Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | May 20, 2019 | Sep. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EPLUS INC | ||
Entity Central Index Key | 0001022408 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 1,240,900,462 | ||
Entity Common Stock, Shares Outstanding | 13,610,299 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 79,816 | $ 118,198 |
Accounts receivable-trade, net | 299,899 | 268,287 |
Accounts receivable-other, net | 41,328 | 28,401 |
Inventories | 50,493 | 39,855 |
Financing receivables-net, current | 63,767 | 69,936 |
Deferred costs | 17,301 | 16,589 |
Other current assets | 7,499 | 23,625 |
Total current assets | 560,103 | 564,891 |
Financing receivables and operating leases-net | 59,032 | 68,511 |
Property, equipment and other assets | 17,328 | 19,143 |
Goodwill | 110,807 | 76,624 |
Other intangible assets-net | 38,928 | 26,302 |
TOTAL ASSETS | 786,198 | 755,471 |
Current liabilities: | ||
Accounts payable | 86,801 | 106,933 |
Accounts payable-floor plan | 116,083 | 112,109 |
Salaries and commissions payable | 21,286 | 19,801 |
Deferred revenue | 47,251 | 35,648 |
Recourse notes payable-current | 28 | 1,343 |
Non-recourse notes payable-current | 38,117 | 40,863 |
Other current liabilities | 19,285 | 33,370 |
Total current liabilities | 328,851 | 350,067 |
Non-recourse notes payable-long term | 10,502 | 10,072 |
Deferred tax liability-net | 4,915 | 1,662 |
Other liabilities | 17,677 | 21,067 |
TOTAL LIABILITIES | 361,945 | 382,868 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 per share par value; 2,000 shares authorized; none outstanding | 0 | 0 |
Common stock, $.01 per share par value; 25,000 shares authorized; 13,611 outstanding at March 31, 2019 and 13,761 outstanding at March 31, 2018 | 143 | 142 |
Additional paid-in capital | 137,243 | 130,000 |
Treasury stock, at cost, 693 shares at March 31, 2019 and 467 shares at March 31, 2018 | (53,999) | (36,016) |
Retained earnings | 341,137 | 277,945 |
Accumulated other comprehensive income-foreign currency translation adjustment | (271) | 532 |
Total Stockholders' Equity | 424,253 | 372,603 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 786,198 | $ 755,471 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
STOCKHOLDERS' EQUITY | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 25,000 | 25,000 | |
Common stock, shares outstanding (in shares) | 13,611 | 13,761 | |
Treasury stock, shares (in shares) | 693 | 467 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |||||||||||
Net sales | |||||||||||||||||||||
Total | $ 325,434 | $ 345,664 | $ 345,043 | $ 356,532 | $ 329,857 | $ 344,226 | $ 371,363 | $ 373,356 | $ 1,372,673 | $ 1,418,802 | $ 1,331,778 | ||||||||||
Cost of sales | |||||||||||||||||||||
Total | 244,162 | 262,751 | 259,543 | 275,829 | 248,227 | 267,538 | 283,792 | 295,763 | 1,042,285 | 1,095,320 | 1,032,019 | ||||||||||
Gross profit | 81,272 | 82,913 | 85,500 | 80,703 | 81,630 | 76,688 | 87,571 | 77,593 | 330,388 | 323,482 | 299,759 | ||||||||||
Selling, general, and administrative | 62,683 | 59,728 | 57,705 | 56,966 | 59,989 | 57,134 | 56,340 | 54,664 | 237,082 | 228,127 | 205,232 | ||||||||||
Depreciation and amortization | 3,574 | 2,719 | 2,741 | 2,790 | 2,835 | 2,894 | 2,129 | 2,063 | 11,824 | 9,921 | 7,252 | ||||||||||
Interest and financing costs | 545 | 443 | 484 | 476 | 292 | 270 | 274 | 359 | 1,948 | 1,195 | 1,543 | ||||||||||
Operating expenses | 66,802 | 62,890 | 60,930 | 60,232 | 63,116 | 60,298 | 58,743 | 57,086 | 250,854 | 239,243 | 214,027 | ||||||||||
Operating income | 14,470 | 20,023 | 24,570 | 20,471 | 18,514 | 16,390 | 28,828 | 20,507 | 79,534 | 84,239 | 85,732 | ||||||||||
Other income (expense) | 5,556 | 721 | 322 | 97 | (347) | (131) | (141) | 271 | 6,696 | (348) | 380 | ||||||||||
Earnings before tax | 20,026 | 20,744 | 24,892 | 20,568 | 18,167 | 16,259 | 28,687 | 20,778 | 86,230 | 83,891 | 86,112 | ||||||||||
Provision for income taxes | 4,974 | 5,880 | 6,889 | 5,295 | 9,270 | 678 | 11,466 | 7,355 | 23,038 | 28,769 | 35,556 | ||||||||||
Net earnings | $ 15,052 | $ 14,864 | $ 18,003 | $ 15,273 | $ 8,897 | $ 15,581 | $ 17,221 | $ 13,423 | $ 63,192 | $ 55,122 | $ 50,556 | ||||||||||
Net earnings per common share-basic (in dollars per share) | $ 1.12 | [1] | $ 1.10 | [1] | $ 1.33 | [1] | $ 1.14 | [1] | $ 0.65 | [1] | $ 1.12 | [1] | $ 1.24 | [1] | $ 0.97 | [1] | $ 4.70 | [1] | $ 4 | [1] | $ 3.65 |
Net earnings per common share-diluted (in dollars per share) | $ 1.12 | [1] | $ 1.10 | [1] | $ 1.33 | [1] | $ 1.12 | [1] | $ 0.65 | [1] | $ 1.11 | [1] | $ 1.23 | [1] | $ 0.96 | [1] | $ 4.65 | [1] | $ 3.95 | [1] | $ 3.60 |
Weighted average common shares outstanding-basic (in shares) | 13,448 | 13,790 | 13,867 | ||||||||||||||||||
Weighted average common shares outstanding-diluted (in shares) | 13,578 | 13,967 | 14,028 | ||||||||||||||||||
Product [Member] | |||||||||||||||||||||
Net sales | |||||||||||||||||||||
Total | $ 280,460 | $ 310,443 | $ 309,475 | $ 322,817 | $ 293,232 | $ 310,120 | $ 339,710 | $ 346,245 | $ 1,223,195 | $ 1,289,307 | $ 1,234,344 | ||||||||||
Cost of sales | |||||||||||||||||||||
Total | 216,662 | 241,856 | 238,134 | 255,812 | 228,212 | 247,891 | 266,732 | 280,755 | 952,464 | 1,023,590 | 978,479 | ||||||||||
Services [Member] | |||||||||||||||||||||
Net sales | |||||||||||||||||||||
Total | 44,974 | 35,221 | 35,568 | 33,715 | 36,625 | 34,106 | 31,653 | 27,111 | 149,478 | 129,495 | 97,434 | ||||||||||
Cost of sales | |||||||||||||||||||||
Total | $ 27,500 | $ 20,895 | $ 21,409 | $ 20,017 | $ 20,015 | $ 19,647 | $ 17,060 | $ 15,008 | $ 89,821 | $ 71,730 | $ 53,540 | ||||||||||
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
NET EARNINGS | $ 63,192 | $ 55,122 | $ 50,556 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||
Foreign currency translation adjustments | (803) | 1,115 | (112) |
Other comprehensive income (loss) | (803) | 1,115 | (112) |
TOTAL COMPREHENSIVE INCOME | $ 62,389 | $ 56,237 | $ 50,444 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows From Operating Activities: | |||
Net earnings | $ 63,192 | $ 55,122 | $ 50,556 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 18,639 | 15,827 | 11,731 |
Reserve for credit losses, inventory obsolescence and sales returns | 170 | 333 | 749 |
Share-based compensation expense | 7,243 | 6,464 | 6,025 |
Deferred taxes | 3,280 | (44) | (1,196) |
Payments from lessees directly to lenders-operating leases | (156) | (1,445) | (1,724) |
Gain on disposal of property, equipment, and leased equipment | (2,027) | (8,694) | (3,977) |
Gain on sale of financing receivables | (9,077) | (6,796) | (7,976) |
Other | 0 | 65 | 193 |
Changes in: | |||
Accounts receivable | (34,306) | 6,582 | (17,232) |
Inventories | (10,929) | 54,982 | (60,022) |
Financing receivables-net | (7,883) | (8,537) | (5,824) |
Deferred costs, other intangible assets and other assets | 5,412 | (16,241) | (1,091) |
Accounts payable | 12,456 | 258 | 3,845 |
Salaries and commissions payable, deferred revenue and other liabilities | (6,603) | (15,110) | 58,959 |
Net cash provided by operating activities | 39,411 | 82,766 | 33,016 |
Cash Flows From Investing Activities: | |||
Proceeds from sale of property, equipment and leased equipment | 3,619 | 14,403 | 7,339 |
Purchases of property, equipment and operating lease equipment | (11,629) | (7,590) | (9,558) |
Purchases of assets to be leased or financed | (10,368) | (6,378) | (9,861) |
Issuance of financing receivables | (175,410) | (170,666) | (129,361) |
Repayments of financing receivables | 73,942 | 78,047 | 55,093 |
Proceeds from sale of financing receivables | 73,405 | 72,225 | 69,146 |
Cash used in acquisitions, net of cash acquired | (49,764) | (37,718) | (9,143) |
Net cash used in investing activities | (96,205) | (57,677) | (26,345) |
Cash Flows From Financing Activities: | |||
Borrowings of non-recourse and recourse notes payable | 83,924 | 72,389 | 73,707 |
Repayments of non-recourse and recourse notes payable | (43,054) | (31,302) | (40,414) |
Repurchase of common stock | (18,754) | (35,245) | (30,493) |
Repayments of financing of acquisitions | (7,634) | (2,104) | (1,142) |
Net borrowings (repayments) on floor plan facility | 3,974 | (20,503) | 6,156 |
Net cash provided by (used) in financing activities | 18,456 | (16,765) | 7,814 |
Effect of exchange rate changes on cash | (44) | 114 | 509 |
Net Decrease in Cash and Cash Equivalents | (38,382) | 8,438 | 14,994 |
Cash and Cash Equivalents, Beginning of Period | 118,198 | 109,760 | 94,766 |
Cash and Cash Equivalents, End of Period | 79,816 | 118,198 | 109,760 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 1,862 | 602 | 38 |
Cash paid for income taxes | 19,938 | 32,134 | 32,240 |
Schedule of Non-Cash Investing and Financing Activities: | |||
Proceeds from sale of property, equipment, and leased equipment | 520 | 591 | 135 |
Purchases of property, equipment, and operating lease equipment | (1,874) | (290) | (2,398) |
Purchases of assets to be leased or financed | (13,663) | (5,089) | (6,702) |
Issuance of financing receivables | (119,024) | (132,982) | (217,244) |
Repayments of financing receivables | 0 | 13,018 | 19,421 |
Proceeds from sale of financing receivables | 142,418 | 143,956 | 215,227 |
Financing of acquisitions | (257) | (12,050) | (3,924) |
Borrowing of non-recourse and recourse notes payable | 75,164 | 16,066 | 35,533 |
Repayments of non-recourse and recourse notes payable | (156) | (19,372) | (29,217) |
Vesting of share-based compensation | 12,816 | 12,037 | 8,013 |
Repurchase of common stock included in accounts payable | $ 0 | $ (771) | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Mar. 31, 2016 | $ 132 | $ 117,511 | $ (129,518) | $ 331,224 | $ (471) | $ 318,878 |
Balance (in shares) at Mar. 31, 2016 | 14,731 | |||||
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock awards (in shares) | 146 | |||||
Share-based compensation | 6,025 | 0 | 0 | 0 | 6,025 | |
Repurchase of common stock | $ 0 | 0 | (29,430) | 0 | 0 | (29,430) |
Repurchase of common stock (in shares) | 716 | |||||
Stock split effected in the form of a dividend | $ 71 | 0 | 0 | (71) | 0 | 0 |
Retirement of treasury stock | (62) | 0 | 158,948 | (158,886) | 0 | |
Net earnings | 0 | 0 | 0 | 50,556 | 0 | 50,556 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (112) | (112) |
Balance at Mar. 31, 2017 | $ 142 | 123,536 | 0 | 222,823 | (583) | 345,918 |
Balance (in shares) at Mar. 31, 2017 | 14,161 | |||||
Issuance of restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock awards (in shares) | 67 | |||||
Share-based compensation | 6,464 | 0 | 0 | 0 | 6,464 | |
Repurchase of common stock | $ 0 | 0 | (36,016) | 0 | 0 | (36,016) |
Repurchase of common stock (in shares) | 467 | |||||
Net earnings | $ 0 | 0 | 0 | 55,122 | 0 | 55,122 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 1,115 | 1,115 |
Balance at Mar. 31, 2018 | $ 142 | 130,000 | (36,016) | 277,945 | 532 | $ 372,603 |
Balance (in shares) at Mar. 31, 2018 | 13,761 | 13,761 | ||||
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | $ 1 |
Issuance of restricted stock awards (in shares) | 75 | |||||
Share-based compensation | 7,243 | 0 | 0 | 0 | 7,243 | |
Repurchase of common stock | $ 0 | 0 | (17,983) | 0 | 0 | (17,983) |
Repurchase of common stock (in shares) | 225 | |||||
Net earnings | $ 0 | 0 | 0 | 63,192 | 0 | 63,192 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (803) | (803) |
Balance at Mar. 31, 2019 | $ 143 | $ 137,243 | $ (53,999) | $ 341,137 | $ (271) | $ 424,253 |
Balance (in shares) at Mar. 31, 2019 | 13,611 | 13,611 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. DESCRIPTION OF BUSINESS — Our company was founded in 1990 and is a Delaware corporation. e e e BASIS OF PRESENTATION — e USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, vendor consideration, lease classification, goodwill and intangibles, reserves for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. REVENUE RECOGNITION — We recognize our revenues from the sales of third-party products, third-party software, third-party services such as maintenance and software support, e e Revenue from Contracts with Customers . The core principle of Codification Topic 606 is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. We account for a contract under Codification Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance, and collectability of consideration is probable. Revenues are reported net of sales refunds, including an estimate of future returns based on an evaluation of historical sales returns, current economic conditions, volume, and other relevant factors. Our contracts with customers may include multiple promises that are distinct performance obligations. For such arrangements, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We determine standalone selling prices using expected cost-plus margin. We recognize revenue when (or as) we satisfy a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the nature of each performance obligation, this may be at a point in time or over time, as further described below. We typically invoice our customers for third-party products upon shipment, unless our customers lease the equipment through our financing segment, in which case the arrangement is accounted for as a lease in accordance with Codification Topic 840, Leases ("Codification Topic 840") . Product Revenue Sales of third-party products We are the principal in sales of third-party products. As such, we recognize sales on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recognized as cost of sales. We recognize revenue from these sales at the point in time that control passes to the customer, which is typically upon delivery of the product to the customer. In some instances, our customers may request that we bill them for a product but retain physical possession of the product until later delivery, commonly known as “bill-and-hold” arrangements. In these transactions, we recognize revenue when the customer has signed a bill-and-hold agreement with us, the product is identified separately as belonging to the customer and, when orders include configuration, such configuration is complete, and the product is ready for delivery to the customer. We recognize sales of leased equipment within our financing segment when control passes to the customer, which is typically the date of sale. Sales of third-party software We are typically the principal in sales of third-party software. We often sell third-party support accompanying third-party software. When the third-party software benefits the customer only in conjunction with the accompanying support, such as in sales of anti-virus software and support, we consider the third-party software and support as inputs to a single performance obligation. The third-party controls the service as it is transferred to the customer and therefore we are acting as an agent in these transactions. We recognize revenue from these sales on a net basis when our customer and vendor accept the terms and conditions of the arrangement. Sales of third-party maintenance, software support, and services We are the agent in sales of third-party maintenance, software support, and services as the third-party controls the service until it is transferred to the customer. We recognize sales on a net basis equal to the selling price to the customer less the acquisition cost. We recognize revenue from these sales when our customer and vendor accept the terms and conditions of the arrangement. Freight and sales tax We present freight billed to our customers within sales and the related freight charged to us within cost of sales. We present sales tax collected from customers and remittances to governmental authorities on a net basis. Financing revenue and other We account for leases to customers in accordance with Codification Topic 840. Our accounting for leases is different depending on the type of lease. Each lease is classified as either a direct financing lease, sales-type lease, or operating lease, as appropriate. We consider whether a lease meets any of the following four criteria as part of classifying the lease at its inception: • the lease transfers ownership of the property to the lessee by the end of the lease term; • the lease contains a bargain purchase option; • the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or • the present value at the beginning of the lease term of the minimum lease payments equals or exceeds 90 percent of the fair value of the leased property at the inception of the lease. If a lease meets any of the four lease classification criteria and gives rise to dealer’s profit, we classify the lease as a sales-type lease. For sales-type leases, we recognize sales equal to the present value of the minimum lease payments discounted using the implicit interest rate in the lease and cost of sales equal to carrying amount of the asset being leased and any initial direct costs incurred, less the present value of the unguaranteed residual. Interest income from the lease is recognized in sales over the lease term in our financing segment. If a lease meets any of the four lease classification criteria, and does not give rise to dealer’s profit, we classify the lease as a direct financing lease. For direct financing leases, the difference between our gross investment in the lease and the cost of the leased property is deferred as unearned income and recognized as sales over the lease term. If a lease meets none of the four lease classification criteria, we classify the lease as an operating lease. For operating leases, we recognize the rent charged on the lease as sales on a straight-line basis ratably over the term of the lease agreement. We may also finance third-party software and third-party services for our customers, which are classified as notes receivable. We recognize interest on notes receivable in net sales. Codification Topic 860, Transfers and Servicing Service Revenue Sales of e Plus professional and managed services Our e e We provide e In arrangements for e CONTRACT BALANCES — We recognize contract liabilities when cash payments are received or due in advance of our performance. COSTS OF OBTAINING A CONTRACT — We capitalize costs that are incremental to obtaining customer contracts, predominately sales commissions, and expense them in proportion to each completed contract performance obligation. CASH AND CASH EQUIVALENTS — We consider all highly liquid investments, including those with an original maturity of three months or less at the date of acquisition, to be cash equivalents. Cash and cash equivalents consist primarily of interest-bearing accounts and money market funds that consist of short-term US treasury securities. There were no restrictions on the withdrawal of funds from our money market funds as of March 31, 2019 and March 31, 2018. FINANCING RECEIVABLES AND OPERATING LEASES — Financing receivables and operating leases consists of notes receivable, direct financing, sales-type leases and operating leases. The terms of lease and financing arrangements are typically between Notes receivables consist of software and services that we finance for our customers. Interest income is recognized using the effective interest method and reported within net sales in our consolidated statement of operations. At the inception of our direct financing and sales-type leases, we record the net investment in leases, which consists of the sum of the minimum lease payments, initial direct costs (direct financing leases only), and unguaranteed residual value (gross investment) less the unearned income. For direct financing leases, unearned income equals the difference between the gross investment in the lease and the cost of the leased equipment. For sales type leases, unearned income equals the difference between the gross investment in the lease and the sum of the present values of the individual components of the gross investment in the lease. We recognize contingent rental income, if any, when the changes in the factors on which the contingent lease payments are based actually occur. At the inception of an operating lease, equipment under operating leases is recorded at cost and depreciated on a straight-line basis over its useful life to the estimated residual value. The estimated useful lives for equipment under operating leases ranges based on the nature of the equipment. The estimated useful life for information technology equipment is 36 to 84 months, while that of medical equipment is between 48 and 60 months. RESIDUAL VALUES — Residual values, representing the unguaranteed estimated value of equipment at the termination of a lease, are recorded at the inception of each lease. The estimated residual values vary, both in amount and as a percentage of the original equipment cost, and depend upon several factors, including the equipment type, vendor’s discount, market conditions, term of the lease, equipment supply and demand and by new product announcements by vendors. Unguaranteed residual values for direct financing and sales-type leases are recorded at their net present value and the unearned income is amortized over the life of the lease using the interest method. The residual values for operating leases are included in the leased equipment’s net book value. Residual values are evaluated on a quarterly basis and any impairment, other than temporary, is recorded in the period in which the impairment is determined. No upward revision of residual values is made subsequent to lease inception. RESERVES FOR CREDIT LOSSES — Our receivables consist of trade and other accounts receivable and financing receivables. We maintain our reserves for credit losses at a level believed to be adequate to absorb potential losses inherent in the respective balances. The reserve for credit losses is increased by provisions for potential credit losses, which increases expenses, and decreased by subsequent recoveries. The reserve for credit losses is decreased by write-offs and reductions to the provision for potential credit losses. Accounts are either written off or written down when the loss is both probable and determinable. Management’s determination of the adequacy of the reserves for credit losses for accounts receivable is based on the age of the receivable balance, the customer’s credit quality rating, an evaluation of historical credit losses, current economic conditions, and other relevant factors. Management’s determination of the adequacy of the reserve for credit losses for financing receivables may be based on the following factors: an internally assigned credit quality rating, historical credit loss experience, current economic conditions, volume, growth, the composition of the lease portfolio, the fair value of the underlying collateral, and the funding status (i.e. not funded, funded on a recourse or partial recourse basis, or funded on non-recourse basis). We assign an internal credit quality rating to each customer at the inception of the lease based on the customer’s financial status, rating agency reports and other financial information. We update the internal credit quality rating at least annually or when an indicator of a change in credit quality arises, such as a delinquency or bankruptcy. Also, management regularly reviews financing receivables to assess whether any balances should be impaired or placed on nonaccrual status. CONCENTRATIONS OF RISK — Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, short-term investments, accounts receivable, notes receivable and investments in direct financing and sales-type leases. Cash and cash equivalents and short-term investments are maintained principally with financial institutions in the US, which have high credit ratings. Risk on accounts receivable, notes receivable and investments in direct financing and sales-type leases is reduced by the large number of diverse industries comprising our customer base and through the ongoing evaluation of collectability of our portfolio. Our credit risk is further mitigated through the underlying collateral and whether the lease is funded with recourse or non-recourse notes payable. A substantial portion of our sales are products from Cisco Systems, which represented approximately 42%, 42%, and 47%, of our technology segment net sales for the years ended March 31, 2019, 2018, and 2017, respectively. INVENTORIES — Inventories are stated at the lower of cost and net realizable value. Cost is determined using a weighted average cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are shown net of allowance for obsolescence of $259 thousand and $247 thousand as of March 31, 2019 and 2018, respectively. DEFERRED COSTS AND DEFERRED REVENUES — Deferred costs include internal and third-party costs associated with deferred revenue arrangements. Deferred revenue relates to professional, managed and hosting services. GOODWILL — We test goodwill for impairment on an annual basis, as of October 1, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In a qualitative assessment, we assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the quantitative goodwill impairment test. We may also elect the unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. In the quantitative impairment test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. Conversely, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE — We capitalize costs for the development of internal use software under the Codification Topic 350-40 Intangibles—Goodwill and Other Intangibles, Internal-Use Software PROPERTY AND EQUIPMENT — Property and equipment are stated at cost, net of accumulated depreciation and amortization. Property and equipment obtained through an acquisition are stated at the fair market value as of the acquisition date. