正羽科技(PLUS.US) 2026财年第二季度业绩电话
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会议摘要
EPLS achieved record $1 billion gross billings in Q2 FY2026, driven by organic growth and strategic investments in AI, security, and cloud. Net sales increased 23.4% YoY, with adjusted EBITDA surging 62%. The company raised fiscal year guidance, projecting mid-teens growth in net sales and gross profit, with EBITDA growth doubling sales growth. EPLS' balance sheet remains strong, enabling strategic acquisitions and capital returns, while maintaining a focus on AI and infrastructure modernization.
会议速览
Earnings Call Highlights: Forward-Looking Statements, GAAP Reconciliation, and Q&A SessionHost introduces earnings conference call for Q2 FY 2026, reminding participants of recording and forward-looking statements policy, emphasizing risks and uncertainties. Non-GAAP measures are discussed, with reconciliation provided in the earnings release. A Q&A session follows, allowing participants to ask questions using keypad controls.
E Plus Achieves Record $1 Billion Gross Billings, Driven by AI and Security DemandE Plus reported a historic $1 billion in gross billings for Q2, attributing growth to strong demand in AI, security, and cloud services. The company saw a 23.4% increase in net sales, with adjusted EBITDA growth more than doubling net sales. Investments in AI and security, along with strategic acquisitions, bolstered performance. The balance sheet remains robust, with over $400 million in cash, supporting future growth initiatives and shareholder returns.
Strong Q2 Financial Performance Driven by Demand in Security, Networking, and CloudA detailed review of a company's Q2 financial results highlights a 23.4% increase in consolidated net sales to $608.8 million, driven by robust demand in security, networking, and cloud sectors. Key areas such as product sales, data center, and cloud services saw significant growth, with services revenue expanding by 23.3%. The company also reported strong operating leverage, with operating income rising 80.9% to $48.8 million. The balance sheet remained strong, with cash and cash equivalents totaling $402.2 million, supporting continued investments in organic and inorganic growth initiatives.
Strong Financial Performance and Strategic Growth for EplusThe dialogue outlines Eplus's robust financial achievements, including increased sales, gross profit, and adjusted EBITDA guidance. It highlights the sale of the domestic financing business, which has streamlined operations and enabled a stronger focus on technology. The company is poised for growth through organic expansion, acquisitions, and enhanced offerings, supported by a solid cash position and shareholder dividends.
Analysis of Strengths and Market Trends in Security and Networking ServicesThe dialogue highlights the significant growth in security services driven by AI initiatives and network modernization, with strong performance across most verticals except state and local, and varying customer size segments showing robust increases, particularly in mid-market and enterprise sectors, while collaboration saw a decline.
AI-Driven Growth and Strategic Investments in Uncertain MarketsA discussion on achieving operational leverage amidst economic uncertainty, with a focus on AI's role in driving growth, strategic investments, and expanding market share through organic and inorganic means.
Conference Call Concludes with Positive Feedback and Holiday WishesA call wraps up with appreciation for team's performance, encouraging holiday wishes, and concluding remarks on a positive note.
要点回答
Q：What are the key financial achievements highlighted in the second quarter fiscal year 2026 earnings call?
A：The key financial achievements highlighted in the call include a record $1 billion in gross billings for the quarter, 23.4% year-over-year growth in net sales, and a significant increase in adjusted EBITDA. The company also experienced broad-based growth across products, professional services, managed services, customer sizes, and industries. Notable performance was seen in the mid-market and enterprise segments, with robust growth in the security, networking, and cloud sectors. The company's balance sheet remained strong, closing the quarter with over $400 million in cash.
Q：What does the AI industry Pulse poll indicate about business leaders' views on AI?
A：The AI industry Pulse poll indicated a shift in how organizations view AI, with three-quarters of business leaders now seeing it primarily as a driver of revenue growth, surpassing cost savings and customer satisfaction. Additionally, 81% of leaders are concerned about whether their infrastructure can support advanced AI applications, which highlights a potential opportunity for Eplus to assist customers in scaling AI securely and effectively.
Q：How did the acquisition of Real Wave benefit Eplus, and what does it signify about the company's capabilities?
A：The acquisition of Real Wave, a cloud-based AI-powered software, expands Eplus's ability to deliver real-time AI-driven insights to customers. This signifies Eplus's ongoing investment in enhancing its capabilities in high growth areas such as AI, data center, and cloud, thereby supporting the company's strategy to grow its customer base and increase sales.
Q：What is the significance of the financial performance reported in the second quarter?
A：The financial performance in the second quarter, with continued momentum across the business and double-digit increases in key financial metrics, reflects the company's strategic focus and sustained demand across its offerings, particularly in security, networking, and cloud. The quarter's results underscore the strength of the company's diversified business model and the resilience of its focus on high growth areas.
Q：Which verticals contributed the most to the company's net sales and what are their respective shares?
A：The two largest customer verticals, telecom, media and entertainment, and SLED, accounted for 27% and 14% respectively, of net sales on a trailing 12-month basis. Healthcare technology, financial services, and other end markets represented 13%, 9%, and 24% respectively.
Q：What impact did the acquisition of Bailiwick have on the company's professional services growth margin?
A：The acquisition of Bailiwick, which had lower profit margins than the company's legacy professional services, resulted in a decrease in the professional services growth margin from 41.3% to 38.2%.
Q：How does the company's effective tax rate compare between the current year and the prior year?
A：The effective tax rate for the quarter was 29.3%, which is higher than the 27.5% reported in the second quarter of fiscal 2025.
Q：What was the company's adjusted EBITDA for the second quarter and year to date, and how does it compare to the prior year?
A：The adjusted EBITDA for the second quarter was $68.7 million, an increase of 61.6% from $36.3 million in the same period a year ago. For the six months ended September 30, 2025, the adjusted EBITDA grew to $140 million from $68.9 million in the first half of fiscal 2025, representing a more than twofold faster growth compared to net sales.
Q：What are the updated expectations for net sales, gross profit, and adjusted EBITDA for the fiscal year ending 2026?
A：The company has updated its guidance for fiscal year 2026, expecting net sales to grow at a mid-teens rate from the prior fiscal year's $2.01 billion from continuing operations. The gross profit is also expected to grow at a mid-teens rate from fiscal year 2025 to $515.5 million from continuing operations, with adjusted EBITDA growth anticipated to increase at a rate approximately twice that of net sales growth.
Q：What are the recent trends in AI-related investments according to the speaker?
A：The speaker mentions that there is an uptick in AI-related deals across compute, storage, and security as customers are making investments in areas such as data classification and data cleanliness.
Q：Which customer segments and end markets have seen significant activity or changes?
A：The speaker indicates that across almost every vertical market, there has been a strong quarter except for state and local government which was down. In terms of customer size segments, the enterprise segment saw a significant increase.
Q：How does the company view the impact of AI on its different verticals and customer segments?
A：The company views AI as a significant driver for growth, with most verticals and customer segments experiencing significant growth except for collaboration, and is optimistic about its impact on the business and potential future acquisitions.
Q：What does the speaker say about the company's performance in the face of economic uncertainty?
A：Despite economic uncertainty related to government shutdowns, tariffs, and fluctuations in inflation, the company is proud of its team's execution, particularly in the first half, and remains optimistic about the rest of the year as reflected in their guidance.
Q：What is the company's strategy for expanding its operations and what does it indicate about future investments and operating leverage?
A：The company's strategy for expanding operations includes making organic hires to build out services and AI capabilities, as well as considering inorganic growth through acquisitions. They expect to continue to see operating leverage in the short term but remain active in expanding their footprint and customer base through both methods.
ePlus, Inc.
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