On this page of StockholderLetter.com we present the latest annual shareholder letter from EPLUS INC — ticker symbol PLUS. Reading current and past PLUS letters to shareholders can bring important insights into the investment thesis.



3       
0 1 2 3   5 6 7     
89  1 2 3  5 7
01234  62789 4  912 6 296   6 36    68       84      4 2  682   84     6   27 2    32  
2  7296    8367 669  9  3  62       372  2      4 2  682   84     6   26623    9 2  
7 6     2732  9     23        29   68 6     96   31 9   9   6  2   326 39     4 2  
6    6  29  2     92   32129 2   632     298 972   3  76164   4    6  69    9    
 23 69   3   832       27 364  9  682     2        1 923   64    71232   9  4 3  
926  3       82  682  9   23   9   64 2        84     32  6     94  6  7 96   2     7 9    
82    9  23  682   8   
!"#$%&%'  $"%  '%#)*+,  -*.'  /"-  0)  *.'  /#-1  2$  0)  *.'  /#-  $*  "%34  -*.  .+5%')$#+5  $"%  *44*'$.+0$0%)  #+5  6"#33%+7%)  
$"#$  6*8%  /0$"  $"%  $%6"+*3*7-  -*.  #3'%#5-  "#&%,  #+5  $"%  *+%)  -*.9&%  7*$  -*.'  %-%  *+1  2$  0)  *.'  /#-  $*  5%%4  50&%  
0+$*  -*.'  /*'35  $*  $"*'*.7"3-  .+5%')$#+5  -*.'  .+0:.%  +%%5)  #+5  $*  /*';  63*)%3-  /0$"  -*.  $*  +#&07#$%  $"%  &#'0*.)  
*4$0*+),  )*3.$0*+)  *'  )%'&06%)  $"#$  <%)$  8#$6"  -*.'  <.)0+%))  '%:.0'%8%+$)  #+5  <.57%$1  2$  0)  *.'  /#-  $*  .+5%')$#+5  
$"%  3#$%)$  $%6"+*3*70%)  ='*8  0+5.)$'-  3%#5%')  #$  #  6*84'%"%+)0&%  3%&%3  #+5  %>43#0+  $"%8  0+  #  /#-  $"#$  /033  #33*/  
-*.  $*  8#;%  %5.6#$%5,  0+=*'8%5  #+5  4'*5.6$0&%  5%60)0*+)  $"#$  -0%35  '%).3$)  8*'%  :.06;3-1  2$  0)  *.'  /#-  $*  30)$%+  
#+5  #55'%))  -*.'  6"#33%+7%),  43#60+7  -*.'  /#+$)  #+5  -*.'  /0)"%)  #$  $"%  6*'%  *=  %&%'-$"0+7  /%  5*1  2$  0)  *.'  /#-  $*  
"#'+%))  $"%  0+"%'%+$  ;+*/3%57%  $"#$  6*8%)  /0$"  *.'  ?@A  -%#')  0+  $"%  <.)0+%))  *+  -*.'  <%"#3=,  /"06"  0)  <*'+  *=  #+  
0++#$%  .+5%')$#+50+7  *=  8#';%$  5-+#806)  $"#$  6"#+7%  =#)$  #+5  '%7.3#'3-1    
B*6.)0+7  *+  $"%  $*$#30$-  *=  $"%  %>4%'0%+6%  /%  4'*&05%  *.'  6.)$*8%')  "#)  +%&%'  )$%%'%5  .)  /'*+71  C.'  6.)$*8%')  
#'%  #$  $"%  6*'%  *=  %&%'-  5%60)0*+,  %&%'-  0+&%)$8%+$  #+5  %&%'-  *+%  *=  *.'  *==%'0+7)1  C.'  )*3.$0*+)  4*'$=*30*  0)  
5%)07+%5,  #+5  6*+$0+.%)  $*  7'*/,  /0$"  *.'  6.)$*8%')9  5%)0'%5  <.)0+%))  *.$6*8%)  0+  80+51  D"%  EF*.'+%-  $*  