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, which range from three to ten years. Information technology equipment is depreciated over three years. Perpetual software licenses are depreciated over five years. Furniture and certain fixtures are depreciated over five to ten years. Telecommunications equipment is depreciated over seven years. TREASURY STOCK — We account for treasury stock under the cost method and include treasury stock as a component of stockholders’ equity on the accompanying consolidated balance sheets. VENDOR CONSIDERATION — We receive payments and credits from vendors pursuant to volume incentive programs and shared marketing expense programs. Many of these programs extend over one or more quarters’ sales activities. Different programs have different vendor/program specific milestones to achieve. Amounts due from vendors as of March 31, 2019 and 2018 were $13.1 million and $12.8 million, respectively, which were included within accounts receivable-other, net in the accompanying balance sheets. Vendor consideration received pursuant to volume purchase incentive programs is allocated to inventory based on the applicable incentives from each vendor and is recorded in cost of sales, as the inventory is sold. If a rebate is probable and reasonably estimable, it is recognized based on a systematic and rational allocation of the cash consideration offered to the underlying transactions that result in our progress toward earning the rebate. If a rebate is not probable and reasonably estimable, it is recognized as the milestones are achieved. Vendor consideration received pursuant to shared marketing expense programs is recorded as a reduction of the related selling and administrative expenses in the period the program takes place only if the consideration represents a reimbursement of specific, incremental, identifiable costs. Consideration that exceeds the specific, incremental, identifiable costs is classified as a reduction of cost of sales. SHARE-BASED COMPENSATION — We account for share-based compensation in accordance with Codification Topic 718 Compensation—Stock Compensation INCOME TAXES — Deferred income taxes are accounted for in accordance with Codification Topic 740 Income Taxes . Under this method, deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement reporting and tax bases of assets and liabilities, using tax rates currently in effect. Future tax benefits, such as net operating loss carry-forwards, are recognized to the extent that realization of these benefits is considered to be more likely than not. We review our deferred tax assets at least annually and make necessary valuation adjustments. In addition, we account for uncertain tax positions in accordance with Codification Topic 740. Specifically, the Topic prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on the related de-recognition, classification, interest and penalties, accounting for interim periods, disclosure and transition of uncertain tax positions. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. BUSINESS COMBINATIONS — We account for business combinations using the acquisition method in accordance with Codification Topic 805 Business Combinations Any premium paid over the fair value of the net tangible and intangible assets of the acquired business is recorded as goodwill. We recognize a gain in our income statement to the extent the purchase price is less than the fair value of assets acquired, and liabilities assumed. The results of operations for an acquired company are included in our financial statements from the date of acquisition. FAIR VALUE MEASUREMENT — We follow the guidance in Codification Topic 820 Fair Value Measurements which governs fair value accounting for financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. When determining the fair value measurements for assets and liabilities, which are required to be disclosed at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risk inherent in valuation techniques, transfer restrictions and credit risk. Codification Topic 820 • Level 1 – Observable inputs such as quoted prices for identical assets and liabilities in active markets; • Level 2 – Inputs other than quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. As of March 31, 2019, we measure money market funds and contingent consideration at fair value on a recurring basis, which is based on quoted net asset values. FINANCIAL INSTRUMENTS — For financial instruments such as cash, short-term investments, accounts receivables, accounts payable and other current liabilities, we consider the recorded value of the financial instruments to approximate the fair value due to their short maturities. At March 31, 2019, the carrying amount of notes receivables and non-recourse payables were $40.4 million and $48.6 million, respectively and the fair value of notes receivables and non-recourse payables were $40.5 million and $48.7 million, respectively. The carrying amount and fair value of our recourse notes payable at March 31, 2019 were insignificant. At March 31, 2018, the carrying amount of notes receivables, recourse and non-recourse payables were $62.9 million, $1.3 million and $50.9 million, respectively, and the fair value of notes receivables, recourse and non-recourse payables were $63.0 million, $1.3 million and $51.1 million. FOREIGN CURRENCY TRANSLATION — The Company’s functional currency is the US dollar. The functional currency of the Company’s international operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities of the international operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the international operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation adjustment is recorded as accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity EARNINGS PER SHARE — Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including incremental shares issuable upon the assumed exercise of “in-the-money” stock options and other common stock equivalents during each period. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Mar. 31, 2019 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 2. RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS —In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date We adopted the guidance in our quarter ending June 30, 2018 and used the full retrospective method. The outcome of adoption of the new standard are as follows: • The accounting for revenue within our technology segment related to the sale of third-party products, software, services, as well as our professional and managed services remained substantially unchanged. • The accounting for certain bill and hold transactions resulted in revenue and costs for certain of those arrangements being recognized earlier than under current prior GAAP. Additionally, we recognize revenues on the sale of off-lease equipment on a gross basis under the new revenue standard. The impact on our consolidated statement of operations for these changes was an increase in our net sales and costs of sales of $7.8 million and $2.4 million for the years ended March 31, 2018 and 2017, respectively. • The impact on our consolidated balance sheet as of March 31, 2018, was a decrease in accounts receivable – trade of $1.9 million, an increase in accounts receivable – other of $1.9 million, a decrease in deferred costs of $3.2 million, and a decrease in deferred revenues of $3.2 million. There is no impact to our retained earnings as of March 31, 2018.The adoption of this standard did not materially impact our cash flows from operations. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2016, the FASB issued ASU 2016-02, Leases We are adopting the new standard in our quarter ending June 30, 2019 using a transition option that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transition option, we do not update the financial information and disclosures for comparative periods. Additionally, we are electing a package of practical expedients to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for any existing leases. At the beginning of our quarter ending June 30, 2019, as a lessee, there will be an approximate initial impact to our consolidated balance sheets of recognizing right to use assets of $12.7 million and lease liabilities of $12.3 million and a reduction in prepaid assets of $0.4 million. Beginning upon adoption, as a lessor, we will recognize certain non-incremental, initial direct costs of obtaining a lease as an expense that had previously been deferred. In addition, we will recognize credit losses related to operating lease receivables as a reduction of revenue. Both these charges were not material in our year ended March 31, 2019. Further, we will recognize lessee-reimbursed property taxes as revenue with related expense whereas we previously presented these amounts net. This gross up of sales and cost of sales has no impact on gross profit; however, this will increase net sales and cost of sales by approximately $1 - $2 million during the year ending March 31, 2020. Also beginning upon adoption, we will classify all cash flows from the issuance of, repayment of, and proceeds from the sale of financing receivables within operating activities in our consolidated statements of cash flow. Previously, we separately classified our flows for financing receivables arising from products sourced through us and those not sourced through us within operating activities and within investing activities, respectively. Additionally, as both a lessor and lessee, we will be providing new disclosures in respect to our leases. |
REVENUES
REVENUES | 12 Months Ended |
Mar. 31, 2019 | |
REVENUES [Abstract] | |
REVENUES | 3. REVENUES Contract balances Accounts receivable – trade represents amounts due from contracts with customers. In addition, we had $16.2 million and $28.1 million of receivables from contracts with customers included within financing receivables as of March 31, 2019 and March 31, 2018, respectively. The following table provides the balance of contract liabilities from contracts with customers (in thousands): Contract liabilities March 31, 2019 March 31, 2018 Current (included in deferred revenue) $ 46,356 $ 34,643 Non-current (included in other liabilities) $ 13,593 $ 12,699 Revenue recognized from the beginning contract liability balance was $32.0 million and $60.9 million for the fiscal year ended March 31, 2019, and 2018, respectively. Performance obligations The following table includes revenue expected to be recognized in the future related to performance obligations , e are unsatisfied or partially unsatisfied at the end of the reporting period, in thousands. The table does not include the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where we recognize revenue at the amount that we have the right to invoice for services performed. Year ending March 31, 2020 $ 22,949 Fiscal 2021 9,594 Fiscal 2022 3,182 Fiscal 2023 796 Fiscal 2024 and thereafter 21 Total remaining performance obligations $ 36,542 |
FINANCING RECEIVABLES AND OPERA
FINANCING RECEIVABLES AND OPERATING LEASES | 12 Months Ended |
Mar. 31, 2019 | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
FINANCING RECEIVABLES AND OPERATING LEASES | 4. FINANCING RECEIVABLES AND OPERATING LEASES FINANCING RECEIVABLES—NET Our financing receivables, net consist of the following (in thousands): March 31, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 40,563 $ 64,201 $ 104,764 Estimated unguaranteed residual value (1) - 14,639 14,639 Initial direct costs, net of amortization (2) 377 332 709 Unearned income - (7,671 ) (7,671 ) Reserve for credit losses (3) (505 ) (530 ) (1,035 ) Total, net $ 40,435 $ 70,971 $ 111,406 Reported as: Current $ 30,852 $ 32,914 $ 63,766 Long-term 9,583 38,057 47,640 Total, net $ 40,435 $ 70,971 $ 111,406 (1) Includes $8,996 thousand for the estimated residual values of direct financing leases for which we sold the financing assets. (2) Initial direct costs are shown net of amortization of $275 thousand. (3) For details on reserve for credit losses, refer to Note 6, “Reserves for Credit Losses.” March 31, 2018 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 62,992 $ 65,943 $ 128,935 Estimated unguaranteed residual value (1) - 11,226 11,226 Initial direct costs, net of amortization (2) 375 334 709 Unearned income - (8,251 ) (8,251 ) Reserve for credit losses (3) (486 ) (640 ) (1,126 ) Total, net $ 62,881 $ 68,612 $ 131,493 Reported as: Current $ 39,993 $ 29,943 $ 69,936 Long-term 22,888 38,669 61,557 Total, net $ 62,881 $ 68,612 $ 131,493 (1) Includes $6,004 thousand for estimated residual values of direct financing leases for which we sold the financing assets. (2) Initial direct costs are shown net of amortization of $341 thousand. (3) For details on reserve for credit losses, refer to Note 6, “Reserves for Credit Losses.” Future scheduled minimum lease payments for investments in direct financing and sales-type leases as of March 31, 2019 are as follows (in thousands): Year ending March 31, 2019 $ 37,223 2020 17,382 2021 7,469 2022 1,960 2023 and thereafter 167 Total $ 64,201 OPERATING LEASES—NET Operating leases—net represents leases that do not qualify as direct financing leases. The components of the operating leases—net are as follows (in thousands): March 31, 2019 March 31, 2018 Cost of equipment under operating leases $ 21,532 $ 15,683 Accumulated depreciation (10,139 ) (8,729 ) Investment in operating lease equipment—net (1) $ 11,393 $ 6,954 (1) Amounts include estimated unguaranteed residual values of $2,906 thousand and $1,921 thousand as of March 31, 2019 and 2018, respectively. Future scheduled minimum lease rental payments as of March 31, 2019 are as follows (in thousands): Year ending March 31, 2019 $ 4,490 2020 2,728 2021 1,497 2022 1,315 2023 and thereafter 443 Total $ 10,473 TRANSFERS OF FINANCIAL ASSETS We enter into arrangements to transfer the contractual payments due under financing receivables and operating lease agreements, which are accounted for as secured borrowings or sales. For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of March 31, 2019, and 2018 we had financing receivables of $50.2 million and $52.0 million, respectively, and operating leases of $7.8 million and $5.3 million, respectively that were collateral for non-recourse notes payable. See Note 8, “Notes Payable and Credit Facility.” For transfers accounted for as sales, we derecognize the carrying value of the asset transferred and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. For the years ended March 31, 2019, 2018, and 2017, we recognized net gains of $9.1 million, $6.8 million, and $8.1 million, respectively, and total proceeds from these sales were $276.1 million, $267.3 million, and $339.4 million, respectively. When we retain servicing obligations in transfers accounted for as sales, we allocate a portion of the proceeds to deferred revenues, which is recognized as we perform the services. As of March 31, 2019, and 2018, we had deferred revenue of $0.4 million and $0.5 million, respectively, for servicing obligations. In a limited number of transfers accounted for as sales, we indemnified the assignee in the event that the lessee elects to early terminate the lease. As of March 31, 2019, our maximum potential future payments related to such guarantees is $0.4 million. We believe the possibility of making any payments to be remote. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2019 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 5. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2019 and March 31, 2018, respectively (in thousands): Year Ended March 31, 2019 Year Ended March 31, 2018 Goodwill Accumulated Impairment Loss Net Carrying Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning Balance $ 85,297 $ (8,673 ) $ 76,624 $ 57,070 $ (8,673 ) $ 48,397 Acquisitions 34,352 - 34,352 27,996 - 27,996 Foreign currency translations (169 ) - (169 ) 231 - 231 Ending Balance $ 119,480 $ (8,673 ) $ 110,807 $ 85,297 $ (8,673 ) $ 76,624 All of our goodwill as of March 31, 2019 and March 31, 2018 was assigned to our technology segment. See Note 15, “Business Combinations” for additional information regarding our acquisitions. We We performed our annual test for impairment for fiscal year 2018 as of October 1, 2017. We performed a qualitative assessment of goodwill and concluded that the fair value of our reporting units, more likely than not, exceeded their respective carrying values as of October 1, 2017. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following at March 31, 2019 and March 31, 2018 (in thousands): March 31, 2019 March 31, 2018 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization /Impairment Loss Net Carrying Amount Customer relationships & other intangibles $ 57,407 $ (23,865 ) $ 33,542 $ 41,895 $ (18,634 ) $ 23,261 Capitalized software development 10,188 (4,802 ) 5,386 5,608 (2,567 ) 3,041 Total $ 67,595 $ (28,667 ) $ 38,928 $ 47,503 $ (21,201 ) $ 26,302 Customer relationships and Total amortization expense was $7.9 million, $6.4 million, and $4.4 million for the years ended March 31, 2019, 2018 and 2017, respectively. Amortization expense is estimated to be $9.8 million, $8.3 million, $6.9 million, $5.4 million, and $3.8 million for the years ended March 31, 2020, 2021, 2022, 2023 and 2024, respectively. See Note 15, “Business Combinations” for additional information regarding acquired intangibles. |
RESERVES FOR CREDIT LOSSES
RESERVES FOR CREDIT LOSSES | 12 Months Ended |
Mar. 31, 2019 | |
RESERVES FOR CREDIT LOSSES [Abstract] | |
