ePlus inc (PLUS) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the ePlus second-quarter fiscal year 2026 earnings conference call. As a reminder, this conference call is being recorded. (Operator Instructions)

女士們、先生們，大家好。歡迎參加 ePlus 2026 財年第二季財報電話會議。再次提醒，本次電話會議正在錄音。（操作說明）

I would now like to introduce your host for today's conference, Amanda Dupree, Associate General Counsel. You may begin.

現在我謹向大家介紹今天會議的主持人，副總法律顧問阿曼達·杜普雷。你可以開始了。

Thank you for joining us today. On the call is Mark Marron, CEO and President; Darren Raiguel, COO and President of ePlus Technology; and Elaine Marion, CFO.

感謝您今天蒞臨。參加電話會議的有：ePlus Technology 執行長兼總裁 Mark Marron；營運長兼總裁 Darren Raiguel；以及財務長 Elaine Marion。

I want to take a moment to remind you that the statements we make this afternoon that are not historical facts may be deemed to be forward-looking statements and are based on management's current plans, estimates, and projections.

我想藉此機會提醒各位，我們今天下午所作的非歷史事實陳述可能被視為前瞻性陳述，並且是基於管理層目前的計劃、估計和預測。

Actual and anticipated future results may vary materially due to certain risks and uncertainties detailed in the earnings release we issued this afternoon and our periodic filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, quarterly report on Form 10-Q, and in other documents that we file with the SEC.

由於我們今天下午發布的獲利報告以及我們定期向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格年度報告、10-Q 表格季度報告以及我們向美國證券交易委員會提交的其他文件）中詳述的某些風險和不確定性，實際和預期的未來結果可能會有重大差異。

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

任何前瞻性陳述僅代表其作出之日的觀點。本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的責任。

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

此外，我們將在電話會議中使用一些非GAAP指標。我們在獲利報告中加入了 GAAP 財務調節表，該報告已發佈在公司網站 www.eplus.com 的投資者資訊部分。

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

現在我想把電話交給馬克馬龍。標記？

Thank you, Amanda. Good afternoon, everyone, and thank you for joining us today for our second-quarter fiscal 2026 earnings call. This quarter represents a significant milestone for ePlus as we delivered the first quarter in our history with over $1 billion of gross billings, underscoring the momentum across our business and the strength of our diversified model.

謝謝你，阿曼達。各位下午好，感謝各位今天參加我們2026財年第二季財報電話會議。本季對 ePlus 而言是一個重要的里程碑，因為我們實現了公司歷史上第一個季度毛帳單金額超過 10 億美元的業績，這凸顯了我們業務的強勁勢頭和我們多元化模式的優勢。

Our performance this quarter again reflects our unrelenting focus on delivering the products and services our customers require in today's market. We are seeing this growth not only in the quarter, but in our year-to-date results as well, with revenue up over 20% and total gross billings of almost $2 billion in the six-month period.

本季我們的業績再次體現了我們始終堅持不懈地致力於為客戶提供當今市場所需的產品和服務。我們不僅在本季度看到了這種增長，而且在今年迄今為止的業績中也看到了這種增長，收入增長超過 20%，六個月內的總賬單總額接近 20 億美元。

I want to highlight four key messages. First, as I mentioned, our record $1 billion in gross billings in the quarter underscores strong and broad-based demand across our portfolio, customer segments, and verticals. Notably, most of the growth was organic with acquisitions accounting for only 10%.

我想重點強調四個關鍵訊息。首先，正如我之前提到的，本季創紀錄的 10 億美元總收入凸顯了我們產品組合、客戶群和垂直行業的強勁而廣泛的需求。值得注意的是，大部分成長來自內生成長，收購僅佔 10%。

Second, our consolidated net sales for the quarter grew 23.4%, but adjusted EBITDA grew at a rate that is more than twice that of net sales as operating leverage continues to shine through. This was supported by increased demand for our products and services, underscoring the resilience in our strategy and internal automation initiatives.

其次，本季合併淨銷售額成長了 23.4%，但調整後的 EBITDA 成長率是淨銷售額的兩倍多，因為營運槓桿效應持續顯現。這得歸功於市場對我們產品和服務需求的成長，凸顯了我們策略和內部自動化措施的韌性。

Third, we continue to invest and align our resources in higher-growth areas of AI, security, and cloud to deliver value-added products and solutions, enabling us to both grow our customer base and increase sales to existing customers. And fourth, our balance sheet remains strong, closing the quarter with over $400 million in cash, giving us flexibility to continue investing organically and inorganically while returning capital to shareholders.