G*5%'+0H#$0*+I  ).44*'$)  63*.5  #+5  5#$#  6%+$%'  +%%5),  /"03%  EJ*84'*80)%  K*$"0+7I  =*6.)%)  *+  #33L0+63.)0&%  )%6.'0$-  
#+5  EM2  27+0$%I  %+#<3%)  #+5  3%&%'#7%)  $"%  <%+%=0$)  #+5  *44*'$.+0$0%)  *==%'%5  <-  #'$0=060#3  0+$%3307%+6%1  
C.'  )%'&06%)  #'%  5%)07+%5  /0$"  6.)$*8%'  %>4%'0%+6%  #$  $"%  =*'%='*+$,  *==%'0+7  *4$0*+)  '#+70+7  ='*8  6*+).3$#$0&%  
$*  8#+#7%5,  $"#$  "%34  6.)$*8%')  '%#30H%  $"%  =.33  .%  *=  $"%0'  $%6"+*3*7-  0+&%)$8%+$)  ='*8  5%)07+  $"'*.7"  
0843%8%+$#$0*+  #+5  *+7*0+7  8#+#7%8%+$1  C.'  =0+#+60+7  *4$0*+)  4'*&05%  6.)$*8%')  /0$"  #  =3%>0<3%  #&%+.%  $*  4#-  
=*'  $"%  $%6"+*3*7-,  %:.048%+$  *'  )%'&06%)  $"%-  +%%5  /"%+  $"%-  +%%5  $"%81  C.'  N0=%6-63%  O*3.$0*+)  
P'*.4  0)  3#)%'L=*6.)%5  *+  5%30&%'0+7  #  4*)0$0&%  6.)$*8%'  %>4%'0%+6%  /0$"  %&%'-  0+$%'#6$0*+,  /"%$"%'  
0843%8%+$0+7  +%/  )*3.$0*+)  #+5  )%'&06%)  *'  =#6030$#$0+7  #++.#3  '%+%/#3)  #+5  #++.0$-  )%'&06%)  $*  %+).'%  
)%#83%))+%))  *=  *4%'#$0*+)1
D"%  4#6%  *=  6"#+7%  $*5#-  0)  '%3%+$3%)),  #+5  #+  *'7#+0H#$0*+9)  #<030$-  $*  '%)4*+5  '%30%)  3#'7%3-  *+  $"%  
$%6"+*3*7-  $"#$  0)  0+  43#6%,  6*8<0+%5  /0$"  ).66%))=.33-  )%3%6$0+7  $"%  '07"$  :.#30=0%5,  5%506#$%5  #+5  
);033%5  4#'$+%')  $*  4'*&05%  ).44*'$  *'  7.05#+6%  *+  $"%  Q*.'+%-1  !"03%  $"%  =#)$  '#$%  *=  
6"#+7%  6#+  -0%35  8#+-  4*)0$0&%),  #)  0+  $"%  6#)%  *=  M2,  8#+#70+7  0$  6#+  #3)*  4'%)%+$  
6"#33%+7%)1  !%  6#+  "%34  %+).'%  $"#$  -*.  "#&%  $"%  ).44*'$  -*.  +%%5  0+  
43#6%,  /"%$"%'  :.#30=0%5  0+L"*.)%  )$#==  *'  8*5%'+,  =3%>0<3%  $%6"+*3*7-1  
M+5,  0+  $"%  6#)%)  /"%'%  #  30$$3%  %>$'#  #))0)$#+6%  0)  +%%5%5,  /%  6#+  
4'*&05%  #  =.33-  8#+#7%5  %+&0'*+8%+$  $"#$  70&%)  -*.  %&%+  8*'%1
!"%+  /%  )#-  $"#$  E-*.'  /"-  0)  *.'  /#-,I  /%  8%#+  0$,  #+5  $"%  4'**=  
0)  *.'  ?@A  -%#')  *=  ).66%))  #+5  %>4%'0%+6%  /0$"  $"*.)#+5)  *=  "#44-  
6.)$*8%')1  !"%$"%'  M2,  )%6.'0$-,  63*.5,  +%$/*';0+7,  6*33#<*'#$0*+  *'  #+-  
6*8<0+#$0*+  $"%'%*=,  /%  "#&%  $"%  ;+*/3%57%,  %>4%'0%+6%,  =3%>0<030$-,  6'%#$0&0$-  
#+5  6*880$8%+$  $*  %>6%33%+6%  $"#$  /033  "%34  -*.  6*+=05%+$3-  '%6*+603%  $"%  
E"*/1I  J.)$*8%'  B0')$,  O%'&06%)  N%5,  R%).3$)  S'0&%+1    
%T3.)1  !"%'%  D%6"+*3*7-  G%#+)  G*'%1
*+,-.  01  2034.345
01234156743  9443  


