Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 1-34167 | |
Entity Registrant Name | ePlus inc. | |
Entity Central Index Key | 0001022408 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 54-1817218 | |
Entity Address, Address Line One | 13595 Dulles Technology Drive | |
Entity Address, City or Town | Herndon | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 20171-3413 | |
City Area Code | 703 | |
Local Phone Number | 984-8400 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | PLUS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,508,469 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 56,950 | $ 129,562 |
Accounts receivable-trade, net | 457,308 | 391,567 |
Accounts receivable-other, net | 57,346 | 41,053 |
Inventories | 134,514 | 69,963 |
Financing receivables-net, current | 80,082 | 106,272 |
Deferred costs | 30,691 | 28,201 |
Other current assets | 12,675 | 10,976 |
Total current assets | 829,566 | 777,594 |
Financing receivables and operating leases-net | 105,855 | 90,165 |
Deferred tax asset-net | 1,469 | 1,468 |
Property, equipment and other assets | 43,895 | 42,289 |
Goodwill | 126,596 | 126,645 |
Other intangible assets-net | 32,564 | 38,614 |
TOTAL ASSETS | 1,139,945 | 1,076,775 |
Current liabilities: | ||
Accounts payable | 121,263 | 165,162 |
Accounts payable-floor plan | 145,880 | 98,653 |
Salaries and commissions payable | 36,382 | 36,839 |
Deferred revenue | 82,937 | 72,802 |
Recourse notes payable-current | 35,548 | 5,450 |
Non-recourse notes payable-current | 21,083 | 50,397 |
Other current liabilities | 32,532 | 30,061 |
Total current liabilities | 475,625 | 459,364 |
Recourse notes payable - long-term | 9,360 | 12,658 |
Non-recourse notes payable - long-term | 4,315 | 5,664 |
Other liabilities | 37,042 | 36,679 |
TOTAL LIABILITIES | 526,342 | 514,365 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.01 per share par value; 2,000 shares authorized; none outstanding | 0 | 0 |
Common stock, $0.01 per share par value; 25,000 shares authorized; 13,510 outstanding at September 30, 2021 and 13,503 outstanding at March 31, 2021 | 146 | 145 |
Additional paid-in capital | 155,941 | 152,366 |
Treasury stock, at cost, 1,070 shares at September 30, 2021 and 993 shares at March 31, 2021 | (82,246) | (75,372) |
Retained earnings | 539,547 | 484,616 |
Accumulated other comprehensive income-foreign currency translation adjustment | 215 | 655 |
Total Stockholders' Equity | 613,603 | 562,410 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,139,945 | $ 1,076,775 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
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) | 13,510 | 13,503 |
Treasury stock, shares (in shares) | 1,070 | 993 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | ||||
Total | $ 458,017 | $ 433,081 | $ 874,666 | $ 788,112 |
Cost of sales | ||||
Total | 335,015 | 334,119 | 646,152 | 590,593 |
Gross profit | 123,002 | 98,962 | 228,514 | 197,519 |
Selling, general, and administrative | 74,504 | 66,889 | 143,279 | 136,356 |
Depreciation and amortization | 3,853 | 3,341 | 7,779 | 6,857 |
Interest and financing costs | 342 | 247 | 701 | 824 |
Operating expenses | 78,699 | 70,477 | 151,759 | 144,037 |
Operating income | 44,303 | 28,485 | 76,755 | 53,482 |
Other income (expense) | (325) | 184 | (202) | 282 |
Earnings before tax | 43,978 | 28,669 | 76,553 | 53,764 |
Provision for income taxes | 12,565 | 8,823 | 21,622 | 16,558 |
Net earnings | $ 31,413 | $ 19,846 | $ 54,931 | $ 37,206 |
Net earnings per common share-basic (in dollars per share) | $ 2.36 | $ 1.48 | $ 4.12 | $ 2.79 |
Net earnings per common share-diluted (in dollars per share) | $ 2.34 | $ 1.48 | $ 4.09 | $ 2.78 |
Weighted average common shares outstanding-basic (in shares) | 13,332 | 13,372 | 13,333 | 13,347 |
Weighted average common shares outstanding-diluted (in shares) | 13,432 | 13,391 | 13,431 | 13,394 |
Product [Member] | ||||
Net sales | ||||
Total | $ 397,160 | $ 383,656 | $ 758,217 | $ 690,896 |
Cost of sales | ||||
Total | 297,629 | 302,963 | 574,856 | 529,597 |
Services [Member] | ||||
Net sales | ||||
Total | 60,857 | 49,425 | 116,449 | 97,216 |
Cost of sales | ||||
Total | $ 37,386 | $ 31,156 | $ 71,296 | $ 60,996 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
NET EARNINGS | $ 31,413 | $ 19,846 | $ 54,931 | $ 37,206 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ||||
Foreign currency translation adjustments | (506) | 520 | (440) | 557 |
Other comprehensive income | (506) | 520 | (440) | 557 |
TOTAL COMPREHENSIVE INCOME | $ 30,907 | $ 20,366 | $ 54,491 | $ 37,763 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 54,931 | $ 37,206 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 12,044 | 9,460 |
Provision for credit losses | 98 | 1,766 |
Share-based compensation expense | 3,575 | 3,648 |
Deferred taxes | (1) | 1,032 |
Payments from lessees directly to lenders-operating leases | (32) | (13) |
Gain on disposal of property, equipment, and operating lease equipment | (525) | (278) |
Changes in: | ||
Accounts receivable | (85,463) | 1,755 |
Inventories-net | (64,661) | (23,381) |
Financing receivables-net | (18,019) | (54,386) |
Deferred costs and other assets | (6,115) | (1,052) |
Accounts payable-trade | (43,375) | 21,717 |
Salaries and commissions payable, deferred revenue, and other liabilities | 12,539 | 10,934 |
Net cash provided by (used in) operating activities | (135,004) | 8,408 |
Cash flows from investing activities: | ||
Proceeds from sale of property, equipment, and operating lease equipment | 2,553 | 456 |
Purchases of property, equipment and operating lease equipment | (16,243) | (3,267) |
Net cash used in investing activities | (13,690) | (2,811) |
Cash flows from financing activities: | ||
Borrowings of non-recourse and recourse notes payable | 64,815 | 23,613 |
Repayments of non-recourse and recourse notes payable | (29,386) | (40,529) |
Repurchase of common stock | (6,874) | (4,487) |
Repayments of financing of acquisitions | 0 | (421) |
Net borrowings (repayments) on floor plan facility | 47,227 | 91,554 |
Net cash provided by financing activities | 75,782 | 69,730 |
Effect of exchange rate changes on cash | 300 | (477) |
Net increase (decrease) in cash and cash equivalents | (72,612) | 74,850 |
Cash and cash equivalents, beginning of period | 129,562 | 86,231 |
Cash and cash equivalents, end of period | 56,950 | 161,081 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 683 | 739 |
Cash paid for income taxes | 24,511 | 12,348 |
Cash paid for amounts included in the measurement of lease liabilities | 2,280 | 2,975 |
Schedule of non-cash investing and financing activities: | ||
Proceeds from sale of property, equipment, and leased equipment | 100 | 0 |
Purchases of property, equipment, and operating lease equipment | (2,386) | (393) |
Borrowing of non-recourse and recourse notes payable | 41,195 | 35,780 |
Repayments of non-recourse and recourse notes payable | (32) | (13) |
Vesting of share-based compensation | 8,398 | 7,916 |
New operating lease assets obtained in exchange for lease obligations | $ 1,070 | $ 774 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED 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, 2020 | $ 144 | $ 145,197 | $ (68,424) | $ 410,219 | $ (991) | $ 486,145 |
Balance (in shares) at Mar. 31, 2020 | 13,500 | |||||
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock awards (in shares) | 91 | |||||
Share-based compensation | $ 0 | 1,885 | 0 | 0 | 0 | 1,885 |
Share-based compensation (in shares) | 0 | |||||
Repurchase of common stock | $ 0 | 0 | $ (2,703) | 0 | 0 | (2,703) |
Repurchase of common stock (in shares) | (38) | |||||
Net earnings | 0 | 0 | $ 0 | 17,360 | 0 | 17,360 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 37 | 37 |
Balance at Jun. 30, 2020 | $ 145 | 147,082 | (71,127) | 427,579 | (954) | 502,725 |
Balance (in shares) at Jun. 30, 2020 | 13,553 | |||||
Balance at Mar. 31, 2020 | $ 144 | 145,197 | (68,424) | 410,219 | (991) | 486,145 |
Balance (in shares) at Mar. 31, 2020 | 13,500 | |||||
Net earnings | 37,206 | |||||
Balance at Sep. 30, 2020 | $ 145 | 148,845 | (72,911) | 447,425 | (434) | 523,070 |
Balance (in shares) at Sep. 30, 2020 | 13,537 | |||||
Balance at Jun. 30, 2020 | $ 145 | 147,082 | (71,127) | 427,579 | (954) | 502,725 |
Balance (in shares) at Jun. 30, 2020 | 13,553 | |||||
Issuance of restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock awards (in shares) | 8 | |||||
Share-based compensation | $ 0 | 1,763 | 0 | 0 | 0 | 1,763 |
Share-based compensation (in shares) | 0 | |||||
Repurchase of common stock | $ 0 | 0 | $ (1,784) | 0 | 0 | (1,784) |
Repurchase of common stock (in shares) | (24) | |||||
Net earnings | 0 | 0 | $ 0 | 19,846 | 0 | 19,846 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 520 | 520 |
Balance at Sep. 30, 2020 | $ 145 | 148,845 | (72,911) | 447,425 | (434) | 523,070 |
Balance (in shares) at Sep. 30, 2020 | 13,537 | |||||
Balance at Mar. 31, 2021 | $ 145 | 152,366 | (75,372) | 484,616 | 655 | $ 562,410 |
Balance (in shares) at Mar. 31, 2021 | 13,503 | 13,503 | ||||
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | $ 1 |
Issuance of restricted stock awards (in shares) | 78 | |||||
Share-based compensation | $ 0 | 1,735 | 0 | 0 | 0 | 1,735 |
Share-based compensation (in shares) | 0 | |||||
Repurchase of common stock | $ 0 | 0 | $ (4,111) | 0 | 0 | (4,111) |
Repurchase of common stock (in shares) | (45) | |||||
Net earnings | 0 | 0 | $ 0 | 23,518 | 0 | 23,518 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 66 | 66 |
Balance at Jun. 30, 2021 | $ 146 | 154,101 | (79,483) | 508,134 | 721 | 583,619 |
Balance (in shares) at Jun. 30, 2021 | 13,536 | |||||
Balance at Mar. 31, 2021 | $ 145 | 152,366 | (75,372) | 484,616 | 655 | $ 562,410 |
Balance (in shares) at Mar. 31, 2021 | 13,503 | 13,503 | ||||
Net earnings | $ 54,931 | |||||
Balance at Sep. 30, 2021 | $ 146 | 155,941 | (82,246) | 539,547 | 215 | $ 613,603 |
Balance (in shares) at Sep. 30, 2021 | 13,510 | 13,510 | ||||
Balance at Jun. 30, 2021 | $ 146 | 154,101 | (79,483) | 508,134 | 721 | $ 583,619 |
Balance (in shares) at Jun. 30, 2021 | 13,536 | |||||
Issuance of restricted stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock awards (in shares) | 6 | |||||
Share-based compensation | $ 0 | 1,840 | 0 | 0 | 0 | 1,840 |
Share-based compensation (in shares) | 0 | |||||
Repurchase of common stock | $ 0 | 0 | $ (2,763) | 0 | 0 | (2,763) |
Repurchase of common stock (in shares) | (32) | |||||
Net earnings | 0 | 0 | $ 0 | 31,413 | 0 | 31,413 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (506) | (506) |
