<SEC-DOCUMENT>0001022408-23-000018.txt : 20230713
<SEC-HEADER>0001022408-23-000018.hdr.sgml : 20230713
<ACCEPTANCE-DATETIME>20230421131912
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001022408-23-000018
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EPLUS INC
		CENTRAL INDEX KEY:			0001022408
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045]
		IRS NUMBER:				541817218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		13595 DULLES TECHNOLOGY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171-3413
		BUSINESS PHONE:		7039848400

	MAIL ADDRESS:	
		STREET 1:		13595 DULLES TECHNOLOGY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171-3413

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MLC HOLDINGS INC
		DATE OF NAME CHANGE:	19960906
</SEC-HEADER>
<DOCUMENT>
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    <div style="font-family: 'Times New Roman',Times,serif; font-style: italic;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> <img width="144" border="0" align="left" height="85" style="position: fixed;" src="image1.jpg"></font></div>
    <div style="text-align: right; font-style: italic;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Elaine D. Marion</div>
    <div style="text-align: right; font-style: italic;">Chief Financial Officer</div>
    <div style="text-align: right; font-style: italic;">(O) 703.984.8040</div>
    <div style="text-align: right; font-style: italic;">emarion@eplus.com</div>
    <div style="text-align: right; font-style: italic;"> <br>
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    <div style="text-align: right; font-style: italic;">
      <div style="text-align: left; margin-left: 234pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> April 21, 2023</div>
      <div style="font-style: normal; font-size: 12pt;"><br>
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      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;"><u>VIA EDGAR</u></div>
      <div style="font-style: normal; font-size: 12pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Office of Trade and Corporate Services</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Division of Corporation Finance</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Securities and Exchange Commission</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">100 F Street, NE</div>
      <div>
        <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Washington, DC&#160; 20549</div>
        <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> <br>
        </div>
        <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Attention:&#160; &#160;&#160; Ms. Nasreen Mohammed</div>
        <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mr. Lyn Shenk</div>
      </div>
      <font style="font-size: 12pt;"><br>
      </font>
      <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: normal;">Re:</font><font style="width: 9pt; font-size: 12pt; display: inline-block;" class="HorizontalTab"> &#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: normal;">&#160;&#160; <font style="font-style: italic;">e</font>Plus inc.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;">Form 10-K for the fiscal year ended March 31, 2022</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;">Filed May 26, 2022</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;"><u>File No. 001-34167</u></div>
      <div style="font-style: normal; font-size: 12pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Dear Staff:</div>
      <div style="font-style: normal; font-size: 12pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">This letter is submitted by ePlus inc. (the "Company") in response to the comments from the staff (&#8220;Staff&#8221;) of the
        Division of Corporation Finance of the Securities and Exchange Commission dated March 24, 2023 with respect to the Company's Annual Report on Form 10-K for the fiscal year ended March&#160;31,&#160;2022 (the "Form 10-K").</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">For your reference, the text of the comments contained in your letter have been reproduced herein, followed by the
        Company's response.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;"><u>Form 10-K for Fiscal Year Ended March 31, 2022</u></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;"><u>Key Business Metrics, page 28</u></div>
      <div><br>
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        <table cellspacing="0" cellpadding="0" id="zdfe137a341994621abe4aba62893d10d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-left: 18pt; font-size: 12pt; font-weight: bold;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">On page 31, you define Adjusted gross billings as your technology segment net sales calculated in accordance with US GAAP, adjusted to "exclude" the "costs incurred" related to sales of
                  third-party maintenance, software assurance, subscription/SaaS licenses, and services. To the extent these "costs" were not "included" in GAAP net sales, please revise the definition to state, if true, that the measure "adds" such amounts
                  to net sales. To the extent these "costs" were not "incurred" in your statements of operations, revise to characterize them as other than costs (e.g., expenditures). In addition, you disclose the reason management uses this measure.