4 6   056 5      043   4    14    5    5   53   1                  
0 2 15   5   0   4

 6 2     3   2        634  5   !    "

#  4$ 423   % 62  4  &4 3 

#  2   26    "16 "1

  3  5 43 6  23 431  

'(4    4       43  2 7  ) 34 53  

  3   5%43$# 3   5%% %4
MNOP  RNSSTU  VWOPNWTSXNPY
0  23  4562768  9  64 9  929   7 25   76   9   4  23   2  5 92967    79367"    7  677  67 5 6  6      
       27  2  79      62      6 5 7   92     2    5 79       )7 568  244 2   9  76   9   479 6#   9 6  
27   6    9   68  9  6 6  96      36 !6  4 ! 867       79367  2  9  6   ;322,  76!  6  929  
   79296    2 8   6 6  9    3      2 932967  3  95   9679     9  4 ! 86      86  6      96   2  5 9   9  
DEFG  IJ  DEFFKL
79     47 9           96           6 !6      8 72796  79 67#  -6    55    9   6  9     58  2 8    9 8  6  
:1$  2 8   67 86 9
2627      9     25  0 9655  6  6    0      6     6   7  929    55  6 2 56   7  9  6792 5 7  86646  6529  7 47  
   676   9     5 8    69          9       79367#  
2 8  76!  67  9  3669       79367"  24 85   6!5!      6687#  $     9    7 25         62)6 8       27  47 9     27  !6  < =   
   9   942 68  96    8 79   2 8   6     62768     32 69  726   3 55     96    679          79     27  2  67 59     79     72567   
%  2   562    8  29    929     75 9  7   25      9     32 2 68  2 8   4295     3  2   5 7       !6 9    27  7 445    2  7    325 968#  
4  677  25  76!  67    6   7   26  67 29       9       79367# $   79      27  47 9    4 ! 867  96     2   25   56    5 9   9     8  
  !67936 97  929  8 !6  5  )963  7 792  2 56     9  27   655  27  
  96    55   62      6!6  6   27   4  &#'(  2 8    77  4   9  
28!2  68  '# (     56   6    9   68  9  865 !6    8 79 )5628      69    6  677   24 925  9  726 5867#  + 79  6 6 95    96  > 28  
32   7#  $     )32     76!  67    7  677    9   68  9        2 9  968  2   6   6 52 68      2   2 9  929       *# =  3 55    
  9  6!6  6     627     * # (   568        #*(     9      +2 2 68   7267  !6  2  * )3  9  46 8#  $   8 7  45  68  244 2   9   24 925  
255 29    632  7     2  68     9     94  4   9   9  326  
,6!  67#  -6  257  6 42 868       94  9   75 9  7) 2768  
  6   7  2 8    7936   276    9     2 .  7 9  7     /69     79296       !67936 97           7  677   9    2   255   2 8  9     
, 5 9  7  0  4  2 8   1 2  367  67   0  #  -6    7968     25628    2 .  7 9  7#  -6  2!6  2  6259   4 465  6     496 9 25  2 .  7 9  7  
79      252  6  7669    9  6259    27   5    6 629    2 8   6     9  2   63427 7        7        67  67      96  2627  929  
6 868  96   62    9  2  6  8   27  47 9           4 ! 867  96    6296  96   629679    7936  !25 6#  -6  2!6  2  4 !6   92   6  8  
   4 86 95   8645          24 925  29  2992 9 !6  !25 29  7  9  8 !6  
   2   25   56    5 9   9  7 44 9     5  )963     9     9 29 !67#  
7
792  2 56  5  )963     9#  
46     2   25  7   677     9 7  4279   62  6 56 97  96   96  9   
6 6  9          79296  #  -6    9   6  9  6 6  96        552 8     96         4   9        7   7    !      2   9  96   33   9    
2 8  6 42 86  244 2               7  677    3   6   2 8  6  79             7  63 68868         ;/ #  0  23  4  8  929  !6  96  4279  
86 286   6  2!6  2 768  !6  <=            /+;      365   >6  
6 964 76    79367#   9  96  7236  9 36      24 85           
76!  67    7  677  4 ! 867    7 796 9  4   92  5 9   2 8  468  92  5 9    96  +29     2  5628       4   9    2  929    929   2  5 92967    6  
27   6     58  2   276     6        6!6  6#  -6   6 62968  79      32    92 7452 97#  -6  2!6  257   66   2  5  )963  7 44 96     
69  7     56  7 3 592 6 75   47 9       96   342          9 6   ?2  929      ? 32  9   2 8  2!6  429 668    9  46  179@6    A2 86  
   9  27   6    9   6  9  796  96      76!  67  2 8    6   7# : 342  67       97  2   25  46   ;2            2342     9  8 !6  
 29  7       6279   2  6  6762 #   88 9  255    8      96  4279  
7 86792 8     2 8  3669          79367"   6687   7  96  6   9      8
6
2
  52   68     $ 9792 8     029 9 86   2342     9       
7   677#  -6    9   6  9  2  6!6  9 7      6 42 8         242  5 9 67   !696  2 6
7  2 8  6 42 868     0304B  0 57  36)032        46  5  C  