Balance at Sep. 30, 2021 | $ 146 | $ 155,941 | $ (82,246) | $ 539,547 | $ 215 | $ 613,603 |
Balance (in shares) at Sep. 30, 2021 | 13,510 | 13,510 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2021 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS — Our e e e the United Kingdom (“UK”), and other European countries. BASIS OF PRESENTATION — The e acquisition. INTERIM FINANCIAL STATEMENTS — The unaudited consolidated financial statements for the six months ended September 30, 2021, and 2020, were prepared by us and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the six months ended September 30, 2021, and 2020 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2022, or any other future period. These unaudited consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“US GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2021 (“2021 Annual Report”), which should be read in conjunction with these interim consolidated financial statements. USE OF ESTIMATES — The estimates. CONCENTRATIONS OF RISK — A substantial portion of our sales are products from Cisco Systems, which were 40% and 41% of our technology segment’s net sales for the three months ended September 30, 2021, and 2020, respectively, and 41% and 40% of our technology segment’s net sales for the six months ended September 30, 2021, and 2020, respectively. SIGNIFICANT ACCOUNTING POLICIES — The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in our Consolidated Financial Statements for the year ended March . |
REVENUES
REVENUES | 6 Months Ended |
Sep. 30, 2021 | |
REVENUES [Abstract] | |
REVENUES | 2. REVENUES CONTRACT BALANCES Accounts receivable – trade consists entirely of amounts due from contracts with customers. In addition, we had $ million and $ million of receivables from contracts with customers included within financing receivables as of September 30 2021, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): September 30, 2021 March 31, 2021 Current (included in deferred revenue) $ 82,184 $ 72,299 Non-current (included in other liabilities) $ 27,813 $ 26,042 Revenue recognized from the beginning contract liability balance was $14.6 million and $36.1 million for the three and six months ended September 30, 2021, respectively, and $11.3 million and $26.9 million for the three and six months ended September 30, 2020, respectively. PERFORMANCE OBLIGATIONS The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for e Plus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in s): Remainder of the year ending March 31, 2022 $ 26,309 Year ending March 31, 2023 24,656 Year ending March 31, 2024 12,595 Year ending March 31, 2025 2,920 Year ending March 31, 2026 and thereafter 1,467 Total remaining performance obligations $ 67,947 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. |
FINANCING RECEIVABLES AND OPERA
FINANCING RECEIVABLES AND OPERATING LEASES | 6 Months Ended |
Sep. 30, 2021 | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
FINANCING RECEIVABLES AND OPERATING LEASES | 3. FINANCING RECEIVABLES AND OPERATING LEASES O ur financing receivables and operating leases consist primarily of leases of IT and communication equipment and notes receivable from financing customer purchases of -party software, maintenance, and services. Our leases often include elections for the lessee to purchase the underlying asset at the end of the lease term. Often, our leases provide the lessee a bargain purchase option . The following table provides the profit recognized for sales-type leases at their commencement date, including modifications that are recognized on a net basis, for the three and six months ended September 30, 2021, and 2020 (in thousands): Three months ended September 30, Six months ended September 30, 2021 2020 2021 2020 Net sales $ 5,962 $ 7,655 $ 9,779 $ 17,818 Cost of sales 4,926 5,402 8,291 10,729 Gross profit $ 1,036 $ 2,253 $ 1,488 $ 7,089 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2021, and 2020 (in thousands): Three months ended September 30, Six months ended September 30, 2021 2020 2021 2020 Interest income on sales-type leases $ 1,000 $ 1,884 $ 2,290 $ 4,103 Lease income on operating leases $ 6,634 $ 3,900 $ 11,844 $ 7,738 FINANCING RECEIVABLES—NET The following tables provide a disaggregation of our financing receivables – net (in s): September 30 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 104,066 $ 54,261 $ 158,327 Unguaranteed residual value (1) - 13,411 13,411 Initial direct costs, net of amortization 271 - 271 Unearned income - (7,095 ) (7,095 ) Allowance for credit losses (2) (1,687 ) (672 ) (2,359 ) Total, net $ 102,650 $ 59,905 $ 162,555 Reported as: Current $ 55,928 $ 24,154 $ 80,082 Long-term 46,722 35,751 82,473 Total, net $ 102,650 $ 59,905 $ 162,555 (1) Includes unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6, “Allowance for Credit Losses” for details. March 31 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 112,641 $ 68,393 $ 181,034 Unguaranteed residual value (1) - 14,876 14,876 Initial direct costs, net of amortization 425 - 425 Unearned income - (8,393 ) (8,393 ) Allowance for credit losses (2) (1,212 ) (1,171 ) (2,383 ) Total, net $ 111,854 $ 73,705 $ 185,559 Reported as: Current $ 73,175 $ 33,097 $ 106,272 Long-term 38,679 40,608 79,287 Total, net $ 111,854 $ 73,705 $ 185,559 (1) Includes unguaranteed residual values of that we retained after selling the related lease receivable . (2) Refer to Note 6 “Allowance for Credit Losses” for details. OPERATING LEASES—NET Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands): September 30, 2021 March 31, 2021 Cost of equipment under operating leases $ 34,082 $ 18,748 Accumulated depreciation (10,700 ) (7,870 ) Investment in operating lease equipment—net (1) $ 23,382 $ 10,878 (1) Amounts include estimated unguaranteed residual values of $4.6 million and $2.5 million as of September 30, 2021, and March 31, 2021, respectively. 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 sales or secured borrowings. For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of September 30, 2021, and March 31, 2021, we had financing receivables of $22.6 million and $60.5 million, respectively, and operating leases of $8.1 million and $3.3 million, respectively, which were collateral for non-recourse notes payable. See Note 8, ‘'Credit Facility and Notes Payable.'’ For transfers accounted for as sales, we derecognize the carrying value of the asset transferred plus any liability and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. During the three months ended September 30, 2021, and 2020, we recognized net gains of $10.1 million and $4.5 million, respectively, and total proceeds from these sales were $615.0 million and $118.5 million, respectively. For the year to date periods ended September 30, 2021, and 2020, we recognized net gains of $13.3 million and $7.0 million, respectively, and total proceeds from these sales were $690.3 million and $191.7 million, respectively. When we retain servicing obligations in transfers accounted for as sales, we allocate a portion of the proceeds to deferred revenue, which is recognized as we perform the services. As of September 30, 2021, and March 31, 2021, we had deferred revenue of $0.5 million and $0.3 million, respectively, for servicing obligations. In a limited number of transfers accounted for as sales, we indemnified the assignee if the lessee elects to early terminate the lease. As of September 30, 2021, the total potential payments that could result from these indemnities is immaterial. |
LESSEE ACCOUNTING
LESSEE ACCOUNTING | 6 Months Ended |
Sep. 30, 2021 | |
LESSEE ACCOUNTING [Abstract] | |
LESSEE ACCOUNTING | 4. LESSEE ACCOUNTING We lease office space for periods up to six years. We recognize our right-of-use assets as part of property, equipment, and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense of $1.3 million as part of selling, general and administrative expenses for the three months ended September 30, 2021, and $1.5 million for the three months ending September 30, 2020, and $2.6 million and $3.1 million for the six months ended September 30, 2021, and 2020, respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Sep. 30, 2021 | |
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 six months ended September 30, 2021 (in s): Six months ended September 30, 2021 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,318 $ (8,673 ) $ 126,645 Foreign currency translations (49 ) - (49 ) Ending balance $ 135,269 $ (8,673 ) $ 126,596 Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of September 30, 2021, relates to our technology segment, which we also determined to be reporting unit. The change in our goodwill balance during the six months ended September 30, 2021, is due solely to We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, 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 value. In our annual test as of October 1, 2020, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value . OTHER INTANGIBLE ASSETS O : September 30, 2021 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,281 $ (47,424 ) $ 29,857 $ 77,335 $ (42,115 ) $ 35,220 Capitalized software development 10,491 (7,784 ) 2,707 10,553 (7,159 ) 3,394 Total $ 87,772 $ (55,208 ) $ 32,564 $ 87,888 $ (49,274 ) $ 38,614 Customer relationships and other intangibles are generally amortized between to years. Capitalized generally amortized over Total amortization expense for customer relationships and other intangible assets was $3.0 million and $2.5 million for the three months ended September 30, 2021, and September 30, 2020, respectively, and $6.0 million and $5.0 million for the six months ended September 30, 2021, and 2020, respectively. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Sep. 30, 2021 | |