RESERVES FOR CREDIT LOSSES | 6. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the years ended March 31, 2019, 2018 and 2017 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Provision for credit losses 195 250 (110 ) 335 Write-offs and other (154 ) (231 ) - (385 ) Balance March 31, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Accounts Receivable Notes Receivable Lease-Related Total Balance April 1, 2017 $ 1,279 $ 3,434 $ 679 $ 5,392 Provision for credit losses 264 73 125 462 Write-offs and other (5 ) (3,021 ) (164 ) (3,190 ) Balance March 31, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Our reserve for credit losses and minimum lease payments associated with our investment in direct financing and sales- type lease balances disaggregated on the basis of our impairment method were as follows (in thousands): March 31, 2019 March 31, 2018 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 443 $ 530 $ 424 $ 640 Ending balance: individually evaluated for impairment 62 - 62 - Ending balance $ 505 $ 530 $ 486 $ 640 Minimum payments: Ending balance: collectively evaluated for impairment $ 40,501 $ 64,201 $ 62,930 $ 65,943 Ending balance: individually evaluated for impairment 62 - 62 - Ending balance $ 40,563 $ 64,201 $ 62,992 $ 65,943 The net credit exposure for the individually evaluated for impairment as of March 31, 2019 and March 31, 2018 was $0.1 million, which is related to one customer. The age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due disaggregated based on our internally assigned credit quality rating (“CQR”) were as follows as of March 31, 2019 and 2018 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Minimum Lease Payments Total Minimum Lease Payments Unearned Income Non- Recourse Notes Payable Net Credit Exposure March 31, 2019 High CQR $ 325 $ 41 $ 10 $ 376 $ 543 $ 29,503 $ 30,422 $ (2,799 ) $ (11,044 ) $ 16,579 Average CQR 22 54 15 91 125 33,563 33,779 (2,508 ) (20,848 ) 10,423 Low CQR - - - - - - - - - - Total $ 347 $ 95 $ 25 $ 467 $ 668 $ 63,066 $ 64,201 $ (5,307 ) $ (31,892 ) $ 27,002 March 31, 2018 High CQR $ 143 $ 40 $ 43 $ 226 $ 224 $ 33,779 $ 34,229 $ (3,743 ) $ (17,207 ) $ 13,279 Average CQR 109 31 117 257 171 31,286 31,714 (2,749 ) (16,012 ) 12,953 Low CQR - - - - - - - - - - Total $ 252 $ 71 $ 160 $ 483 $ 395 $ 65,065 $ 65,943 $ (6,492 ) $ (33,219 ) $ 26,232 The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as March 31, 2019 and 2018 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure March 31, 2019 High CQR $ 990 $ 40 $ 30 $ 1,060 $ 3,813 $ 28,113 $ 32,986 $ (18,245 ) $ 14,741 Average CQR 105 34 7 146 137 7,232 7,515 (1,507 ) 6,008 Low CQR - - 62 62 - - 62 - 62 Total $ 1,095 $ 74 $ 99 $ 1,268 $ 3,950 $ 35,345 $ 40,563 $ (19,752 ) $ 20,811 March 31, 2018 High CQR $ 175 $ 527 $ 423 $ 1,125 $ 3,262 $ 40,896 $ 45,283 $ (30,345 ) $ 14,938 Average CQR 42 409 22 473 394 16,780 17,647 (10,424 ) 7,223 Low CQR - - 62 62 - - 62 - 62 Total $ 217 $ 936 $ 507 $ 1,660 $ 3,656 $ 57,676 $ 62,992 $ (40,769 ) $ 22,223 We estimate losses on our net credit exposure to be between 0% - 5% for customers with high CQR, as these customers are investment grade or the equivalent of investment grade. We estimate losses on our net credit exposure to be between 2% - 15% for customers with average CQR, and between 15% - 100% for customers with low CQR, which includes customers in bankruptcy. |
PROPERTY, EQUIPMENT, AND OTHER
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES | 12 Months Ended |
Mar. 31, 2019 | |
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES [Abstract] | |
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES | 7. PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES PROPERTY AND EQUIPMENT NET Property and equipment—net consists of the following (in thousands): March 31, 2019 March 31, 2018 Furniture, fixtures and equipment $ 23,295 $ 20,167 Vehicles 302 336 Capitalized software 3,421 4,772 Leasehold improvements 6,010 5,252 Total assets 33,028 30,527 Accumulated depreciation and amortization (25,714 ) (23,017 ) Property and equipment - net $ 7,314 $ 7,510 For the years ended March 31, 2019, 2018 and 2017, depreciation and amortization expense on property and equipment was $4.7 million, $4.1 million, and $3.0 million, respectively. OTHER ASSETS AND LIABILITIES Our other assets and liabilities consist of the following (in thousands): March 31, 2019 March 31, 2018 Other current assets: Deposits & funds held in escrow $ 438 $ 16,202 Prepaid assets 6,425 7,031 Other 636 392 Total other current assets $ 7,499 $ 23,625 Property, equipment and other assets Property and equipment, net $ 7,314 $ 7,510 Deferred costs 8,856 9,302 Other 1,158 2,331 Total other assets - long term $ 17,328 $ 19,143 Other current liabilities: Accrued expenses $ 7,813 $ 8,339 Accrued income taxes payable 181 175 Contingent consideration - current 5,162 5,806 Other 6,129 19,050 Total other current liabilities $ 19,285 $ 33,370 Other liabilities: Deferred revenue $ 13,789 $ 12,910 Contingent consideration - long-term 3,780 7,707 Other 108 450 Total other liabilities - long term $ 17,677 $ 21,067 As of March 31, 2019, and 2018 we had deposits and funds held in escrow of $0.4 million and $16.2 million, respectively. These balances relate to financial assets that were sold to third-party banks. In conjunction with those sales, a portion of the proceeds were placed in escrow and were released during the current fiscal year upon payment of outstanding invoices related to the underlying financing arrangements that were sold. The decrease in the other category within current liabilities from March 31, 2018 to March 31, 2019 was primarily due to a reduction of $10.3 million in cash owed to investors that had purchased financing receivables that we subsequently collected and owed to the investors. |
NOTES PAYABLE AND CREDIT FACILI
NOTES PAYABLE AND CREDIT FACILITY | 12 Months Ended |
Mar. 31, 2019 | |
NOTES PAYABLE AND CREDIT FACILITY [Abstract] | |
NOTES PAYABLE AND CREDIT FACILITY | 8. Recourse and non-recourse obligations consist of the following (in thousands): March 31, 2019 March 31, 2018 Recourse notes payable with interest rates of 4.00% March 31, 2019 and 4.11% at March 31, 2018. Current $ 28 $ 1,343 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 3.23% to 8.45% as of March 31, 2019 an d as Current $ 38,117 $ 40,863 Long-term 10,502 10,072 Total non-recourse notes payable $ 48,619 $ 50,935 Principal and interest payments on the non-recourse notes payable are generally due monthly in amounts that are approximately equal to the total payments due from the customer under the leases or notes receivable that collateralize the notes payable. The weighted average interest rate for our non-recourse notes payable was 4.68% and 4.04%, as of March 31, 2019 and March 31, 2018, respectively. The weighted average interest rate for our recourse notes payable was 4.00% and 4.11%, as of March 31, 2019 and March 31, 2018, respectively. Under recourse financing, in the event of a default by a customer, the lender has recourse against the customer, the assets serving as collateral, and us. Under non-recourse financing, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. Our technology segment, through our subsidiary e On July 27, 2017, we executed an amendment to the WFCDF credit facility which temporarily increases the aggregate limit of the two components from $250.0 million to $325.0 million from the date of the agreement through October 31, 2017, that provides us an election beginning July 1 in each subsequent year to similarly temporarily increase the aggregate limit of the two components to $325.0 million ending the earlier of 90 days following the date of election or October 31 of that same year. On January 15, 2019, we executed an amendment to the WFCDF credit facility that increases the maximum credit limit of the accounts receivable sub-limit component from $30.0 million to $50 million and modifies certain collateral terms of the credit facility. The credit facility has full recourse to e e e e e e e The facility provided by WFCDF requires a guaranty of $10.5 million by e e Recourse and non-recourse notes payable as of March 31, 2019, mature as follows (in thousands): Recourse Notes Payable Non-Recourse Notes Payable Year ending March 31, 2020 $ 28 $ 38,118 2021 - 7,448 2022 - 1,745 2023 - 1,003 2024 and thereafter - 305 $ 28 $ 48,619 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES We lease office space to conduct our business. Annual rent expense relating to these operating leases was $5.2 million, $6.7 million, and $5.6 million for the years ended March 31, 2019, 2018 and 2017, respectively. As of March 31, 2019, the future minimum lease payments are due as follows (in thousands): Operating Lease Contractual Obligations (in thousands) Year ending March 31, 2020 $ 4,530 2021 4,026 2022 2,727 2023 2,025 2024 and thereafter 293 Operating lease obligations 13,601 Legal Proceedings From time to time, we may be subject to legal proceedings that arise in the ordinary course of business. In the opinion of management, there was not at least a reasonable possibility that the Company may have incurred a material loss, or a material loss in excess of a recorded accrual, with respect to loss contingencies for asserted legal and other claims. However, the outcome of legal proceedings and claims brought against us is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements for that reporting period could be materially adversely affected. During the year ended March 31, 2019, we received distributions totaling $6.3 million from various claims we owned in customer bankruptcies, which were recognized within other income in our condensed consolidated statements of operations. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2019 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 10. EARNINGS PER SHARE Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2019, 2018 and 2017 (in thousands, except per share data). 2019 2018 2017 Net earnings attributable to common shareholders - basic and diluted $ 63,192 $ 55,122 $ 50,556 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,448 13,790 13,867 Effect of dilutive shares 130 177 161 Weighted average shares common outstanding — diluted 13,578 13,967 14,028 Earnings per common share - basic $ 4.70 $ 4.00 $ 3.65 Earnings per common share - diluted $ 4.65 $ 3.95 $ 3.60 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2019 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | 11. STOCKHOLDERS’ EQUITY Treasury Stock On March 31, 2017, we retired 6.2 million shares of treasury stock. The retired stock had a carrying value of $158.9 million, which was deducted from common stock, for the par value of the retired shares, and from retained earnings, for the excess of cost over the par value. Share Repurchase Plan On April 26, 2018, The plan authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. During the year ended March 31, 2019, we purchased 185,026 shares of our outstanding common stock at an average cost of $76.34 per share for a total purchase price of $14.1 million under the share repurchase plan. We also acquired 40,092 shares of common stock at a value of $3.9 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the year ended March 31, 2018, we purchased 409,839 shares of our outstanding common stock at an average cost of $77.18 per share for a total purchase price of $31.6 million under the share repurchase plan. We also acquired 57,725 shares of common stock at a value of $4.4 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2019 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | 12. SHARE-BASED COMPENSATION Share-Based Plans In each of the years ended March 31, 2019, 2018 and 2017, we issued share-based payment awards and had outstanding share-based payment awards under the following 2008 Director LTIP On September 15, 2008, our stockholders approved the 2008 Director LTIP that was adopted by the Board on June 25, 2008. Under the 2008 Director LTIP, 500,000 shares had been authorized for grant to non-employee directors. The purpose of the 2008 Director LTIP is to align the economic interests of the directors with the interests of stockholders by including equity as a component of pay and to attract, motivate and retain experienced and knowledgeable directors. Each director receives an annual grant of restricted stock having a grant-date fair value equal to the cash compensation earned by an outside director during our fiscal year ended immediately before the respective annual grant-date. Directors may elect to receive their cash compensation in restricted stock. These restricted shares are prohibited from being sold, transferred, assigned, pledged or otherwise encumbered or disposed of. The shares vest half on the one-year anniversary and half on the second-year anniversary from the date of the grant. Upon shareholder approval of the 2017 Director LTIP, which occurred on September 12, 2017, the 2017 Director LTIP replaced the 2008 Director LTIP, and no new awards were made under the 2008 Director LTIP. However, any outstanding awards previously granted under the 2008 Director LTIP continue in effect. 2012 Employee LTIP On September 13, 2012, our stockholders approved the 2012 Employee LTIP that was adopted by the Board on July 10, 2012. Under the 2012 Employee LTIP, 1,500,000 shares were authorized for grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, or other share-based awards to e e e 2017 Director LTIP On September 12, 2017, our stockholders approved the 2017 Director LTIP that was adopted by the Board on July 24, 2017. Under the 2017 Director LTIP, 150,000 shares were authorized for grant to non-employee directors. The purpose of the 2017 Director LTIP is to align the economic interests of the directors with the interests of stockholders by including equity as a component of pay and to attract, motivate and retain experienced and knowledgeable directors. Each director receives an annual grant of restricted stock having a grant-date fair value equal to the cash compensation earned by an outside director during our fiscal year ended immediately before the respective annual grant-date. Directors may elect to receive their cash compensation in restricted stock. These restricted shares are prohibited from being sold, transferred, assigned, pledged or otherwise encumbered or disposed of. The shares vest half on the one-year anniversary and half on the second-year anniversary from the date of the grant. Stock Option Activity During the years ended March 31, 2019, 2018, and 2017, we did not grant any stock options, nor did we have any outstanding stock options. Restricted Stock Activity During the year ended March 31, 2019, we granted 8,798 restricted shares under the 2017 Director LTIP and 69,847 restricted shares under the 2012 Employee LTIP. Cumulatively, as of March 31, 2019, we granted a total of 14,356 restricted shares under the 2017 Director LTIP and 819,423 restricted shares under the 2012 Employee LTIP A summary of the non-vested restricted shares for year ended March 31, 2019 as follows: Number of Shares Weighted Average Grant- date Fair Value Nonvested April 1, 2018 282,235 $ 51.69 Granted 78,645 $ 94.22 Vested (133,687 ) $ 49.22 Forfeited (3,193 ) $ 79.36 Nonvested March 31, 2019 224,000 $ 67.70 In each of the years ended March 31, 2019, 2018 and 2017, we used the closing stock price on the grant date or, if the grant date falls on a date the stock was not traded, the previous day’s closing stock price for the fair value of the award. The weighted-average grant date fair value of restricted shares granted during the years ended March 31, 2019, 2018, and 2017 was $94.22, $80.24, and $43.15, respectively. The aggregated fair value of restricted shares that vested during the years ended March 31, 2019, 2018, and 2017 was $6.6 million, $6.0 million, and $6.0 million, respectively. Upon each vesting period of the restricted stock awards to employees, participants are subject to minimum tax withholding obligations. The 2012 Employee LTIP and the 2017 Director LTIP allow the Company to withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding obligations. For the year ended March 31, 2019, we withheld 40,092 shares of common stock, at a value of $3.9 million, which was included in treasury stock. For the year ended March 31, 2018, the Company had withheld 57,725 shares of common stock, retroactively adjusted, at a value of $4.4 million, which was included in treasury stock. Compensation Expense We recognize compensation cost for awards of restricted stock with graded vesting on a straight-line basis over the requisite service period. We account for forfeitures when they occur. There are no additional conditions for vesting other than service conditions. During the years ended March 31, 2019, 2018 and 2017, we recognized $7.2 million, $6.5 million and $6.0 million, respectively, of total share-based compensation expense. We recognized tax benefits related to share-based compensation of $2.0 million, $1.9 million, and $2.5 million for the years ended March 31, 2019, 2018, and 2017, respectively, which were included as a reduction to our provision for income taxes. As of March 31, 2019, the total unrecognized compensation expense related to non-vested restricted stock was $9.3 million, which is expected to be recognized over a weighted-average period of 27 months. We also provide our employees with a contributory 401(k) profit sharing plan. For the years ended March 31, 2019, 2018 and 2017, our employer contributions for the plan were approximately $2.4 million, $2.1 million and $1.9 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2019 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 13. INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate, and (2) bonus depreciation that will allow for full expensing of qualified property. The Tax Act reduces the U.S. federal corporate tax rate to 21% ad our blended tax rate is based on the applicable tax rates before and after the Tax Act and the number of days in the year. For the years ended March 31, 2017, 2018 and 2019, our blended U.S. corporate federal income tax rate was 40.0%, 31.5% and 21.0%, respectively. Our accounting for the effect of the Tax Act was completed as of March 31, 2018 and recorded a net benefit to tax expense of $1.7 million. We evaluate uncertain tax positions utilizing a two-step approach. The first step is to evaluate each uncertain tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. For tax positions that are not likely of being sustained upon audit, the second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. Our total gross unrecognized tax benefits recorded for uncertain income tax, and interest and penalties thereon, were negligible as of March 31, 2019, and March 31, 2018. We had no additions or reductions to our gross on certain income tax positions during the year ended March 31, 2019. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. We file income tax returns, including returns for our subsidiaries, with federal, state, local, and foreign jurisdictions. Tax years 2016, 2017 and 2018 are subjected to examination by federal and state taxing authorities. Various state and local income tax returns are also under examination by taxing authorities. We do not believe that the outcome of any examination will have a material impact on our financial statements. A reconciliation of income taxes computed at the applicable statutory federal income tax rate to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages): Year Ended March 31, 2019 2018 2017 Statutory federal income tax rate 21.0 % 31.5 % 35.0 % Income tax expense computed at the U.S. statutory federal rate $ 18,139 $ 26,505 $ 30,134 Effect of federal reduction of statutory rate - (1,654 ) State income tax expense—net of federal benefit 4,795 3,842 4,193 Non-deductible executive compensation 630 658 512 Other (526 ) (582 ) 717 Provision for income taxes $ 23,038 $ 28,769 $ 35,556 Effective income tax rate 26.7 % 34.3 % 41.3 % The components of the provision for income taxes are as follows (in thousands): Year Ended March 31, 2019 2018 2017 Current: Federal $ 12,709 $ 23,196 $ 29,619 State 6,591 5,377 7,001 Foreign 454 240 132 Total current expense 19,754 28,813 36,752 Deferred: Federal 3,826 (611 ) (622 ) State (249 ) 154 (432 ) Foreign (293 ) 413 (142 ) Total deferred expense (benefit) 3,284 (44 ) (1,196 ) Provision for income taxes $ 23,038 $ 28,769 $ 35,556 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in thousands): March 31, 2019 2018 Deferred Tax Assets: Accrued vacation $ 2,167 $ 1,596 Deferred revenue 1,260 668 Reserve for credit losses 587 607 Restricted stock 1,455 1,270 Other accruals and reserves 1,430 1,497 Other credits and carryforwards 1,065 1,335 Gross deferred tax assets 7,964 6,973 Less: valuation allowance (1,065 ) (1,335 ) Net deferred tax assets 6,899 5,638 Deferred Tax Liabilities: Basis difference in fixed assets (2,150 ) (1,570 ) Basis difference in operating leases (9,197 ) (4,517 ) Basis difference in tax deductible goodwill (467 ) (1,213 ) Total deferred tax liabilities (11,814 ) (7,300 ) Net deferred tax liabilities $ (4,915 ) $ (1,662 ) The effective income tax rate for the year ended March 31, 2019 was 26.7%, compared to 34.3% of the previous fiscal year. As of March 31, 2019, we have state capital loss carryforwards of approximately $1.3 million, which have been fully reserved. The valuation allowance resulted from management’s determination, based on available evidence, that it was more likely than not that the state capital loss deferred tax asset balance may not be realized. If not realized, the state capital loss carryforwards will generally expire in 5 years. As of March 31, 2019, we have a foreign net operating loss of approximately $0.2 million related to operations in the UK. No valuation allowance was recognized as a result of management’s determination, based on available evidence, that it was more likely than not that foreign net operating loss deferred tax balance will be realized. The foreign net operating loss is not set to expire. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2019 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 14. FAIR VALUE MEASUREMENTS We account for the fair values of our assets and liabilities utilizing a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. The following tables summarize the fair value hierarchy of our financial instruments as of March 31, 2019 and 2018 (in thousands): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) March 31, 2019 Assets: Money market funds $ 50 $ 50 $ - $ - Liabilities: Contingent consideration $ 8,942 $ - $ - $ 8,942 March 31, 2018 Assets: Money market funds $ 60,385 $ 60,385 $ - $ - Liabilities: Contingent consideration $ 13,513 $ - $ - $ 13,513 March 31, 2017 Assets: Money market funds $ 50,866 $ 50,866 $ - $ - Liabilities: Contingent consideration $ 554 $ - $ - $ 554 During the year ended March 31, 2019, we recorded adjustments of $1.6 million in existing contingent consideration commitments that increased the fair value of our liability. During the year ended March 31, 2018, we recorded $12.0 million in initial contingent consideration due to business acquisitions During the years ended March 31, 2019 and 2018, we paid $6.1 million and $0.6 million, respectively, to satisfy the current obligations of the contingent consideration arrangement. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Mar. 31, 2019 | |
BUSINESS COMBINATIONS [Abstract] | |