2 8  79296   255     !679            46456   76!  67  2 8  75 9     4  2 3  
  9  *   7  57#
7697#  $ 6   34 92 9   34 6 9     9 7  79296     7  2!     96    9  
3       75 9  7   76!  67  2 8  6 469 76  9  3669       79367"   $   7   677   7     59     2  5     79       4 99     96    7936  
3 79  4677      6687  2 8  25       9  32 69     9  96 87#  4  929     79#  46  796  9        8 !67   68  2 8   345636 92   4 9 5   
6 8    6  6 42 868     6    66     9623  2 8  28868   5 6 9) 2          4 8  97  2 8  76!  67  4 ! 867  2  75 8     829    9  7 44 9  
4  677  257  2  77  6      9  2627  9  654  75 8          8 79 )    9#    8   27   6  5     9    7 25     =  2 8   6  8    6  632    
   768     6 6  9    2 8   65 6!6  929   6  26   655  47 9  68      
5628     47 9    2 8  2  5 9   9  4 ! 86   5 6 97    9     !29 !6  
5  )963     9  2 8  4   92  5 9 #  -6  2!6  2   562  2 8   34655     
75 9  7#      
4 8  9  2 8  76!  67  79296    92 69            9  2627  2 8  26  
 7  2   6 23456        79367  26     7         0  9   34 !6  
   2   6 96365   8 2 56    7  677    9  2  5       2     
  7  677  4  67767  2 8  9  92 7  3    7936  2 8  6345 66          58   9
6 46 6  67#  $    0  0   96  4  23   7     768     654     
0     58  5 6  9  92           726 5867           7 44 9  2 8  
  79367  29  2    4276     96    0  8  6   277677   6 2 56   
 345636 9  2 8  7 256   0  75 9  7#     !6  9 66  86 2867   6 5 7    65 6        9      342    2 8     ! 7  #  0     58  257  5 6  9  92   
27  4 ! 868  75 9  7  2 8  76!  67      2627  929  26     829  255       > 28    76     765  76!67  9  7246     79296  #    8  0"3  
  9  25  9  96  7   677      0      5 8     8292   6 96  79296     79 2 6   76 8     2  79     92       9  255        6345 667      96   28  
2 8  76   9 #  -6   65 6!6  929      9 36   6!6     2  929          2 8        868  29    2 8    9   9    9  96  7   677   6  2!6  2  6!68#
73255     55  56!62 6  96  4 6      0  9  92 7  3  96     7  677#     ,   665  
4 7   25      9     96     7  2627   4 ! 867  7       2 9  5    
963  32 69  44 9   9 67       7#
, 36  96  6 234567  26  2  6!         -,  +  29    
: 34696     7929 7   96  52           : 34 3 76  / 9     
4  23  2 8  ; 72796  36 !6 )27)2),6!  6   ;322,   ! 2   9 6   +2   +2    
36 !6#     6!         -,  +  29    : 34696     7929 7  
:1$  2 8   67 86 9
6    967     863  792968  6 469 76      654       79367  
2  656296  96    5 8  3  29    2 8  3 86  929    8  6   9   -,  
  9  2    9 36)8 !6   369 85  #  $   : 34 3 76  / 9
3IJK  L7J M7NK  O  L3PMQ3KR
123  56789  7  7   5 2 9
                                    0             0           !  "  #0    ! $       $  $   !0           %    &   0 %  
       &      '        &     !(            0       $      0          $  0%  $                $ )           $ ) ''           
   $     !       "  *      !   0)'     $    $    !&  +      $(          %   0          %     0   $,  0    !     &0         $  
       -     !  0         %              0     ! +0! !  0!&   "  
.        $  &     0         0    0   0!&                   &      '               %   & //  (      0           $  '            %  
  $     0 0           -                    &    '    '   $  0            &&              0    "  0*  *% 0  (               
&   '  0    ''  0 %(  0   $  0%  $         &    %  0/  0              & 0             0*  1                  (       (        (  
0!&  !       $   !& 0'              '  0*          %0  "  0 $(                          0*                     !     '     $  
       ! $   0/  0    1      (          $      !   % (       (            $          $                      %      "  
 2     0        &               $      $          $ &  $   0      $  '  0 0              0        %           &  
! +0! !       $    $     '0   '  !                %   0     !    "  #0               %        0         $ 0          
!   % $      0        !       !             $(        +&   0    0   3   4     5       0           3   "4
6789:;<;=>?@;  B7CDE?7=>  F=G  B;:@?H;>      
00
 • shareholder letter icon 7/22/2024 Letter Continued (Full PDF)
 • stockholder letter icon 7/25/2023 PLUS Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon PLUS Benford's Law Stock Score = 96