ALLOWANCE FOR CREDIT LOSSES [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | 6. ALLOWANCE FOR CREDIT LOSSES The following table provides the activity in our allowance for credit losses for the six months ended September 30, 2021, and 2020 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses 116 479 (497 ) 98 Write-offs and other (64 ) (4 ) (2 ) (70 ) Balance September 30 2021 $ 2,116 $ 1,687 $ 672 $ 4,475 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2020 $ 1,781 $ 798 $ 610 $ 3,189 Provision for credit losses 576 566 624 1,766 Write-offs and other (27 ) (27 ) (7 ) (61 ) Balance September 30 2020 $ 2,330 $ 1,337 $ 1,227 $ 4,894 The following table provides the amortized cost basis of our financing receivables by credit quality rating “CQR” and by credit origination year as of September 30, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2022 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 38,015 $ 42,542 $ 2,256 $ 517 $ 226 $ 10 $ 83,566 $ (35,004 ) $ 48,562 Average CQR 12,933 4,794 2,104 342 3 - 20,176 (2,655 ) 17,521 Low CQR - - - 324 - - 324 - 324 Total $ 50,948 $ 47,336 $ 4,360 $ 1,183 $ 229 $ 10 $ 104,066 $ (37,659 ) $ 66,407 Lease receivables: High CQR $ 12,716 $ 10,504 $ 4,253 $ 1,424 $ 168 $ 48 $ 29,113 $ (6,911 ) $ 22,202 Average CQR 8,906 9,261 2,266 233 141 22 20,829 (5,641 ) 15,188 Low CQR 1,497 1,057 - - - - 2,554 - 2,554 Total $ 23,119 $ 20,822 $ 6,519 $ 1,657 $ 309 $ 70 $ 52,496 $ (12,552 ) $ 39,944 Total amortized cost (1) $ 74,067 $ 68,158 $ 10,879 $ 2,840 $ 538 $ 80 $ 156,562 $ (50,211 ) $ 106,351 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. We evaluate our customers using an internally assigned CQR: • High CQR: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. Loss rates in this category are generally less than . • Average CQR: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Loss rates in this category are generally in the range of to . • Low CQR: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. The loss rates in this category in the normal course are generally in the range of to . The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 93,793 $ 6,250 $ 769 $ 771 $ 19 $ 101,602 $ (63,471 ) $ 38,131 Average CQR 7,689 2,468 550 8 - 10,715 (2,896 ) 7,819 Low CQR - - 324 - - 324 - 324 Total $ 101,482 $ 8,718 $ 1,643 $ 779 $ 19 $ 112,641 $ (66,367 ) $ 46,274 Lease receivables: High CQR $ 28,898 $ 5,885 $ 1,798 $ 463 $ 125 $ 37,169 $ (7,468 ) $ 29,701 Average CQR 23,445 3,482 1,017 270 40 28,254 (4,592 ) 23,662 Low CQR - - - - - - - - Total $ 52,343 $ 9,367 $ 2,815 $ 733 $ 165 $ 65,423 $ (12,060 ) $ 53,363 Total amortized cost (1) $ 153,825 $ 18,085 $ 4,458 $ 1,512 $ 184 $ 178,064 $ (78,427 ) $ 99,637 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 653 $ 1,658 $ 713 $ 3,024 $ 6,737 $ 9,761 $ 94,305 $ 104,066 Lease receivables 323 493 726 1,542 2,480 4,022 48,474 52,496 Total $ 976 $ 2,151 $ 1,439 $ 4,566 $ 9,217 $ 13,783 $ 142,779 $ 156,562 The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 648 $ 910 $ 673 $ 2,231 $ 3,240 $ 5,471 $ 107,170 $ 112,641 Lease receivables 804 132 643 1,579 2,566 4,145 61,278 65,423 Total $ 1,452 $ 1,042 $ 1,316 $ 3,810 $ 5,806 $ 9,616 $ 168,448 $ 178,064 Our financial assets on nonaccrual status were not significant as of September 30, 2021, and March 31, 2021. |
PROPERTY, EQUIPMENT, OTHER ASSE
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES | 6 Months Ended |
Sep. 30, 2021 | |
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract] | |
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES | 7. PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES Our property, equipment, other assets and liabilities consist of the following (in thousands): September 30, 2021 March 31, 2021 Other current assets: Deposits & funds held in escrow $ 453 $ 759 Prepaid assets 11,703 9,939 Other 519 278 Total $ 12,675 $ 10,976 Property, equipment and other assets Property and equipment, net $ 7,368 $ 7,388 Deferred costs - non-current 19,770 19,063 Right-of-use assets 7,562 8,763 Other 9,195 7,075 Total $ 43,895 $ 42,289 Other current liabilities : Accrued expenses $ 13,856 $ 13,598 Accrued income taxes payable 2,146 4,439 Short-term lease liability 3,835 3,934 Other 12,695 8,090 Total $ 32,532 $ 30,061 Other liabilities : Deferred revenue - non-current $ 28,174 $ 26,309 Long-term lease liability 3,816 5,040 Other 5,052 5,330 Total $ 37,042 $ 36,679 In the above table, deposits and funds held in escrow relate to financial assets that were sold to third-party banks. In conjunction with those sales, a portion of the proceeds was placed in escrow and will be released to us upon payment of outstanding invoices related to the underlying financing arrangements that were sold. |
CREDIT FACILITY AND NOTES PAYAB
CREDIT FACILITY AND NOTES PAYABLE | 6 Months Ended |
Sep. 30, 2021 | |
CREDIT FACILITY AND NOTES PAYABLE [Abstract] | |
CREDIT FACILITY AND NOTES PAYABLE | 8. CREDIT FACILITY AND NOTES PAYABLE CREDIT FACILITY Throughout the current fiscal year and until October 12, 2021, e Plus Technology, inc. and certain of its subsidiaries (the “Borrowers”), which are part of our technology segment, financed their operations, in addition to funds generated from operations, with a credit facility with Wells Fargo Commercial Distribution Finance, LLC (“WFCDF”). This facility provided short-term capital for our technology segment. There wer Under the WFCDF credit facility, there was an aggregate limit for th We could elect to temporarily increase the aggregate limit to Additionally, the WFCDF credit facility had a limit on the accounts receivable component of $ million. WFCDF charged us an interest rate equal to two As of September 30, 2021, the limit as result of our election to temporarily uplift the aggregate limit. Our borrowing availability under the credit facility varied, based upon the value of the receivables and inventory of the Borrowers. We had outstanding balances of $ million and $ million under the floor plan component as of September 30, 2021, and March 31, 2021, respectively. This component is presented as part of as accounts payable – floorplan. Under the accounts receivable component, we had $ million as of September 30, 2021 and outstanding balance as of March 31, 2021. This component is presented as part of recourse notes payable – current. The fair value of the outstanding balances under the WFCDF credit facility were approximately equal to their carrying value as of September 30, 2021, and March 31, 2021. T he WFCDF credit facility was secured by the assets of the Borrowers. Additionally, the credit facility required a guaranty o e T he WFCDF credit facility restricted the ability of the Borrowers to pay dividends to e Plus inc. unless their available borrowing met certain thresholds. As of September 30, 2021, and March 31, 2021, their available borrowing met the threshold such that there were no restricted net assets of e Plus Technology, in T he credit facility required that financial statements of the Borrowers be provided with written On October 13, 2021, we entered into a First Amended and Restated Credit Agreement by and among the Borrowers, WFCDF, as administrative agent thereunder, various banks and other financial institutions (including WFCDF) who are parties thereto as lenders (collectively, the “Lenders”) and others, pursuant to which, among other things, the Lenders established for the benefit of the Borrowers a discretionary senior secured floorplan facility in the aggregate principal amount of up to $ million, together with a sublimit for a revolving credit facility for up to $ million (collectively, the “2021 Credit Facility”). The loss of the 2021 Credit Facility RECOURSE NOTES PAYABLE Recourse notes payable consist of borrowings that, in the event of default, the lender has recourse against us. As of September 30, 2021, we had $ million in recourse borrowings which includes $ million outstanding under our revolving credit facility with WFCDF, and $ million arising from one installment payment arrangement. Our payments under this installment agreement are due quarterly in amounts that are correlated to the payments due to us from a customer under a related notes receivable. We discounted our payments to calculate our payable balance using an interest rate of as of both September 30, 2021, and March 31, 2021 NON-RECOURSE NOTES PAYABLE Non-recourse notes payable consists of borrowings that, 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. As of September 30, 2021, and March 31, 2021 September 30, 2021, and March 31, 2021 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES LEGAL PROCEEDINGS We are subject to various legal proceedings, as well as demands, claims and threatened litigation, that arise in the normal course of our business and have not been fully resolved. The ultimate outcome of any litigation is uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, we accrue our best estimate for the ultimate resolution of the matter. If one or more legal matters are resolved against us in a reporting period for amounts above management’s expectations, our financial condition and operating results for that period could be adversely affected. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against the us in the future, and these matters could relate to prior, current or future transactions or events |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Sep. 30, 2021 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 10. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our unaudited consolidated statements of operations for the three and six months ended September 30, 2021, and 2020, respectively (in thousands, except per share data). Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net earnings attributable to common shareholders - basic and diluted $ 31,413 $ 19,846 $ 54,931 $ 37,206 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,332 13,372 13,333 13,347 Effect of dilutive shares 100 19 98 47 Weighted average shares common outstanding — diluted 13,432 13,391 13,431 13,394 Earnings per common share - basic $ 2.36 $ 1.48 $ 4.12 $ 2.79 Earnings per common share - diluted $ 2.34 $ 1.48 $ 4.09 $ 2.78 STOCK SPLIT On November 9, 2021, our Board of Directors declared a two-for-one stock split effected in the form of a stock dividend. The stock split will be in the form of a 100 percent stock dividend payable on December 13, 2021, to shareholders of record at the close of business on November 29, 2021. We expect that our common stock will begin trading at the split-adjusted price on December 14, 2021. All references made to share or per share amounts in the accompanying unaudited consolidated financial statements and applicable disclosures herein, other than the table immediately below, are presented on a pre-split basis. The following table provides pro forma earnings per share, giving retroactive effect to the stock split (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Earnings per common share: Basic - pro forma 1.18 0.74 2.06 1.39 Diluted - pro forma 1.17 0.74 2.04 1.39 Weighted average common shares outstanding: Basic - pro forma 26,664 26,744 26,666 26,694 Diluted - pro forma 26,864 26,782 26,862 26,788 As a result of the stock split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Sep. 30, 2021 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | 11. STOCKHOLDERS’ EQUITY SHARE REPURCHASE PLAN On March 18, 2021, our board of directors authorized the repurchase of up to 500,000 shares of our outstanding common stock over a 12-month period beginning May 28, 2021, and ending on May 27, 2022. 