                  Please tell us and revise to disclose substantive usefulness to investors. Refer to Item 10(e)(1)(i)(C) of Regulation S-K. Finally, please tell us your consideration of Non-GAAP C&amp;DI 100.04, and specifically bullet point two, in
                  presenting this measure. In this regard, it appears the measure you present as billings includes amounts that will never be recognized as revenue.</div>
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      <div style="text-align: center;"><font style="font-style: normal;">ePlus inc. 13595 Dulles Technology Drive&#160;&#160; Herndon, VA 20171&#160;&#160; (703) 984-8400&#160; www.eplus.com</font><br>
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      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>RESPONSE</u></font><font style="font-style: normal;">: The costs associated with sales of third-party
          maintenance, software assurance, subscription/SaaS licenses, and services are for costs incurred that were included in the calculation of net sales, as these transactions are presented within net sales on a net basis.&#160; In our prior reconciliation
          of &#8216;Adjusted gross billings&#8217; as a non-GAAP metric, we adjusted for these costs by adding them to net sales, as such costs are excluded from net sales.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">As the Staff noted in its question, we disclose the meaningfulness of this metric to management in the Form 10-K. In
        our upcoming Form 10-K for the fiscal year ended March&#160;31,&#160;2023 to be filed next month and on a go-forward basis, we will revise our disclosure to affirmatively indicate our belief that such metric will aid investors in better understanding our
        business, specifically &#8220;as a operational metric of our performance to gain insight into the volume of business generated by our technology segment, and to analyze the changes to our accounts receivable and accounts payable.&#8221;</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">As noted by the Staff in this comment letter, we reviewed this matter again taking into consideration (i) the Non-GAAP
        C&amp;DI 100.04, including the second bullet, which in relevant part addresses the situation when an issuer presents a measure of revenue on a gross basis when net presentation is required by GAAP and (ii) the Staff&#8217;s comment in its letter
        regarding &#8216;Adjusted gross billings&#8217; including amounts that will never be recognized as revenue. As a result of this review and the Staff&#8217;s comments, we will change Adjusted gross billings to an operational measure rather than a non-GAAP metric.<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Accordingly, we will revise this approach based on the Staff&#8217;s recent correspondence in our upcoming Form 10-K for the fiscal year ended March 31, 2023, to be filed
        next month and on a go-forward basis. The Company will further rename &#8220;Adjusted gross billings&#8221; to &#8220;Gross billings&#8221;.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company will include a definition of how this operational metric is determined, which will be consistent with the
        definition below:</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 72pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Gross billings are the total dollar value of customer purchases of goods and services including shipping charges during
        the period, net of customer returns and credit memos, sales or other taxes.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
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      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Due to such non-GAAP metric no longer being presented, the Company will no longer provide a reconciliation between
        Gross billings and net sales. The Company believes that this updated definition and presentation will further clarify that Gross billings is an operational measure and is not intended or meant to be used as a non-GAAP measure of revenue referred to
        in bullet point 2 of Non-GAAP C&amp;DI 100.04.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;"><u>Management&#8217;s Discussion and Analysis</u></div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;"><u>Financial Summary, page 31</u></div>
      <div><br>
      </div>
      <div>
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                <div style="text-align: left; margin-left: 18pt; font-size: 12pt; font-weight: bold;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">A significant portion of your results of operations disclosure is dedicated to stating, in narrative text form, dollar and percentage changes in accounts, some of which is already included in
                  tables. In addition, while you discuss certain factors to which changes are attributable, you do not quantify a large number of these factors nor analyze the underlying business reasons for the changes and some of the factors appear
                  non-substantive. For example, on page 31 you state the increase in net sales was driven by higher product and service revenues. On page 36 you state Technology segment net sales increased due to an increase in net sales to your customers
                  in various industries and that gross profit increased due to higher margins. We believe your disclosures could be improved by:</div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z7478823a295642469f700436b05de4aa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-left: 36pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">relying on the use of tables to present dollar and percentage changes in accounts, rather than including such information in narrative text form;</div>
              </td>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z073733f135ee4923bdefa8c3833164a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-left: 36pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">using tables to list, quantify, and sum all of the material individual factors to which changes in accounts are attributable;</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z6da37f8c347848ce87a7c574e4865b64" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 36pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">refocusing the narrative text portion of the disclosure on analysis of the underlying business reasons for the individual factors in the tables above;</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zba533ed4a0f440a98cc8917099e9c45d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-left: 36pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">ensuring that all material factors are quantified and analyzed; and</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zcc742b5676694ae28d32804a8a4bd410" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 36pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">quantifying the effects of changes in both price and volume on revenues and expense categories, where appropriate.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>RESPONSE</u></font><font style="font-style: normal;">: In response to the first four bullets from the
          question above, in future filings, beginning with our Form 10-K for the fiscal year ended March&#160;31,&#160;2023 to be filed next month, the Company will revise its results of operations disclosure within its management&#8217;s discussion and analysis to
          address the Staff&#8217;s suggested improvements noted above.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Summarized below is a revised results of operations disclosure for the year ended March 31, 2022, compared to the year
        ended March 31, 2021, which we will include in our Form 10-K for the year ended March 31, 2023.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;">RESULTS OF OPERATIONS</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; font-style: normal;">The Year Ended March 31, 2022, Compared to the Year Ended March 31, 2021</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">TECHNOLOGY SEGMENT</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The results of operations for our technology segment for the years ended March 31, 2022, and 2021 were as follows (in