PLUS Shareholder/Stockholder Letter Transcript:




3       
0 1 2 3   5 6 7     
89  1 2 3  5 7

01234  62789 4  912 6 296   6 36    68       84      4 2  682   84     6   27 2    32  
2  7296    8367 669  9  3  62       372  2      4 2  682   84     6   26623    9 2  
7 6     2732  9     23        29   68 6     96   31 9   9   6  2   326 39     4 2  
6    6  29  2     92   32129 2   632     298 972   3  76164   4    6  69    9    
 23 69   3   832       27 364  9  682     2        1 923   64    71232   9  4 3  
926  3       82  682  9   23   9   64 2        84     32  6     94  6  7 96   2     7 9    
82    9  23  682   8   
!"#$%&%'  $"%  '%#)*+,  -*.'  /"-  0)  *.'  /#-1  2$  0)  *.'  /#-  $*  "%34  -*.  .+5%')$#+5  $"%  *44*'$.+0$0%)  #+5  6"#33%+7%)  
$"#$  6*8%  /0$"  $"%  $%6"+*3*7-  -*.  #3'%#5-  "#&%,  #+5  $"%  *+%)  -*.9&%  7*$  -*.'  %-%  *+1  2$  0)  *.'  /#-  $*  5%%4  50&%  
0+$*  -*.'  /*'35  $*  $"*'*.7"3-  .+5%')$#+5  -*.'  .+0:.%  +%%5)  #+5  $*  /*';  63*)%3-  /0$"  -*.  $*  +#&07#$%  $"%  &#'0*.)  
*4$0*+),  )*3.$0*+)  *'  )%'&06%)  $"#$  <%)$  8#$6"  -*.'  <.)0+%))  '%:.0'%8%+$)  #+5  <.57%$1  2$  0)  *.'  /#-  $*  .+5%')$#+5  
$"%  3#$%)$  $%6"+*3*70%)  ='*8  0+5.)$'-  3%#5%')  #$  #  6*84'%"%+)0&%  3%&%3  #+5  %>43#0+  $"%8  0+  #  /#-  $"#$  /033  #33*/  
-*.  $*  8#;%  %5.6#$%5,  0+=*'8%5  #+5  4'*5.6$0&%  5%60)0*+)  $"#$  -0%35  '%).3$)  8*'%  :.06;3-1  2$  0)  *.'  /#-  $*  30)$%+  
#+5  #55'%))  -*.'  6"#33%+7%),  43#60+7  -*.'  /#+$)  #+5  -*.'  /0)"%)  #$  $"%  6*'%  *=  %&%'-$"0+7  /%  5*1  2$  0)  *.'  /#-  $*  
"#'+%))  $"%  0+"%'%+$  ;+*/3%57%  $"#$  6*8%)  /0$"  *.'  ?@A  -%#')  0+  $"%  <.)0+%))  *+  -*.'  <%"#3=,  /"06"  0)  <*'+  *=  #+  
0++#$%  .+5%')$#+50+7  *=  8#';%$  5-+#806)  $"#$  6"#+7%  =#)$  #+5  '%7.3#'3-1    
B*6.)0+7  *+  $"%  $*$#30$-  *=  $"%  %>4%'0%+6%  /%  4'*&05%  *.'  6.)$*8%')  "#)  +%&%'  )$%%'%5  .)  /'*+71  C.'  6.)$*8%')  
#'%  #$  $"%  6*'%  *=  %&%'-  5%60)0*+,  %&%'-  0+&%)$8%+$  #+5  %&%'-  *+%  *=  *.'  *==%'0+7)1  C.'  )*3.$0*+)  4*'$=*30*  0)  
5%)07+%5,  #+5  6*+$0+.%)  $*  7'*/,  /0$"  *.'  6.)$*8%')9  5%)0'%5  <.)0+%))  *.$6*8%)  0+  80+51  D"%  EF*.'+%-  $*  