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. On May 20, 2020, our board of directors authorized the repurchase of up to 500,000 shares of our outstanding common stock over a 12-month period beginning May 28, 2020, and ending on May 27, 2021. 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 six months ended September 30, 2021, we purchased 49,028 shares of our outstanding common stock at a value of $4.3 million under the share repurchase plan; we also purchased 27,715 shares of common stock at a value of $2.6 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the six months ended September 30, 2020, we purchased 24,318 shares of our outstanding common stock at a value of $1.8 million under the share repurchase plan; we also purchased 37,640 shares of common stock at a value of $2.7 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Sep. 30, 2021 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | 12. SHARE-BASED COMPENSATION SHARE-BASED PLANS e As of September 30, 2021, we had share-based awards outstanding under the following These share-based plans define fair market value as the closing sales price of a share of common stock as quoted on any established stock exchange for such date or the most recent trading day preceding such date if there were no trades on such date. RESTRICTED STOCK ACTIVITY For the six months ended September 30, 2021, we granted 6,393 shares under the 2017 Director LTIP, and 77,861 restricted shares under the 2012 Employee LTIP. For the six months ended September 30, 2020, we granted 9,309 shares under the 2017 Director LTIP, and 89,873 restricted shares under the 2012 Employee LTIP. A summary of the grants is as follows: Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2021 183,378 $ 74.97 Granted 84,254 $ 92.99 Vested (92,093 ) $ 78.12 Nonvested September 30 2021 175,539 $ 82.00 Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2012 Employee LTIP, we purchased enough shares due to participants to satisfy the minimum tax withholding requirements on employee stock awards. For the six months ended September 30, 2021, we withheld 27,715 shares of common stock at a value of $2.6 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. There are no additional conditions for vesting other than service conditions. Share-based compensation expense for both the three and six months ended September 30, 2021, and 2020, were $1.8 million and $3.6 million, respectively. Unrecognized compensation expense related to non-vested restricted stock was $12.4 million as of September 30, 2021, which will be fully recognized over the next 33 months. We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are always fully vested. Our estimated contribution expense for the plan for the three months ended September 30, 2021, and 2020, was $ million and $ million, respectively. For the six months ended September 30, 2021, and 2020, ur estimated contribution expense for the plan was $ million |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2021 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 13. INCOME TAXES We account for our tax positions in accordance with Codification Topic 740, Income Taxes Our total gross unrecognized tax benefits recorded for uncertain income tax, and interest and penalties thereon, were negligible as of September 30, 2021, and September 30, 2020. We had no additions or reductions to our gross unrecognized tax benefits during the six months ended September 30, 2021. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Sep. 30, 2021 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 14. FAIR VALUE OF FINANCIAL INSTRUMENTS We account for the fair values of our assets and liabilities in accordance with Codification Topic 820, Fair Value Measurement and Disclosure. Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30 , 2021 Assets: Money market funds $ 136 $ 136 $ - $ - March 31 , 2021 Assets: Money market funds $ 45,134 $ 45,134 $ - $ - |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 6 Months Ended |
Sep. 30, 2021 | |
BUSINESS COMBINATIONS [Abstract] | |
BUSINESS COMBINATIONS | 15. BUSINESS COMBINATIONS SYSTEMS MANAGEMENT PLANNING, INC. (SMP) On December 31, 2020, our subsidiary, e e e Our sum of consideration transferred was $27.0 million consisting of $29.0 million paid in cash at closing less $2.0 million that was paid back to us in our quarter ended March 31, 2021, related to a working capital adjustment. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 14,526 Other assets 3,344 Identified intangible assets 14,280 Accounts payable and other current liabilities (11,424 ) Performance obligations (2,020 ) Total identifiable net assets 18,706 Goodwill 8,328 Total purchase consideration $ 27,034 The identified intangible assets of $14.3 million consists of customer relationships with an estimated useful life of seven 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 $8.3 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, 2020, is not material. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Sep. 30, 2021 | |
SEGMENT REPORTING [Abstract] | |
SEGMENT REPORTING | 16. SEGMENT REPORTING Our operations are conducted through two operating segments that are also both reportable segments. Our technology segment includes sales of IT products, third-party software, third-party maintenance, advanced professional and managed services, and our proprietary software to commercial enterprises, state and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software, and related services to commercial enterprises, state and local governments, and government contractors. We measure the performance of the segments based on operating income. Our reportable segment information for the three-and six-month periods ended September 30, 2021, and 2020 are summarized in the following table (in thousands): Three Months Ended September 30, 2021 September 30, 2020 Technology Financing Total Technology Financing Total Sales Product $ 375,444 $ 21,716 $ 397,160 $ 369,934 $ 13,722 $ 383,656 Service 60,857 - 60,857 49,425 - 49,425 Net sales 436,301 21,716 458,017 419,359 13,722 433,081 Cost of Sales Product 293,837 3,792 297,629 301,006 1,957 302,963 Service 37,386 - 37,386 31,156 - 31,156 Total cost of sales 331,223 3,792 335,015 332,162 1,957 334,119 Gross Profit 105,078 17,924 123,002 87,197 11,765 98,962 Selling, general, and administrative 70,803 3,701 74,504 62,586 4,303 66,889 Depreciation and amortization 3,825 28 3,853 3,313 28 3,341 Interest and financing costs 199 143 342 1 246 247 Operating expenses 74,827 3,872 78,699 65,900 4,577 70,477 Operating income 30,251 14,052 44,303 21,297 7,188 28,485 Other income (expense) (325 ) 184 Earnings before tax $ 43,978 $ 28,669 Net Sales Contracts with customers $ 430,339 $ 1,776 $ 432,115 $ 412,357 $ 1,028 $ 413,385 Financing and other 5,962 19,940 25,902 7,002 12,694 19,696 Net Sales $ 436,301 $ 21,716 $ 458,017 $ 419,359 $ 13,722 $ 433,081 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 4,074 $ 1,888 $ 5,962 $ 3,499 $ 1,182 $ 4,681 Purchases of property, equipment and operating lease equipment $ 948 $ 8,301 $ 9,249 $ 990 $ - $ 990 Selected Financial Data - Balance Sheet Total assets $ 902,070 $ 237,875 $ 1,139,945 $ 812,633 $ 226,078 $ 1,038,711 Six Months Ended September 30, 2021 September 30, 2020 Technology Financing Total Technology Financing Total Sales Product $ 720,210 $ 38,007 $ 758,217 $ 663,367 $ 27,529 $ 690,896 Service 116,449 - 116,449 97,216 - 97,216 Net sales 836,659 38,007 874,666 760,583 27,529 788,112 Cost of Sales Product 564,852 10,004 574,856 525,549 4,048 529,597 Service 71,296 - 71,296 60,996 - 60,996 Total cost of sales 636,148 10,004 646,152 586,545 4,048 590,593 Gross Profit 200,511 28,003 228,514 174,038 23,481 197,519 Selling, general, and administrative 136,956 6,323 143,279 128,142 8,214 136,356 Depreciation and amortization 7,723 56 7,779 6,801 56 6,857 Interest and financing costs 358 343 701 266 558 824 Operating expenses 145,037 6,722 151,759 135,209 8,828 144,037 Operating income 55,474 21,281 76,755 38,829 14,653 53,482 Other income (expense) (202 ) 282 Earnings before tax $ 76,553 $ 53,764 Net Sales Contracts with customers $ 826,880 $ 7,194 $ 834,074 $ 746,344 $ 1,988 $ 748,332 Financing and other 9,779 30,813 40,592 14,239 25,541 39,780 Net Sales $ 836,659 $ 38,007 $ 874,666 $ 760,583 $ 27,529 $ 788,112 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 8,177 $ 3,867 $ 12,044 $ 7,133 $ 2,327 $ 9,460 Purchases of property, equipment and operating lease equipment $ 2,255 $ 13,988 $ 16,243 $ 3,101 $ 166 $ 3,267 Selected Financial Data - Balance Sheet Total assets $ 902,070 $ 237,875 $ 1,139,945 $ 812,633 $ 226,078 $ 1,038,711 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 for the three and six month periods ended September 30, 2021, and 2020 in the tables below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Customer end market: Telecom, Media & Entertainment $ 115,784 $ 96,927 $ 227,976 $ 153,579 Technology 53,752 76,321 122,892 146,288 State and local government and educational institutions 68,662 76,492 134,077 147,055 Healthcare 88,237 59,252 142,925 105,788 Financial Services 37,036 46,732 67,047 94,153 All others 72,830 63,635 141,742 113,720 Net sales 436,301 419,359 836,659 760,583 Less: Revenue from financing and other (5,962 ) (7,002 ) (9,779 ) (14,239 ) Revenue from contracts with customers $ 430,339 $ 412,357 $ 826,880 $ 746,344 Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Vendor Cisco Systems $ 174,072 $ 173,166 $ 340,974 $ 301,098 Dell / EMC 43,498 15,349 69,838 46,430 Juniper Networks 18,438 24,716 43,152 38,295 HP Inc. & HPE 14,038 16,395 31,240 33,433 Arista Networks 8,047 13,443 19,545 20,263 NetApp 29,536 9,914 39,993 25,335 All others 148,672 166,376 291,917 295,729 Net sales 436,301 419,359 836,659 760,583 Less: Revenue from financing and other (5,962 ) (7,002 ) (9,779 ) (14,239 ) Revenue from contracts with customers $ 430,339 $ 412,357 $ 826,880 $ 746,344 FINANCING SEGMENT DISAGGREGATION OF REVENUE We analyze our revenues within our financing segment based on the nature of the arrangement. Our revenues from contracts with customers within our financing segment consist entirely of proceeds from the sale of off-lease equipment. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION — The e acquisition. |