第三，我們將繼續投資並調整資源，投入人工智慧、安全和雲端運算等高成長領域，以提供增值產品和解決方案，從而擴大客戶群並增加對現有客戶的銷售。第四，我們的資產負債表依然強勁，本季末現金超過 4 億美元，這使我們能夠靈活地繼續進行有機和非有機投資，同時向股東返還資本。

Let me start with a brief overview of the quarter's financial results. As a reminder, we completed the sale of our domestic financing business on June 30, 2025, which is now accounted for as a discontinued operations.

首先，讓我簡要概述一下本季的財務表現。再次提醒各位，我們已於 2025 年 6 月 30 日完成國內融資業務的出售，該業務現已作為終止經營業務進行會計處理。

During the quarter, we had solid execution across the board, delivering strong financial results with most of the growth organic. Net sales increased 23.4% year over year with broad-based growth across products, professional services, and managed services.

本季度，我們各方面都執行得非常出色，取得了強勁的財務業績，其中大部分成長來自內生成長。淨銷售額年增 23.4%，產品、專業服務和管理服務均實現全面成長。

Additionally, growth was across all customer sizes and industries with notable performance in the mid-market and enterprise segments. Lastly, we saw especially strong performance across almost every vertical, except state and local government, where budget constraints persisted.

此外，所有規模和行業的客戶都實現了成長，其中中端市場和企業市場表現尤為突出。最後，除了州和地方政府（預算限制仍然存在）之外，我們看到幾乎所有垂直領域都表現出特別強勁的業績。

Let me talk about some additional drivers of this robust performance as it relates to fast-growing areas. Security continues to be a standout performer with gross billings of security products and services up 52% year over year, now representing 24% of trailing 12-month gross billings, up from 21% last year.

讓我談談這種強勁表現與快速成長領域相關的其他一些驅動因素。安防業務持續保持突出表現，安防產品和服務的總帳單年增 52%，目前佔過去 12 個月總帳單的 24%，高於去年的 21%。

Networking posted its second consecutive quarter of sequential growth, which we believe is being fueled by AI-driven infrastructure investments. And in Data Center and Cloud, net sales grew nearly 30% year-to-date, reflecting customer modernization initiatives tied to AI deployments.

網路業務連續第二季實現環比成長，我們認為這是由人工智慧驅動的基礎設施投資所推動的。在資料中心和雲端領域，淨銷售額今年迄今成長了近 30%，反映了與人工智慧部署相關的客戶現代化計畫。

Shifting to profitability. Second quarter adjusted EBITDA increased 62% and the six-month adjusted EBITDA was 40% higher than the same period of the prior year. The operating leverage reflects our strategic alignment of headcount towards high-growth focus areas of AI, data center and cloud, security and networking.

轉向盈利。第二季調整後 EBITDA 成長 62%，上半年調整後 EBITDA 比上年同期成長 40%。營運槓桿反映了我們根據人工智慧、資料中心和雲端運算、安全性和網路等高成長重點領域，對人員配置進行策略調整。

We have also leveraged AI internally to provide faster incident resolution and closure, leading to a better customer experience. Although we have grown through automation, we have been able to maintain headcount in parts of our internal and external services teams over the last couple of years. These actions provide a solid platform to build upon.

我們也正在內部利用人工智慧來加快事件解決和結案速度，從而帶來更好的客戶體驗。儘管我們透過自動化實現了成長，但在過去幾年中，我們仍然能夠維持部分內部和外部服務團隊的人員編制。這些措施為後續工作奠定了堅實的基礎。

Now let's turn next to AI, an area that continues to accelerate across our customer base and within ePlus itself. Our recently released AI industry pulse poll revealed that nearly three-quarters of IT and business leaders now view AI primarily as a driver of revenue growth, surpassing cost savings and customer satisfaction.

接下來我們來談談人工智慧，這個領域在我們的客戶群和 ePlus 自身內部都在持續加速發展。我們最近發布的 AI 產業脈搏調查顯示，近四分之三的 IT 和商業領袖現在將 AI 主要視為收入成長的驅動力，超過了成本節約和客戶滿意度。

This marks a significant shift in how organizations approach AI from efficiency to expansion. At the same time, the survey showed that 81% of leaders are concerned about whether their infrastructure can support advanced AI applications, underscoring the opportunity for ePlus to help customers scale securely and effectively.