BUSINESS COMBINATIONS | 15. BUSINESS COMBINATIONS SLAIT Consulting, LLC On January 18, 2019, our subsidiary, e Our preliminary sum of consideration transferred is $50.0 million consisting of $50.7 million paid in cash at closing, less $1.0 million cash acquired, plus a $0.3 million liability from a working capital adjustment . Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 10,208 Other assets 1,050 Identified intangible assets 18,190 Accounts payable and other current liabilities (8,669 ) Performance obligation (5,110 ) Total identifiable net assets 15,669 Goodwill 34,352 Total purchase consideration $ 50,021 As of our filing date the initial accounting for the business combination is incomplete in respect to determining the final consideration transferred and the amount of assets acquired, and liabilities assumed. The identified intangible assets of $18.2 million consist of customer relationships with an estimated useful life of 10 years. The fair value of acquired receivables equals the gross contractual amounts receivable. We expect to collect all acquired receivables. We recognized goodwill related to this transaction of $34.4 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the current reporting period as though the acquisition date had been April 1, 2018, is not material. Integrated Data Storage, LLC On September 15, 2017, our subsidiary e Plus Technology, inc. acquired of Integrated Data Storage, LLC (“IDS”) though an asset purchase agreement. Headquartered in Oak Brook, Illinois and with offices in downtown Chicago, Illinois and Indianapolis, Indiana, IDS brought us an advanced data center solutions provider focused on cloud enablement and managed services, including its proprietary IDS Cloud, which features enterprise-class technology infrastructure coupled with consulting services to support private, hybrid, and public cloud deployments. The acquisition expanded e Plus’ footprint in the Midwest and enhanced its sales and engineering capabilities in cloud services, disaster recovery and backup as a service, storage, data center, and professional services. Our sum of total consideration transferred was $38.4 million, consisting of $29.8 million paid in cash at closing, less $1.4 million paid back as a working capital adjustment , plus an additional $10.0 million equal to the acquisition date fair value of consideration that is contingent on the acquired business’ future gross profit. The contingent consideration was calculated using the Monte Carlo simulation model based on our projections of future gross profits. The maximum payout of the contingent consideration is $15.0 million paid over 3 years. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable and other assets $ 14,353 Property and equipment 1,620 Identified intangible assets 13,650 Accounts payable and other current liabilities (12,313 ) Total identifiable net assets 17,310 Goodwill 21,088 Total purchase consideration $ 38,398 The identified intangible assets of $13.7 million consist of customer relationships with an estimated useful life of 8 years. The fair value of acquired receivables equals the gross contractual amounts receivable. We expect to collect all acquired receivables. We recognized goodwill related to this transaction of $21.1 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the year ended March 31, 2018 as though the acquisition date had been April 1, 2017, is not material. OneCloud Consulting Inc. On May 17, 2017, our subsidiary e Plus Technology, inc., acquired 100% of the stock of OneCloud Consulting, Inc. (“OneCloud”). Based in Milpitas, California, and with locations in India, OneCloud brought us a versatile team of highly trained technology consultants, architects, developers and instructors. Though OneCloud, we enable our customers’ cloud and application strategy via professional services, technical education and software development. The acquisition provides us with additional ability to address customers’ need for cloud-based solutions and infrastructure, including DevOps, OpenStack, and other emerging technologies. Our sum of total consideration transferred was $10.0 million consisting of $7.9 million paid in cash at closing, net of cash acquired, and $2.1 million equal to the fair value of contingent consideration, calculated using the Monte Carlo simulation model. The maximum payout of the contingent consideration is $4.5 million paid over 3 years. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable and other assets $ 488 Identified intangible assets 4,130 Accounts payable and other current liabilities (1,822 ) Total identifiable net assets 2,796 Goodwill 7,189 Total purchase consideration $ 9,985 The identified intangible assets of $4.1 million consist of customer relationships of $1.7 million with an estimated useful life of 8 years, and internally developed processes of $2.4 million with an estimated useful life of 5 years. We recognized goodwill related to this transaction of $7.2 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the year ended March 31, 2018 as though the acquisition date had the acquisition date been April 1, 2017, is not material. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Mar. 31, 2019 | |
SEGMENT REPORTING [Abstract] | |
SEGMENT REPORTING | 16. SEGMENT REPORTING The Company’s segment information is presented in accordance with a “management approach,” which designates the internal reporting used by the chief operating decision-maker (“CODM”) for deciding how to allocate resources and for assessing performance. Our CODM is our Chief Executive Officer and President. Our CODM conducts our operations through two operating segments, our technology segment and our financing segment. Our technology segment includes sales of information technology products, third-party software, third-party maintenance, advanced professional and managed services and our proprietary software to commercial, state and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software and related services to commercial, state and local governments, and government contractors. Our CODM uses several measures to allocate resources and assess performance. Our reported measure is earnings before taxes. Our reportable segment information was as follows (in thousands): Fiscal Year Ended March 31, 2019 March 31, 2018 March 31, 2017 Technology Financing Total Technology Financing Total Technology Financing Total Sales Product $ 1,180,042 $ 43,153 $ 1,223,195 $ 1,243,270 $ 46,037 $ 1,289,307 $ 1,197,503 $ 36,841 $ 1,234,344 Service 149,478 - 149,478 129,495 - 129,495 97,434 - 97,434 Net sales 1,329,520 43,153 1,372,673 1,372,765 46,037 1,418,802 1,294,937 36,841 $ 1,331,778 Cost of Sales Product 945,037 7,427 952,464 1,013,748 9,842 1,023,590 971,648 6,831 978,479 Service 89,821 - 89,821 71,730 - 71,730 53,540 - 53,540 Cost of sales 1,034,858 7,427 1,042,285 1,085,478 9,842 1,095,320 1,025,188 6,831 1,032,019 Gross Profit 294,662 35,726 330,388 287,288 36,195 323,482 269,749 30,010 299,759 Selling, general, and administrative 226,112 10,970 237,082 214,980 13,147 228,127 193,594 11,638 205,232 Depreciation and amortization 11,812 12 11,824 9,918 3 9,921 7,243 9 7,252 Interest and financing costs - 1,948 1,948 - 1,195 1,195 - 1,543 1,543 Operating expenses 237,924 12,930 250,854 224,898 14,345 239,243 200,837 13,190 214,027 Operating income 56,738 22,796 79,534 62,389 21,850 84,239 68,912 16,820 85,732 Other income (expense) 6,696 (348 ) 380 Earnings before tax $ 86,230 $ 83,891 $ 86,112 Net Sales Contracts with customers $ 1,308,405 $ 3,577 $ 1,311,982 $ 1,356,225 $ 13,732 $ 1,369,957 $ 1,261,078 $ 7,355 $ 1,268,433 Financing and other 21,115 39,576 60,691 16,540 32,305 48,845 33,859 29,486 63,345 Net sales $ 1,329,520 $ 43,153 $ 1,372,673 $ 1,372,765 $ 46,037 $ 1,418,802 $ 1,294,937 $ 36,841 $ 1,331,778 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 12,661 $ 5,978 $ 18,639 $ 10,461 $ 5,366 $ 15,827 $ 7,365 $ 4,366 $ 11,731 Purchases of property, equipment and operating lease equipment $ 6,042 $ 5,587 $ 11,629 $ 5,353 $ 2,237 $ 7,590 $ 3,356 $ 6,202 $ 9,558 Selected Financial Data - Balance Sheet Total assets $ 607,998 $ 178,200 $ 786,198 $ 537,776 $ 217,695 $ 755,471 $ 533,560 $ 208,160 $ 741,720 Technology Segment Disaggregation of Revenue We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Fiscal Year Ended March 31, 2019 2018 2017 Customer end market: Technology $ 293,362 $ 330,241 $ 302,097 Telecom, Media & Entertainment 175,260 194,292 195,237 Financial Services 202,074 201,712 166,179 SLED 223,330 234,141 266,070 Healthcare 193,754 189,889 143,154 All others 241,740 222,490 220,200 Net sales 1,329,520 1,372,765 1,294,937 Financing and other (21,115 ) (16,540 ) (33,859 ) Revenue from contracts with customers $ 1,308,405 $ 1,356,225 $ 1,261,078 Fiscal Year Ended March 31, 2019 2018 2017 Vendor Cisco Systems $ 556,182 $ 582,419 $ 604,111 NetApp 48,858 54,821 69,096 HP Inc. & HPE 74,348 86,675 77,977 Dell / EMC 61,284 54,294 56,124 Arista Networks 57,850 52,521 13,757 Juniper 48,943 44,623 67,924 All others 482,055 497,412 405,948 Net sales 1,329,520 1,372,765 1,294,937 Financing and other (21,115 ) (16,540 ) (33,859 ) Revenue from contracts with customers $ 1,308,405 $ 1,356,225 $ 1,261,078 Financing Segment Disaggregation of Revenue We analyze our revenues within our financing segment based on the nature of the arrangement, and our revenues from contracts with customers consist of proceeds from the sale of off-lease equipment. Year Ended March 31, 2019 2018 2017 Net sales: U.S. $ 1,284,482 $ 1,349,254 $ 1,296,094 Non U.S. 88,191 69,548 35,684 Total $ 1,372,673 $ 1,418,802 $ 1,331,778 As of March 31, 2019 2018 Long-lived tangible assets: U.S. $ 32,570 $ 24,445 Non U.S. 1,156 494 Total $ 33,726 $ 24,939 Our long-lived tangible assets include property and equipment-net, operating leases-net, and equipment that has been returned to us at the termination of the lease. For the year ended March 31, 2018 and 2017, sales to a large technology company were approximately 12% and 13% of net sales, respectively, all of which related to our technology segment. No single customer accounted for more than 10% of net sales for the year ended March 31, 2019. |
QUARTERLY DATA -UNAUDITED
QUARTERLY DATA -UNAUDITED | 12 Months Ended |
Mar. 31, 2019 | |
QUARTERLY DATA -UNAUDITED [Abstract] | |
QUARTERLY DATA -UNAUDITED | 17. QUARTERLY DATA —UNAUDITED Condensed quarterly financial information is as follows (amounts in thousands, except per share amounts): Year Ended March 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount Sales Product $ 322,817 $ 309,475 $ 310,443 $ 280,460 1,223,195 Service 33,715 35,568 35,221 44,974 149,478 Total net sales 356,532 345,043 345,664 325,434 1,372,673 Cost of Sales Product 255,812 238,134 241,856 216,662 952,464 Service 20,017 21,409 20,895 27,500 89,821 Total cost of sales 275,829 259,543 262,751 244,162 1,042,285 Gross profit 80,703 85,500 82,913 81,272 330,388 Selling, general, and administrative expenses 56,966 57,705 59,728 62,683 237,082 Depreciation and amortization 2,790 2,741 2,719 3,574 11,824 Interest and financing costs 476 484 443 545 1,948 Operating expenses 60,232 60,930 62,890 66,802 250,854 Operating income 20,471 24,570 20,023 14,470 79,534 Other income and (expense) 97 322 721 5,556 6,696 Earnings before provision for income taxes 20,568 24,892 20,744 20,026 86,230 Provision for income taxes 5,295 6,889 5,880 4,974 23,038 Net earnings $ 15,273 $ 18,003 $ 14,864 $ 15,052 $ 63,192 Net earnings per common share— Basic (1) $ 1.14 $ 1.33 $ 1.10 $ 1.12 $ 4.70 Net earnings per common share— Diluted (1) $ 1.12 $ 1.33 $ 1.10 $ 1.12 $ 4.65 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. Year Ended March 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount (as adjusted) Sales Product $ 346,245 $ 339,710 $ 310,120 $ 293,232 1,289,307 Service 27,111 31,653 34,106 36,625 129,495 Total net sales 373,356 371,363 344,226 329,857 1,418,802 Cost of Sales Product 280,755 266,732 247,891 228,212 1,023,590 Service 15,008 17,060 19,647 20,015 71,730 Total cost of sales 295,763 283,792 267,538 248,227 1,095,320 Gross profit 77,593 87,571 76,688 81,630 323,482 Selling, general, and administrative expenses 54,664 56,340 57,134 59,989 228,127 Depreciation and amortization 2,063 2,129 2,894 2,835 9,921 Interest and financing costs 359 274 270 292 1,195 Operating expenses 57,086 58,743 60,298 63,116 239,243 Operating income 20,507 28,828 16,390 18,514 84,239 Other income and (expense) 271 (141 ) (131 ) (347 ) (348 ) Earnings before provision for income taxes 20,778 28,687 16,259 18,167 83,891 Provision for income taxes 7,355 11,466 678 9,270 28,769 Net earnings $ 13,423 $ 17,221 $ 15,581 $ 8,897 $ 55,122 Net earnings per common share— Basic (1) $ 0.97 $ 1.24 $ 1.12 $ 0.65 $ 4.00 Net earnings per common share— Diluted (1) $ 0.96 $ 1.23 $ 1.11 $ 0.65 $ 3.95 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Mar. 31, 2019 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | e Schedule II - Valuation and Qualifying Accounts (Dollars in thousands) Balance at Beginning of Period Charged to Costs and Expenses Deductions/ Write-Offs Balance at End of Period Allowance for Sales Returns: (1) Year Ended March 31, 2017 653 1,530 (1,431 ) 752 Year Ended March 31, 2018 752 2,579 (2,432 ) 899 Year Ended March 31, 2019 899 1,305 (1,352 ) 852 Reserve for Credit Losses: Year Ended March 31, 2017 5,193 277 (78 ) 5,392 Year Ended March 31, 2018 5,392 462 (3,190 ) 2,664 Year Ended March 31, 2019 2,664 29 (84 ) 2,609 Valuation for Deferred Taxes: Year Ended March 31, 2017 1,270 - - 1,270 Year Ended March 31, 2018 1,270 65 - 1,335 Year Ended March 31, 2019 1,335 (270 ) - 1,065 (1) These amounts represent the gross profit effect of sales returns during the respective years. Expected merchandise returns after year-end for sales made before year-end were $5.3 million, $5.3 million, and $4.6 million as of March 31, 2019, 2018, and 2017, respectively. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION — e |
USE OF ESTIMATES | USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, vendor consideration, lease classification, goodwill and intangibles, reserves for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. |
REVENUE RECOGNITION | REVENUE RECOGNITION — We recognize our revenues from the sales of third-party products, third-party software, third-party services such as maintenance and software support, e e Revenue from Contracts with Customers . The core principle of Codification Topic 606 is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. We account for a contract under Codification Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance, and collectability of consideration is probable. Revenues are reported net of sales refunds, including an estimate of future returns based on an evaluation of historical sales returns, current economic conditions, volume, and other relevant factors. Our contracts with customers may include multiple promises that are distinct performance obligations. For such arrangements, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We determine standalone selling prices using expected cost-plus margin. We recognize revenue when (or as) we satisfy a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the nature of each performance obligation, this may be at a point in time or over time, as further described below. We typically invoice our customers for third-party products upon shipment, unless our customers lease the equipment through our financing segment, in which case the arrangement is accounted for as a lease in accordance with Codification Topic 840, Leases ("Codification Topic 840") . Product Revenue Sales of third-party products We are the principal in sales of third-party products. As such, we recognize sales on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recognized as cost of sales. We recognize revenue from these sales at the point in time that control passes to the customer, which is typically upon delivery of the product to the customer. In some instances, our customers may request that we bill them for a product but retain physical possession of the product until later delivery, commonly known as “bill-and-hold” arrangements. In these transactions, we recognize revenue when the customer has signed a bill-and-hold agreement with us, the product is identified separately as belonging to the customer and, when orders include configuration, such configuration is complete, and the product is ready for delivery to the customer. We recognize sales of leased equipment within our financing segment when control passes to the customer, which is typically the date of sale. Sales of third-party software We are typically the principal in sales of third-party software. We often sell third-party support accompanying third-party software. When the third-party software benefits the customer only in conjunction with the accompanying support, such as in sales of anti-virus software and support, we consider the third-party software and support as inputs to a single performance obligation. The third-party controls the service as it is transferred to the customer and therefore we are acting as an agent in these transactions. We recognize revenue from these sales on a net basis when our customer and vendor accept the terms and conditions of the arrangement. Sales of third-party maintenance, software support, and services We are the agent in sales of third-party maintenance, software support, and services as the third-party controls the service until it is transferred to the customer. We recognize sales on a net basis equal to the selling price to the customer less the acquisition cost. We recognize revenue from these sales when our customer and vendor accept the terms and conditions of the arrangement. Freight and sales tax We present freight billed to our customers within sales and the related freight charged to us within cost of sales. We present sales tax collected from customers and remittances to governmental authorities on a net basis. Financing revenue and other We account for leases to customers in accordance with Codification Topic 840. Our accounting for leases is different depending on the type of lease. Each lease is classified as either a direct financing lease, sales-type lease, or operating lease, as appropriate. We consider whether a lease meets any of the following four criteria as part of classifying the lease at its inception: • the lease transfers ownership of the property to the lessee by the end of the lease term; • the lease contains a bargain purchase option; • the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or • the present value at the beginning of the lease term of the minimum lease payments equals or exceeds 90 percent of the fair value of the leased property at the inception of the lease. If a lease meets any of the four lease classification criteria and gives rise to dealer’s profit, we classify the lease as a sales-type lease. For sales-type leases, we recognize sales equal to the present value of the minimum lease payments discounted using the implicit interest rate in the lease and cost of sales equal to carrying amount of the asset being leased and any initial direct costs incurred, less the present value of the unguaranteed residual. Interest income from the lease is recognized in sales over the lease term in our financing segment. If a lease meets any of the four lease classification criteria, and does not give rise to dealer’s profit, we classify the lease as a direct financing lease. For direct financing leases, the difference between our gross investment in the lease and the cost of the leased property is deferred as unearned income and recognized as sales over the lease term. If a lease meets none of the four lease classification criteria, we classify the lease as an operating lease. For operating leases, we recognize the rent charged on the lease as sales on a straight-line basis ratably over the term of the lease agreement. We may also finance third-party software and third-party services for our customers, which are classified as notes receivable. We recognize interest on notes receivable in net sales. Codification Topic 860, Transfers and Servicing Service Revenue Sales of e Plus professional and managed services Our e e We provide e In arrangements for e |
CONTRACT BALANCES | CONTRACT BALANCES — We recognize contract liabilities when cash payments are received or due in advance of our performance. |
COSTS OF OBTAINING A CONTRACT | COSTS OF OBTAINING A CONTRACT — We capitalize costs that are incremental to obtaining customer contracts, predominately sales commissions, and expense them in proportion to each completed contract performance obligation. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS — We consider all highly liquid investments, including those with an original maturity of three months or less at the date of acquisition, to be cash equivalents. Cash and cash equivalents consist primarily of interest-bearing accounts and money market funds that consist of short-term US treasury securities. There were no restrictions on the withdrawal of funds from our money market funds as of March 31, 2019 and March 31, 2018. |
FINANCING RECEIVABLES AND OPERATING LEASES | FINANCING RECEIVABLES AND OPERATING LEASES — Financing receivables and operating leases consists of notes receivable, direct financing, sales-type leases and operating leases. The terms of lease and financing arrangements are typically between Notes receivables consist of software and services that we finance for our customers. Interest income is recognized using the effective interest method and reported within net sales in our consolidated statement of operations. At the inception of our direct financing and sales-type leases, we record the net investment in leases, which consists of the sum of the minimum lease payments, initial direct costs (direct financing leases only), and unguaranteed residual value (gross investment) less the unearned income. For direct financing leases, unearned income equals the difference between the gross investment in the lease and the cost of the leased equipment. For sales type leases, unearned income equals the difference between the gross investment in the lease and the sum of the present values of the individual components of the gross investment in the lease. We recognize contingent rental income, if any, when the changes in the factors on which the contingent lease payments are based actually occur. At the inception of an operating lease, equipment under operating leases is recorded at cost and depreciated on a straight-line basis over its useful life to the estimated residual value. The estimated useful lives for equipment under operating leases ranges based on the nature of the equipment. The estimated useful life for information technology equipment is 36 to 84 months, while that of medical equipment is between 48 and 60 months. |
