<SEC-DOCUMENT>0001022408-23-000020.txt : 20230713
<SEC-HEADER>0001022408-23-000020.hdr.sgml : 20230713
<ACCEPTANCE-DATETIME>20230524152617
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001022408-23-000020
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230524

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>
<TYPE>CORRESP
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    <div style="font-family: 'Times New Roman',Times,serif; font-style: italic;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> <img width="144" border="0" align="left" height="85" src="image1.jpg" style="position: fixed;"></font></div>
    <div style="text-align: right; font-style: italic;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#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>
    </div>
    <div style="text-align: right; font-style: italic;"> <br>
    </div>
    <div style="text-align: right; font-style: italic;"> <br>
    </div>
    <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;"> May 24, 2023</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-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 class="HorizontalTab" style="width: 9pt; font-size: 12pt; display: inline-block;"> &#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 <font style="font-style: italic;">e</font>Plus inc. (the "Company") in response to the further comments from the staff (&#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission dated May 15, 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"). This response letter supplements our prior responses provided to the Staff in our letter dated April 21, 2023 (the &#8220;April 21 Response
        Letter&#8221;).</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">
        <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">For your reference, the text of the comments contained in your May 15, 2023, letter have been reproduced below in bold text, followed
          by the Company's responses.</div>
        <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="text-indent: 36pt;">
          <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"><u>Key Business Metrics, page 28</u></div>
          <div><br>
          </div>
          <div>
            <div style="text-indent: -18pt; margin-left: 36pt;"><font style="font-weight: bold;">1.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 9pt;"> </font><font style="font-weight: bold;">We note your response to comment one, including your plan to present gross billings as a metric rather than a non-GAAP financial measure. Please revise your definition to explain that
                gross billings includes the gross transaction values for certain sales transactions that you recognize on a net basis and, therefore, includes amounts that will not be recognized as revenue.</font></div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-indent: 0pt; margin-left: 36pt;"><u>RESPONSE</u>:
              In response to the above comment, in future filings, beginning with our Form 10-K for the fiscal year ended March 31, 2023, to be filed today, the Company will include the following definition of how gross billings as an operational metric is
              determined:</div>
            <div><br>
            </div>
          </div>
          <div><br>
          </div>
          <div style="font-size: 10pt; 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></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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          <div style="margin-left: 63pt; text-indent: 0pt;">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.&#160; Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that
            will not be recognized as revenue.</div>
          <div><br>
          </div>
          <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"><u>Management&#8217;s Discussion and Analysis</u></div>
          <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"><u>Financial Summary, page 31</u></div>
          <div><br>
          </div>
          <div style="text-indent: -18pt; margin-left: 36pt;"><font style="font-weight: bold;">2.</font><font class="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 9pt;">&#160;</font><font style="font-weight: bold;">We note your response to comment two.&#160; &#160;While you quantify sales by customer end market and vendor for the technology
              segment and appear to focus on such in your disclosure, your narrative does not appear to explain&#160;"why" changes occurred other than what appears to be a more general reference to buying cycles and timing of IT initiatives.&#160; We note from your
              fourth quarter earnings call that you experienced&#160;strong growth trends in your services business, which includes a wide range of professional and managed services, staffing, logistics and help desk services.&#160; However, your proposed revised
              disclosure does not speak to this factor.&#160; We also note from the call that "annuity quality" services tend to have higher margins and more predictable financial performance, which you consider a positive trend.&#160; Finally, we note from the call
              that&#160;product gross margin increased 20 basis points to 22.8%, while service gross margin decreased 390 basis points to 35.3%, reflecting lower professional service margins due to higher costs.&#160;&#160;Therefore, we continue to believe you should
              attempt to further discuss the key drivers of changes in your results in a way you believe will allow investors to best understand the business as seen through the eyes of management.&#160; Additionally, we note from your response that you
              experienced&#160;price inflation on purchases of products which are resold. &#160;Please expand your discussion to identify if inflation was a contributing factor in recording higher product revenues&#160;and clarify the resulting impact, if quantifiable.</font></div>
          <div><br>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;"><u>RESPONSE</u>:
            In future filings, beginning with our Form 10-K for the fiscal year ended March 31, 2023, to be filed today, the Company will further update its disclosure within Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results
            of Operations to address several of the Staff&#8217;s suggestions regarding expanded narrative disclosure.</div>
          <div><br>
          </div>
          <div style="font-family: 'Times New Roman', Times, serif; font-style: italic;">Buying Cycles and Timing of IT Initiatives</div>
          <div><br>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;">With respect to the first point raised by the Staff to provide further explanation of why changes occurred
            in sales in the Technology segment, we respectfully advise the Staff that the changes we reported in our net sales within our Technology segment are primarily due to changes that we experience in customer demand that occur due to regular buying
            cycles as customers have their scheduled purchases of equipment and services to maintain their IT systems, as well as specific IT projects that are initiated by our customers based on their own business and operational needs.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</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>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;">Management believes it is important for both the Company and investors to understand the demand by customer
            industry and as such will continue to include a breakdown of the net sales by customer industry. Further, to align our disclosures in our filings with comments from management in earnings calls and other communications, we will replace the
            breakdown of net sales by manufacturer in our disaggregation of revenue disclosure within the segment footnote with a breakdown of net sales by type of product.</div>
          <div><br>
          </div>
          <div style="font-family: 'Times New Roman', Times, serif; font-style: italic;">Technology Service Revenue</div>
          <div><br>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;">In response to the Staff&#8217;s comment, we have updated the narrative disclosure for net sales for the full
            fiscal year ended March 31, 2022, to incorporate disclosure regarding the contribution and growth of the Company&#8217;s services business. In addition, we will add to Item 7 of the Form 10-K the following definitions and use these terms
            consistently, including in our future earnings releases and earnings conference calls. We will also further clarify and distinguish our revenue categories in Item 1 of the Form 10-K.</div>
          <div><br>
          </div>
          <div style="font-family: 'Times New Roman', Times, serif;">Technology segment revenue generally falls into the following three categories:</div>
          <div style="font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
          <div style="text-indent: -18pt; margin-left: 72pt;">-&#160;&#160;&#160;&#160; Product revenue: Revenue generated from the sale of third-party hardware, perpetual and