G*5%'+0H#$0*+I  ).44*'$)  63*.5  #+5  5#$#  6%+$%'  +%%5),  /"03%  EJ*84'*80)%  K*$"0+7I  =*6.)%)  *+  #33L0+63.)0&%  )%6.'0$-  
#+5  EM2  27+0$%I  %+#<3%)  #+5  3%&%'#7%)  $"%  <%+%=0$)  #+5  *44*'$.+0$0%)  *==%'%5  <-  #'$0=060#3  0+$%3307%+6%1  
C.'  )%'&06%)  #'%  5%)07+%5  /0$"  6.)$*8%'  %>4%'0%+6%  #$  $"%  =*'%='*+$,  *==%'0+7  *4$0*+)  '#+70+7  ='*8  6*+).3$#$0&%  
$*  8#+#7%5,  $"#$  "%34  6.)$*8%')  '%#30H%  $"%  =.33  .%  *=  $"%0'  $%6"+*3*7-  0+&%)$8%+$)  ='*8  5%)07+  $"'*.7"  
0843%8%+$#$0*+  #+5  *+7*0+7  8#+#7%8%+$1  C.'  =0+#+60+7  *4$0*+)  4'*&05%  6.)$*8%')  /0$"  #  =3%>0<3%  #&%+.%  $*  4#-  
=*'  $"%  $%6"+*3*7-,  %:.048%+$  *'  )%'&06%)  $"%-  +%%5  /"%+  $"%-  +%%5  $"%81  C.'  N0=%6-63%  O*3.$0*+)  
P'*.4  0)  3#)%'L=*6.)%5  *+  5%30&%'0+7  #  4*)0$0&%  6.)$*8%'  %>4%'0%+6%  /0$"  %&%'-  0+$%'#6$0*+,  /"%$"%'  
0843%8%+$0+7  +%/  )*3.$0*+)  #+5  )%'&06%)  *'  =#6030$#$0+7  #++.#3  '%+%/#3)  #+5  #++.0$-  )%'&06%)  $*  %+).'%  
)%#83%))+%))  *=  *4%'#$0*+)1
D"%  4#6%  *=  6"#+7%  $*5#-  0)  '%3%+$3%)),  #+5  #+  *'7#+0H#$0*+9)  #<030$-  $*  '%)4*+5  '%30%)  3#'7%3-  *+  $"%  
$%6"+*3*7-  $"#$  0)  0+  43#6%,  6*8<0+%5  /0$"  ).66%))=.33-  )%3%6$0+7  $"%  '07"$  :.#30=0%5,  5%506#$%5  #+5  
);033%5  4#'$+%')  $*  4'*&05%  ).44*'$  *'  7.05#+6%  *+  $"%  Q*.'+%-1  !"03%  $"%  =#)$  '#$%  *=  
6"#+7%  6#+  -0%35  8#+-  4*)0$0&%),  #)  0+  $"%  6#)%  *=  M2,  8#+#70+7  0$  6#+  #3)*  4'%)%+$  
6"#33%+7%)1  !%  6#+  "%34  %+).'%  $"#$  -*.  "#&%  $"%  ).44*'$  -*.  +%%5  0+  
43#6%,  /"%$"%'  :.#30=0%5  0+L"*.)%  )$#==  *'  8*5%'+,  =3%>0<3%  $%6"+*3*7-1  
M+5,  0+  $"%  6#)%)  /"%'%  #  30$$3%  %>$'#  #))0)$#+6%  0)  +%%5%5,  /%  6#+  
4'*&05%  #  =.33-  8#+#7%5  %+&0'*+8%+$  $"#$  70&%)  -*.  %&%+  8*'%1
!"%+  /%  )#-  $"#$  E-*.'  /"-  0)  *.'  /#-,I  /%  8%#+  0$,  #+5  $"%  4'**=  
0)  *.'  ?@A  -%#')  *=  ).66%))  #+5  %>4%'0%+6%  /0$"  $"*.)#+5)  *=  "#44-  
6.)$*8%')1  !"%$"%'  M2,  )%6.'0$-,  63*.5,  +%$/*';0+7,  6*33#<*'#$0*+  *'  #+-  
6*8<0+#$0*+  $"%'%*=,  /%  "#&%  $"%  ;+*/3%57%,  %>4%'0%+6%,  =3%>0<030$-,  6'%#$0&0$-  
#+5  6*880$8%+$  $*  %>6%33%+6%  $"#$  /033  "%34  -*.  6*+=05%+$3-  '%6*+603%  $"%  
E"*/1I  J.)$*8%'  B0')$,  O%'&06%)  N%5,  R%).3$)  S'0&%+1    
%T3.)1  !"%'%  D%6"+*3*7-  G%#+)  G*'%1  

