factors since the last Annual Report on Form 10-K and subsequent quarterly report[221](index=221&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the nine months ended December 31, 2021, the company repurchased **203,429 shares**, with **852,001 shares** remaining authorized under the plan expiring May 27, 2022 Share Repurchase Activity (Nine Months Ended Dec 31, 2021) | Description | Shares | | :--- | :--- | | Total shares purchased | 203,429 | | Shares purchased as part of public plan | 147,999 | | Shares repurchased to satisfy tax withholding | 55,430 | | Remaining authorization as of Dec 31, 2021 | 852,001 | - On March 18, 2021, the board authorized the repurchase of up to **1,000,000 shares** of common stock, effective from May 28, 2021, to May 27, 2022[82](index=82&type=chunk)[225](index=225&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) Key exhibits filed with the Form 10-Q include credit agreements and CEO/CFO certifications - Key exhibits filed include the First Amended and Restated Credit Agreement dated October 13, 2021, and certifications by the CEO and CFO pursuant to SEC rules[233](index=233&type=chunk)