INTERIM FINANCIAL STATEMENTS | INTERIM FINANCIAL STATEMENTS — The unaudited consolidated financial statements for the six months ended September 30, 2021, and 2020, were prepared by us and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the six months ended September 30, 2021, and 2020 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2022, or any other future period. These unaudited consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“US GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2021 (“2021 Annual Report”), which should be read in conjunction with these interim consolidated financial statements. |
USE OF ESTIMATES | USE OF ESTIMATES — The estimates. |
CONCENTRATIONS OF RISK | CONCENTRATIONS OF RISK — A substantial portion of our sales are products from Cisco Systems, which were 40% and 41% of our technology segment’s net sales for the three months ended September 30, 2021, and 2020, respectively, and 41% and 40% of our technology segment’s net sales for the six months ended September 30, 2021, and 2020, respectively. |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
REVENUES [Abstract] | |
Balance of Receivables, Contract Assets, and Contract Liabilities | Accounts receivable – trade consists entirely of amounts due from contracts with customers. In addition, we had $ million and $ million of receivables from contracts with customers included within financing receivables as of September 30 2021, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): September 30, 2021 March 31, 2021 Current (included in deferred revenue) $ 82,184 $ 72,299 Non-current (included in other liabilities) $ 27,813 $ 26,042 |
Remaining Performance Obligations | The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for e Plus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in s): Remainder of the year ending March 31, 2022 $ 26,309 Year ending March 31, 2023 24,656 Year ending March 31, 2024 12,595 Year ending March 31, 2025 2,920 Year ending March 31, 2026 and thereafter 1,467 Total remaining performance obligations $ 67,947 |
FINANCING RECEIVABLES AND OPE_2
FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
Sales-type Leases | The following table provides the profit recognized for sales-type leases at their commencement date, including modifications that are recognized on a net basis, for the three and six months ended September 30, 2021, and 2020 (in thousands): Three months ended September 30, Six months ended September 30, 2021 2020 2021 2020 Net sales $ 5,962 $ 7,655 $ 9,779 $ 17,818 Cost of sales 4,926 5,402 8,291 10,729 Gross profit $ 1,036 $ 2,253 $ 1,488 $ 7,089 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2021, and 2020 (in thousands): Three months ended September 30, Six months ended September 30, 2021 2020 2021 2020 Interest income on sales-type leases $ 1,000 $ 1,884 $ 2,290 $ 4,103 Lease income on operating leases $ 6,634 $ 3,900 $ 11,844 $ 7,738 |
Notes Receivable Net and Investments in Leases | The following tables provide a disaggregation of our financing receivables – net (in s): September 30 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 104,066 $ 54,261 $ 158,327 Unguaranteed residual value (1) - 13,411 13,411 Initial direct costs, net of amortization 271 - 271 Unearned income - (7,095 ) (7,095 ) Allowance for credit losses (2) (1,687 ) (672 ) (2,359 ) Total, net $ 102,650 $ 59,905 $ 162,555 Reported as: Current $ 55,928 $ 24,154 $ 80,082 Long-term 46,722 35,751 82,473 Total, net $ 102,650 $ 59,905 $ 162,555 (1) Includes unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6, “Allowance for Credit Losses” for details. March 31 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 112,641 $ 68,393 $ 181,034 Unguaranteed residual value (1) - 14,876 14,876 Initial direct costs, net of amortization 425 - 425 Unearned income - (8,393 ) (8,393 ) Allowance for credit losses (2) (1,212 ) (1,171 ) (2,383 ) Total, net $ 111,854 $ 73,705 $ 185,559 Reported as: Current $ 73,175 $ 33,097 $ 106,272 Long-term 38,679 40,608 79,287 Total, net $ 111,854 $ 73,705 $ 185,559 (1) Includes unguaranteed residual values of that we retained after selling the related lease receivable . (2) Refer to Note 6 “Allowance for Credit Losses” for details. |
Investment in Operating Lease Equipment - Net | Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands): September 30, 2021 March 31, 2021 Cost of equipment under operating leases $ 34,082 $ 18,748 Accumulated depreciation (10,700 ) (7,870 ) Investment in operating lease equipment—net (1) $ 23,382 $ 10,878 (1) Amounts include estimated unguaranteed residual values of $4.6 million and $2.5 million as of September 30, 2021, and March 31, 2021, respectively. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Changes in Goodwill | The following table summarizes the changes in the carrying amount of goodwill for the six months ended September 30, 2021 (in s): Six months ended September 30, 2021 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,318 $ (8,673 ) $ 126,645 Foreign currency translations (49 ) - (49 ) Ending balance $ 135,269 $ (8,673 ) $ 126,596 |
Other Intangible Assets | O : September 30, 2021 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,281 $ (47,424 ) $ 29,857 $ 77,335 $ (42,115 ) $ 35,220 Capitalized software development 10,491 (7,784 ) 2,707 10,553 (7,159 ) 3,394 Total $ 87,772 $ (55,208 ) $ 32,564 $ 87,888 $ (49,274 ) $ 38,614 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
ALLOWANCE FOR CREDIT LOSSES [Abstract] | |
Activity in Reserves for Credit Losses | The following table provides the activity in our allowance for credit losses for the six months ended September 30, 2021, and 2020 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses 116 479 (497 ) 98 Write-offs and other (64 ) (4 ) (2 ) (70 ) Balance September 30 2021 $ 2,116 $ 1,687 $ 672 $ 4,475 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2020 $ 1,781 $ 798 $ 610 $ 3,189 Provision for credit losses 576 566 624 1,766 Write-offs and other (27 ) (27 ) (7 ) (61 ) Balance September 30 2020 $ 2,330 $ 1,337 $ 1,227 $ 4,894 |
Amortized Cost Basis of Financing Receivables by Credit Quality Rating and Credit Origination Year | The following table provides the amortized cost basis of our financing receivables by credit quality rating “CQR” and by credit origination year as of September 30, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2022 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 38,015 $ 42,542 $ 2,256 $ 517 $ 226 $ 10 $ 83,566 $ (35,004 ) $ 48,562 Average CQR 12,933 4,794 2,104 342 3 - 20,176 (2,655 ) 17,521 Low CQR - - - 324 - - 324 - 324 Total $ 50,948 $ 47,336 $ 4,360 $ 1,183 $ 229 $ 10 $ 104,066 $ (37,659 ) $ 66,407 Lease receivables: High CQR $ 12,716 $ 10,504 $ 4,253 $ 1,424 $ 168 $ 48 $ 29,113 $ (6,911 ) $ 22,202 Average CQR 8,906 9,261 2,266 233 141 22 20,829 (5,641 ) 15,188 Low CQR 1,497 1,057 - - - - 2,554 - 2,554 Total $ 23,119 $ 20,822 $ 6,519 $ 1,657 $ 309 $ 70 $ 52,496 $ (12,552 ) $ 39,944 Total amortized cost (1) $ 74,067 $ 68,158 $ 10,879 $ 2,840 $ 538 $ 80 $ 156,562 $ (50,211 ) $ 106,351 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 93,793 $ 6,250 $ 769 $ 771 $ 19 $ 101,602 $ (63,471 ) $ 38,131 Average CQR 7,689 2,468 550 8 - 10,715 (2,896 ) 7,819 Low CQR - - 324 - - 324 - 324 Total $ 101,482 $ 8,718 $ 1,643 $ 779 $ 19 $ 112,641 $ (66,367 ) $ 46,274 Lease receivables: High CQR $ 28,898 $ 5,885 $ 1,798 $ 463 $ 125 $ 37,169 $ (7,468 ) $ 29,701 Average CQR 23,445 3,482 1,017 270 40 28,254 (4,592 ) 23,662 Low CQR - - - - - - - - Total $ 52,343 $ 9,367 $ 2,815 $ 733 $ 165 $ 65,423 $ (12,060 ) $ 53,363 Total amortized cost (1) $ 153,825 $ 18,085 $ 4,458 $ 1,512 $ 184 $ 178,064 $ (78,427 ) $ 99,637 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. |
Aging Analysis of Financing Receivables | The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 653 $ 1,658 $ 713 $ 3,024 $ 6,737 $ 9,761 $ 94,305 $ 104,066 Lease receivables 323 493 726 1,542 2,480 4,022 48,474 52,496 Total $ 976 $ 2,151 $ 1,439 $ 4,566 $ 9,217 $ 13,783 $ 142,779 $ 156,562 The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 648 $ 910 $ 673 $ 2,231 $ 3,240 $ 5,471 $ 107,170 $ 112,641 Lease receivables 804 132 643 1,579 2,566 4,145 61,278 65,423 Total $ 1,452 $ 1,042 $ 1,316 $ 3,810 $ 5,806 $ 9,616 $ 168,448 $ 178,064 |
PROPERTY, EQUIPMENT, OTHER AS_2
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract] | |
Property, Equipment, Other Assets and Liabilities | Our property, equipment, other assets and liabilities consist of the following (in thousands): September 30, 2021 March 31, 2021 Other current assets: Deposits & funds held in escrow $ 453 $ 759 Prepaid assets 11,703 9,939 Other 519 278 Total $ 12,675 $ 10,976 Property, equipment and other assets Property and equipment, net $ 7,368 $ 7,388 Deferred costs - non-current 19,770 19,063 Right-of-use assets 7,562 8,763 Other 9,195 7,075 Total $ 43,895 $ 42,289 Other current liabilities : Accrued expenses $ 13,856 $ 13,598 Accrued income taxes payable 2,146 4,439 Short-term lease liability 3,835 3,934 Other 12,695 8,090 Total $ 32,532 $ 30,061 Other liabilities : Deferred revenue - non-current $ 28,174 $ 26,309 Long-term lease liability 3,816 5,040 Other 5,052 5,330 Total $ 37,042 $ 36,679 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
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 income per common share as disclosed on our unaudited consolidated statements of operations for the three and six months ended September 30, 2021, and 2020, respectively (in thousands, except per share data). Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net earnings attributable to common shareholders - basic and diluted $ 31,413 $ 19,846 $ 54,931 $ 37,206 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,332 13,372 13,333 13,347 Effect of dilutive shares 100 19 98 47 Weighted average shares common outstanding — diluted 13,432 13,391 13,431 13,394 Earnings per common share - basic $ 2.36 $ 1.48 $ 4.12 $ 2.79 Earnings per common share - diluted $ 2.34 $ 1.48 $ 4.09 $ 2.78 |
Pro Forma Earnings per Share | All references made to share or per share amounts in the accompanying unaudited consolidated financial statements and applicable disclosures herein, other than the table immediately below, are presented on a pre-split basis. The following table provides pro forma earnings per share, giving retroactive effect to the stock split (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Earnings per common share: Basic - pro forma 1.18 0.74 2.06 1.39 Diluted - pro forma 1.17 0.74 2.04 1.39 Weighted average common shares outstanding: Basic - pro forma 26,664 26,744 26,666 26,694 Diluted - pro forma 26,864 26,782 26,862 26,788 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