*+,-.  01  2034.345
01234156743  9443  


4 6   056 5      043   4    14    5    5   53   1                  
0 2 15   5   0   4

 6 2     3   2        634  5   !    "

#  4$ 423   % 62  4  &4 3 

#  2   26    "16 "1

  3  5 43 6  23 431  

'(4    4       43  2 7  ) 34 53  

  3   5%43$# 3   5%% %4 


MNOP  RNSSTU  VWOPNWTSXNPY
0  23  4562768  9  64 9  929   7 25   76   9   4  23   2  5 92967    79367"    7  677  67 5 6  6      
       27  2  79      62      6 5 7   92     2    5 79       )7 568  244 2   9  76   9   479 6#   9 6  
27   6    9   68  9  6 6  96      36 !6  4 ! 867       79367  2  9  6   ;322,  76!  6  929  
   79296    2 8   6 6  9    3      2 932967  3  95   9679     9  4 ! 86      86  6      96   2  5 9   9  
DEFG  IJ  DEFFKL
79     47 9           96           6 !6      8 72796  79 67#  -6    55    9   6  9     58  2 8    9 8  6  
:1$  2 8   67 86 9
2627      9     25  0 9655  6  6    0      6     6   7  929    55  6 2 56   7  9  6792 5 7  86646  6529  7 47  
   676   9     5 8    69          9       79367#  
2 8  76!  67  9  3669       79367"  24 85   6!5!      6687#  $     9    7 25         62)6 8       27  47 9     27  !6  < =   
   9   942 68  96    8 79   2 8   6     62768     32 69  726   3 55     96    679          79     27  2  67 59     79     72567   
%  2   562    8  29    929     75 9  7   25      9     32 2 68  2 8   4295     3  2   5 7       !6 9    27  7 445    2  7    325 968#  
4  677  25  76!  67    6   7   26  67 29       9       79367# $   79      27  47 9    4 ! 867  96     2   25   56    5 9   9     8  
  !67936 97  929  8 !6  5  )963  7 792  2 56     9  27   655  27  
  96    55   62      6!6  6   27   4  &#'(  2 8    77  4   9  
28!2  68  '# (     56   6    9   68  9  865 !6    8 79 )5628      69    6  677   24 925  9  726 5867#  + 79  6 6 95    96  > 28  
32   7#  $     )32     76!  67    7  677    9   68  9        2 9  968  2   6   6 52 68      2   2 9  929       *# =  3 55    
  9  6!6  6     627     * # (   568        #*(     9      +2 2 68   7267  !6  2  * )3  9  46 8#  $   8 7  45  68  244 2   9   24 925  
255 29    632  7     2  68     9     94  4   9   9  326  
,6!  67#  -6  257  6 42 868       94  9   75 9  7) 2768  
  6   7  2 8    7936   276    9     2 .  7 9  7     /69     79296       !67936 97           7  677   9    2   255   2 8  9     
, 5 9  7  0  4  2 8   1 2  367  67   0  #  -6    7968     25628    2 .  7 9  7#  -6  2!6  2  6259   4 465  6     496 9 25  2 .  7 9  7  
79      252  6  7669    9  6259    27   5    6 629    2 8   6     9  2   63427 7        7        67  67      96  2627  929  
6 868  96   62    9  2  6  8   27  47 9           4 ! 867  96    6296  96   629679    7936  !25 6#  -6  2!6  2  4 !6   92   6  8  
   4 86 95   8645          24 925  29  2992 9 !6  !25 29  7  9  8 !6  
   2   25   56    5 9   9  7 44 9     5  )963     9     9 29 !67#  
7
792  2 56  5  )963     9#  
46     2   25  7   677     9 7  4279   62  6 56 97  96   96  9   
6 6  9          79296  #  -6    9   6  9  6 6  96        552 8     96         4   9        7   7    !      2   9  96   33   9    
2 8  6 42 86  244 2               7  677    3   6   2 8  6  79             7  63 68868         ;/ #  0  23  4  8  929  !6  96  4279  
86 286   6  2!6  2 768  !6  <=            /+;      365   >6  
6 964 76    79367#   9  96  7236  9 36      24 85           
76!  67    7  677  4 ! 867    7 796 9  4   92  5 9   2 8  468  92  5 9    96  +29     2  5628       4   9    2  929    929   2  5 92967    6  
27   6     58  2   276     6        6!6  6#  -6   6 62968  79      32    92 7452 97#  -6  2!6  257   66   2  5  )963  7 44 96     
69  7     56  7 3 592 6 75   47 9       96   342          9 6   ?2  929      ? 32  9   2 8  2!6  429 668    9  46  179@6    A2 86  
   9  27   6    9   6  9  796  96      76!  67  2 8    6   7# : 342  67       97  2   25  46   ;2            2342     9  8 !6  
 29  7       6279   2  6  6762 #   88 9  255    8      96  4279  
7 86792 8     2 8  3669          79367"   6687   7  96  6   9      8
6
2
  52   68     $ 9792 8     029 9 86   2342     9       
7   677#  -6    9   6  9  2  6!6  9 7      6 42 8         242  5 9 67   !696  2 6
7  2 8  6 42 868     0304B  0 57  36)032        46  5  C  
2 8  79296   255     !679            46456   76!  67  2 8  75 9     4  2 3  
  9  *   7  57#
7697#  $ 6   34 92 9   34 6 9     9 7  79296     7  2!     96    9  
3       75 9  7   76!  67  2 8  6 469 76  9  3669       79367"   $   7   677   7     59     2  5     79       4 99     96    7936  
3 79  4677      6687  2 8  25       9  32 69     9  96 87#  4  929     79#  46  796  9        8 !67   68  2 8   345636 92   4 9 5   
6 8    6  6 42 868     6    66     9623  2 8  28868   5 6 9) 2          4 8  97  2 8  76!  67  4 ! 867  2  75 8     829    9  7 44 9  
4  677  257  2  77  6      9  2627  9  654  75 8          8 79 )    9#    8   27   6  5     9    7 25     =  2 8   6  8    6  632    
   768     6 6  9    2 8   65 6!6  929   6  26   655  47 9  68      
5628     47 9    2 8  2  5 9   9  4 ! 86   5 6 97    9     !29 !6  
5  )963     9  2 8  4   92  5 9 #  -6  2!6  2   562  2 8   34655     
75 9  7#      
4 8  9  2 8  76!  67  79296    92 69            9  2627  2 8  26  
 7  2   6 23456        79367  26     7         0  9   34 !6  
   2   6 96365   8 2 56    7  677    9  2  5       2     
  7  677  4  67767  2 8  9  92 7  3    7936  2 8  6345 66          58   9
6 46 6  67#  $    0  0   96  4  23   7     768     654     
0     58  5 6  9  92           726 5867           7 44 9  2 8  
  79367  29  2    4276     96    0  8  6   277677   6 2 56   
 345636 9  2 8  7 256   0  75 9  7#     !6  9 66  86 2867   6 5 7    65 6        9      342    2 8     ! 7  #  0     58  257  5 6  9  92   
27  4 ! 868  75 9  7  2 8  76!  67      2627  929  26     829  255       > 28    76     765  76!67  9  7246     79296  #    8  0"3  
  9  25  9  96  7   677      0      5 8     8292   6 96  79296     79 2 6   76 8     2  79     92       9  255        6345 667      96   28  
2 8  76   9 #  -6   65 6!6  929      9 36   6!6     2  929          2 8        868  29    2 8    9   9    9  96  7   677   6  2!6  2  6!68#
73255     55  56!62 6  96  4 6      0  9  92 7  3  96     7  677#     ,   665  
4 7   25      9     96     7  2627   4 ! 867  7       2 9  5    
963  32 69  44 9   9 67       7#
, 36  96  6 234567  26  2  6!         -,  +  29    
: 34696     7929 7   96  52           : 34 3 76  / 9     
4  23  2 8  ; 72796  36 !6 )27)2),6!  6   ;322,   ! 2   9 6   +2   +2    
36 !6#     6!         -,  +  29    : 34696     7929 7  
:1$  2 8   67 86 9
6    967     863  792968  6 469 76      654       79367  
2  656296  96    5 8  3  29    2 8  3 86  929    8  6   9   -,  
  9  2    9 36)8 !6   369 85  #  $   : 34 3 76  / 9     