這標誌著組織機構對待人工智慧的方式發生了重大轉變，從提高效率轉向拓展業務。同時，調查顯示，81% 的領導者擔心他們的基礎設施是否能夠支援高級 AI 應用，這凸顯了 ePlus 幫助客戶安全有效地擴展的機會。

During the quarter, we acquired Realwave, a cloud-based AI-powered software that integrates video, Internet of Things and sensor data to detect events, make decisions and trigger automated actions, expanding our ability to deliver real-time AI-driven insights to customers.

本季度，我們收購了 Realwave，這是一款基於雲端的 AI 軟體，它整合了視訊、物聯網和感測器數據，用於檢測事件、做出決策和觸發自動化操作，從而擴展了我們向客戶提供即時 AI 驅動的洞察的能力。

Shifting to our balance sheet and capital allocation. We have a healthy balance sheet with over $400 million in cash, enabling disciplined capital allocation, both organically and through M&A that can fuel long-term growth.

接下來談談我們的資產負債表和資本配置。我們擁有健康的資產負債表，現金超過 4 億美元，能夠進行有紀律的資本配置，無論是透過內生成長或透過併購，都能推動長期成長。

In summary, our second quarter results reflect continued progress across our segments. We remain focused on driving growth, optimizing margins and deploying capital to maximize shareholder value over time. I want to close by thanking all of our ePlus teammates for their efforts in delivering a strong quarter and first half for ePlus and our shareholders.

總而言之，我們第二季的業績反映了我們各個業務部門的持續進步。我們將繼續專注於推動成長、優化利潤率和部署資本，以長期最大化股東價值。最後，我要感謝所有 ePlus 團隊成員，感謝他們為 ePlus 和我們的股東帶來了強勁的季度業績和上半年業績。

I will now turn the call over to Elaine. Elaine?

現在我將把電話轉給伊萊恩。伊萊恩？

Thank you, Mark, and thank you, everyone, for joining us. I will review our financial performance in the second quarter of fiscal 2026. Continued momentum across our business led to another quarter of double-digit increases in our key financial metrics. Consolidated net sales totaled $608.8 million, up 23.4% year over year, driven by sustained demand across our focus areas of security, networking and cloud.

謝謝馬克，也謝謝各位的到來。我將在 2026 財年第二季審查我們的財務表現。公司業務持續成長勢頭，使得我們的關鍵財務指標連續第二季實現了兩位數成長。綜合淨銷售額達 6.088 億美元，年增 23.4%，這主要得益於我們在安全、網路和雲端等重點領域的持續需求。

As Mark mentioned, we continue to see demand across all customer sizes with particular strength in the mid-market and enterprise segments. As you may recall from our last earnings call, enterprise customers resumed purchasing in the first quarter following a period of product digestion, and we saw a continuation of this trend in the second quarter.

正如馬克所提到的，我們持續看到各種規模的客戶都有需求，其中中型市場和企業市場的需求特別強勁。您可能還記得，在我們上次的財報電話會議上，企業客戶在經歷了一段時間的產品消化期後，於第一季恢復了採購，我們在第二季度看到了這一趨勢的延續。

Gross billings of $1.02 billion in the quarter represented a 26.5% increase in year over year with the majority of this growth being organic. This milestone underscores the strength of our diversified business model and our strategic focus on high-growth areas, including offerings that enable AI consumption.

本季總營收為 10.2 億美元，年增 26.5%，其中大部分成長來自內生成長。這項里程碑凸顯了我們多元化商業模式的優勢，以及我們對高成長領域的策略關注，包括能夠促進人工智慧消費的產品。

Product sales in the quarter totaled $485.1 million, up 24.5% from the prior year, led by robust demand in networking and security solutions, aided by increased AI adoption as well as growth in data center and cloud.

本季產品銷售額總計 4.851 億美元，比上年增長 24.5%，這主要得益於網路和安全解決方案的強勁需求，以及人工智慧應用的增加和資料中心及雲端業務的成長。

Service revenue reached $123.8 million in the quarter, representing growth of 19.4% year over year. Professional Services grew 23.3%, led by the addition of Bailiwick in August of 2024, while managed services increased 13.5%, led by the strength in enhanced maintenance support and cloud offerings.