        thousands):</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za099eae485b1447aaab535b2c565acfe" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 35.37%; vertical-align: bottom;" colspan="3">
              <div style="text-align: center;">Year Ended March 31,</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2022</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: center;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2021</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 27.19%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: center;">Change</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Net sales</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Product</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;$ 1,492,411</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;$ 1,305,789</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;$ 186,622</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">14.3%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Services</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;240,625</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;202,165</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;38,460</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">19.0%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Total</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,733,036</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,507,954</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;225,082</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">14.9%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Cost of sales</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Product</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,175,789</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,036,627</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;139,162</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">13.4%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Services</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;149,094</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;125,092</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,002</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">19.2%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Total</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,324,883</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;1,161,719</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;163,164</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">14.0%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Gross profit</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;408,153</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;346,235</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;61,918</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">17.9%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 34.21%; vertical-align: bottom;" colspan="2">
              <div>Selling, general, and administrative</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;283,690</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;256,210</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,480</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">10.7%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Depreciation and amortization</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,535</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,839</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;696</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">5.0%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Interest and financing costs</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;928</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;521</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;407</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">78.1%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Operating expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;299,153</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;270,570</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;28,583</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">10.6%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Operating income</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 109,000</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 75,665</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;$ 33,335</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">44.1%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
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          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Gross billings</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;$ 2,625,749</div>
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            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;$ 2,271,836</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;$ 353,913</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">15.6%</div>
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          <tr>
            <td nowrap="nowrap" style="width: 30.94%; vertical-align: bottom;">
              <div>Adjusted EBITDA</div>
            </td>
            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 131,353</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.07%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 97,219</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.39%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;$ 34,134</div>
            </td>
            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">35.1%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7f41b131b8ab443a856099d1fac5f196" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="font-size: 8pt;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td style="width: 37.23%; vertical-align: bottom;" colspan="3">
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            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.93%; vertical-align: top;">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom; border-bottom: 2px solid black;">
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            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2022</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2021</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td style="width: 22.97%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Change</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Telecom, Media &amp; Entertainment</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 502,405</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 371,912</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 130,493</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35.1%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Healthcare</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">270,481</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">200,067</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">70,414</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35.2%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Technology</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">250,485</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">251,683</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1,198)</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;(0.5%)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">SLED</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">241,769</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">245,919</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(4,150)</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;(1.7%)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Financial Services</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">155,160</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">198,761</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(43,601)</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(21.9%)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">All others</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">312,733</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">239,611</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">73,122</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">30.5%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 33.26%; vertical-align: bottom;">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Total</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,733,036</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.98%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,507,954</div>