RESIDUAL VALUES | RESIDUAL VALUES — Residual values, representing the unguaranteed estimated value of equipment at the termination of a lease, are recorded at the inception of each lease. The estimated residual values vary, both in amount and as a percentage of the original equipment cost, and depend upon several factors, including the equipment type, vendor’s discount, market conditions, term of the lease, equipment supply and demand and by new product announcements by vendors. Unguaranteed residual values for direct financing and sales-type leases are recorded at their net present value and the unearned income is amortized over the life of the lease using the interest method. The residual values for operating leases are included in the leased equipment’s net book value. Residual values are evaluated on a quarterly basis and any impairment, other than temporary, is recorded in the period in which the impairment is determined. No upward revision of residual values is made subsequent to lease inception. |
RESERVES FOR CREDIT LOSSES | RESERVES FOR CREDIT LOSSES — Our receivables consist of trade and other accounts receivable and financing receivables. We maintain our reserves for credit losses at a level believed to be adequate to absorb potential losses inherent in the respective balances. The reserve for credit losses is increased by provisions for potential credit losses, which increases expenses, and decreased by subsequent recoveries. The reserve for credit losses is decreased by write-offs and reductions to the provision for potential credit losses. Accounts are either written off or written down when the loss is both probable and determinable. Management’s determination of the adequacy of the reserves for credit losses for accounts receivable is based on the age of the receivable balance, the customer’s credit quality rating, an evaluation of historical credit losses, current economic conditions, and other relevant factors. Management’s determination of the adequacy of the reserve for credit losses for financing receivables may be based on the following factors: an internally assigned credit quality rating, historical credit loss experience, current economic conditions, volume, growth, the composition of the lease portfolio, the fair value of the underlying collateral, and the funding status (i.e. not funded, funded on a recourse or partial recourse basis, or funded on non-recourse basis). We assign an internal credit quality rating to each customer at the inception of the lease based on the customer’s financial status, rating agency reports and other financial information. We update the internal credit quality rating at least annually or when an indicator of a change in credit quality arises, such as a delinquency or bankruptcy. Also, management regularly reviews financing receivables to assess whether any balances should be impaired or placed on nonaccrual status. |
CONCENTRATIONS OF RISK | CONCENTRATIONS OF RISK — Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, short-term investments, accounts receivable, notes receivable and investments in direct financing and sales-type leases. Cash and cash equivalents and short-term investments are maintained principally with financial institutions in the US, which have high credit ratings. Risk on accounts receivable, notes receivable and investments in direct financing and sales-type leases is reduced by the large number of diverse industries comprising our customer base and through the ongoing evaluation of collectability of our portfolio. Our credit risk is further mitigated through the underlying collateral and whether the lease is funded with recourse or non-recourse notes payable. A substantial portion of our sales are products from Cisco Systems, which represented approximately 42%, 42%, and 47%, of our technology segment net sales for the years ended March 31, 2019, 2018, and 2017, respectively. |
INVENTORIES | INVENTORIES — Inventories are stated at the lower of cost and net realizable value. Cost is determined using a weighted average cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are shown net of allowance for obsolescence of $259 thousand and $247 thousand as of March 31, 2019 and 2018, respectively. |
DEFERRED COSTS AND DEFERRED REVENUES | DEFERRED COSTS AND DEFERRED REVENUES — Deferred costs include internal and third-party costs associated with deferred revenue arrangements. Deferred revenue relates to professional, managed and hosting services. |
GOODWILL | GOODWILL — We test goodwill for impairment on an annual basis, as of October 1, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In a qualitative assessment, we assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the quantitative goodwill impairment test. We may also elect the unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. In the quantitative impairment test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. Conversely, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. |
CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE | CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE — We capitalize costs for the development of internal use software under the Codification Topic 350-40 Intangibles—Goodwill and Other Intangibles, Internal-Use Software |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT — Property and equipment are stated at cost, net of accumulated depreciation and amortization. Property and equipment obtained through an acquisition are stated at the fair market value as of the acquisition date. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, which range from three to ten years. Information technology equipment is depreciated over three years. Perpetual software licenses are depreciated over five years. Furniture and certain fixtures are depreciated over five to ten years. Telecommunications equipment is depreciated over seven years. |
TREASURY STOCK | TREASURY STOCK — We account for treasury stock under the cost method and include treasury stock as a component of stockholders’ equity on the accompanying consolidated balance sheets. |
VENDOR CONSIDERATION | VENDOR CONSIDERATION — We receive payments and credits from vendors pursuant to volume incentive programs and shared marketing expense programs. Many of these programs extend over one or more quarters’ sales activities. Different programs have different vendor/program specific milestones to achieve. Amounts due from vendors as of March 31, 2019 and 2018 were $13.1 million and $12.8 million, respectively, which were included within accounts receivable-other, net in the accompanying balance sheets. Vendor consideration received pursuant to volume purchase incentive programs is allocated to inventory based on the applicable incentives from each vendor and is recorded in cost of sales, as the inventory is sold. If a rebate is probable and reasonably estimable, it is recognized based on a systematic and rational allocation of the cash consideration offered to the underlying transactions that result in our progress toward earning the rebate. If a rebate is not probable and reasonably estimable, it is recognized as the milestones are achieved. Vendor consideration received pursuant to shared marketing expense programs is recorded as a reduction of the related selling and administrative expenses in the period the program takes place only if the consideration represents a reimbursement of specific, incremental, identifiable costs. Consideration that exceeds the specific, incremental, identifiable costs is classified as a reduction of cost of sales. |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION — We account for share-based compensation in accordance with Codification Topic 718 Compensation—Stock Compensation |
INCOME TAXES | INCOME TAXES — Deferred income taxes are accounted for in accordance with Codification Topic 740 Income Taxes . Under this method, deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement reporting and tax bases of assets and liabilities, using tax rates currently in effect. Future tax benefits, such as net operating loss carry-forwards, are recognized to the extent that realization of these benefits is considered to be more likely than not. We review our deferred tax assets at least annually and make necessary valuation adjustments. In addition, we account for uncertain tax positions in accordance with Codification Topic 740. Specifically, the Topic prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on the related de-recognition, classification, interest and penalties, accounting for interim periods, disclosure and transition of uncertain tax positions. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS — We account for business combinations using the acquisition method in accordance with Codification Topic 805 Business Combinations Any premium paid over the fair value of the net tangible and intangible assets of the acquired business is recorded as goodwill. We recognize a gain in our income statement to the extent the purchase price is less than the fair value of assets acquired, and liabilities assumed. The results of operations for an acquired company are included in our financial statements from the date of acquisition. |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT — We follow the guidance in Codification Topic 820 Fair Value Measurements which governs fair value accounting for financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. When determining the fair value measurements for assets and liabilities, which are required to be disclosed at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risk inherent in valuation techniques, transfer restrictions and credit risk. Codification Topic 820 • Level 1 – Observable inputs such as quoted prices for identical assets and liabilities in active markets; • Level 2 – Inputs other than quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. As of March 31, 2019, we measure money market funds and contingent consideration at fair value on a recurring basis, which is based on quoted net asset values. |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS — For financial instruments such as cash, short-term investments, accounts receivables, accounts payable and other current liabilities, we consider the recorded value of the financial instruments to approximate the fair value due to their short maturities. At March 31, 2019, the carrying amount of notes receivables and non-recourse payables were $40.4 million and $48.6 million, respectively and the fair value of notes receivables and non-recourse payables were $40.5 million and $48.7 million, respectively. The carrying amount and fair value of our recourse notes payable at March 31, 2019 were insignificant. At March 31, 2018, the carrying amount of notes receivables, recourse and non-recourse payables were $62.9 million, $1.3 million and $50.9 million, respectively, and the fair value of notes receivables, recourse and non-recourse payables were $63.0 million, $1.3 million and $51.1 million. |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION — The Company’s functional currency is the US dollar. The functional currency of the Company’s international operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities of the international operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the international operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation adjustment is recorded as accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity |
EARNINGS PER SHARE | EARNINGS PER SHARE — Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including incremental shares issuable upon the assumed exercise of “in-the-money” stock options and other common stock equivalents during each period. |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS —In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date We adopted the guidance in our quarter ending June 30, 2018 and used the full retrospective method. The outcome of adoption of the new standard are as follows: • The accounting for revenue within our technology segment related to the sale of third-party products, software, services, as well as our professional and managed services remained substantially unchanged. • The accounting for certain bill and hold transactions resulted in revenue and costs for certain of those arrangements being recognized earlier than under current prior GAAP. Additionally, we recognize revenues on the sale of off-lease equipment on a gross basis under the new revenue standard. The impact on our consolidated statement of operations for these changes was an increase in our net sales and costs of sales of $7.8 million and $2.4 million for the years ended March 31, 2018 and 2017, respectively. • The impact on our consolidated balance sheet as of March 31, 2018, was a decrease in accounts receivable – trade of $1.9 million, an increase in accounts receivable – other of $1.9 million, a decrease in deferred costs of $3.2 million, and a decrease in deferred revenues of $3.2 million. There is no impact to our retained earnings as of March 31, 2018.The adoption of this standard did not materially impact our cash flows from operations. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2016, the FASB issued ASU 2016-02, Leases We are adopting the new standard in our quarter ending June 30, 2019 using a transition option that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transition option, we do not update the financial information and disclosures for comparative periods. Additionally, we are electing a package of practical expedients to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for any existing leases. At the beginning of our quarter ending June 30, 2019, as a lessee, there will be an approximate initial impact to our consolidated balance sheets of recognizing right to use assets of $12.7 million and lease liabilities of $12.3 million and a reduction in prepaid assets of $0.4 million. Beginning upon adoption, as a lessor, we will recognize certain non-incremental, initial direct costs of obtaining a lease as an expense that had previously been deferred. In addition, we will recognize credit losses related to operating lease receivables as a reduction of revenue. Both these charges were not material in our year ended March 31, 2019. Further, we will recognize lessee-reimbursed property taxes as revenue with related expense whereas we previously presented these amounts net. This gross up of sales and cost of sales has no impact on gross profit; however, this will increase net sales and cost of sales by approximately $1 - $2 million during the year ending March 31, 2020. Also beginning upon adoption, we will classify all cash flows from the issuance of, repayment of, and proceeds from the sale of financing receivables within operating activities in our consolidated statements of cash flow. Previously, we separately classified our flows for financing receivables arising from products sourced through us and those not sourced through us within operating activities and within investing activities, respectively. Additionally, as both a lessor and lessee, we will be providing new disclosures in respect to our leases. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
REVENUES [Abstract] | |
Balance of Receivables, Contract Assets, and Contract Liabilities | The following table provides the balance of contract liabilities from contracts with customers (in thousands): Contract liabilities March 31, 2019 March 31, 2018 Current (included in deferred revenue) $ 46,356 $ 34,643 Non-current (included in other liabilities) $ 13,593 $ 12,699 |
Remaining Performance Obligations | The following table includes revenue expected to be recognized in the future related to performance obligations , e are unsatisfied or partially unsatisfied at the end of the reporting period, in thousands. The table does not include the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where we recognize revenue at the amount that we have the right to invoice for services performed. Year ending March 31, 2020 $ 22,949 Fiscal 2021 9,594 Fiscal 2022 3,182 Fiscal 2023 796 Fiscal 2024 and thereafter 21 Total remaining performance obligations $ 36,542 |
FINANCING RECEIVABLES AND OPE_2
FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Notes Receivable Net and Investments in Leases | Our financing receivables, net consist of the following (in thousands): March 31, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 40,563 $ 64,201 $ 104,764 Estimated unguaranteed residual value (1) - 14,639 14,639 Initial direct costs, net of amortization (2) 377 332 709 Unearned income - (7,671 ) (7,671 ) Reserve for credit losses (3) (505 ) (530 ) (1,035 ) Total, net $ 40,435 $ 70,971 $ 111,406 Reported as: Current $ 30,852 $ 32,914 $ 63,766 Long-term 9,583 38,057 47,640 Total, net $ 40,435 $ 70,971 $ 111,406 (1) Includes $8,996 thousand for the estimated residual values of direct financing leases for which we sold the financing assets. (2) Initial direct costs are shown net of amortization of $275 thousand. (3) For details on reserve for credit losses, refer to Note 6, “Reserves for Credit Losses.” March 31, 2018 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 62,992 $ 65,943 $ 128,935 Estimated unguaranteed residual value (1) - 11,226 11,226 Initial direct costs, net of amortization (2) 375 334 709 Unearned income - (8,251 ) (8,251 ) Reserve for credit losses (3) (486 ) (640 ) (1,126 ) Total, net $ 62,881 $ 68,612 $ 131,493 Reported as: Current $ 39,993 $ 29,943 $ 69,936 Long-term 22,888 38,669 61,557 Total, net $ 62,881 $ 68,612 $ 131,493 (1) Includes $6,004 thousand for estimated residual values of direct financing leases for which we sold the financing assets. (2) Initial direct costs are shown net of amortization of $341 thousand. (3) For details on reserve for credit losses, refer to Note 6, “Reserves for Credit Losses.” |
Future Scheduled Minimum Lease Payments | Future scheduled minimum lease payments for investments in direct financing and sales-type leases as of March 31, 2019 are as follows (in thousands): Year ending March 31, 2019 $ 37,223 2020 17,382 2021 7,469 2022 1,960 2023 and thereafter 167 Total $ 64,201 |
Investment in Operating Lease Equipment - Net | The components of the operating leases—net are as follows (in thousands): March 31, 2019 March 31, 2018 Cost of equipment under operating leases $ 21,532 $ 15,683 Accumulated depreciation (10,139 ) (8,729 ) Investment in operating lease equipment—net (1) $ 11,393 $ 6,954 (1) Amounts include estimated unguaranteed residual values of $2,906 thousand and $1,921 thousand as of March 31, 2019 and 2018, respectively. |
Future Minimum Rental Payments for Operating Leases | Future scheduled minimum lease rental payments as of March 31, 2019 are as follows (in thousands): Year ending March 31, 2019 $ 4,490 2020 2,728 2021 1,497 2022 1,315 2023 and thereafter 443 Total $ 10,473 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Changes in Goodwill | The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2019 and March 31, 2018, respectively (in thousands): Year Ended March 31, 2019 Year Ended March 31, 2018 Goodwill Accumulated Impairment Loss Net Carrying Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning Balance $ 85,297 $ (8,673 ) $ 76,624 $ 57,070 $ (8,673 ) $ 48,397 Acquisitions 34,352 - 34,352 27,996 - 27,996 Foreign currency translations (169 ) - (169 ) 231 - 231 Ending Balance $ 119,480 $ (8,673 ) $ 110,807 $ 85,297 $ (8,673 ) $ 76,624 |
Other Intangible Assets | Our other intangible assets consist of the following at March 31, 2019 and March 31, 2018 (in thousands): March 31, 2019 March 31, 2018 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization /Impairment Loss Net Carrying Amount Customer relationships & other intangibles $ 57,407 $ (23,865 ) $ 33,542 $ 41,895 $ (18,634 ) $ 23,261 Capitalized software development 10,188 (4,802 ) 5,386 5,608 (2,567 ) 3,041 Total $ 67,595 $ (28,667 ) $ 38,928 $ 47,503 $ (21,201 ) $ 26,302 |
RESERVES FOR CREDIT LOSSES (Tab
RESERVES FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
RESERVES FOR CREDIT LOSSES [Abstract] | |
Activity in Reserves for Credit Losses | Activity in our reserves for credit losses for the years ended March 31, 2019, 2018 and 2017 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Provision for credit losses 195 250 (110 ) 335 Write-offs and other (154 ) (231 ) - (385 ) Balance March 31, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Accounts Receivable Notes Receivable Lease-Related Total Balance April 1, 2017 $ 1,279 $ 3,434 $ 679 $ 5,392 Provision for credit losses 264 73 125 462 Write-offs and other (5 ) (3,021 ) (164 ) (3,190 ) Balance March 31, 2018 $ 1,538 $ 486 $ 640 $ 2,664 |
Reserve for Credit Losses and Minimum Lease Payments Associated with Notes Receivable and Investment in Direct Financing and Sales-type Lease Balances Disaggregated Based on Our Impairment Method | Our reserve for credit losses and minimum lease payments associated with our investment in direct financing and sales- type lease balances disaggregated on the basis of our impairment method were as follows (in thousands): March 31, 2019 March 31, 2018 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 443 $ 530 $ 424 $ 640 Ending balance: individually evaluated for impairment 62 - 62 - Ending balance $ 505 $ 530 $ 486 $ 640 Minimum payments: Ending balance: collectively evaluated for impairment $ 40,501 $ 64,201 $ 62,930 $ 65,943 Ending balance: individually evaluated for impairment 62 - 62 - Ending balance $ 40,563 $ 64,201 $ 62,992 $ 65,943 |
Balance Disaggregated Based on Internally Assigned CQR | The age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due disaggregated based on our internally assigned credit quality rating (“CQR”) were as follows as of March 31, 2019 and 2018 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Minimum Lease Payments Total Minimum Lease Payments Unearned Income Non- Recourse Notes Payable Net Credit Exposure March 31, 2019 High CQR $ 325 $ 41 $ 10 $ 376 $ 543 $ 29,503 $ 30,422 $ (2,799 ) $ (11,044 ) $ 16,579 Average CQR 22 54 15 91 125 33,563 33,779 (2,508 ) (20,848 ) 10,423 Low CQR - - - - - - - - - - Total $ 347 $ 95 $ 25 $ 467 $ 668 $ 63,066 $ 64,201 $ (5,307 ) $ (31,892 ) $ 27,002 March 31, 2018 High CQR $ 143 $ 40 $ 43 $ 226 $ 224 $ 33,779 $ 34,229 $ (3,743 ) $ (17,207 ) $ 13,279 Average CQR 109 31 117 257 171 31,286 31,714 (2,749 ) (16,012 ) 12,953 Low CQR - - - - - - - - - - Total $ 252 $ 71 $ 160 $ 483 $ 395 $ 65,065 $ 65,943 $ (6,492 ) $ (33,219 ) $ 26,232 |