本季服務收入達 1.238 億美元，年增 19.4%。專業服務成長了 23.3%，主要得益於 2024 年 8 月收購 Bailiwick；而託管服務成長了 13.5%，主要得益於增強型維護支援和雲端產品的強勁表現。

Services remain a strategic focal point for ePlus, and we remain committed to add to our capabilities in this segment to build out our strong recurring revenue base over the long term. Taking a look at our customer verticals, Sales remained broad-based. Telecom, Media and Entertainment and SLED, our two largest verticals accounted for 27% and 14%, respectively, of net sales on a trailing 12-month basis.

服務仍然是 ePlus 的策略重點，我們將繼續致力於增強我們在該領域的能力，以在長期內建立強大的經常性收入基礎。從客戶垂直產業來看，銷售依然覆蓋面廣。電信、媒體和娛樂以及 SLED 是我們最大的兩個垂直產業，在過去 12 個月中分別佔淨銷售額的 27% 和 14%。

Health Care, Technology and Financial services represented 13%, 13% and 9%, respectively, with the remaining 24% divided among other end markets. Second quarter gross profit totaled $162.1 million, up 27.4% from the prior year quarter. This represents a consolidated gross margin of 26.6%, up 80 basis points from 25.8% last year, driven by increased product margins.

醫療保健、科技和金融服務分別佔 13%、13% 和 9%，其餘 24% 則分配給了其他終端市場。第二季毛利總計1.621億美元，較上年同期成長27.4%。這代表綜合毛利率為 26.6%，比去年的 25.8% 提高了 80 個基點，主要得益於產品毛利率的提高。

Product gross margin expanded 160 basis points to 24.5%, reflecting a favorable mix as we sold a higher proportion of third-party maintenance and services in the quarter, which are recorded on a net basis. Professional Services' gross margin was 38.2% compared to 41.3% a year ago.

產品毛利率成長 160 個基點至 24.5%，反映出有利的產品組合，因為本季我們銷售了更高比例的第三方維護和服務，這些服務按淨額計入。專業服務部門的毛利率為 38.2%，而一年前為 41.3%。

This change was due to the acquisition of Bailiwick, which had lower gross margin than our legacy Professional Services. Managed Services gross margin was 29.5%, in line with the prior year quarter. Consolidated operating expenses increased 12.9% to $113.3 million, reflecting higher salaries and benefits, primarily from a full quarter of Bailiwick and additional variable compensation due to the increased gross profit generated in the quarter.

這項變更是由於收購了 Bailiwick，而 Bailiwick 的毛利率低於我們原有的專業服務部門。管理服務毛利率為 29.5%，與去年同期持平。綜合營運費用增加 12.9% 至 1.133 億美元，主要反映了薪金和福利的增加，這主要來自 Bailiwick 的完整季度運營，以及由於本季度毛利潤增加而產生的額外可變薪酬。

Headcount from continuing operations at quarter end was 2,138, down 6% from the prior year quarter as we focus on roles in high-growth areas, including AI, cloud, security and networking. Operating income rose 80.9% to $48.8 million, significantly outpacing the increase in operating expenses, demonstrating meaningful operating leverage.

截至季末，持續經營業務的員工人數為 2,138 人，比上年同期下降 6%，因為我們將重點放在高成長領域的職位上，包括人工智慧、雲端運算、安全和網路。營業收入成長 80.9% 至 4,880 萬美元，遠超營業支出的成長，展現出顯著的經營槓桿效應。

Earnings before taxes increased to $54 million from $27.3 million in the prior year quarter. Other income was $5.2 million, which includes $4.5 million in interest income and foreign exchange gains of $700,000. Our effective tax rate for the quarter was 29.3% versus 27.5% in the second quarter of fiscal 2025.

稅前利潤從去年同期的 2,730 萬美元增至 5,400 萬美元。其他收入為 520 萬美元，其中包括 450 萬美元的利息收入和 70 萬美元的外匯收益。本季實際稅率為 29.3%，而 2025 財年第二季實際稅率為 27.5%。

Consolidated net earnings from continuing operations were $38.2 million, above net earnings of $19.8 million in the prior year quarter, and net earnings from continuing operations per diluted share was $1.45 compared to $0.74 in the prior year quarter.