            </td>
            <td nowrap="nowrap" style="width: 3.27%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 13.04%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 225,082</div>
            </td>
            <td style="width: 9.93%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">14.9%</div>
            </td>
          </tr>

      </table>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6c79ee8f4d0648f48fc5346494943153" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 30.75%; vertical-align: bottom;" colspan="2">
              <div style="text-indent: 9pt;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.99%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 9.64%; vertical-align: bottom;" colspan="3">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 5.67%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.3%; vertical-align: bottom;" colspan="3">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.37%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.53%; vertical-align: bottom;" colspan="3">&#160;</td>
            <td style="width: 8.47%; vertical-align: top;">&#160;</td>
            <td style="width: 9.27%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td style="width: 34.77%; vertical-align: bottom;" colspan="7">
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            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">&#160;</td>
            <td style="width: 9.27%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom; border-bottom: 2px solid black;" colspan="3">
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            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2022</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2021</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td style="width: 21.45%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Change</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Cisco Systems</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 672,821</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 537,041</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 135,780</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">25.3%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Dell EMC</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">148,782</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">107,336</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">41,446</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">38.6%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Juniper Networks</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">92,965</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">91,946</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,019</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1.1%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">NetApp</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">91,948</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">58,020</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">33,928</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">58.5%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">HP Inc. &amp; HPE</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">56,171</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">59,838</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(3,667)</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;(6.1%)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Arista Networks</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">44,280</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">51,789</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(7,509)</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(14.5%)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">All others</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">626,069</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">601,984</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">24,085</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;4.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.61%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 31.06%; vertical-align: bottom;" colspan="3">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Total</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,733,036</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 15.86%; vertical-align: bottom;" colspan="3">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,507,954</div>
            </td>
            <td nowrap="nowrap" style="width: 3.05%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.18%; vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 225,082</div>
            </td>
            <td style="width: 9.27%; vertical-align: bottom;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;14.9%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Net sales:</u> Net sales for the year ended March 31, 2022, increased due to an increase in customer
          demand, primarily from customers in telecom, media and entertainment and healthcare industries, partially offset by a decrease in net sales to customers in the financial services sector.&#160; </font><font style="font-style: normal;">These changes
          were driven by changes in customer buying cycles, and the timing of specific IT related initiatives by customers during the year, rather than the acquisition or loss of a customer or set of customers.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Our net sales by customer end market have remained consistent with the prior year, with over 80% of our sales being
        generated from customers within the five end markets specified in the table above. Our net sales by vendor are primarily derived from our top six suppliers, which, when combined, was a fairly constant percentage of 60% or more of our net sales for
        the years ended March 31, 2022, and 2021.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Gross billings to our customers increased due to organic customer demand as well as our acquisition of Systems
        Management and Planning, Inc. (&#8220;SMP&#8221;) in December 2020.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Cost of sales:</u></font><font style="font-style: normal;"> The increase in cost of sales for the year
          ended March 31, 2022 was due to the increase in demand for both product and services.&#160; Cost of product increased slightly less than the increase in product sales due to a change in product sales mix, as a greater portion of our transaction volume
          consisted of sales of third-party maintenance, software assurance, subscription/SaaS licenses, and services, for which the revenues and cost of sales are presented on a net basis.&#160; Overall, cost of services generally increased consistent with the
          increase in sales.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Gross profit:</u></font><font style="font-style: normal;"> Gross profit increased for the 2022 fiscal
          year due to the increase in customer demand as well as higher margins. Gross margin on product sales increased 60 basis points to 21.2% due to a shift in product mix to a greater proportion of sales of third-party maintenance, software assurance,
          subscription/SaaS licenses, and services which are presented on a net basis.&#160; Also contributing to the increase in gross margin on product sales was higher vendor incentives which as a percentage of net sales for the year ended March 31, 2022
          increased by 20 basis points.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Gross margin on services decreased 10 basis points to 38.0% for the year ended March 31, 2022, due to a slight decrease
        in professional services gross margin from a change in the mix of professional services rendered during the year, as compared to the prior year.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Selling, general, and administrative expenses:</u></font><font style="font-style: normal;"> Selling,