SHARE-BASED COMPENSATION [Abstract] | |
Summary of Grants | For the six months ended September 30, 2021, we granted 6,393 shares under the 2017 Director LTIP, and 77,861 restricted shares under the 2012 Employee LTIP. For the six months ended September 30, 2020, we granted 9,309 shares under the 2017 Director LTIP, and 89,873 restricted shares under the 2012 Employee LTIP. A summary of the grants is as follows: Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2021 183,378 $ 74.97 Granted 84,254 $ 92.99 Vested (92,093 ) $ 78.12 Nonvested September 30 2021 175,539 $ 82.00 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Fair Value Hierarchy of Financial Instruments | We account for the fair values of our assets and liabilities in accordance with Codification Topic 820, Fair Value Measurement and Disclosure. Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30 , 2021 Assets: Money market funds $ 136 $ 136 $ - $ - March 31 , 2021 Assets: Money market funds $ 45,134 $ 45,134 $ - $ - |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
BUSINESS COMBINATIONS [Abstract] | |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed | Our sum of consideration transferred was $27.0 million consisting of $29.0 million paid in cash at closing less $2.0 million that was paid back to us in our quarter ended March 31, 2021, related to a working capital adjustment. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 14,526 Other assets 3,344 Identified intangible assets 14,280 Accounts payable and other current liabilities (11,424 ) Performance obligations (2,020 ) Total identifiable net assets 18,706 Goodwill 8,328 Total purchase consideration $ 27,034 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
SEGMENT REPORTING [Abstract] | |
Segment Reporting Information, by Reportable Segment | Our reportable segment information for the three-and six-month periods ended September 30, 2021, and 2020 are summarized in the following table (in thousands): Three Months Ended September 30, 2021 September 30, 2020 Technology Financing Total Technology Financing Total Sales Product $ 375,444 $ 21,716 $ 397,160 $ 369,934 $ 13,722 $ 383,656 Service 60,857 - 60,857 49,425 - 49,425 Net sales 436,301 21,716 458,017 419,359 13,722 433,081 Cost of Sales Product 293,837 3,792 297,629 301,006 1,957 302,963 Service 37,386 - 37,386 31,156 - 31,156 Total cost of sales 331,223 3,792 335,015 332,162 1,957 334,119 Gross Profit 105,078 17,924 123,002 87,197 11,765 98,962 Selling, general, and administrative 70,803 3,701 74,504 62,586 4,303 66,889 Depreciation and amortization 3,825 28 3,853 3,313 28 3,341 Interest and financing costs 199 143 342 1 246 247 Operating expenses 74,827 3,872 78,699 65,900 4,577 70,477 Operating income 30,251 14,052 44,303 21,297 7,188 28,485 Other income (expense) (325 ) 184 Earnings before tax $ 43,978 $ 28,669 Net Sales Contracts with customers $ 430,339 $ 1,776 $ 432,115 $ 412,357 $ 1,028 $ 413,385 Financing and other 5,962 19,940 25,902 7,002 12,694 19,696 Net Sales $ 436,301 $ 21,716 $ 458,017 $ 419,359 $ 13,722 $ 433,081 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 4,074 $ 1,888 $ 5,962 $ 3,499 $ 1,182 $ 4,681 Purchases of property, equipment and operating lease equipment $ 948 $ 8,301 $ 9,249 $ 990 $ - $ 990 Selected Financial Data - Balance Sheet Total assets $ 902,070 $ 237,875 $ 1,139,945 $ 812,633 $ 226,078 $ 1,038,711 Six Months Ended September 30, 2021 September 30, 2020 Technology Financing Total Technology Financing Total Sales Product $ 720,210 $ 38,007 $ 758,217 $ 663,367 $ 27,529 $ 690,896 Service 116,449 - 116,449 97,216 - 97,216 Net sales 836,659 38,007 874,666 760,583 27,529 788,112 Cost of Sales Product 564,852 10,004 574,856 525,549 4,048 529,597 Service 71,296 - 71,296 60,996 - 60,996 Total cost of sales 636,148 10,004 646,152 586,545 4,048 590,593 Gross Profit 200,511 28,003 228,514 174,038 23,481 197,519 Selling, general, and administrative 136,956 6,323 143,279 128,142 8,214 136,356 Depreciation and amortization 7,723 56 7,779 6,801 56 6,857 Interest and financing costs 358 343 701 266 558 824 Operating expenses 145,037 6,722 151,759 135,209 8,828 144,037 Operating income 55,474 21,281 76,755 38,829 14,653 53,482 Other income (expense) (202 ) 282 Earnings before tax $ 76,553 $ 53,764 Net Sales Contracts with customers $ 826,880 $ 7,194 $ 834,074 $ 746,344 $ 1,988 $ 748,332 Financing and other 9,779 30,813 40,592 14,239 25,541 39,780 Net Sales $ 836,659 $ 38,007 $ 874,666 $ 760,583 $ 27,529 $ 788,112 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 8,177 $ 3,867 $ 12,044 $ 7,133 $ 2,327 $ 9,460 Purchases of property, equipment and operating lease equipment $ 2,255 $ 13,988 $ 16,243 $ 3,101 $ 166 $ 3,267 Selected Financial Data - Balance Sheet Total assets $ 902,070 $ 237,875 $ 1,139,945 $ 812,633 $ 226,078 $ 1,038,711 |
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 for the three and six month periods ended September 30, 2021, and 2020 in the tables below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Customer end market: Telecom, Media & Entertainment $ 115,784 $ 96,927 $ 227,976 $ 153,579 Technology 53,752 76,321 122,892 146,288 State and local government and educational institutions 68,662 76,492 134,077 147,055 Healthcare 88,237 59,252 142,925 105,788 Financial Services 37,036 46,732 67,047 94,153 All others 72,830 63,635 141,742 113,720 Net sales 436,301 419,359 836,659 760,583 Less: Revenue from financing and other (5,962 ) (7,002 ) (9,779 ) (14,239 ) Revenue from contracts with customers $ 430,339 $ 412,357 $ 826,880 $ 746,344 Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Vendor Cisco Systems $ 174,072 $ 173,166 $ 340,974 $ 301,098 Dell / EMC 43,498 15,349 69,838 46,430 Juniper Networks 18,438 24,716 43,152 38,295 HP Inc. & HPE 14,038 16,395 31,240 33,433 Arista Networks 8,047 13,443 19,545 20,263 NetApp 29,536 9,914 39,993 25,335 All others 148,672 166,376 291,917 295,729 Net sales 436,301 419,359 836,659 760,583 Less: Revenue from financing and other (5,962 ) (7,002 ) (9,779 ) (14,239 ) Revenue from contracts with customers $ 430,339 $ 412,357 $ 826,880 $ 746,344 |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Sales [Member] | Product Concentration Risk [Member] | Cisco Systems [Member] | Technology Segment [Member] | ||||
Concentration of risk [Abstract] | ||||
Percentage of concentration risk | 40.00% | 41.00% | 41.00% | 40.00% |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Contract with Customer, Asset and Liability [Abstract] | |||||
Accounts receivable - trade | $ 53,800 | $ 53,800 | $ 54,600 | ||
Current (included in deferred revenue) | 82,184 | 82,184 | 72,299 | ||
Non-current (included in other liabilities) | 27,813 | 27,813 | $ 26,042 | ||
Revenue recognized from the beginning contract liability | 14,600 | $ 11,300 | 36,100 | $ 26,900 | |
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
Remaining performance obligation | 67,947 | 67,947 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |||||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
Remaining performance obligation | $ 26,309 | $ 26,309 | |||
Expected timing of satisfaction, period | 6 months | 6 months | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |||||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
Remaining performance obligation | $ 24,656 | $ 24,656 | |||
Expected timing of satisfaction, period | 1 year | 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 | $ 12,595 | $ 12,595 | |||
Expected timing of satisfaction, period | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |||||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
Remaining performance obligation | $ 2,920 | $ 2,920 | |||
Expected timing of satisfaction, period | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |||||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
Remaining performance obligation | $ 1,467 | $ 1,467 | |||
Expected timing of satisfaction, period |
FINANCING RECEIVABLES AND OPE_3
FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |||||
Profit Recognized for Sales-type Leases [Abstract] | ||||||||||
Net sales | $ 5,962 | $ 7,655 | $ 9,779 | $ 17,818 | ||||||
Cost of sales | 4,926 | 5,402 | 8,291 | 10,729 | ||||||
Gross Profit | 1,036 | 2,253 | 1,488 | 7,089 | ||||||
Interest Income on Sales-type Leases [Abstract] | ||||||||||
Interest Income on sales-type leases | 1,000 | 1,884 | 2,290 | 4,103 | ||||||
Lease income on operating leases | 6,634 | 3,900 | 11,844 | 7,738 | ||||||
Financing Receivables [Abstract] | ||||||||||
Unguaranteed residual value | 8,081 | 8,081 | $ 9,453 | |||||||
Initial direct costs, net of amortization | 271 | 271 | 425 | |||||||
Allowance for credit losses | (4,475) | (4,894) | (4,475) | (4,894) | (4,447) | $ (3,189) | ||||
Reported as [Abstract] | ||||||||||
Current | 80,082 | 80,082 | 106,272 | |||||||
Future scheduled minimum lease payments [Abstract] | ||||||||||
Unguaranteed residual value for sales-type leases | 8,081 | 8,081 | 9,453 | |||||||
Investment in operating lease equipment - net [Abstract] | ||||||||||
Cost of equipment under operating leases | 34,082 | 34,082 | 18,748 | |||||||
Accumulated depreciation | (10,700) | (10,700) | (7,870) | |||||||
Investment in operating lease equipment - net | [1] | 23,382 | 23,382 | 10,878 | ||||||
Unguaranteed residual value of operating lease equipment net | 4,600 | 4,600 | 2,500 | |||||||
Future scheduled minimum lease rental payments [Abstract] | ||||||||||
Collateral for non-recourse notes payable - Finance receivables | 22,600 | 22,600 | 60,500 | |||||||
Collateral for non-recourse notes payable - Operating leases | 8,100 | 8,100 | 3,300 | |||||||
Gain on sale of financing receivables | 10,100 | 4,500 | 13,300 | 7,000 | ||||||
Proceeds from sale of financing receivables | 615,000 | 118,500 | 690,300 | 191,700 | ||||||
Contract liabilities - servicing of financial assets | 500 | 500 | 300 | |||||||
Notes Receivables [Member] | ||||||||||
Financing Receivables [Abstract] | ||||||||||
Gross receivables | 104,066 | 104,066 | 112,641 | |||||||
Unguaranteed residual value | 0 | [2] | 0 | [2] | 0 | [3] | ||||
Initial direct costs, net of amortization | 271 | 271 | 425 | |||||||
Unearned income | 0 | 0 | 0 | |||||||
Allowance for credit losses | (1,687) | [4] | (1,337) | (1,687) | [4] | (1,337) | (1,212) | [4] | (798) | |
Total, net | 102,650 | 102,650 | 111,854 | |||||||
Reported as [Abstract] | ||||||||||
Current | 55,928 | 55,928 | 73,175 | |||||||
Long-term | 46,722 | 46,722 | 38,679 | |||||||
Total, net | 102,650 | 102,650 | 111,854 | |||||||
Lease Receivables [Member] | ||||||||||