3IJK  L7J M7NK  O  L3PMQ3KR
123  56789  7  7   5 2 9
                                    0             0           !  "  #0    ! $       $  $   !0           %    &   0 %  
       &      '        &     !(            0       $      0          $  0%  $                $ )           $ ) ''           
   $     !       "  *      !   0)'     $    $    !&  +      $(          %   0          %     0   $,  0    !     &0         $  
       -     !  0         %              0     ! +0! !  0!&   "  
.        $  &     0         0    0   0!&                   &      '               %   & //  (      0           $  '            %  
  $     0 0           -                    &    '    '   $  0            &&              0    "  0*  *% 0  (               
&   '  0    ''  0 %(  0   $  0%  $         &    %  0/  0              & 0             0*  1                  (       (        (  
0!&  !       $   !& 0'              '  0*          %0  "  0 $(                          0*                     !     '     $  
       ! $   0/  0    1      (          $      !   % (       (            $          $                      %      "  
 2     0        &               $      $          $ &  $   0      $  '  0 0              0        %           &  
! +0! !       $    $     '0   '  !                %   0     !    "  #0               %        0         $ 0          
!   % $      0        !       !             $(        +&   0    0   3   4     5       0           3   "4
6789:;<;=>?@;  B7CDE?7=>  F=G  B;:@?H;>      
00



shareholder letter icon 7/22/2024 Letter Continued (Full PDF)
 

PLUS Stockholder/Shareholder Letter (EPLUS INC) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.