          general, and administrative expenses increased for the 2022 fiscal year mainly due to an increase in salaries and benefits.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Salaries and benefits, including variable compensation, increased $24.1 million or 10.9% to $245.9 million, compared to
        $221.8 million during the prior year, due to $14.2 million of additional variable compensation resulting from the increase in gross profit and $9.9 million due to higher salary and benefits expense. Our technology segment had 1,543 employees as of
        March 31, 2022, which is an increase of 17, or 1.1%, from 1,526 on March 31, 2021.</div>
      <div style="text-align: left; margin-left: 36pt; font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">General and administrative expenses increased $3.8 million, or 11.1%, to $37.6 million during the year ended March 31,
        2022, compared to $33.9 million the prior year. Contributing to the year over year increase in general and administrative expenses were increases in travel and entertainment, and software, subscription, and maintenance expenses of $2.5 million.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Depreciation and amortization expense:</u>&#160;</font><font style="font-style: normal;">Depreciation and
          amortization expense increased for the year ended March 31, 2022, due to an increase in amortization of customer relationships as a result of the SMP acquisition in December 2020.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Interest and financing costs:</u></font><font style="font-style: normal;"> Interest and financing
          costs increased for the year ended March 31, 2022 due to higher borrowings outstanding during the year under our Wells Fargo credit facility.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">FINANCING SEGMENT</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The results of operations for our financing segment for the years ended March 31, 2022, and 2021 were as follows (in
        thousands):</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z68f81f05bb3243ec878cc2e2cc0f81e0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 32.44%; vertical-align: bottom;" colspan="3">
              <div style="text-align: center;">Year Ended March 31,</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 11.57%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 11.76%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2022</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2021</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 26.91%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
              <div style="text-align: center;">Change</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Portfolio earnings</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 17,764</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">$ 16,486</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">$ 1,278</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">7.8%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Transactional gains</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;18,181</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">14,506</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">3,675</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">25.3%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Post-contract earnings</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50,495</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">23,771</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">26,724</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">112.4%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Other</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,543</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">5,606</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;(4,063)</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">(72.5%)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Net sales</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;87,983</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">60,369</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">27,614</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">45.7%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.32%; vertical-align: bottom;">
              <div>Cost of sales</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35,154</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">13,050</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">22,104</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">169.4%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.32%; vertical-align: bottom;">
              <div>Gross profit</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;52,829</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">47,319</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">5,510</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">11.6%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.32%; vertical-align: bottom;">
              <div>Selling, general, and administrative</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,427</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">15,053</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;(1,626)</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">(10.8%)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.32%; vertical-align: bottom;">
              <div>Depreciation and amortization</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;111</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">112</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;(1)</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">(0.9%)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Interest and financing costs</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;975</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">1,484</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;(509)</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">(34.3%)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Operating expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,513</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">16,649</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;(2,136)</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">(12.8%)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Operating income</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div style="font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 38,316</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">$ 30,670</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">$ 7,646</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">24.9%</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 16.52%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 11.17%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 11.57%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 32.32%; vertical-align: bottom;">
              <div>Adjusted EBITDA</div>
            </td>
            <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom;">
              <div>&#160;</div>
            </td>
            <td style="width: 16.52%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 38,651</div>
            </td>
            <td style="width: 4.75%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">$ 31,026</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.57%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">$ 7,625</div>
            </td>
            <td nowrap="nowrap" style="width: 3.58%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 11.76%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">24.6%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 12pt;"> </font><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Net sales:</u>&#160; </font><font style="font-style: normal;">For the year ended March 31, 2022, net sales
          increased due to higher post contract earnings and transactional gains, offset slightly by a decrease in other financing revenues. Post-contract revenue increased due to an increase of $22.8 million from proceeds from early lease buyouts and
          sales of off-lease equipment, as we had a few large customer driven transactions in fiscal year 2022. Portfolio revenue increased due to increases in operating lease income offset by decreased sales-type lease earnings over the prior fiscal year.