持續經營業務的合併淨利為 3,820 萬美元，高於去年同期的 1,980 萬美元；持續經營業務的每股攤薄淨利潤為 1.45 美元，而去年同期為 0.74 美元。

Discontinued operations net loss was $3.3 million compared to net earnings of $11.5 million in last year's quarter. Diluted loss per share from discontinued operations was $0.13 compared with earnings per share of $0.43 last year.

已終止經營業務淨虧損為 330 萬美元，去年同期淨利為 1,150 萬美元。已終止經營業務的稀釋後每股虧損為 0.13 美元，而去年同期每股收益為 0.43 美元。

Non-GAAP diluted earnings per share for continuing operations was $1.53, up from $0.94 in the prior year. Our weighted average diluted share count was 26.4 million compared to $26.7 million in the second quarter of fiscal 2025. Adjusted EBITDA totaled $58.7 million, up 61.6% from $36.3 million a year ago. Adjusted EBITDA grew more than twice as fast as net sales, underscoring the operating leverage inherent in our business model.

非GAAP稀釋後持續經營每股盈餘為1.53美元，高於去年的0.94美元。我們的加權平均稀釋股份數為 2,640 萬股，而 2025 財年第二季為 2,670 萬股。經調整後的 EBITDA 總計 5,870 萬美元，比上年同期的 3,630 萬美元成長 61.6%。調整後 EBITDA 的成長速度是淨銷售額的兩倍多，凸顯了我們商業模式中固有的營運槓桿作用。

Moving to our results for the six months ended September 30, 2025. Consolidated net sales totaled $1.25 billion, up 21.1% from $1.03 billion in the first half of fiscal 2025, driven by an 18.8% increase in product sales and a 32% increase in services revenue.

接下來公佈截至 2025 年 9 月 30 日的六個月業績。合併淨銷售額總計 12.5 億美元，比 2025 財年上半年的 10.3 億美元成長 21.1%，主要得益於產品銷售額成長 18.8% 和服務收入成長 32%。

Year-to-date gross billings totaled $1.98 billion, an increase of 20.3% year over year. Consolidated gross profit for the first six months was $310.3 million, 22.1% above the $254.2 million in the first half of fiscal 2025. Gross margin expanded 20 basis points to 24.9%, led by an increase in product margins.

今年迄今的總帳單金額為 19.8 億美元，年增 20.3%。上半年綜合毛利潤為 3.103 億美元，比 2025 財年上半年的 2.542 億美元成長了 22.1%。毛利率成長20個基點至24.9%，主要得益於產品毛利率的提高。

Year-to-date consolidated net earnings from continuing operations were $65.3 million or $2.47 per diluted share compared to $44 million or $1.64 per diluted share in the first half of fiscal 2025. Discontinued operations net earnings for the first six months was $7.3 million versus $14.7 million in the first six months of fiscal 2025.

截至目前，持續經營業務的合併淨利潤為 6,530 萬美元，即每股攤薄收益 2.47 美元，而 2025 財年上半年為 4,400 萬美元，即每股攤薄收益 1.64 美元。2025 財年上半年終止經營業務淨利為 730 萬美元，而 2025 財年上半年為 1,470 萬美元。

Diluted EPS from discontinued operations was $0.28 compared to $0.55 in the comparable period last year. Non-GAAP earnings per share from continuing operations were $2.79, up 42.3% versus $1.96 in the prior year period.

已終止經營業務的稀釋後每股收益為 0.28 美元，而去年同期為 0.55 美元。非GAAP持續經營每股盈餘為2.79美元，較上年同期的1.96美元成長42.3%。

Turning to our balance sheet. Cash and cash equivalents at quarter end totaled $402.2 million, up from $389.4 million at the end of the last fiscal year. Our cash position remains robust, providing us with significant flexibility to continue investing in both organic and inorganic growth initiatives as we support our capital allocation strategy.

接下來來看看我們的資產負債表。截至季末，現金及現金等價物總額為 4.022 億美元，高於上個財政年度末的 3.894 億美元。我們的現金狀況仍然穩健，這為我們提供了巨大的靈活性，使我們能夠繼續投資於有機成長和非有機成長計劃，以支持我們的資本配置策略。

Inventory at quarter end was $154.1 million, up from $120 million at the end of fiscal 2025. Inventory days outstanding were 15 days, slightly above 14 days in the prior sequential quarter and 12 days in the prior year. Despite the slight uptick of inventory days outstanding, our cash conversion improved to 30 days from 32 days in the prior year period.