            subscription software, maintenance, software assurance, and services.&#160;</div>
          <div style="font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
          <div style="text-indent: -18pt; margin-left: 72pt;"> -&#160;&#160;&#160;&#160; Professional services: Revenue generated from our advanced professional services that are
            performed under time &amp; materials, fixed fee, or milestone contracts. Professional services include cloud consulting, staff augmentation services, and project management services.</div>
          <div style="font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
          <div style="text-indent: -18pt; margin-left: 72pt;">-&#160;&#160;&#160;&#160; Managed services: Revenue generated from our advanced managed services that include managing
            various aspects of our customers&#8217; environments and are billed in regular intervals over a contract term, usually between three to five years. Managed services include security solutions, storage-as-a-service, cloud hosted services, cloud
            managed services, and service desk. </div>
          <br>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</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="font-family: 'Times New Roman', Times, serif; font-style: italic;">Product and Service Gross Margin</div>
          <div><br>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;">In response to the Staff&#8217;s comment, we updated the narrative disclosure to discuss the reason for the
            change of product gross margin and service gross margin; however, we note that the information presented below differs from the basis point changes referenced in the Staff&#8217;s comment, as those changes related to only the three months ended March
            31, 2022, and not the full year, as presented below.</div>
          <div><br>
          </div>
          <div style="font-family: 'Times New Roman', Times, serif; font-style: italic;">Product Inflation</div>
          <div><br>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;">Finally, while we have updated our disclosure to include that price inflation is a contributing factor to
            the increase in net sales, we are unable to quantify the impact of inflation due to the factors outlined in the April 21, 2023, Response Letter.</div>
          <div><br>
          </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">* * * * *</div>
          <div><br>
          </div>
          <div style="text-indent: 0pt; margin-left: 36pt;">Set forth below are the select sections of our Technology segment results of operations disclosure for the
            year ended March 31, 2022, compared to the year ended March 31, 2021, which includes the updates highlighted above in response to the Staff&#8217;s comments. This updated disclosure will be included in our Form 10-K for the year ended March 31, 2023,
            to be filed today.</div>
        </div>
      </div>
      <div><br>
      </div>
      <br>
      <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">4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-indent: 36pt;">RESULTS OF OPERATIONS</div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-indent: 36pt; 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; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 36pt; font-style: normal;">TECHNOLOGY SEGMENT</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal; text-indent: 36pt;">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="z482dde4c02fd49d6ba600e117dd64ad2" 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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">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 style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">&#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;">
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            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
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              <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>
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              <div style="text-align: right;">&#160;&#160;&#160;$ 2,71,836</div>
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            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
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            <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>
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            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
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            <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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              <div style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">Adjusted EBITDA</div>
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            <td nowrap="nowrap" style="width: 3.26%; vertical-align: bottom;">
              <div>&#160;</div>
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              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 131,353</div>
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            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
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            <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>
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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: 14.39%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;$ 34,134</div>
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            <td nowrap="nowrap" style="width: 3.24%; vertical-align: bottom;">
              <div style="text-align: right;">&#160;</div>
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            <td nowrap="nowrap" style="width: 9.56%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: right;">35.1%</div>
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      <table cellspacing="0" cellpadding="0" id="z344524de95c44b30b62664fe32aa94b2" 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: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="11">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Year Ended March 31,</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
            <td style="width: 3.61%; vertical-align: top;">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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            <td style="width: 5.75%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Change</div>
            </td>
            <td style="width: 7.44%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
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              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Telecom, Media &amp; Entertainment</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 502,405</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 371,912</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 130,493</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35.1%</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Healthcare</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">270,481</div>
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            <td nowrap="nowrap" style="width: 2.7%; 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="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">200,067</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">70,414</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35.2%</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Technology</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">250,485</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">251,683</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1,198)</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;(0.5%)</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">SLED</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">241,769</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; 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="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">245,919</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(4,150)</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;(1.7%)</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Financial Services</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">155,160</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">198,761</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(43,601)</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(21.9%)</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">All others</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">312,733</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">239,611</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">73,122</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">30.5%</div>