          Other financing revenues decreased due to lower profit recognized from signing new lease extensions with customers where the prior lease was classified as an operating lease and the new modified lease was determined to be a sales-type lease.
          Transactional gains increased due to higher volume of financing receivables sold. Total proceeds from sales of financing receivables were $855.1 million and $364.0 million for the years ended March 31, 2022, and 2021, respectively.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Cost of sales:</u></font><font style="font-style: normal;"> Cost of sales for the year ended March 31,
          2022 increased due to an increase of $18.2 million in the cost of equipment from early lease buyouts and off-lease equipment and an increase in operating lease depreciation of $3.7 million.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Selling, general, and administrative expenses:</u>&#160;</font><font style="font-style: normal;">Selling,
          general, and administrative expenses decreased in the 2022 fiscal year due to a reduction in our reserve for credit losses by $1.2 million, and salaries and benefits of $0.6 million. Our financing segment employed 34 people as of March 31, 2022
          and 2021. Certain support functions for the financing segment are shared resources with the technology segment.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Interest and financing costs:</u></font><font style="font-style: normal;"> Interest and financing
          costs decreased due to lower borrowings during the year. Our total notes payable for the financing segment decreased as of March 31, 2022, to $21.2 million from $56.1 million for the prior year. Our weighted average interest rate for our
          non-recourse notes payable was 3.59% as of March 31, 2022, compared to 3.35% for March 31, 2021.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">CONSOLIDATED</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Other income:</u>&#160;</font><font style="font-style: normal;">Other income and expense during the year
          ended March 31, 2022, netted to an expense of $0.4 million and included foreign exchange rate loss of $0.5 million. Other income and expense during the year ended March 31, 2021, was income of $0.6 million and included foreign exchange rate gain
          of $0.5 million and interest income of $0.1 million.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Income taxes:</u></font><font style="font-style: normal;"> Our effective income tax rates for the
          years ended March 31, 2022, and 2021 were 28.1% and 30.4%, respectively. The decrease in our effective income tax rate year over year is primarily due to prior year unfavorable adjustments to the federal benefit from state taxes and
          non-deductible executive compensation.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>Net earnings:</u></font><font style="font-style: normal;"> Net earnings were $105.6 million for the
          year ended March 31, 2022, an increase of 41.9% or $31.2 million as compared to $74.4 million in the prior fiscal year. The net earnings increase was due primarily to the increase in operating profits from our technology segment, and a lower
          income tax rate in the current year compared to the year ended March 31, 2021.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Basic and fully diluted earnings per common share for the year ended March 31, 2022, were $3.96 and $3.93,
        respectively, and both increased 41.9% over the prior year. Basic and fully diluted earnings per common share were $2.79 and $2.77, respectively, for the year ended March 31, 2021.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Weighted average common shares outstanding used in the calculation of basic and diluted earnings per common share were
        26.6 million and 26.9 million, respectively, for year ended March 31, 2022. Weighted average common shares outstanding used in the calculation of basic and diluted earnings per common share were 26.7 million and 26.8 million, respectively, for the
        year ended March 31, 2021.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">* * *</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">In response to the Staff&#8217;s question about quantifying the effects of changes in both price and volume on revenue and
        expense categories, we advise the Staff that we will quantify changes in price and volume when determinable and when such change is a material contributing factor.&#160; Throughout fiscal year 2022, we received many notices of price increases from
        manufacturers which we resell to our customers, and experienced increases in the volume of goods sold.&#160; Inflation was particularly prevalent across the U.S. and globally during this time.&#160; Generally, we pass price increases to our customers. In
        addition, our costs of goods from manufacturers may vary by customer; therefore, quantification of price increase versus volume is often not determinable for us.</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z940d48fe002a40248a7a3402f2a40467" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left; margin-left: 18pt; font-size: 12pt; font-weight: bold;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;">You disaggregate Technology segment revenue by customer end market and vendor. With respect to the disclosure requirements of ASC 606-10-50-5, please tell us how you considered the guidance