Financing Receivables [Abstract] | ||||||||||
Gross receivables | 54,261 | 54,261 | 68,393 | |||||||
Unguaranteed residual value | 13,411 | [2] | 13,411 | [2] | 14,876 | [3] | ||||
Initial direct costs, net of amortization | 0 | 0 | 0 | |||||||
Unearned income | (7,095) | (7,095) | (8,393) | |||||||
Allowance for credit losses | (672) | [4] | $ (1,227) | (672) | [4] | $ (1,227) | (1,171) | [4] | $ (610) | |
Total, net | 59,905 | 59,905 | 73,705 | |||||||
Reported as [Abstract] | ||||||||||
Current | 24,154 | 24,154 | 33,097 | |||||||
Long-term | 35,751 | 35,751 | 40,608 | |||||||
Total, net | 59,905 | 59,905 | 73,705 | |||||||
Financing Receivables [Member] | ||||||||||
Financing Receivables [Abstract] | ||||||||||
Gross receivables | 158,327 | 158,327 | 181,034 | |||||||
Unguaranteed residual value | 13,411 | [2] | 13,411 | [2] | 14,876 | [3] | ||||
Initial direct costs, net of amortization | 271 | 271 | 425 | |||||||
Unearned income | (7,095) | (7,095) | (8,393) | |||||||
Allowance for credit losses | [4] | (2,359) | (2,359) | (2,383) | ||||||
Total, net | 162,555 | 162,555 | 185,559 | |||||||
Reported as [Abstract] | ||||||||||
Current | 80,082 | 80,082 | 106,272 | |||||||
Long-term | 82,473 | 82,473 | 79,287 | |||||||
Total, net | $ 162,555 | $ 162,555 | $ 185,559 | |||||||
[1] | Amounts include estimated unguaranteed residual values of $4.6 million and $2.5 million as of September 30, 2021, and March 31, 2021, respectively. | |||||||||
[2] | Includes unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable. | |||||||||
[3] | Includes unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable. | |||||||||
[4] | Refer to Note 6, “Allowance for Credit Losses” for details. |
LESSEE ACCOUNTING (Details)
LESSEE ACCOUNTING (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Operating Lease [Abstract] | ||||
Rent expense | $ 1.3 | $ 1.5 | $ 2.6 | $ 3.1 |
Maximum [Member] | ||||
Lessee, Operating Lease [Abstract] | ||||
Operating lease term | 6 years | 6 years |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2021USD ($)Unit | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 135,318 |
Goodwill, Impairment Loss, Beginning Balance | (8,673) |
Goodwill, Net Carrying Amount, Beginning Balance | 126,645 |
Foreign currency translations | (49) |
Goodwill, Ending Balance | 135,269 |
Goodwill, Impairment Loss, Ending Balance | (8,673) |
Goodwill, Net Carrying Amount, Ending Balance | $ 126,596 |
Number of reporting units | Unit | 1 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Other Intangible Assets [Abstract] | |||||
Gross carrying amount | $ 87,772 | $ 87,772 | $ 87,888 | ||
Accumulated amortization | (55,208) | (55,208) | (49,274) | ||
Net carrying amount | 32,564 | 32,564 | 38,614 | ||
Customer Relationships and Other Intangibles [Member] | |||||
Other Intangible Assets [Abstract] | |||||
Gross carrying amount | 77,281 | 77,281 | 77,335 | ||
Accumulated amortization | (47,424) | (47,424) | (42,115) | ||
Net carrying amount | 29,857 | 29,857 | 35,220 | ||
Total amortization expense | 3,000 | $ 2,500 | $ 6,000 | $ 5,000 | |
Customer Relationships and Other Intangibles [Member] | Minimum [Member] | |||||
Other Intangible Assets [Abstract] | |||||
Estimated useful life | 5 years | ||||
Customer Relationships and Other Intangibles [Member] | Maximum [Member] | |||||
Other Intangible Assets [Abstract] | |||||
Estimated useful life | 10 years | ||||
Capitalized Software Development [Member] | |||||
Other Intangible Assets [Abstract] | |||||
Gross carrying amount | 10,491 | $ 10,491 | 10,553 | ||
Accumulated amortization | (7,784) | (7,784) | (7,159) | ||
Net carrying amount | $ 2,707 | $ 2,707 | $ 3,394 | ||
Capitalized Software Development [Member] | Minimum [Member] | |||||
Other Intangible Assets [Abstract] | |||||
Estimated useful life | 5 years |
ALLOWANCE FOR CREDIT LOSSES, Ac
ALLOWANCE FOR CREDIT LOSSES, Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Activity in reserves for credit losses [Roll Forward] | |||
Balance | $ 4,447 | $ 3,189 | |
Provision for credit losses | 98 | 1,766 | |
Write-offs and other | (70) | (61) | |
Balance | 4,475 | 4,894 | |
Accounts Receivable [Member] | |||
Activity in reserves for credit losses [Roll Forward] | |||
Balance | 2,064 | 1,781 | |
Provision for credit losses | 116 | 576 | |
Write-offs and other | (64) | (27) | |
Balance | 2,116 | 2,330 | |
Notes Receivable [Member] | |||
Activity in reserves for credit losses [Roll Forward] | |||
Balance | 1,212 | [1] | 798 |
Provision for credit losses | 479 | 566 | |
Write-offs and other | (4) | (27) | |
Balance | 1,687 | [1] | 1,337 |
Lease Receivables [Member] | |||
Activity in reserves for credit losses [Roll Forward] | |||
Balance | 1,171 | [1] | 610 |
Provision for credit losses | (497) | 624 | |
Write-offs and other | (2) | (7) | |
Balance | $ 672 | [1] | $ 1,227 |
[1] | Refer to Note 6, “Allowance for Credit Losses” for details. |
ALLOWANCE FOR CREDIT LOSSES, Am
ALLOWANCE FOR CREDIT LOSSES, Amortized Cost Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | ||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | $ 74,067 | [1] | $ 153,825 | [2] | |
2021/2020 | 68,158 | [1] | 18,085 | [2] | |
2020/2019 | 10,879 | [1] | 4,458 | [2] | |
2019/2018 | 2,840 | [1] | 1,512 | [2] | |
2018/2017 | 538 | [1] | 184 | [2] | |
2017 | [1] | 80 | |||
Total | 156,562 | [1] | 178,064 | [2] | |
Transfers | [3] | (50,211) | [1] | (78,427) | [2] |
Net credit exposure | 106,351 | [1] | 99,637 | [2] | |
Unguaranteed residual value | 8,081 | 9,453 | |||
Lease receivable and initial direct costs of notes receivable, net of amortization | 271 | 425 | |||
Notes Receivable [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | 50,948 | 101,482 | |||
2021/2020 | 47,336 | 8,718 | |||
2020/2019 | 4,360 | 1,643 | |||
2019/2018 | 1,183 | 779 | |||
2018/2017 | 229 | 19 | |||
2017 | 10 | ||||
Total | 104,066 | 112,641 | |||
Transfers | [3] | (37,659) | (66,367) | ||
Net credit exposure | 66,407 | 46,274 | |||
Unguaranteed residual value | 0 | [4] | 0 | [5] | |
Lease receivable and initial direct costs of notes receivable, net of amortization | 271 | 425 | |||
Lease Receivables [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | 23,119 | 52,343 | |||
2021/2020 | 20,822 | 9,367 | |||
2020/2019 | 6,519 | 2,815 | |||
2019/2018 | 1,657 | 733 | |||
2018/2017 | 309 | 165 | |||
2017 | 70 | ||||
Total | 52,496 | 65,423 | |||
Transfers | [3] | (12,552) | (12,060) | ||
Net credit exposure | 39,944 | 53,363 | |||
Unguaranteed residual value | 13,411 | [4] | 14,876 | [5] | |
Lease receivable and initial direct costs of notes receivable, net of amortization | $ 0 | 0 | |||
High CQR [Member] | Maximum [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
Loss rate on credit quality rating | 1.00% | ||||
High CQR [Member] | Notes Receivable [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | $ 38,015 | 93,793 | |||
2021/2020 | 42,542 | 6,250 | |||
2020/2019 | 2,256 | 769 | |||
2019/2018 | 517 | 771 | |||
2018/2017 | 226 | 19 | |||
2017 | 10 | ||||
Total | 83,566 | 101,602 | |||
Transfers | [3] | (35,004) | (63,471) | ||
Net credit exposure | 48,562 | 38,131 | |||
High CQR [Member] | Lease Receivables [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | 12,716 | 28,898 | |||
2021/2020 | 10,504 | 5,885 | |||
2020/2019 | 4,253 | 1,798 | |||
2019/2018 | 1,424 | 463 | |||
2018/2017 | 168 | 125 | |||
2017 | 48 | ||||
Total | 29,113 | 37,169 | |||
Transfers | [3] | (6,911) | (7,468) | ||
Net credit exposure | $ 22,202 | 29,701 | |||
Average CQR [Member] | Minimum [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
Loss rate on credit quality rating | 2.00% | ||||
Average CQR [Member] | Maximum [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
Loss rate on credit quality rating | 10.00% | ||||
Average CQR [Member] | Notes Receivable [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | $ 12,933 | 7,689 | |||
2021/2020 | 4,794 | 2,468 | |||
2020/2019 | 2,104 | 550 | |||
2019/2018 | 342 | 8 | |||
2018/2017 | 3 | 0 | |||
2017 | 0 | ||||
Total | 20,176 | 10,715 | |||
Transfers | [3] | (2,655) | (2,896) | ||
Net credit exposure | 17,521 | 7,819 | |||
Average CQR [Member] | Lease Receivables [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | 8,906 | 23,445 | |||
2021/2020 | 9,261 | 3,482 | |||
2020/2019 | 2,266 | 1,017 | |||
2019/2018 | 233 | 270 | |||
2018/2017 | 141 | 40 | |||
2017 | 22 | ||||
Total | 20,829 | 28,254 | |||
Transfers | [3] | (5,641) | (4,592) | ||
Net credit exposure | $ 15,188 | 23,662 | |||
Low CQR [Member] | Minimum [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
Loss rate on credit quality rating | 10.00% | ||||
Low CQR [Member] | Maximum [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
Loss rate on credit quality rating | 100.00% | ||||
Low CQR [Member] | Notes Receivable [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | $ 0 | 0 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 324 | |||
2019/2018 | 324 | 0 | |||
2018/2017 | 0 | 0 | |||
2017 | 0 | ||||
Total | 324 | 324 | |||
Transfers | [3] | 0 | 0 | ||
Net credit exposure | 324 | 324 | |||
Low CQR [Member] | Lease Receivables [Member] | |||||
Credit Risk Profile, Segregated by Class [Abstract] | |||||
2022/2021 | 1,497 | 0 | |||
2021/2020 | 1,057 | 0 | |||
2020/2019 | 0 | 0 | |||
2019/2018 | 0 | 0 | |||
2018/2017 | 0 | 0 | |||
2017 | 0 | ||||
Total | 2,554 | 0 | |||
Transfers | [3] | 0 | 0 | ||
Net credit exposure | $ 2,554 | $ 0 | |||
[1] | Unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $271 thousand are excluded from amortized cost. | ||||
[2] | Unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $425 thousand are excluded from amortized cost. | ||||
[3] | Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. | ||||
[4] | Includes unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable. | ||||
[5] | Includes unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable. |
ALLOWANCE FOR CREDIT LOSSES, Ag
ALLOWANCE FOR CREDIT LOSSES, Aging Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | ||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Billed | $ 13,783 | $ 9,616 | ||
Unbilled | 142,779 | 168,448 | ||
Total | 156,562 | [1] | 178,064 | [2] |
Notes Receivable [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Billed | 9,761 | 5,471 | ||
Unbilled | 94,305 | 107,170 | ||
Total | 104,066 | 112,641 | ||
Lease Receivables [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Billed | 4,022 | 4,145 | ||
Unbilled | 48,474 | 61,278 | ||
Total | 52,496 | 65,423 | ||
Past Due [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 4,566 | 3,810 | ||