季末庫存為 1.541 億美元，高於 2025 財年末的 1.2 億美元。存貨週轉天數為 15 天，略高於上一季的 14 天和前一年的 12 天。儘管庫存週轉天數略有上升，但我們的現金週轉天數從去年同期的 32 天改善至 30 天。

Our capital allocation strategy remains focused on four priorities: strategic acquisitions that complement our capabilities, organic investments in high-growth areas, quarterly dividends and opportunistic share repurchases.

我們的資本配置策略仍專注於四個優先事項：補充我們能力的策略性收購、對高成長領域的內生性投資、季度分紅和機會性股票回購。

Consistent with these priorities, we repurchased 60,000 shares during the quarter after our stock repurchase plan authorization began on August 11, 2025. In addition, we are continuing to deliver shareholder value with the announcement of our second quarterly dividend of $0.25 per common share payable on December 17, 2025, to shareholders of record on November 25, 2025.

秉持這些優先事項，我們在股票回購計畫於 2025 年 8 月 11 日獲得授權後的當季回購了 60,000 股股票。此外，我們將繼續為股東創造價值，宣布將於 2025 年 12 月 17 日向 2025 年 11 月 25 日登記在冊的股東派發第二季度股息，每股普通股派息 0.25 美元。

In summary, we delivered strong second quarter and first half results, demonstrating superb execution by our employees, momentum in our business and the success of our strategic initiatives.

總而言之，我們取得了強勁的第二季度和上半年業績，這反映了我們員工的出色執行力、業務的良好發展勢頭以及戰略舉措的成功。

Now I will turn the call back over to Mark. Mark?

現在我將把通話轉回給馬克。標記？

Thank you, Elaine. The second quarter and year-to-date growth reflects momentum in the business and is aligned with our focus on high-growth areas. Underlying end market demand is healthy across much of the portfolio, and we continue to be pleased with our current positioning.

謝謝你，伊萊恩。第二季和年初至今的成長反映了業務發展勢頭，也與我們專注於高成長領域的策略相符。旗下大部分產品的終端市場需求依然強勁，我們對目前的市場地位感到滿意。

Reflecting the strong financial performance to date and momentum we expect to continue, we are increasing our fiscal year 2026 net sales, gross profit and adjusted EBITDA guidance. Net sales growth over the prior fiscal year is now expected to grow at a rate in the mid-teens from fiscal year 2025's $2.01 billion from continuing operations.

鑑於迄今為止強勁的財務業績以及我們預期將繼續保持的勢頭，我們提高了 2026 財年的淨銷售額、毛利和調整後 EBITDA 預期。預計到 2025 財年，持續經營業務的淨銷售額將達到 20.1 億美元，與上一財年相比，淨銷售額將以 15% 左右的速度成長。

Gross profit is also expected to grow at a rate in the mid-teens from fiscal year 2025's $515.5 million from continuing operations. Adjusted EBITDA is expected to increase from fiscal year 2025's $140 million at approximately twice the rate of net sales growth for fiscal year 2026 as continuing operation results are expected to benefit from operating leverage.

預計從 2025 財年的 5.155 億美元持續經營業務的毛利開始，毛利將以 15% 左右的速度成長。預計 2026 財年調整後 EBITDA 將從 2025 財年的 1.4 億美元增長，增速約為淨銷售額增速的兩倍，因為持續經營業績預計將受益於經營槓桿效應。

We also announced today our quarterly dividend of $0.25 per common share, which will be paid on December 17, 2025, to shareholders of record on November 25, 2025. Our solid cash balance positions us well to allocate capital to growth while returning capital to our shareholders. It was a significant quarter and first half for ePlus with double-digit growth across all key metrics.

我們今天也宣布了每股普通股 0.25 美元的季度股息，將於 2025 年 12 月 17 日支付給 2025 年 11 月 25 日登記在冊的股東。我們雄厚的現金儲備使我們能夠將資金分配到成長中，同時向股東返還資本。對ePlus來說，這是一個意義重大的季度和上半年，所有關鍵指標都實現了兩位數的成長。

The sale of our domestic financing business has simplified our business model and allowed us to focus on being a pure technology player. It also gives us the financial flexibility to expand our footprint and customer base, both organically and through acquisitions while continuing to expand and enhance our solutions and service offerings. We are well positioned to build on our momentum, capitalize on new opportunities and deliver value to stakeholders over the long term.