                  in paragraphs ASC 606-10-55-89 through 55-91 in selecting the appropriate categories to use to disaggregate revenue. In this regard, we note from your disclosure on page 22 that over the past several years you have seen an industry shift
                  to "as a service" offerings and from your disclosure on page F-15 that you recognize certain revenue over time.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;"><u>RESPONSE</u></font><font style="font-style: normal;">: In selecting the appropriate categories to use
          to disaggregate revenue in accordance with ASC 606-10-50-5, we relied on the information provided in our earnings releases, investor presentations as well as information regularly reviewed by our chief operating decision maker.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">In reaching this conclusion, the Company evaluated the examples in ASC 606-10-55-91. The following summarizes the
        Company&#8217;s evaluation of each example:</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">a. Type of good or service (for example, major product lines)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal;">The Company has a broad range of product offerings that continually adapt and change. Further, the
          Company </font><font style="font-style: normal;">believes that its customers view technology purchases as integrated solutions, rather than discrete product and service categories. The Company&#8217;s products generally have similar characteristics in
          that they are used to provide technology solutions to their end-user customers. Demand risks for these products also have similar characteristics in that they are impacted by macro-economic factors such as general business and governmental
          spending, gross domestic product growth and other broad measures of economic activity. The Company generally does not enter fulfillment contracts with customers for specific product categories, and instead sells items on an individual purchase
          order and transactional basis. In addition, our product portfolios have similar working capital profiles in terms of both payment terms and credit terms. For these reasons, the Company does not believe that any specific product categories deviate
          sufficiently from the rest of the population on how the nature, amount, timing and uncertainty of revenue and cash flows may be affected by economic factors for a separate depiction to provide value to the users of our financials.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">b. Geographical region (for example, country or region)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company disaggregates revenue into United States and non-United States. The Company believes further disaggregation
        of revenue by international country would not be meaningful due to the significant number of international countries that the Company delivers to and that changes in a specific international country do not generally have a material impact on the
        Company&#8217;s consolidated revenues.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">c. Market or type of customer (for example, government and nongovernment customers)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company disaggregates revenue by customer end market.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">d. Type of contract (for example, fixed-price and time-and-materials contracts)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company&#8217;s product sales are predominantly done an individual purchase order and transactional basis, rather than
        pursuant to short-term or long-term contracts.&#160; While the Company&#8217;s service revenues include fixed price, time and materials and longer-term contracts, we concluded that are no unique factors that would result in a significant difference in the
        nature, amount, timing, and uncertainty of revenues and cash flows related to the type of contract.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">e. Contract duration (for example, short-term and long-term contracts)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">This item is generally not applicable to the Company as it sells to its customers on an individual purchase order and
        transactional basis, rather than pursuant to short-term and long-term contracts.&#160; While a portion of our service revenues are generated from contracts with terms longer than 1 year, we concluded that a breakout of our revenues by contract duration
        was not meaningful.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">f. Timing of transfer of goods or services (for example, revenue from goods or services transferred to customers at a
        point in time and revenue from goods or services transferred over time)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company acknowledges the Staff&#8217;s comment that the Company discusses changes in product mix including &#8220;as a service&#8221;
        offerings. These transactions are presented within product sales on a net basis at the point that our customer and vendor accept the terms and conditions of the arrangement.&#160; Our product sales are recognized at a point in time, while our service
        revenues are over time.&#160; In future filings, the Company will disaggregate revenue by timing of revenue recognition. Below please find an example of how the Company intends to present this tabular disclosure in the future for revenue from contracts