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR | The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as March 31, 2019 and 2018 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure March 31, 2019 High CQR $ 990 $ 40 $ 30 $ 1,060 $ 3,813 $ 28,113 $ 32,986 $ (18,245 ) $ 14,741 Average CQR 105 34 7 146 137 7,232 7,515 (1,507 ) 6,008 Low CQR - - 62 62 - - 62 - 62 Total $ 1,095 $ 74 $ 99 $ 1,268 $ 3,950 $ 35,345 $ 40,563 $ (19,752 ) $ 20,811 March 31, 2018 High CQR $ 175 $ 527 $ 423 $ 1,125 $ 3,262 $ 40,896 $ 45,283 $ (30,345 ) $ 14,938 Average CQR 42 409 22 473 394 16,780 17,647 (10,424 ) 7,223 Low CQR - - 62 62 - - 62 - 62 Total $ 217 $ 936 $ 507 $ 1,660 $ 3,656 $ 57,676 $ 62,992 $ (40,769 ) $ 22,223 |
PROPERTY, EQUIPMENT, AND OTHE_2
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES [Abstract] | |
Property and Equipment-Net | Property and equipment—net consists of the following (in thousands): March 31, 2019 March 31, 2018 Furniture, fixtures and equipment $ 23,295 $ 20,167 Vehicles 302 336 Capitalized software 3,421 4,772 Leasehold improvements 6,010 5,252 Total assets 33,028 30,527 Accumulated depreciation and amortization (25,714 ) (23,017 ) Property and equipment - net $ 7,314 $ 7,510 |
Other Assets and Liabilities | Our other assets and liabilities consist of the following (in thousands): March 31, 2019 March 31, 2018 Other current assets: Deposits & funds held in escrow $ 438 $ 16,202 Prepaid assets 6,425 7,031 Other 636 392 Total other current assets $ 7,499 $ 23,625 Property, equipment and other assets Property and equipment, net $ 7,314 $ 7,510 Deferred costs 8,856 9,302 Other 1,158 2,331 Total other assets - long term $ 17,328 $ 19,143 Other current liabilities: Accrued expenses $ 7,813 $ 8,339 Accrued income taxes payable 181 175 Contingent consideration - current 5,162 5,806 Other 6,129 19,050 Total other current liabilities $ 19,285 $ 33,370 Other liabilities: Deferred revenue $ 13,789 $ 12,910 Contingent consideration - long-term 3,780 7,707 Other 108 450 Total other liabilities - long term $ 17,677 $ 21,067 |
NOTES PAYABLE AND CREDIT FACI_2
NOTES PAYABLE AND CREDIT FACILITY (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
NOTES PAYABLE AND CREDIT FACILITY [Abstract] | |
Non-recourse and Recourse Obligations | Recourse and non-recourse obligations consist of the following (in thousands): March 31, 2019 March 31, 2018 Recourse notes payable with interest rates of 4.00% March 31, 2019 and 4.11% at March 31, 2018. Current $ 28 $ 1,343 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 3.23% to 8.45% as of March 31, 2019 an d as Current $ 38,117 $ 40,863 Long-term 10,502 10,072 Total non-recourse notes payable $ 48,619 $ 50,935 |
Recourse and non-recourse Notes Payable | Recourse and non-recourse notes payable as of March 31, 2019, mature as follows (in thousands): Recourse Notes Payable Non-Recourse Notes Payable Year ending March 31, 2020 $ 28 $ 38,118 2021 - 7,448 2022 - 1,745 2023 - 1,003 2024 and thereafter - 305 $ 28 $ 48,619 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Future Minimum Lease Payments for Operating Leases Contractual Obligations | As of March 31, 2019, the future minimum lease payments are due as follows (in thousands): Operating Lease Contractual Obligations (in thousands) Year ending March 31, 2020 $ 4,530 2021 4,026 2022 2,727 2023 2,025 2024 and thereafter 293 Operating lease obligations 13,601 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share | The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2019, 2018 and 2017 (in thousands, except per share data). 2019 2018 2017 Net earnings attributable to common shareholders - basic and diluted $ 63,192 $ 55,122 $ 50,556 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,448 13,790 13,867 Effect of dilutive shares 130 177 161 Weighted average shares common outstanding — diluted 13,578 13,967 14,028 Earnings per common share - basic $ 4.70 $ 4.00 $ 3.65 Earnings per common share - diluted $ 4.65 $ 3.95 $ 3.60 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
SHARE-BASED COMPENSATION [Abstract] | |
Summary of Non-vested Restricted Shares | A summary of the non-vested restricted shares for year ended March 31, 2019 as follows: Number of Shares Weighted Average Grant- date Fair Value Nonvested April 1, 2018 282,235 $ 51.69 Granted 78,645 $ 94.22 Vested (133,687 ) $ 49.22 Forfeited (3,193 ) $ 79.36 Nonvested March 31, 2019 224,000 $ 67.70 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
INCOME TAXES [Abstract] | |
Reconciliation of Income Taxes to Statutory Federal Income Tax Rate | A reconciliation of income taxes computed at the applicable statutory federal income tax rate to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages): Year Ended March 31, 2019 2018 2017 Statutory federal income tax rate 21.0 % 31.5 % 35.0 % Income tax expense computed at the U.S. statutory federal rate $ 18,139 $ 26,505 $ 30,134 Effect of federal reduction of statutory rate - (1,654 ) State income tax expense—net of federal benefit 4,795 3,842 4,193 Non-deductible executive compensation 630 658 512 Other (526 ) (582 ) 717 Provision for income taxes $ 23,038 $ 28,769 $ 35,556 Effective income tax rate 26.7 % 34.3 % 41.3 % |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands): Year Ended March 31, 2019 2018 2017 Current: Federal $ 12,709 $ 23,196 $ 29,619 State 6,591 5,377 7,001 Foreign 454 240 132 Total current expense 19,754 28,813 36,752 Deferred: Federal 3,826 (611 ) (622 ) State (249 ) 154 (432 ) Foreign (293 ) 413 (142 ) Total deferred expense (benefit) 3,284 (44 ) (1,196 ) Provision for income taxes $ 23,038 $ 28,769 $ 35,556 |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows (in thousands): March 31, 2019 2018 Deferred Tax Assets: Accrued vacation $ 2,167 $ 1,596 Deferred revenue 1,260 668 Reserve for credit losses 587 607 Restricted stock 1,455 1,270 Other accruals and reserves 1,430 1,497 Other credits and carryforwards 1,065 1,335 Gross deferred tax assets 7,964 6,973 Less: valuation allowance (1,065 ) (1,335 ) Net deferred tax assets 6,899 5,638 Deferred Tax Liabilities: Basis difference in fixed assets (2,150 ) (1,570 ) Basis difference in operating leases (9,197 ) (4,517 ) Basis difference in tax deductible goodwill (467 ) (1,213 ) Total deferred tax liabilities (11,814 ) (7,300 ) Net deferred tax liabilities $ (4,915 ) $ (1,662 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value Hierarchy of Financial Instruments | The following tables summarize the fair value hierarchy of our financial instruments as of March 31, 2019 and 2018 (in thousands): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) March 31, 2019 Assets: Money market funds $ 50 $ 50 $ - $ - Liabilities: Contingent consideration $ 8,942 $ - $ - $ 8,942 March 31, 2018 Assets: Money market funds $ 60,385 $ 60,385 $ - $ - Liabilities: Contingent consideration $ 13,513 $ - $ - $ 13,513 March 31, 2017 Assets: Money market funds $ 50,866 $ 50,866 $ - $ - Liabilities: Contingent consideration $ 554 $ - $ - $ 554 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
SLAIT Consulting, LLC [Member] | |
Business Combination [Abstract] | |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed | Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 10,208 Other assets 1,050 Identified intangible assets 18,190 Accounts payable and other current liabilities (8,669 ) Performance obligation (5,110 ) Total identifiable net assets 15,669 Goodwill 34,352 Total purchase consideration $ 50,021 |
Integrated Data Storage LLC [Member] | |
Business Combination [Abstract] | |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed | Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable and other assets $ 14,353 Property and equipment 1,620 Identified intangible assets 13,650 Accounts payable and other current liabilities (12,313 ) Total identifiable net assets 17,310 Goodwill 21,088 Total purchase consideration $ 38,398 |
OneCloud Consulting, Inc [Member] | |
Business Combination [Abstract] | |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed | Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable and other assets $ 488 Identified intangible assets 4,130 Accounts payable and other current liabilities (1,822 ) Total identifiable net assets 2,796 Goodwill 7,189 Total purchase consideration $ 9,985 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
SEGMENT REPORTING [Abstract] | |
Segment Reporting Information, by Reportable Segment | Our reportable segment information was as follows (in thousands): Fiscal Year Ended March 31, 2019 March 31, 2018 March 31, 2017 Technology Financing Total Technology Financing Total Technology Financing Total Sales Product $ 1,180,042 $ 43,153 $ 1,223,195 $ 1,243,270 $ 46,037 $ 1,289,307 $ 1,197,503 $ 36,841 $ 1,234,344 Service 149,478 - 149,478 129,495 - 129,495 97,434 - 97,434 Net sales 1,329,520 43,153 1,372,673 1,372,765 46,037 1,418,802 1,294,937 36,841 $ 1,331,778 Cost of Sales Product 945,037 7,427 952,464 1,013,748 9,842 1,023,590 971,648 6,831 978,479 Service 89,821 - 89,821 71,730 - 71,730 53,540 - 53,540 Cost of sales 1,034,858 7,427 1,042,285 1,085,478 9,842 1,095,320 1,025,188 6,831 1,032,019 Gross Profit 294,662 35,726 330,388 287,288 36,195 323,482 269,749 30,010 299,759 Selling, general, and administrative 226,112 10,970 237,082 214,980 13,147 228,127 193,594 11,638 205,232 Depreciation and amortization 11,812 12 11,824 9,918 3 9,921 7,243 9 7,252 Interest and financing costs - 1,948 1,948 - 1,195 1,195 - 1,543 1,543 Operating expenses 237,924 12,930 250,854 224,898 14,345 239,243 200,837 13,190 214,027 Operating income 56,738 22,796 79,534 62,389 21,850 84,239 68,912 16,820 85,732 Other income (expense) 6,696 (348 ) 380 Earnings before tax $ 86,230 $ 83,891 $ 86,112 Net Sales Contracts with customers $ 1,308,405 $ 3,577 $ 1,311,982 $ 1,356,225 $ 13,732 $ 1,369,957 $ 1,261,078 $ 7,355 $ 1,268,433 Financing and other 21,115 39,576 60,691 16,540 32,305 48,845 33,859 29,486 63,345 Net sales $ 1,329,520 $ 43,153 $ 1,372,673 $ 1,372,765 $ 46,037 $ 1,418,802 $ 1,294,937 $ 36,841 $ 1,331,778 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 12,661 $ 5,978 $ 18,639 $ 10,461 $ 5,366 $ 15,827 $ 7,365 $ 4,366 $ 11,731 Purchases of property, equipment and operating lease equipment $ 6,042 $ 5,587 $ 11,629 $ 5,353 $ 2,237 $ 7,590 $ 3,356 $ 6,202 $ 9,558 Selected Financial Data - Balance Sheet Total assets $ 607,998 $ 178,200 $ 786,198 $ 537,776 $ 217,695 $ 755,471 $ 533,560 $ 208,160 $ 741,720 |
Geographical Information | The geographic information for the years ended March 31, 2019, 2018 and 2017 was as follows (in thousands): Year Ended March 31, 2019 2018 2017 Net sales: U.S. $ 1,284,482 $ 1,349,254 $ 1,296,094 Non U.S. 88,191 69,548 35,684 Total $ 1,372,673 $ 1,418,802 $ 1,331,778 As of March 31, 2019 2018 Long-lived tangible assets: U.S. $ 32,570 $ 24,445 Non U.S. 1,156 494 Total $ 33,726 $ 24,939 |
Technology Segment Disaggregation of Revenue | We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Fiscal Year Ended March 31, 2019 2018 2017 Customer end market: Technology $ 293,362 $ 330,241 $ 302,097 Telecom, Media & Entertainment 175,260 194,292 195,237 Financial Services 202,074 201,712 166,179 SLED 223,330 234,141 266,070 Healthcare 193,754 189,889 143,154 All others 241,740 222,490 220,200 Net sales 1,329,520 1,372,765 1,294,937 Financing and other (21,115 ) (16,540 ) (33,859 ) Revenue from contracts with customers $ 1,308,405 $ 1,356,225 $ 1,261,078 Fiscal Year Ended March 31, 2019 2018 2017 Vendor Cisco Systems $ 556,182 $ 582,419 $ 604,111 NetApp 48,858 54,821 69,096 HP Inc. & HPE 74,348 86,675 77,977 Dell / EMC 61,284 54,294 56,124 Arista Networks 57,850 52,521 13,757 Juniper 48,943 44,623 67,924 All others 482,055 497,412 405,948 Net sales 1,329,520 1,372,765 1,294,937 Financing and other (21,115 ) (16,540 ) (33,859 ) Revenue from contracts with customers $ 1,308,405 $ 1,356,225 $ 1,261,078 |
QUARTERLY DATA -UNAUDITED (Tabl
QUARTERLY DATA -UNAUDITED (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
QUARTERLY DATA -UNAUDITED [Abstract] | |
Condensed Quarterly Financial Information | Condensed quarterly financial information is as follows (amounts in thousands, except per share amounts): Year Ended March 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount Sales Product $ 322,817 $ 309,475 $ 310,443 $ 280,460 1,223,195 Service 33,715 35,568 35,221 44,974 149,478 Total net sales 356,532 345,043 345,664 325,434 1,372,673 Cost of Sales Product 255,812 238,134 241,856 216,662 952,464 Service 20,017 21,409 20,895 27,500 89,821 Total cost of sales 275,829 259,543 262,751 244,162 1,042,285 Gross profit 80,703 85,500 82,913 81,272 330,388 Selling, general, and administrative expenses 56,966 57,705 59,728 62,683 237,082 Depreciation and amortization 2,790 2,741 2,719 3,574 11,824 Interest and financing costs 476 484 443 545 1,948 Operating expenses 60,232 60,930 62,890 66,802 250,854 Operating income 20,471 24,570 20,023 14,470 79,534 Other income and (expense) 97 322 721 5,556 6,696 Earnings before provision for income taxes 20,568 24,892 20,744 20,026 86,230 Provision for income taxes 5,295 6,889 5,880 4,974 23,038 Net earnings $ 15,273 $ 18,003 $ 14,864 $ 15,052 $ 63,192 Net earnings per common share— Basic (1) $ 1.14 $ 1.33 $ 1.10 $ 1.12 $ 4.70 Net earnings per common share— Diluted (1) $ 1.12 $ 1.33 $ 1.10 $ 1.12 $ 4.65 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. Year Ended March 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount (as adjusted) Sales Product $ 346,245 $ 339,710 $ 310,120 $ 293,232 1,289,307 Service 27,111 31,653 34,106 36,625 129,495 Total net sales 373,356 371,363 344,226 329,857 1,418,802 Cost of Sales Product 280,755 266,732 247,891 228,212 1,023,590 Service 15,008 17,060 19,647 20,015 71,730 Total cost of sales 295,763 283,792 267,538 248,227 1,095,320 Gross profit 77,593 87,571 76,688 81,630 323,482 Selling, general, and administrative expenses 54,664 56,340 57,134 59,989 228,127 Depreciation and amortization 2,063 2,129 2,894 2,835 9,921 Interest and financing costs 359 274 270 292 1,195 Operating expenses 57,086 58,743 60,298 63,116 239,243 Operating income 20,507 28,828 16,390 18,514 84,239 Other income and (expense) 271 (141 ) (131 ) (347 ) (348 ) Earnings before provision for income taxes 20,778 28,687 16,259 18,167 83,891 Provision for income taxes 7,355 11,466 678 9,270 28,769 Net earnings $ 13,423 $ 17,221 $ 15,581 $ 8,897 $ 55,122 Net earnings per common share— Basic (1) $ 0.97 $ 1.24 $ 1.12 $ 0.65 $ 4.00 Net earnings per common share— Diluted (1) $ 0.96 $ 1.23 $ 1.11 $ 0.65 $ 3.95 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition, Financing Receivables and Operating Leases (Details) | 12 Months Ended |
Mar. 31, 2019 | |
REVENUE RECOGNITION [Abstract] | |
Lease criteria, estimated economic life | 75.00% |
Lease criteria, fair value of lease payments at inception of lease | 90.00% |
Minimum [Member] | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Financing receivables and operating leases term | 3 years |
Financing receivables and operating leases, term range | 42 months |
Maximum [Member] | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Financing receivables and operating leases term | 7 years |
Financing receivables and operating leases, term range | 48 months |
Information Technology Equipment [Member] | Minimum [Member] | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Operating lease term | 36 months |
Information Technology Equipment [Member] | Maximum [Member] | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Operating lease term | 84 months |
Medical Equipment [Member] | Minimum [Member] | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Operating lease term | 48 months |
Medical Equipment [Member] | Maximum [Member] | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Operating lease term | 60 months |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentrations of Risk, Inventories, Capitalization of Costs of Software for Internal Use, and Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
INVENTORIES [Abstract] | |||
Allowance for obsolescence | $ 259 | $ 247 | |
CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE [Abstract] | |||
Intangible assets | $ 38,928 | 26,302 | |
Minimum [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 10 years | ||
Information Technology Equipment [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 3 years | ||
Software Licenses [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 10 years | ||
Telecommunications Equipment [Member] | |||
PROPERTY AND EQUIPMENT [Abstract] | |||
Property, plant and equipment, useful life | 7 years | ||
Software Capitalized for Internal [Member] | |||
CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE [Abstract] | |||
Intangible assets | $ 2,500 | 2,100 | |
Other assets | $ 5,400 | $ 3,300 | |
Product Sales [Member] | Customer Concentration Risk [Member] | Cisco Systems [Member] | |||
CONCENTRATIONS OF RISK [Abstract] | |||
Percentage of concentration risk | 42.00% | 42.00% | 47.00% |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Vendor Consideration, Financial Instruments, and Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
VENDOR CONSIDERATION [Abstract] | |||
Amount due from vendors | $ 13,100 | $ 12,800 | |
FOREIGN CURRENCY TRANSLATION [Abstract] | |||
Foreign currency translation gain (loss) | 400 | (800) | $ (700) |
Carrying Amount [Member] | |||
FINANCIAL INSTRUMENTS [Abstract] | |||
Notes receivable, fair value disclosure | 40,400 | 62,900 | |
Recourse payable, fair value disclosure | 1,300 | ||
Non-recourse payable, fair value disclosure | 48,600 | 50,900 | |
Fair Value [Member] | |||
FINANCIAL INSTRUMENTS [Abstract] | |||
Notes receivable, fair value disclosure | 40,500 | 63,000 | |
Recourse payable, fair value disclosure | 1,300 | ||
Non-recourse payable, fair value disclosure | $ 48,700 | $ 51,100 |
RECENT ACCOUNTING PRONOUNCEME_3
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Abstract] | |||||||||||
Net sales | $ 1,311,982 | $ 1,369,957 | $ 1,268,433 | ||||||||
Accounts receivable-trade, net | $ (299,899) | $ (268,287) | (299,899) | (268,287) | |||||||
Accounts receivable-other, net | 41,328 | 28,401 | 41,328 | 28,401 | |||||||
Deferred costs | (17,301) | (16,589) | (17,301) | (16,589) | |||||||
Prepaid assets | 6,425 | 7,031 | 6,425 | 7,031 | |||||||
Cost of sales | 244,162 | $ 262,751 | $ 259,543 | $ 275,829 | 248,227 | $ 267,538 | $ 283,792 | $ 295,763 | 1,042,285 | 1,095,320 | 1,032,019 |
ASU 2016-02 [Member] | Plan [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Abstract] | |||||||||||
Right to use assets | 12,700 | 12,700 | |||||||||
Lease liabilities | 12,300 | 12,300 | |||||||||
Prepaid assets | $ 400 | 400 | |||||||||
ASU 2016-02 [Member] | Plan [Member] | Minimum [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Abstract] | |||||||||||
Net sales | 1,000 | ||||||||||
Cost of sales | 1,000 | ||||||||||
ASU 2016-02 [Member] | Plan [Member] | Maximum [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Abstract] | |||||||||||
Net sales | 2,000 | ||||||||||
Cost of sales | $ 2,000 | ||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ASU 2014-09 [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Abstract] | |||||||||||
Net sales | 7,800 | $ 2,400 | |||||||||
Accounts receivable-trade, net | (1,900) | (1,900) | |||||||||
Accounts receivable-other, net | 1,900 | 1,900 | |||||||||
Deferred costs | (3,200) | (3,200) | |||||||||
Deferred revenue | $ (3,200) | $ (3,200) |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Contract with Customer, Asset and Liability [Abstract] | ||
Accounts receivable - trade | $ 16,200 | $ 28,100 |
Current (included in deferred revenue) | 46,356 | 34,643 |
Non-current (included in other liabilities) | 13,593 | 12,699 |
Revenue recognized from the beginning contract liability | 32,000 | $ 60,900 |
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation | 36,542 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation | $ 22,949 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation | $ 9,594 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation | $ 3,182 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation | $ 796 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation | $ 21 | |
Expected timing of satisfaction, period | 1 year |
FINANCING RECEIVABLES AND OPE_3
FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||||
Financing Receivables [Abstract] | ||||||
Reserve for credit losses | $ (2,614) | $ (2,664) | $ (5,392) | |||
Reported as [Abstract] | ||||||
Current | 63,767 | 69,936 | ||||
Estimated unguaranteed residual values for direct financing lease | 8,996 | 6,004 | ||||
Accumulated amortization of initial direct cost | 275 | 341 | ||||
Collateral for non-recourse notes payable - Financing receivables | 50,200 | 52,000 | ||||
Collateral for non-recourse notes payable - Operating leases | 7,800 | 5,300 | ||||
Gain on sale of financing receivables | 9,100 | 6,800 | 8,100 | |||
Proceeds from sale of financing receivables | 276,100 | 267,300 | 339,400 | |||
Deferred revenue for servicing obligation | 400 | 500 | ||||
Future scheduled minimum lease payments [Abstract] | ||||||
Year ending March 31, 2019 | 37,223 | |||||
2020 | 17,382 | |||||
2021 | 7,469 | |||||
2022 | 1,960 | |||||
2023 and thereafter | 167 | |||||
Total | 64,201 | |||||
Investment in operating lease equipment - net [Abstract] | ||||||
Cost of equipment under operating leases | 21,532 | 15,683 | ||||
Accumulated depreciation | (10,139) | (8,729) | ||||
Investment in operating lease equipment - net | [1] | 11,393 | 6,954 | |||
Unguaranteed residual value of operating lease equipment net | 2,906 | 1,921 | ||||
Maximum potential future payments related guarantees | 400 | |||||
Future scheduled minimum lease rental payments [Abstract] | ||||||
Year ending March 31, 2019 | 4,490 | |||||
2020 | 2,728 | |||||
2021 | 1,497 | |||||
2022 | 1,315 | |||||
2023 and thereafter | 443 | |||||
Total | 10,473 | |||||
Notes Receivables [Member] | ||||||
Financing Receivables [Abstract] | ||||||
Minimum payments | 40,563 | 62,992 | ||||
Estimated unguaranteed residual value | 0 | [2] | 0 | [3] | ||
Initial direct costs, net of amortization | 377 | [4] | 375 | [5] | ||