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            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Total</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,733,036</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; 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="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,507,954</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 225,082</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">14.9%</div>
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            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="3">
              <div style="text-indent: 9pt;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.64%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="3">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="3">&#160;</td>
            <td style="width: 1.04%; vertical-align: top;">&#160;</td>
            <td style="width: 2.7%; vertical-align: top;">&#160;</td>
            <td style="width: 4.71%; vertical-align: top;">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
            <td style="width: 3.61%; vertical-align: top;">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="11">
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            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
            <td style="width: 3.61%; vertical-align: top;">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 5.75%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="4">
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2022</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2021</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Change</div>
            </td>
            <td style="width: 7.44%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Data Center / Cloud</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 581,113</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            </td>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 516,930</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 64,183</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">12.4%</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Networking</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">611,488</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; 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="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">510,205</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">101,283</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">19.9%</div>
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              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">3,741</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2.4%</div>
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            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">9,740</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">20.5%</div>
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            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Other</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">83,639</div>
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            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">75,964</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">7,675</div>
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            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">10.1%</div>
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            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
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            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">240,625</div>
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            <td nowrap="nowrap" style="width: 2.7%; 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="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">202,165</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">38,460</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">19.0%</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-indent: 8pt; font-family: 'Times New Roman',Times,serif;">Total</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">
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            </td>
            <td nowrap="nowrap" style="width: 2.7%; 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="vertical-align: bottom;" colspan="5">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 1,507,954</div>
            </td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="4">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$ 225,082</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;14.9%</div>
            </td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5.75%; vertical-align: top;">&#160;</td>
            <td style="width: 7.44%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="6">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="3">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="5">&#160;</td>
            <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td style="vertical-align: bottom;" colspan="2">&#160;</td>
          </tr>

      </table>
      <div><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; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 36pt;"><u><font style="font-style: normal;">Net
            sales:</font></u><font style="font-style: normal;"> 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. These changes were driven by growth in product sales
          in collaboration and networking, and third party maintenance and artificial intelligence included in the other category in the table above, which management, based on its industry knowledge, generally attributed to hybrid work models having
          become the prominent operating model for most of our customers. Timing of purchases by our existing customers are determined by their buying cycle and the timing of their specific IT related initiatives throughout the year.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 36pt; font-style: normal;">Also contributing to the increase in net sales were increases in the cost of equipment we
        incurred from our suppliers due, in part, to inflation, which we typically pass on to our customers.&#160; Service revenues increased due to higher demand for both professional and managed services.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 36pt; 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.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 36pt; 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, rather than acquisition or loss of a specific customer or set of customers.</div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 36pt;"><u><font style="font-style: normal;">Cost
            of sales:</font></u><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. 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. Overall, cost of services increased 19.2%, consistent with the 19.0% increase in sales.</font></div>
      <div style="font-style: normal;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 0pt; margin-left: 36pt;"><u><font style="font-style: normal;">Gross
            profit:</font></u><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 in the Technology segment increased 60 basis points to 23.6%.
          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. Also contributing to the
          increase in product margins was higher vendor incentives earned, which increased $9.0 million in fiscal year 2022.</font></div>
      <div><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><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal; text-indent: 0pt; margin-left: 36pt;">Service margin decreased 10 basis points to 38.0% for the year ended March 31, 2022, due to
        changes in the mix of services provided. The service margin decline was comprised of a 90 basis points improvement from managed services, due to ongoing growth and scale in this offering, offset by a 100 basis points decline from professional
        services due to higher third party costs.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">* * * * *</div>
      <br>
      <!--PROfilePageNumberReset%Num%12%%%-->
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> Should the Staff have any questions, please contact me at (703) 984-8040.&#160; We note that our responses involve
        proposed changes in the Company&#8217;s next Annual Report on Form 10-K, which we expect to file today, May 24, 2023.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal;">
        <div style="text-align: left; font-family: 'Times New Roman', Times, serif;">We appreciate the opportunity to work with the Staff to continue to enhance our disclosures.</div>
      </div>
      <br>
      <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, <font style="font-style: italic;">e</font>Plus 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>
  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">7</font></div>
  <div class="BRPFPageNumberArea" style="text-align: center;">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;"></font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
