HERNDON, VA - ePlus Inc. (NASDAQ:PLUS), a leading provider of technology solutions, announced the approval of a new incentive plan for its non-employee directors following a shareholder vote at the annual meeting on September 12, 2024.
The new 2024 Non-Employee Director Long-Term Incentive Plan, which replaces the 2017 version, aims to offer equity awards in the form of restricted stock, aligning director interests with those of the shareholders.
The approval came as part of the company’s annual shareholder meeting, where several key proposals were voted upon. The 2024 Non-Employee Director Long-Term Incentive Plan received affirmative votes, with details of the voting process and results disclosed in the company's recent SEC filing.
ePlus Inc.'s shareholders also re-elected all director nominees, approved executive compensation, and ratified Deloitte & Touche LLP as their independent registered accounting firm for the fiscal year 2025. The director election saw significant support for each nominee, while the advisory vote on executive compensation and the ratification of the accounting firm passed with a substantial majority.
The 2024 Non-Employee Director Long-Term Incentive Plan was initially adopted by the company's Board of Directors on June 13, 2024, subject to shareholder approval. The Proxy Statement filed with the SEC on July 23, 2024, under "Proposal 4," outlined the material terms of the Plan.
ePlus Inc. specializes in the wholesale of computer, peripheral equipment, and software, operating under the standard industrial classification code 5045. The company's business address is located at 13595 Dulles Technology Drive, Herndon, VA.
In other recent news, ePlus Inc. has been active in its strategic developments. The company recently announced the acquisition of Bailiwick Services, LLC through its subsidiary, ePlus Technology, Inc. This move is expected to boost ePlus's service offerings, particularly in edge computing, physical security, and digital experience transformation. Bailiwick, known for its professional and managed services, will now operate as a wholly-owned subsidiary of ePlus Technology, Inc.
On the financial front, ePlus reported mixed results for its fiscal year 2025 first-quarter earnings. Despite a 5.2% decrease in net sales from the previous year, the company observed positive trends in strategic initiatives and service revenues, with managed services increasing by 28% year-over-year.
The finance segment also reported revenue growth, contributing to a 24.3% rise in adjusted EBITDA. The company's cash balance increased to $350 million, supporting strategic goals and share repurchase programs.
Maintaining its full-year financial outlook, ePlus forecasts net sales growth of 3-6% and an adjusted EBITDA range of $200-215 million. These recent developments underscore ePlus's commitment to growth and innovation amidst challenges.
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