Unearned income | 0 | 0 | ||||
Reserve for credit losses | (505) | [6] | (486) | [6] | (3,434) | |
Total, net | 40,435 | 62,881 | [6] | |||
Reported as [Abstract] | ||||||
Current | 30,852 | 39,993 | ||||
Long-term | 9,583 | 22,888 | ||||
Total, net | 40,435 | 62,881 | [6] | |||
Lease-Related Receivables [Member] | ||||||
Financing Receivables [Abstract] | ||||||
Minimum payments | 64,201 | 65,943 | ||||
Estimated unguaranteed residual value | 14,639 | [2] | 11,226 | [3] | ||
Initial direct costs, net of amortization | 332 | [4] | 334 | [5] | ||
Unearned income | (7,671) | (8,251) | ||||
Reserve for credit losses | (530) | [6] | (640) | [6] | $ (679) | |
Total, net | 70,971 | 68,612 | [6] | |||
Reported as [Abstract] | ||||||
Current | 32,914 | 29,943 | ||||
Long-term | 38,057 | 38,669 | ||||
Total, net | 70,971 | 68,612 | [6] | |||
Total Financing Receivables [Member] | ||||||
Financing Receivables [Abstract] | ||||||
Minimum payments | 104,764 | 128,935 | ||||
Estimated unguaranteed residual value | 14,639 | [2] | 11,226 | [3] | ||
Initial direct costs, net of amortization | 709 | [4] | 709 | [5] | ||
Unearned income | (7,671) | (8,251) | ||||
Reserve for credit losses | [6] | (1,035) | (1,126) | |||
Total, net | 111,406 | 131,493 | [6] | |||
Reported as [Abstract] | ||||||
Current | 63,766 | 69,936 | ||||
Long-term | 47,640 | 61,557 | ||||
Total, net | $ 111,406 | $ 131,493 | [6] | |||
[1] | Amounts include estimated unguaranteed residual values of $2,906 thousand and $1,921 thousand as of March 31, 2019 and 2018, respectively. | |||||
[2] | Includes estimated unguaranteed residual values of $8,996 thousand for direct financing leases, which have been accounted for as sales under Codification Topic Transfers and Servicing. | |||||
[3] | Includes estimated unguaranteed residual values of $6,004 thousand for direct financing leases, which have been accounted for as sales under Codification Topic Transfers and Servicing. | |||||
[4] | Initial direct costs are shown net of amortization of $275 thousand. | |||||
[5] | Initial direct costs are shown net of amortization of $341 thousand. | |||||
[6] | For details on reserve for credit losses, refer to Note 6, "Reserves for Credit Losses." |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 85,297 | $ 57,070 |
Goodwill, Accumulated Impairment Loss, Beginning Balance | (8,673) | (8,673) |
Goodwill, Net Carrying Amount, Beginning Balance | 76,624 | 48,397 |
Acquisitions | 34,352 | 27,996 |
Foreign currency translations | (169) | 231 |
Goodwill, Ending Balance | 119,480 | 85,297 |
Goodwill, Accumulated Impairment Loss, Ending Balance | (8,673) | (8,673) |
Goodwill, Net Carrying Amount, Ending Balance | $ 110,807 | $ 76,624 |
Percentage change in the fair value | 10.00% |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Other Intangible Assets [Abstract] | |||
Intangibles Assets, Gross Carrying Amount | $ 67,595 | $ 47,503 | |
Intangibles Assets, Accumulated amortization / Impairment Loss | (28,667) | (21,201) | |
Intangible Assets, Net Carrying Amount | 38,928 | 26,302 | |
Total amortization expense | 7,900 | 6,400 | $ 4,400 |
Future amortization expense for years ended March 31 [Abstract] | |||
2020 | 9,800 | ||
2021 | 8,300 | ||
2022 | 6,900 | ||
2023 | 5,400 | ||
2024 | 3,800 | ||
Customer Relationships & Other Intangibles [Member] | |||
Other Intangible Assets [Abstract] | |||
Intangibles Assets, Gross Carrying Amount | 57,407 | 41,895 | |
Intangibles Assets, Accumulated amortization / Impairment Loss | (23,865) | (18,634) | |
Intangible Assets, Net Carrying Amount | $ 33,542 | 23,261 | |
Customer Relationships & Other Intangibles [Member] | Minimum [Member] | |||
Other Intangible Assets [Abstract] | |||
Estimated useful life | 5 years | ||
Customer Relationships & Other Intangibles [Member] | Maximum [Member] | |||
Other Intangible Assets [Abstract] | |||
Estimated useful life | 10 years | ||
Capitalized Software Development [Member] | |||
Other Intangible Assets [Abstract] | |||
Intangibles Assets, Gross Carrying Amount | $ 10,188 | 5,608 | |
Intangibles Assets, Accumulated amortization / Impairment Loss | (4,802) | (2,567) | |
Intangible Assets, Net Carrying Amount | $ 5,386 | $ 3,041 | |
Estimated useful life | 5 years |
RESERVES FOR CREDIT LOSSES, Act
RESERVES FOR CREDIT LOSSES, Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Activity in reserves for credit losses [Roll Forward] | ||||
Balance | $ 2,664 | $ 5,392 | ||
Provision for credit losses | 335 | 462 | ||
Write-offs and other | (385) | (3,190) | ||
Balance | 2,614 | 2,664 | ||
Accounts Receivable [Member] | ||||
Activity in reserves for credit losses [Roll Forward] | ||||
Balance | 1,538 | 1,279 | ||
Provision for credit losses | 195 | 264 | ||
Write-offs and other | (154) | (5) | ||
Balance | 1,579 | 1,538 | ||
Notes Receivable [Member] | ||||
Activity in reserves for credit losses [Roll Forward] | ||||
Balance | 486 | [1] | 3,434 | |
Provision for credit losses | 250 | 73 | ||
Write-offs and other | (231) | (3,021) | ||
Balance | [1] | 505 | 486 | |
Lease-Related Receivables [Member] | ||||
Activity in reserves for credit losses [Roll Forward] | ||||
Balance | 640 | [1] | 679 | |
Provision for credit losses | (110) | 125 | ||
Write-offs and other | 0 | (164) | ||
Balance | [1] | $ 530 | $ 640 | |
[1] | For details on reserve for credit losses, refer to Note 6, "Reserves for Credit Losses." |
RESERVES FOR CREDIT LOSSES, Dis
RESERVES FOR CREDIT LOSSES, Disaggregated Based on Impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Reserve for credit losses [Abstract] | |||||
Ending balance | $ 2,614 | $ 2,664 | $ 5,392 | ||
Minimum payments [Abstract] | |||||
Ending balance: individually evaluated for impairment | 100 | 100 | |||
Notes Receivable [Member] | |||||
Reserve for credit losses [Abstract] | |||||
Ending balance: collectively evaluated for impairment | 443 | 424 | |||
Ending balance: individually evaluated for impairment | 62 | 62 | |||
Ending balance | 505 | [1] | 486 | [1] | 3,434 |
Minimum payments [Abstract] | |||||
Ending balance: collectively evaluated for impairment | 40,501 | 62,930 | |||
Ending balance: individually evaluated for impairment | 62 | 62 | |||
Ending balance | 40,563 | 62,992 | |||
Lease-Related Receivables [Member] | |||||
Reserve for credit losses [Abstract] | |||||
Ending balance: collectively evaluated for impairment | 530 | 640 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance | 530 | [1] | 640 | [1] | $ 679 |
Minimum payments [Abstract] | |||||
Ending balance: collectively evaluated for impairment | 64,201 | 65,943 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance | $ 64,201 | $ 65,943 | |||
[1] | For details on reserve for credit losses, refer to Note 6, "Reserves for Credit Losses." |
RESERVES FOR CREDIT LOSSES, CQR
RESERVES FOR CREDIT LOSSES, CQR (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | $ 467 | $ 483 |
Current | 668 | 395 |
Unbilled minimum lease payments | 63,066 | 65,065 |
Total minimum lease payments | 64,201 | 65,943 |
Unearned income | (5,307) | (6,492) |
Non-recourse notes payable | (31,892) | (33,219) |
Net credit exposure | 27,002 | 26,232 |
Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 1,268 | 1,660 |
Current | 3,950 | 3,656 |
Unbilled minimum lease payments | 35,345 | 57,676 |
Total minimum lease payments | 40,563 | 62,992 |
Non-recourse notes payable | (19,752) | (40,769) |
Net credit exposure | $ 20,811 | 22,223 |
High CQR [Member] | Minimum [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Losses on net credit exposure | 0.00% | |
High CQR [Member] | Maximum [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Losses on net credit exposure | 5.00% | |
High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | $ 376 | 226 |
Current | 543 | 224 |
Unbilled minimum lease payments | 29,503 | 33,779 |
Total minimum lease payments | 30,422 | 34,229 |
Unearned income | (2,799) | (3,743) |
Non-recourse notes payable | (11,044) | (17,207) |
Net credit exposure | 16,579 | 13,279 |
High CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 1,060 | 1,125 |
Current | 3,813 | 3,262 |
Unbilled minimum lease payments | 28,113 | 40,896 |
Total minimum lease payments | 32,986 | 45,283 |
Non-recourse notes payable | (18,245) | (30,345) |
Net credit exposure | $ 14,741 | 14,938 |
Average CQR [Member] | Minimum [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Losses on net credit exposure | 2.00% | |
Average CQR [Member] | Maximum [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Losses on net credit exposure | 15.00% | |
Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | $ 91 | 257 |
Current | 125 | 171 |
Unbilled minimum lease payments | 33,563 | 31,286 |
Total minimum lease payments | 33,779 | 31,714 |
Unearned income | (2,508) | (2,749) |
Non-recourse notes payable | (20,848) | (16,012) |
Net credit exposure | 10,423 | 12,953 |
Average CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 146 | 473 |
Current | 137 | 394 |
Unbilled minimum lease payments | 7,232 | 16,780 |
Total minimum lease payments | 7,515 | 17,647 |
Non-recourse notes payable | (1,507) | (10,424) |
Net credit exposure | $ 6,008 | 7,223 |
Low CQR [Member] | Minimum [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Losses on net credit exposure | 15.00% | |
Low CQR [Member] | Maximum [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Losses on net credit exposure | 100.00% | |
Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | $ 0 | 0 |
Current | 0 | 0 |
Unbilled minimum lease payments | 0 | 0 |
Total minimum lease payments | 0 | 0 |
Unearned income | 0 | 0 |
Non-recourse notes payable | 0 | 0 |
Net credit exposure | 0 | 0 |
Low CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 62 | 62 |
Current | 0 | 0 |
Unbilled minimum lease payments | 0 | 0 |
Total minimum lease payments | 62 | 62 |
Non-recourse notes payable | 0 | 0 |
Net credit exposure | 62 | 62 |
31 to 60 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 347 | 252 |
31 to 60 Days Past Due [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 1,095 | 217 |
31 to 60 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 325 | 143 |
31 to 60 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 990 | 175 |
31 to 60 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 22 | 109 |
31 to 60 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 105 | 42 |
31 to 60 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 0 | 0 |
31 to 60 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 0 | 0 |
61 to 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 95 | 71 |
61 to 90 Days Past Due [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 74 | 936 |
61 to 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 41 | 40 |
61 to 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 40 | 527 |
61 to 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 54 | 31 |
61 to 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 34 | 409 |
61 to 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 0 | 0 |
61 to 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 0 | 0 |
Greater than 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 25 | 160 |
Greater than 90 Days Past Due [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 99 | 507 |
Greater than 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 10 | 43 |
Greater than 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 30 | 423 |
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 15 | 117 |
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 7 | 22 |
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | 0 | 0 |
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member] | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||
Total past due | $ 62 | $ 62 |
PROPERTY, EQUIPMENT, AND OTHE_3
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property and equipment - net [Abstract] | |||
Total assets | $ 33,028 | $ 30,527 | |
Accumulated depreciation and amortization | (25,714) | (23,017) | |
Property and equipment - net | 7,314 | 7,510 | |
Depreciation expense on property and equipment | 4,700 | 4,100 | $ 3,000 |
Other current assets [Abstract] | |||
Deposits & funds held in escrow | 438 | 16,202 | |
Prepaid assets | 6,425 | 7,031 | |
Other | 636 | 392 | |
Total other current assets | 7,499 | 23,625 | |
Property, equipment and other assets [Abstract] | |||
Property and equipment, net | 7,314 | 7,510 | |
Deferred costs | 8,856 | 9,302 | |
Other | 1,158 | 2,331 | |
Total other assets - long term | 17,328 | 19,143 | |
Other current liabilities [Abstract] | |||
Accrued expenses | 7,813 | 8,339 | |
Accrued income taxes payable | 181 | 175 | |
Contingent consideration - current | 5,162 | 5,806 | |
Other | 6,129 | 19,050 | |
Total other current liabilities | 19,285 | 33,370 | |
Other liabilities [Abstract] | |||
Deferred revenue | 13,789 | 12,910 | |
Contingent consideration - long-term | 3,780 | 7,707 | |
Other | 108 | 450 | |
Total other liabilities - long term | 17,677 | 21,067 | |
Decrease in other current liabilities | (10,300) | ||
Furniture, Fixtures and Equipment [Member] | |||
Property and equipment - net [Abstract] | |||
Total assets | 23,295 | 20,167 | |
Vehicles [Member] | |||
Property and equipment - net [Abstract] | |||
Total assets | 302 | 336 | |
Capitalized Software [Member] | |||
Property and equipment - net [Abstract] | |||
Total assets | 3,421 | 4,772 | |
Leasehold Improvements [Member] | |||
Property and equipment - net [Abstract] | |||
Total assets | $ 6,010 | $ 5,252 |
NOTES PAYABLE AND CREDIT FACI_3
NOTES PAYABLE AND CREDIT FACILITY (Details) $ in Thousands | Jul. 27, 2017USD ($)Component | Mar. 31, 2019USD ($)Component | Jan. 15, 2019USD ($) | Jan. 14, 2019USD ($) | Mar. 31, 2018USD ($) | Oct. 31, 2017USD ($) |
Recourse Notes Payable [Abstract] | ||||||
Current | $ 28 | $ 1,343 | ||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Current | 38,117 | 40,863 | ||||
Long-term | 10,502 | 10,072 | ||||
Guarantor obligations for credit facility, maximum | 400 | |||||
Recourse Note Payable [Member] | ||||||
Recourse Notes Payable [Abstract] | ||||||
Current | $ 28 | $ 1,343 | ||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Interest rate of notes | 4.00% | 4.11% | ||||
Weighted average interest rate of notes | 4.00% | 4.11% | ||||
Debt Maturity [Abstract] | ||||||
Year ending March 31, 2020 | $ 28 | |||||
2021 | 0 | |||||
2022 | 0 | |||||
2023 | 0 | |||||
2024 and thereafter | 0 | |||||
Total | 28 | |||||
Non-Recourse Note Payable [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Current | 38,117 | $ 40,863 | ||||
Long-term | 10,502 | 10,072 | ||||
Total non-recourse notes payable | $ 48,619 | $ 50,935 | ||||
Weighted average interest rate of notes | 4.68% | 4.04% | ||||
Debt Maturity [Abstract] | ||||||
Year ending March 31, 2020 | $ 38,118 | |||||
2021 | 7,448 | |||||
2022 | 1,745 | |||||
2023 | 1,003 | |||||
2024 and thereafter | 305 | |||||
Total | $ 48,619 | |||||
Non-Recourse Note Payable [Member] | Minimum [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Interest rate of notes | 3.23% | 2.04% | ||||
Non-Recourse Note Payable [Member] | Maximum [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Interest rate of notes | 8.45% | 8.45% | ||||
WFCDF [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Number of components under credit facility | Component | 2 | 2 | ||||
Maximum borrowing capacity under credit facility | $ 250,000 | $ 250,000 | $ 325,000 | |||
Maturity date of credit facility | Oct. 31, 2017 | |||||
Period of notice required to terminate credit facility at quarter end | 45 days | |||||
Period of notice required to terminate credit facility at year end | 90 days | |||||
Guarantor obligations for credit facility, maximum | $ 10,500 | |||||
WFCDF [Member] | Floor Plan Component [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Amount outstanding under credit facility | 116,100 | $ 112,100 | ||||
WFCDF [Member] | Account Receivable Component [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Amount outstanding under credit facility | 0 | $ 0 | ||||
Maximum borrowing capacity under credit facility | $ 50,000 | $ 50,000 | $ 30,000 | |||
WFCDF [Member] | Account Receivable Component [Member] | LIBOR [Member] | ||||||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||||||
Debt instrument term of variable rate | 1 month | |||||
Basis spread on reference rate | 2.50% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |||
Rent expense | $ 5,200 | $ 6,700 | $ 5,600 |
Future Minimum Lease Payments [Abstract] | |||
Year ending March 31, 2020 | 4,530 | ||
2021 | 4,026 | ||
2022 | 2,727 | ||
2023 | 2,025 | ||
2024 and thereafter | 293 | ||
Operating lease obligations | 13,601 | ||
Legal Proceedings [Abstract] | |||
Claim settlement received | $ 6,300 | $ 380 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||
Net earnings attributable to common shareholders - basic and diluted | $ 15,052 | $ 14,864 | $ 18,003 | $ 15,273 | $ 8,897 | $ 15,581 | $ 17,221 | $ 13,423 | $ 63,192 | $ 55,122 | $ 50,556 | ||||||||||
Basic and diluted common shares outstanding [Abstract] | |||||||||||||||||||||
Weighted average common shares outstanding - basic (in shares) | 13,448 | 13,790 | 13,867 | ||||||||||||||||||
Effect of dilutive shares (in shares) | 130 | 177 | 161 | ||||||||||||||||||
Weighted average shares common outstanding - diluted (in shares) | 13,578 | 13,967 | 14,028 | ||||||||||||||||||
Earnings per common share - basic (in dollars per share) | $ 1.12 | [1] | $ 1.10 | [1] | $ 1.33 | [1] | $ 1.14 | [1] | $ 0.65 | [1] | $ 1.12 | [1] | $ 1.24 | [1] | $ 0.97 | [1] | $ 4.70 | [1] | $ 4 | [1] | $ 3.65 |
Earnings per common share - diluted (in dollars per share) | $ 1.12 | [1] | $ 1.10 | [1] | $ 1.33 | [1] | $ 1.12 | [1] | $ 0.65 | [1] | $ 1.11 | [1] | $ 1.23 | [1] | $ 0.96 | [1] | $ 4.65 | [1] | $ 3.95 | [1] | $ 3.60 |
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Treasury Stock [Abstract] | |||
Retirement of treasury stock | $ 0 | ||
Share Repurchase Plan [Abstract] | |||
Authorized number of shares under stock repurchase program (in shares) | 500,000 | ||
Common stock repurchased during the period (in shares) | 185,026 | 409,839 | |
Average cost of share repurchased (in dollars per share) | $ 76.34 | $ 77.18 | |
Common stock repurchased during the period | $ 14,100 | $ 31,600 | |
Shares repurchased to satisfy tax withholding obligation (in shares) | 40,092 | 57,725 | |
Value of shares repurchased to satisfy tax withholding obligation | $ 3,900 | $ 4,400 | |
Treasury Stock [Member] | |||
Treasury Stock [Abstract] | |||
Retirement of treasury stock (in shares) | 6,200,000 | ||
Retirement of treasury stock | $ 158,948 |
SHARE-BASED COMPENSATION, Direc
SHARE-BASED COMPENSATION, Director and Employee LTIP (Details) | 12 Months Ended |
Mar. 31, 2019shares | |
2008 Director LTIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized (in shares) | 500,000 |
2008 Director LTIP [Member] | Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares vesting period | 1 year |
Shares vesting percentage | 50.00% |
2008 Director LTIP [Member] | Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares vesting period | 2 years |
Shares vesting percentage | 50.00% |
2012 Employee LTIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized (in shares) | 1,500,000 |
2017 Director LTIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized (in shares) | 150,000 |
2017 Director LTIP [Member] | Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares vesting period | 1 year |
Shares vesting percentage | 50.00% |
2017 Director LTIP [Member] | Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares vesting period | 2 years |
Shares vesting percentage | 50.00% |
SHARE-BASED COMPENSATION, Stock
SHARE-BASED COMPENSATION, Stock Option and Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 19 Months Ended | 79 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted (in shares) | 0 | 0 | 0 | ||
Options outstanding (in shares) | 0 | 0 | 0 | 0 | 0 |
Additional Disclosures [Abstract] | |||||
Vested share-based awards withheld to satisfy income tax obligations (in shares) | 40,092 | 57,725 | |||
Vested share-based awards withheld to satisfy income tax obligations | $ 3,900 | $ 4,400 | |||
Restricted Stock [Member] | |||||
Number of Shares [Roll Forward] | |||||
Nonvested at beginning of period (in shares) | 282,235 | ||||
Granted (in shares) | 78,645 | ||||
Vested (in shares) | (133,687) | ||||
Forfeited (in shares) | (3,193) | ||||
Nonvested at end of period (in shares) | 224,000 | 282,235 | 224,000 | 224,000 | |
Weighted Average Grant-date Fair Value [Roll Forward] | |||||
Nonvested at beginning of period (in dollars per share) | $ 51.69 | ||||
Granted (in dollars per share) | 94.22 | $ 80.24 | $ 43.15 | ||
Vested (in dollars per share) | 49.22 | ||||
Forfeited (in dollars per share) | 79.36 | ||||
Nonvested at end of period (in dollars per share) | $ 67.70 | $ 51.69 | $ 67.70 | $ 67.70 | |
Aggregated fair value of restricted shares | $ 6,600 | $ 6,000 | $ 6,000 | ||
Additional Disclosures [Abstract] | |||||
Vested share-based awards withheld to satisfy income tax obligations (in shares) | 40,092 | 57,725 | |||
Vested share-based awards withheld to satisfy income tax obligations | $ 3,900 | $ 4,400 | |||
2017 Director LTIP [Member] | Restricted Stock [Member] | |||||
Number of Shares [Roll Forward] | |||||
Granted (in shares) | 8,798 | 14,356 | |||
2012 Employee LTIP [Member] | Restricted Stock [Member] | |||||
Number of Shares [Roll Forward] | |||||
Granted (in shares) | 69,847 | 819,423 |
SHARE-BASED COMPENSATION, Compe
SHARE-BASED COMPENSATION, Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Compensation Expense [Abstract] | |||
Total share-based compensation expense | $ 7,243 | $ 6,464 | $ 6,025 |
Recognized tax benefit | 2,000 | 1,900 | 2,500 |
401 (k) Profit Sharing Plan [Abstract] | |||
Contribution to profit sharing plan | 2,400 | $ 2,100 | $ 1,900 |
Restricted Stock [Member] | |||
Compensation Expense [Abstract] | |||
Unrecognized compensation expense | $ 9,300 | ||
Unrecognized compensation expense, period for recognition | 27 months |
INCOME TAXES, Reconciliation of
INCOME TAXES, Reconciliation of Income taxes Computed at the Statutory Federal Income Tax Rate to Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
INCOME TAXES [Abstract] | |||||||||||
Additions or reductions to gross unrecognized tax benefits | $ 0 | ||||||||||
Reconciliation of income taxes to the statutory rate [Abstract] | |||||||||||