出售國內金融業務簡化了我們的商業模式，使我們能夠專注於成為純粹的科技企業。它還賦予我們財務靈活性，可以透過自身發展和收購來擴大我們的業務範圍和客戶群，同時不斷擴展和增強我們的解決方案和服務產品。我們已做好充分準備，鞏固發展勢頭，抓住新機遇，並為利害關係人創造長期價值。

Thank you for joining us today. We will now open it up for questions.

感謝您今天蒞臨。現在開放提問環節。

(Operator Instructions) Maggie Nolan, William Blair.

（操作說明）Maggie Nolan，William Blair。

Congratulations on the results. I'm hoping that you can double-click for me on the strength in security. It was a pretty impressive numbers that you shared there. So what is driving the strength in that offering?

恭喜取得好成績。我希望你能幫我雙擊一下，增強安全性。你分享的數據非常驚人。那麼，是什麼因素推動了該產品的優勢？

Well, a couple of different things, Maggie. So Security was up 56% in terms of gross billings. Overall trailing 12 months, it's up nicely as well. What we're starting to see is a lot of the AI initiatives with customers making investments, looking at data classification, data cleanliness and projects along those lines, and then just the normal network security and all the other things that we've done over time.

嗯，有兩件事，瑪姬。因此，安防業務的總帳單金額成長了 56%。從過去 12 個月的整體數據來看，成長動能也相當不錯。我們開始看到很多人工智慧項目，客戶都在進行投資，關注數據分類、數據清理以及相關項目，還有正常的網路安全以及我們隨著時間的推移所做的所有其他事情。

We are starting to see an uptick in, I'll say, AI-related deals across compute, storage and security. And that's part of the reason we had a nice quarter in those areas. Networking, by the way, I know you didn't ask for it, but Networking was up nicely. So that also contributed nicely to the quarter.

我們開始看到與人工智慧相關的交易在運算、儲存和安全領域中成長。這也是我們在這些地區取得良好季度業績的部分原因。順便提一下，人脈拓展方面，我知道你沒問，但人脈拓展進展順利。所以這也對本季業績做出了不錯的貢獻。

And if you remember, a few quarters back, it was actually down due to the supply chain issue with the digesting of product that Elaine talked about. That's actually starting to pick up as customers look to modernize their networks to be ready for AI.

如果你還記得的話，幾個季度前，由於伊萊恩提到的產品消化供應鏈問題，銷售量實際上有所下降。隨著客戶尋求對其網路進行現代化改造，為人工智慧做好準備，這種情況實際上正在逐漸增加。

Okay. Great. And maybe to round it out, can you talk a little bit about what you're seeing by customer end market as well? There seem to be some variability in strength and weakness across your different end markets.

好的。偉大的。最後，為了更全面地說明情況，您能否也談談您從終端客戶市場觀察到的情況？你們在不同的終端市場中似乎存在一些優點和缺點的差異。

Yes. In terms of -- well, let me touch on two things, make sure -- as it relates to the verticals, we had a strong quarter across almost every vertical. The only thing that was down was our state and local, which I think had to do with a lot of what's going on in the government and funding and things along those lines. Otherwise, all the verticals were up.

是的。至於——嗯，讓我談談兩件事，請務必注意——就垂直領域而言，我們幾乎在每個垂直領域都取得了強勁的季度業績。唯一下降的是我們州和地方的，我認為這與政府的運作、資金以及類似的事情有很多關係。除此之外，所有垂直方向的物體都豎了起來。

And as it relates to our customer size segments, Maggie, the mid, the 500 to 10,000 and the 10,000 and above, which we consider to be enterprise was up real nice. So across, I'd say, all three of our segments, product, professional services, managed services, across all the verticals, except for the state and local in the SLED space, and then across all the different product areas, we were up significantly, except for collab -- collaboration, I should say.

至於我們的客戶規模細分市場，Maggie，中型企業（500 至 10,000 人）和 10,000 人及以上的企業（我們認為這些是企業級企業）表現非常出色。因此，我認為，在我們所有三個業務板塊（產品、專業服務、管理服務）以及所有垂直領域（除了州和地方政府領域的 SLED 業務）中，以及所有不同的產品領域中，我們都實現了顯著增長，除了合作領域——應該說是協作領域。

Gregory Burns, Sidoti & Company.