        with customers within our Technology segment (in thousands).</div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> <br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">
        <table cellspacing="0" cellpadding="0" id="z533aafebfc954947bed60c16a890f01f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 59%; vertical-align: top;">&#160;</td>
              <td style="width: 17.01%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 12pt;">2022</div>
              </td>
              <td style="width: 3.98%; vertical-align: top;">&#160;</td>
              <td style="width: 16.67%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 12pt;">2021</div>
              </td>
              <td style="width: 3.35%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 59%; vertical-align: top;">
                <div>Transferred at a point in time as principal</div>
              </td>
              <td style="width: 17.01%; vertical-align: top;">
                <div style="text-align: right;">$1,342,799</div>
              </td>
              <td style="width: 3.98%; vertical-align: top;">&#160;</td>
              <td style="width: 16.67%; vertical-align: top;">
                <div style="text-align: right;">$1,174,582</div>
              </td>
              <td style="width: 3.35%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 59%; vertical-align: top;">
                <div>Transferred at a point in time as agent</div>
              </td>
              <td style="width: 17.01%; vertical-align: top;">
                <div style="text-align: right;">134,669</div>
              </td>
              <td style="width: 3.98%; vertical-align: top;">&#160;</td>
              <td style="width: 16.67%; vertical-align: top;">
                <div style="text-align: right;">107,357</div>
              </td>
              <td style="width: 3.35%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 59%; vertical-align: top;">
                <div>Transferred over time</div>
              </td>
              <td style="width: 17.01%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="text-align: right;">240,625</div>
              </td>
              <td style="width: 3.98%; vertical-align: top;">&#160;</td>
              <td style="width: 16.67%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="text-align: right;">202,165</div>
              </td>
              <td style="width: 3.35%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 59%; vertical-align: top;">
                <div>Revenue from contracts with customers</div>
              </td>
              <td style="width: 17.01%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="text-align: right;">$1,718,093</div>
              </td>
              <td style="width: 3.98%; vertical-align: top;">&#160;</td>
              <td style="width: 16.67%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="text-align: right;">$1,484,104</div>
              </td>
              <td style="width: 3.35%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
      </div>
      <br>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company will also disclose that all revenue from contracts with customers within our financing segment are
        transferred at a point in time as principal.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">g. Sales channels (for example, goods sold directly to consumers and goods sold through intermediaries)</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">The Company sells products directly to customers. There are no factors noted related to sales channels that would
        result in a material impact on the nature, amount, timing and uncertainty of revenue and cash flows that may be affected by economic factors.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">* * * * *</div>
      <div style="font-style: normal; font-size: 12pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%12%%%-->
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Please contact the undersigned at 703.984.8040 or emarion@eplus.com with any further comments or questions you may
        have.</div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 234pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Sincerely,</div>
      <div style="text-align: left; margin-left: 234pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> <br>
      </div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; margin-left: 234pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"><u>/s/ Elaine D. Marion</u></div>
      <div style="text-align: left; margin-left: 234pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Elaine D. Marion</div>
      <div style="text-align: left; margin-left: 234pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">Chief Financial Officer</div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">cc:&#160;&#160; Mark P. Marron, President and CEO, ePlus inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Abby Brown, Esq., Squire Patton Boggs LLP</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> <br>
      </div>
    </div>
  </div>
  <br>
  <br>
  <div><br>
  </div>
  <br>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
  <div style="text-align: center;" class="BRPFPageNumberArea">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber"> </font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