Statutory federal income tax rate | 21.00% | 31.50% | 35.00% | ||||||||
Income tax expense computed at the U.S. statutory federal rate | $ 18,139 | $ 26,505 | $ 30,134 | ||||||||
Effect of federal reduction of statutory rate | 0 | (1,654) | 0 | ||||||||
State income tax expense - net of federal benefit | 4,795 | 3,842 | 4,193 | ||||||||
Non-deductible executive compensation | 630 | 658 | 512 | ||||||||
Other | (526) | (582) | 717 | ||||||||
Provision for income taxes | $ 4,974 | $ 5,880 | $ 6,889 | $ 5,295 | $ 9,270 | $ 678 | $ 11,466 | $ 7,355 | $ 23,038 | $ 28,769 | $ 35,556 |
Effective income tax rate | 26.70% | 34.30% | 41.30% |
INCOME TAXES, Components of the
INCOME TAXES, Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Current [Abstract] | |||||||||||
Federal | $ 12,709 | $ 23,196 | $ 29,619 | ||||||||
State | 6,591 | 5,377 | 7,001 | ||||||||
Foreign | 454 | 240 | 132 | ||||||||
Total current expense | 19,754 | 28,813 | 36,752 | ||||||||
Deferred [Abstract] | |||||||||||
Federal | 3,826 | (611) | (622) | ||||||||
State | (249) | 154 | (432) | ||||||||
Foreign | (293) | 413 | (142) | ||||||||
Total deferred expense (benefit) | 3,284 | (44) | (1,196) | ||||||||
Provision for income taxes | $ 4,974 | $ 5,880 | $ 6,889 | $ 5,295 | $ 9,270 | $ 678 | $ 11,466 | $ 7,355 | $ 23,038 | $ 28,769 | $ 35,556 |
INCOME TAXES, Deferred Tax Asse
INCOME TAXES, Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred Tax Assets [Abstract] | ||
Accrued vacation | $ 2,167 | $ 1,596 |
Deferred revenue | 1,260 | 668 |
Reserve for credit losses | 587 | 607 |
Restricted stock | 1,455 | 1,270 |
Other accruals and reserves | 1,430 | 1,497 |
Other credits and carryforwards | 1,065 | 1,335 |
Gross deferred tax assets | 7,964 | 6,973 |
Less: valuation allowance | (1,065) | (1,335) |
Net deferred tax assets | 6,899 | 5,638 |
Deferred Tax Liabilities [Abstract] | ||
Basis difference in fixed assets | (2,150) | (1,570) |
Basis difference in operating leases | (9,197) | (4,517) |
Basis difference in tax deductible goodwill | (467) | (1,213) |
Total deferred tax liabilities | (11,814) | (7,300) |
Net deferred tax liabilities | $ (4,915) | $ (1,662) |
INCOME TAXES, Effective Tax Rat
INCOME TAXES, Effective Tax Rate, Capital and Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Capital and Operating Loss Carryforwards [Abstract] | |||
Effective income tax rate | 26.70% | 34.30% | 41.30% |
State [Member] | |||
Capital and Operating Loss Carryforwards [Abstract] | |||
Capital loss carryforwards | $ 1,300 | ||
Capital loss carryforwards expiration term | 5 years | ||
Foreign [Member] | |||
Capital and Operating Loss Carryforwards [Abstract] | |||
Operating loss carryforwards | $ 200 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Assets [Abstract] | |||
Money market funds | $ 50 | $ 60,385 | $ 50,866 |
Liabilities [Abstract] | |||
Contingent consideration | 8,942 | 13,513 | 554 |
Initial contingent consideration due to business acquisitions | 12,000 | ||
Adjustment to fair value of contingent consideration | 1,600 | 1,500 | |
Payments of contingent consideration | 6,100 | 600 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Money market funds | 50 | 60,385 | 50,866 |
Liabilities [Abstract] | |||
Contingent consideration | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Money market funds | 0 | 0 | 0 |
Liabilities [Abstract] | |||
Contingent consideration | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Money market funds | 0 | 0 | 0 |
Liabilities [Abstract] | |||
Contingent consideration | $ 8,942 | $ 13,513 | $ 554 |
BUSINESS COMBINATIONS, SLAIT Co
BUSINESS COMBINATIONS, SLAIT Consulting, LLC (Details) - USD ($) $ in Thousands | Jan. 22, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Goodwill | $ 110,807 | $ 76,624 | $ 48,397 | |
SLAIT Consulting, LLC [Member] | ||||
Business Combination [Abstract] | ||||
Percentage of stock acquired | 100.00% | |||
Cash portion of the acquisition | $ 50,700 | |||
Cash acquired from acquisition | 1,000 | |||
Liability from working capital adjustment | 300 | |||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Accounts receivable | 10,208 | |||
Other assets | 1,050 | |||
Identified intangible assets | 18,190 | |||
Accounts payable and other current liabilities | (8,669) | |||
Performance obligation | (5,110) | |||
Total identifiable net assets | 15,669 | |||
Goodwill | 34,352 | |||
Total purchase consideration | $ 50,021 | |||
SLAIT Consulting, LLC [Member] | Customer Relationships [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Estimated useful lives | 9 years |
BUSINESS COMBINATIONS, Integrat
BUSINESS COMBINATIONS, Integrated Data Storage, LLC Acquisition (Details) - USD ($) $ in Thousands | Sep. 15, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Combination [Abstract] | ||||
Fair value of contingent consideration | $ 3,780 | $ 7,707 | ||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Goodwill | $ 110,807 | $ 76,624 | $ 48,397 | |
Integrated Data Storage LLC [Member] | ||||
Business Combination [Abstract] | ||||
Cash portion of the acquisition | $ 29,800 | |||
Receivables as a working capital adjustment | 1,400 | |||
Fair value of contingent consideration | 10,000 | |||
Fair value of contingent consideration, maximum | 15,000 | |||
Contingent consideration payout period | 3 years | |||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Accounts receivable and other assets | 14,353 | |||
Property and equipment | 1,620 | |||
Identified intangible assets | 13,650 | |||
Accounts payable and other current liabilities | (12,313) | |||
Total identifiable net assets | 17,310 | |||
Goodwill | 21,088 | |||
Total purchase consideration | $ 38,398 | |||
Integrated Data Storage LLC [Member] | Customer Relationships [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Estimated useful lives | 8 years |
BUSINESS COMBINATIONS, OneCloud
BUSINESS COMBINATIONS, OneCloud Consulting Inc. Acquisition (Details) - USD ($) $ in Thousands | May 17, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Combination [Abstract] | ||||
Fair value of contingent consideration | $ 3,780 | $ 7,707 | ||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Goodwill | $ 110,807 | $ 76,624 | $ 48,397 | |
OneCloud Consulting, Inc [Member] | ||||
Business Combination [Abstract] | ||||
Percentage of stock acquired | 100.00% | |||
Cash portion of the acquisition | $ 7,900 | |||
Fair value of contingent consideration | 2,100 | |||
Fair value of contingent consideration, maximum | 4,500 | |||
Contingent consideration payout period | 3 years | |||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Accounts receivable and other assets | 488 | |||
Identified intangible assets | 4,130 | |||
Accounts payable and other current liabilities | (1,822) | |||
Total identifiable net assets | 2,796 | |||
Goodwill | 7,189 | |||
Total purchase consideration | 9,985 | |||
OneCloud Consulting, Inc [Member] | Customer Relationships [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Total identifiable net assets | 1,700 | |||
Estimated useful lives | 8 years | |||
OneCloud Consulting, Inc [Member] | Internally Developed Processes [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Total identifiable net assets | $ 2,400 | |||
Estimated useful lives | 5 years |
SEGMENT REPORTING, Reportable S
SEGMENT REPORTING, Reportable Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2019USD ($)Segment | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
SEGMENT REPORTING [Abstract] | |||||||||||
Number of business segment | Segment | 2 | ||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | $ 325,434 | $ 345,664 | $ 345,043 | $ 356,532 | $ 329,857 | $ 344,226 | $ 371,363 | $ 373,356 | $ 1,372,673 | $ 1,418,802 | $ 1,331,778 |
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 244,162 | 262,751 | 259,543 | 275,829 | 248,227 | 267,538 | 283,792 | 295,763 | 1,042,285 | 1,095,320 | 1,032,019 |
Gross profit | 81,272 | 82,913 | 85,500 | 80,703 | 81,630 | 76,688 | 87,571 | 77,593 | 330,388 | 323,482 | 299,759 |
Selling, general, and administrative expenses | 62,683 | 59,728 | 57,705 | 56,966 | 59,989 | 57,134 | 56,340 | 54,664 | 237,082 | 228,127 | 205,232 |
Depreciation and amortization | 3,574 | 2,719 | 2,741 | 2,790 | 2,835 | 2,894 | 2,129 | 2,063 | 11,824 | 9,921 | 7,252 |
Interest and financing costs | 545 | 443 | 484 | 476 | 292 | 270 | 274 | 359 | 1,948 | 1,195 | 1,543 |
Operating expenses | 66,802 | 62,890 | 60,930 | 60,232 | 63,116 | 60,298 | 58,743 | 57,086 | 250,854 | 239,243 | 214,027 |
Operating income | 14,470 | 20,023 | 24,570 | 20,471 | 18,514 | 16,390 | 28,828 | 20,507 | 79,534 | 84,239 | 85,732 |
Other income (expense) | 5,556 | 721 | 322 | 97 | (347) | (131) | (141) | 271 | 6,696 | (348) | 380 |
Earnings before tax | 20,026 | 20,744 | 24,892 | 20,568 | 18,167 | 16,259 | 28,687 | 20,778 | 86,230 | 83,891 | 86,112 |
Net Sales [Abstract] | |||||||||||
Contracts with customers | 1,311,982 | 1,369,957 | 1,268,433 | ||||||||
Financing and other | 60,691 | 48,845 | 63,345 | ||||||||
Net sales | 325,434 | 345,664 | 345,043 | 356,532 | 329,857 | 344,226 | 371,363 | 373,356 | 1,372,673 | 1,418,802 | 1,331,778 |
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||||||||
Depreciation and amortization | 18,639 | 15,827 | 11,731 | ||||||||
Purchases of property, equipment and operating lease equipment | 11,629 | 7,590 | 9,558 | ||||||||
Selected Financial Data - Balance Sheet [Abstract] | |||||||||||
Total assets | 786,198 | 755,471 | 786,198 | 755,471 | 741,720 | ||||||
Product [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 280,460 | 310,443 | 309,475 | 322,817 | 293,232 | 310,120 | 339,710 | 346,245 | 1,223,195 | 1,289,307 | 1,234,344 |
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 216,662 | 241,856 | 238,134 | 255,812 | 228,212 | 247,891 | 266,732 | 280,755 | 952,464 | 1,023,590 | 978,479 |
Net Sales [Abstract] | |||||||||||
Net sales | 280,460 | 310,443 | 309,475 | 322,817 | 293,232 | 310,120 | 339,710 | 346,245 | 1,223,195 | 1,289,307 | 1,234,344 |
Service [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 44,974 | 35,221 | 35,568 | 33,715 | 36,625 | 34,106 | 31,653 | 27,111 | 149,478 | 129,495 | 97,434 |
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 27,500 | 20,895 | 21,409 | 20,017 | 20,015 | 19,647 | 17,060 | 15,008 | 89,821 | 71,730 | 53,540 |
Net Sales [Abstract] | |||||||||||
Net sales | 44,974 | $ 35,221 | $ 35,568 | $ 33,715 | 36,625 | $ 34,106 | $ 31,653 | $ 27,111 | 149,478 | 129,495 | 97,434 |
Technology Segment [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 1,329,520 | 1,372,765 | 1,294,937 | ||||||||
Net Sales [Abstract] | |||||||||||
Contracts with customers | 1,308,405 | 1,356,225 | 1,261,078 | ||||||||
Financing and other | 21,115 | 16,540 | 33,859 | ||||||||
Net sales | 1,329,520 | 1,372,765 | 1,294,937 | ||||||||
Operating Segments [Member] | Technology Segment [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 1,329,520 | 1,372,765 | 1,294,937 | ||||||||
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 1,034,858 | 1,085,478 | 1,025,188 | ||||||||
Gross profit | 294,662 | 287,288 | 269,749 | ||||||||
Selling, general, and administrative expenses | 226,112 | 214,980 | 193,594 | ||||||||
Depreciation and amortization | 11,812 | 9,918 | 7,243 | ||||||||
Interest and financing costs | 0 | 0 | 0 | ||||||||
Operating expenses | 237,924 | 224,898 | 200,837 | ||||||||
Operating income | 56,738 | 62,389 | 68,912 | ||||||||
Net Sales [Abstract] | |||||||||||
Contracts with customers | 1,308,405 | 1,356,225 | 1,261,078 | ||||||||
Financing and other | 21,115 | 16,540 | 33,859 | ||||||||
Net sales | 1,329,520 | 1,372,765 | 1,294,937 | ||||||||
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||||||||
Depreciation and amortization | 12,661 | 10,461 | 7,365 | ||||||||
Purchases of property, equipment and operating lease equipment | 6,042 | 5,353 | 3,356 | ||||||||
Selected Financial Data - Balance Sheet [Abstract] | |||||||||||
Total assets | 607,998 | 537,776 | 607,998 | 537,776 | 533,560 | ||||||
Operating Segments [Member] | Technology Segment [Member] | Product [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 1,180,042 | 1,243,270 | 1,197,503 | ||||||||
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 945,037 | 1,013,748 | 971,648 | ||||||||
Net Sales [Abstract] | |||||||||||
Net sales | 1,180,042 | 1,243,270 | 1,197,503 | ||||||||
Operating Segments [Member] | Technology Segment [Member] | Service [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 149,478 | 129,495 | 97,434 | ||||||||
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 89,821 | 71,730 | 53,540 | ||||||||
Net Sales [Abstract] | |||||||||||
Net sales | 149,478 | 129,495 | 97,434 | ||||||||
Operating Segments [Member] | Financing Segment [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 43,153 | 46,037 | 36,841 | ||||||||
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 7,427 | 9,842 | 6,831 | ||||||||
Gross profit | 35,726 | 36,195 | 30,010 | ||||||||
Selling, general, and administrative expenses | 10,970 | 13,147 | 11,638 | ||||||||
Depreciation and amortization | 12 | 3 | 9 | ||||||||
Interest and financing costs | 1,948 | 1,195 | 1,543 | ||||||||
Operating expenses | 12,930 | 14,345 | 13,190 | ||||||||
Operating income | 22,796 | 21,850 | 16,820 | ||||||||
Net Sales [Abstract] | |||||||||||
Contracts with customers | 3,577 | 13,732 | 7,355 | ||||||||
Financing and other | 39,576 | 32,305 | 29,486 | ||||||||
Net sales | 43,153 | 46,037 | 36,841 | ||||||||
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||||||||
Depreciation and amortization | 5,978 | 5,366 | 4,366 | ||||||||
Purchases of property, equipment and operating lease equipment | 5,587 | 2,237 | 6,202 | ||||||||
Selected Financial Data - Balance Sheet [Abstract] | |||||||||||
Total assets | $ 178,200 | $ 217,695 | 178,200 | 217,695 | 208,160 | ||||||
Operating Segments [Member] | Financing Segment [Member] | Product [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 43,153 | 46,037 | 36,841 | ||||||||
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 7,427 | 9,842 | 6,831 | ||||||||
Net Sales [Abstract] | |||||||||||
Net sales | 43,153 | 46,037 | 36,841 | ||||||||
Operating Segments [Member] | Financing Segment [Member] | Service [Member] | |||||||||||
Reportable Segment Information [Abstract] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of Sales [Abstract] | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Net Sales [Abstract] | |||||||||||
Net sales | $ 0 | $ 0 | $ 0 |
SEGMENT REPORTING, Geographic I
SEGMENT REPORTING, Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net Sales [Abstract] | |||||||||||
Net sales | $ 325,434 | $ 345,664 | $ 345,043 | $ 356,532 | $ 329,857 | $ 344,226 | $ 371,363 | $ 373,356 | $ 1,372,673 | $ 1,418,802 | $ 1,331,778 |
Long-lived tangible assets [Abstract] | |||||||||||
Long-lived tangible assets | 33,726 | 24,939 | 33,726 | 24,939 | |||||||
U.S. [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net sales | 1,284,482 | 1,349,254 | 1,296,094 | ||||||||
Long-lived tangible assets [Abstract] | |||||||||||
Long-lived tangible assets | 32,570 | 24,445 | 32,570 | 24,445 | |||||||
Non U.S [Member] | |||||||||||
Net Sales [Abstract] | |||||||||||
Net sales | 88,191 | 69,548 | $ 35,684 | ||||||||
Long-lived tangible assets [Abstract] | |||||||||||
Long-lived tangible assets | $ 1,156 | $ 494 | $ 1,156 | $ 494 |
SEGMENT REPORTING, Concentratio
SEGMENT REPORTING, Concentration Risk (Details) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue [Member] | Technology Segment [Member] | ||
Concentration of Risk [Abstract] | ||
Percentage of concentration risk | 12.00% | 13.00% |
SEGMENT REPORTING, Technology S
SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | $ 325,434 | $ 345,664 | $ 345,043 | $ 356,532 | $ 329,857 | $ 344,226 | $ 371,363 | $ 373,356 | $ 1,372,673 | $ 1,418,802 | $ 1,331,778 |
Financing and other | (60,691) | (48,845) | (63,345) | ||||||||
Revenue from contracts with customers | 1,311,982 | 1,369,957 | 1,268,433 | ||||||||
Technology Segment [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 1,329,520 | 1,372,765 | 1,294,937 | ||||||||
Financing and other | (21,115) | (16,540) | (33,859) | ||||||||
Revenue from contracts with customers | 1,308,405 | 1,356,225 | 1,261,078 | ||||||||
Technology Segment [Member] | Technology [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 293,362 | 330,241 | 302,097 | ||||||||
Technology Segment [Member] | Telecom, Media & Entertainment [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 175,260 | 194,292 | 195,237 | ||||||||
Technology Segment [Member] | Financial Services [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 202,074 | 201,712 | 166,179 | ||||||||
Technology Segment [Member] | SLED [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 223,330 | 234,141 | 266,070 | ||||||||
Technology Segment [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 193,754 | 189,889 | 143,154 | ||||||||
Technology Segment [Member] | All others [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 241,740 | 222,490 | 220,200 | ||||||||
Technology Segment [Member] | Cisco Systems [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 556,182 | 582,419 | 604,111 | ||||||||
Technology Segment [Member] | NetApp [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 48,858 | 54,821 | 69,096 | ||||||||
Technology Segment [Member] | HP Inc. & HPE [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 74,348 | 86,675 | 77,977 | ||||||||
Technology Segment [Member] | Dell / EMC [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 61,284 | 54,294 | 56,124 | ||||||||
Technology Segment [Member] | Arista Networks [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 57,850 | 52,521 | 13,757 | ||||||||
Technology Segment [Member] | Juniper [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | 48,943 | 44,623 | 67,924 | ||||||||
Technology Segment [Member] | All others [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net sales | $ 482,055 | $ 497,412 | $ 405,948 |
QUARTERLY DATA -UNAUDITED (Deta
QUARTERLY DATA -UNAUDITED (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |||||||||||
Condensed Quarterly Financial Information [Abstract] | |||||||||||||||||||||
Net sales | $ 325,434 | $ 345,664 | $ 345,043 | $ 356,532 | $ 329,857 | $ 344,226 | $ 371,363 | $ 373,356 | $ 1,372,673 | $ 1,418,802 | $ 1,331,778 | ||||||||||
Cost of Sales [Abstract] | |||||||||||||||||||||
Cost of sales | 244,162 | 262,751 | 259,543 | 275,829 | 248,227 | 267,538 | 283,792 | 295,763 | 1,042,285 | 1,095,320 | 1,032,019 | ||||||||||
Gross profit | 81,272 | 82,913 | 85,500 | 80,703 | 81,630 | 76,688 | 87,571 | 77,593 | 330,388 | 323,482 | 299,759 | ||||||||||
Selling, general, and administrative expenses | 62,683 | 59,728 | 57,705 | 56,966 | 59,989 | 57,134 | 56,340 | 54,664 | 237,082 | 228,127 | 205,232 | ||||||||||
Depreciation and amortization | 3,574 | 2,719 | 2,741 | 2,790 | 2,835 | 2,894 | 2,129 | 2,063 | 11,824 | 9,921 | 7,252 | ||||||||||
Interest and financing costs | 545 | 443 | 484 | 476 | 292 | 270 | 274 | 359 | 1,948 | 1,195 | 1,543 | ||||||||||
Operating expenses | 66,802 | 62,890 | 60,930 | 60,232 | 63,116 | 60,298 | 58,743 | 57,086 | 250,854 | 239,243 | 214,027 | ||||||||||
Operating income | 14,470 | 20,023 | 24,570 | 20,471 | 18,514 | 16,390 | 28,828 | 20,507 | 79,534 | 84,239 | 85,732 | ||||||||||
Other income and (expense) | 5,556 | 721 | 322 | 97 | (347) | (131) | (141) | 271 | 6,696 | (348) | 380 | ||||||||||
Earnings before tax | 20,026 | 20,744 | 24,892 | 20,568 | 18,167 | 16,259 | 28,687 | 20,778 | 86,230 | 83,891 | 86,112 | ||||||||||
Provision for income taxes | 4,974 | 5,880 | 6,889 | 5,295 | 9,270 | 678 | 11,466 | 7,355 | 23,038 | 28,769 | 35,556 | ||||||||||
Net earnings | $ 15,052 | $ 14,864 | $ 18,003 | $ 15,273 | $ 8,897 | $ 15,581 | $ 17,221 | $ 13,423 | $ 63,192 | $ 55,122 | $ 50,556 | ||||||||||
Net earnings per common share - Basic (in dollars per share) | $ 1.12 | [1] | $ 1.10 | [1] | $ 1.33 | [1] | $ 1.14 | [1] | $ 0.65 | [1] | $ 1.12 | [1] | $ 1.24 | [1] | $ 0.97 | [1] | $ 4.70 | [1] | $ 4 | [1] | $ 3.65 |
Net earnings per common share - Diluted (in dollars per share) | $ 1.12 | [1] | $ 1.10 | [1] | $ 1.33 | [1] | $ 1.12 | [1] | $ 0.65 | [1] | $ 1.11 | [1] | $ 1.23 | [1] | $ 0.96 | [1] | $ 4.65 | [1] | $ 3.95 | [1] | $ 3.60 |
Product [Member] | |||||||||||||||||||||
Condensed Quarterly Financial Information [Abstract] | |||||||||||||||||||||
Net sales | $ 280,460 | $ 310,443 | $ 309,475 | $ 322,817 | $ 293,232 | $ 310,120 | $ 339,710 | $ 346,245 | $ 1,223,195 | $ 1,289,307 | $ 1,234,344 | ||||||||||
Cost of Sales [Abstract] | |||||||||||||||||||||
Cost of sales | 216,662 | 241,856 | 238,134 | 255,812 | 228,212 | 247,891 | 266,732 | 280,755 | 952,464 | 1,023,590 | 978,479 | ||||||||||
Service [Member] | |||||||||||||||||||||
Condensed Quarterly Financial Information [Abstract] | |||||||||||||||||||||
Net sales | 44,974 | 35,221 | 35,568 | 33,715 | 36,625 | 34,106 | 31,653 | 27,111 | 149,478 | 129,495 | 97,434 | ||||||||||
Cost of Sales [Abstract] | |||||||||||||||||||||
Cost of sales | $ 27,500 | $ 20,895 | $ 21,409 | $ 20,017 | $ 20,015 | $ 19,647 | $ 17,060 | $ 15,008 | $ 89,821 | $ 71,730 | $ 53,540 | ||||||||||
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Expected merchandise returns | $ 5,300 | $ 5,300 | $ 4,600 | |
Allowance for Sales Returns [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | [1] | 899 | 752 | 653 |
Charged to Costs and Expenses | [1] | 1,305 | 2,579 | 1,530 |
Deductions/Write-Offs | [1] | (1,352) | (2,432) | (1,431) |
Balance at End of Period | [1] | 852 | 899 | 752 |
Reserve for Credit Losses [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 2,664 | 5,392 | 5,193 | |
Charged to Costs and Expenses | 29 | 462 | 277 | |
Deductions/Write-Offs | (84) | (3,190) | (78) | |
Balance at End of Period | 2,609 | 2,664 | 5,392 | |
Valuation for Deferred Taxes [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 1,335 | 1,270 | 1,270 | |
Charged to Costs and Expenses | (270) | 65 | 0 | |
Deductions/Write-Offs | 0 | 0 | 0 | |
Balance at End of Period | $ 1,065 | $ 1,335 | $ 1,270 | |
[1] | These amounts represent the gross profit effect of sales returns during the respective years. Expected merchandise returns after year-end for sales made before year-end were $5.3 million, $5.3 million, and $4.6 million as of March 31, 2019, 2018, and 2017, respectively. |