ePlus delivered a solid fiscal 2024, with full-year net sales of $2.23 billion, up 7.6% YoY, and gross profit of $550.8 million (gross margin 24.8%). In Q4 2024, net sales rose 12.7% YoY to $551.8 million, and gross billings increased 13.8%, driven by double-digit growth in Technology and Services, alongside a 15.5% uptick in Financing segment revenue. However, Q4 margins and near-term profitability were pressured by a higher mix of low-margin enterprise product sales and elevated headcount/related amortization as management stepped up growth investments. Management signaled a normalization path: gross margins are expected to stabilize in the 24%–26% range for fiscal 2025, with total revenue growth projected at 3%–6% and adjusted EBITDA of $200–$215 million. The company maintains a robust balance sheet, with over $250 million of cash and cash equivalents and a new share repurchase authorization of 1.25 million shares, supporting an active capital allocation strategy (organic investment + acquisitions + buybacks). The AI-focused AI Ignite program represents a meaningful, early-stage growth vector, leveraging ePlus’ core infrastructure, security, and services capabilities to build recurring revenue as customers progress along their AI journeys.