格雷戈里·伯恩斯，西多蒂公司。

It's good to see the AI starting to now translate into some order flow for you. Could you just talk about maybe how the pipeline looks? What gives you confidence in kind of the raised outlook for the year? Any kind of color you can give on preorder or demand activity and pipeline, how the pipeline is shaping up?

很高興看到人工智慧現在開始為你轉化為一些訂單流程。能簡單介紹一下管道的情況嗎？是什麼讓你對今年的前景充滿信心？能否提供一些關於預購或需求活動以及銷售管道的信息，例如銷售管道的進展？

Yes, Greg. So a couple of different things. So as it relates first to the quarter, really proud of the team in terms of the execution, especially in a kind of an uncertain economic market with what's going on with the government shutdown, tariffs and inflation up or down, right?

是的，格雷格。所以，有兩件事。首先就本季而言，我真的為團隊的執行力感到自豪，尤其是在當前經濟市場充滿不確定性的情況下，政府停擺、關稅和通貨膨脹的漲跌都帶來了不確定性，對吧？

So team really did a nice job in the first half. We also -- as we talked about on previous calls, we do a nice job of tracking the pipeline and opportunities that are in there. We did have a couple of nice large deals that fell in Q2. But as you can see, based on our guidance, we're still very optimistic about the rest of this year. And I think that kind of shows in our guidance.

所以球隊上半場表現確實不錯。正如我們在之前的電話會議中討論的那樣，我們也很好地追蹤了銷售管道和其中的機會。第二季我們確實簽了幾筆不錯的大單。但正如你所看到的，根據我們的預測，我們對今年剩餘時間仍然非常樂觀。我認為這在我們的指導方針中有所體現。

Okay. And then the leverage, obviously coming through really nicely now. How should we think about leverage versus need to invest. Obviously, there's a lot of growth opportunities out there for you, particularly maybe now with AI becoming more of a meaningful driver. So how should we think about leverage and how much the margins could expand from, I guess, where you're guiding to for this year?

好的。然後，槓桿作用顯然現在發揮得非常好了。我們該如何看待槓桿作用與投資需求的關係？顯然，你有很多發展機會，尤其是在人工智慧日益成為重要驅動力的今天。那麼我們該如何看待槓桿作用，以及利潤率可以從您今年的預期水準上擴張多少呢？

Yes. So two things there, Greg. One, I think you can expect operating leverage for a little period of time here. But as we've talked about on previous calls, we're a growth company. We're in -- after selling a finance, we're in a pretty strong, I'll say, cash position that we have a lot of flexibility in terms of how we can go grab market share, expand our footprint, our customer base.

是的。格雷格，這裡有兩件事。第一，我認為在一段時間內，你可以預期這裡會出現經營槓桿效應。但正如我們在之前的電話會議中討論過的，我們是一家成長型公司。出售金融業務後，我們的現金狀況相當穩健，可以說，我們在如何搶佔市場份額、擴大業務範圍和客戶群方面擁有很大的靈活性。

And that could be through organic hires, which we will be making to kind of build out our services and AI capabilities and also through acquisitions. So short term, I think you continue to see some operating leverage. But we're still going to be active in looking at where we can build out our footprint and customer base, both organically and inorganically.

這可以透過內部招聘來實現，我們將透過內部招聘來擴展我們的服務和人工智慧能力，也可以透過收購來實現。所以短期來看，我認為你會看到一些經營槓桿效應。但我們仍將積極尋找機會，透過自身發展和外部擴張的方式，擴大我們的商業版圖和客戶群。

That is all the questions that we have. I would like to turn it back over to Mark Marron for closing remarks.

這就是我們所有的問題了。我謹將發言權交還給馬克馬龍，請他作總結發言。

Okay. Thank you, operator. Everybody, thank you for joining us on the call today. Once again, we feel good about what the team put up this quarter and for the first half, and want to thank you for joining us on this call. Take care, and have a great holiday season, if you can. Take care.

好的。謝謝接線生。各位，感謝你們今天參加我們的電話會議。我們再次對團隊本季和上半年的表現感到滿意，並感謝您參加本次電話會議。保重，祝你假期愉快。小心。

This concludes today's conference. You may disconnect.

今天的會議到此結束。您可以斷開連線。