Past Due [Member] | Notes Receivable [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 3,024 | 2,231 | ||
Past Due [Member] | Lease Receivables [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 1,542 | 1,579 | ||
31 to 60 Days Past Due [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 976 | 1,452 | ||
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 | 653 | 648 | ||
31 to 60 Days Past Due [Member] | Lease Receivables [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 323 | 804 | ||
61 to 90 Days Past Due [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 2,151 | 1,042 | ||
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 | 1,658 | 910 | ||
61 to 90 Days Past Due [Member] | Lease Receivables [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 493 | 132 | ||
> 90 Days Past Due [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 1,439 | 1,316 | ||
> 90 Days Past Due [Member] | Notes Receivable [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 713 | 673 | ||
> 90 Days Past Due [Member] | Lease Receivables [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 726 | 643 | ||
Current [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 9,217 | 5,806 | ||
Current [Member] | Notes Receivable [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | 6,737 | 3,240 | ||
Current [Member] | Lease Receivables [Member] | ||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract] | ||||
Total | $ 2,480 | $ 2,566 | ||
[1] | Unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $271 thousand are excluded from amortized cost. | |||
[2] | Unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $425 thousand are excluded from amortized cost. |
PROPERTY, EQUIPMENT, OTHER AS_3
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Other current assets [Abstract] | ||
Deposits & funds held in escrow | $ 453 | $ 759 |
Prepaid assets | 11,703 | 9,939 |
Other | 519 | 278 |
Total | 12,675 | 10,976 |
Property, equipment and other assets [Abstract] | ||
Property and equipment, net | 7,368 | 7,388 |
Deferred costs - non-current | 19,770 | 19,063 |
Right-of-use assets | 7,562 | 8,763 |
Other | 9,195 | 7,075 |
Total | $ 43,895 | $ 42,289 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Total | Total |
Other current liabilities [Abstract] | ||
Accrued expenses | $ 13,856 | $ 13,598 |
Accrued income taxes payable | 2,146 | 4,439 |
Short-term lease liability | 3,835 | 3,934 |
Other | 12,695 | 8,090 |
Total | $ 32,532 | $ 30,061 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Other liabilities [Abstract] | ||
Deferred revenue - non-current | $ 28,174 | $ 26,309 |
Long-term lease liability | 3,816 | 5,040 |
Other | 5,052 | 5,330 |
Total | $ 37,042 | $ 36,679 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total | Total |
CREDIT FACILITY AND NOTES PAY_2
CREDIT FACILITY AND NOTES PAYABLE (Details) $ in Millions | 6 Months Ended | ||
Sep. 30, 2021USD ($)Component | Oct. 13, 2021USD ($) | Mar. 31, 2021USD ($) | |
Credit Facility [Abstract] | |||
Maximum borrowing capacity under credit facility | $ 350 | ||
Notes Payable [Member] | Recourse [Member] | |||
Notes Payable [Abstract] | |||
Long-term Debt | $ 44.9 | ||
Weighted average interest rate of notes | 3.50% | 3.50% | |
Notes Payable [Member] | Recourse [Member] | Note Payable One Installment Arrangement [Member] | |||
Notes Payable [Abstract] | |||
Long-term Debt | $ 15.9 | ||
Notes Payable [Member] | Non-recourse [Member] | |||
Notes Payable [Abstract] | |||
Long-term Debt | $ 25.4 | $ 56.1 | |
Weighted average interest rate of notes | 3.59% | 3.35% | |
2021 Credit Facility [Member] | Subsequent Event [Member] | |||
Credit Facility [Abstract] | |||
Maximum borrowing capacity under credit facility | $ 375 | ||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||
Credit Facility [Abstract] | |||
Maximum borrowing capacity under credit facility | $ 100 | ||
Revolving Credit Facility [Member] | Notes Payable [Member] | Recourse [Member] | |||
Notes Payable [Abstract] | |||
Long-term Debt | $ 29 | ||
WFCDF [Member] | |||
Credit Facility [Abstract] | |||
Number of components under credit facility | Component | 2 | ||
Maximum borrowing capacity under credit facility | $ 275 | ||
Guarantor obligations for credit facility, maximum | $ 10.5 | ||
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 | ||
WFCDF [Member] | Minimum [Member] | |||
Credit Facility [Abstract] | |||
Period of temporary increase of aggregate limit on credit facility | 30 days | ||
WFCDF [Member] | Maximum [Member] | |||
Credit Facility [Abstract] | |||
Aggregate period of temporary increase of aggregate limit on credit facility in a calendar year | 150 days | ||
WFCDF [Member] | Floor Plan Component [Member] | |||
Credit Facility [Abstract] | |||
Amount outstanding under credit facility | $ 145.9 | $ 98.7 | |
WFCDF [Member] | Account Receivable Component [Member] | |||
Credit Facility [Abstract] | |||
Maximum borrowing capacity under credit facility | $ 100 | ||
Basis spread on reference rate | 2.00% | ||
Amount outstanding under credit facility | $ 29 | $ 0 | |
WFCDF [Member] | Account Receivable Component [Member] | LIBOR [Member] | |||
Credit Facility [Abstract] | |||
Basis spread on reference rate | 0.75% | ||
Debt instrument term of variable rate | 1 month | ||
Election under WFCDF [Member] | |||
Credit Facility [Abstract] | |||
Maximum borrowing capacity under credit facility | $ 350 |
EARNINGS PER SHARE, Calculation
EARNINGS PER SHARE, Calculation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||||
Net earnings attributable to common shareholders - basic and diluted | $ 31,413 | $ 23,518 | $ 19,846 | $ 17,360 | $ 54,931 | $ 37,206 |
Basic and diluted common shares outstanding [Abstract] | ||||||
Weighted average common shares outstanding - basic (in shares) | 13,332 | 13,372 | 13,333 | 13,347 | ||
Effect of dilutive shares (in shares) | 100 | 19 | 98 | 47 | ||
Weighted average shares common outstanding - diluted (in shares) | 13,432 | 13,391 | 13,431 | 13,394 | ||
Earnings per common share - basic (in dollars per share) | $ 2.36 | $ 1.48 | $ 4.12 | $ 2.79 | ||
Earnings per common share - diluted (in dollars per share) | $ 2.34 | $ 1.48 | $ 4.09 | $ 2.78 |
EARNINGS PER SHARE, Stock Split
EARNINGS PER SHARE, Stock Split (Details) shares in Thousands | Dec. 13, 2021 | Nov. 09, 2021 | Sep. 30, 2021$ / sharesshares | Sep. 30, 2020$ / sharesshares | Sep. 30, 2021$ / sharesshares | Sep. 30, 2020$ / sharesshares |
Earnings per common share [Abstract] | ||||||
Basic - pro forma (in dollars per share) | $ / shares | $ 1.18 | $ 0.74 | $ 2.06 | $ 1.39 | ||
Diluted - pro forma (in dollars per share) | $ / shares | $ 1.17 | $ 0.74 | $ 2.04 | $ 1.39 | ||
Weighted average common shares outstanding [Abstract] | ||||||
Basic - pro forma (in shares) | shares | 26,664 | 26,744 | 26,666 | 26,694 | ||
Diluted - pro forma (in shares) | shares | 26,864 | 26,782 | 26,862 | 26,788 | ||
Forecast [Member] | ||||||
Stock Split [Abstract] | ||||||
Percentage of stock dividend | 100.00% | |||||
Subsequent Event [Member] | ||||||
Stock Split [Abstract] | ||||||
Stock split, conversion ratio | 2 | |||||
Dividend payable, date to be paid | Dec. 13, 2021 | |||||
Dividend payable, date of record | Nov. 29, 2021 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 18, 2021 | May 20, 2020 | |
STOCKHOLDERS' EQUITY [Abstract] | ||||
Authorized number of shares under stock repurchase program (in shares) | 500,000 | 500,000 | ||
Common stock repurchased during the period (in shares) | 49,028 | 24,318 | ||
Common stock repurchased during the period | $ 4.3 | $ 1.8 | ||
Shares repurchased to satisfy tax withholding obligation (in shares) | 27,715 | 37,640 | ||
Value of shares repurchased to satisfy tax withholding obligation | $ 2.6 | $ 2.7 |
SHARE-BASED COMPENSATION, Share
SHARE-BASED COMPENSATION, Share-Based Plans (Details) | Sep. 30, 2021shares |
2012 Employee LTIP [Member] | |
Share-based Plans [Abstract] | |
Number of shares remaining to be granted (in shares) | 0 |
SHARE-BASED COMPENSATION, Restr
SHARE-BASED COMPENSATION, Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Additional Disclosures [Abstract] | ||
Vested share-based awards withheld to satisfy income tax obligations (in shares) | 27,715 | 37,640 |
Vested share-based awards withheld to satisfy income tax obligations | $ 2.6 | $ 2.7 |
Restricted Stock [Member] | ||
Number of Shares [Roll Forward] | ||
Nonvested at beginning of period (in shares) | 183,378 | |
Granted (in shares) | 84,254 | |
Vested (in shares) | (92,093) | |
Nonvested at end of period (in shares) | 175,539 | |
Weighted Average Grant-date Fair Value [Roll Forward] | ||
Nonvested at beginning of period (in dollars per share) | $ 74.97 | |
Granted (in dollars per share) | 92.99 | |
Vested (in dollars per share) | 78.12 | |
Nonvested at end of period (in dollars per share) | $ 82 | |
2017 Director LTIP [Member] | Restricted Stock [Member] | ||
Number of Shares [Roll Forward] | ||
Granted (in shares) | 6,393 | 9,309 |
2012 Employee LTIP [Member] | Restricted Stock [Member] | ||
Number of Shares [Roll Forward] | ||
Granted (in shares) | 77,861 | 89,873 |
SHARE-BASED COMPENSATION, Compe
SHARE-BASED COMPENSATION, Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Compensation Expense [Abstract] | ||||
Total share-based compensation expense | $ 1,800 | $ 1,800 | $ 3,575 | $ 3,648 |
401(k) Profit Sharing Plan [Abstract] | ||||
Contribution to profit sharing plan | 1,000 | $ 700 | 1,800 | $ 1,400 |
Restricted Stock [Member] | ||||
Compensation Expense [Abstract] | ||||
Unrecognized compensation expense | $ 12,400 | $ 12,400 | ||
Unrecognized compensation expense, period for recognition | 33 months |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2021USD ($) | |
INCOME TAXES [Abstract] | |
Additions or reductions to gross unrecognized tax benefits | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Assets [Abstract] | ||
Money market funds | $ 136 | $ 45,134 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Money market funds | 136 | 45,134 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Money market funds | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Money market funds | $ 0 | $ 0 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2021 | Sep. 30, 2021 |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | |||
Goodwill | $ 126,645 | $ 126,596 | |
Systems Management Planning, Inc. (SMP) [Member] | |||
Business Combination [Abstract] | |||
Cash portion of the acquisition | $ 29,000 | ||
Amount received related to working capital adjustment | $ 2,000 | ||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | |||
Accounts receivable | 14,526 | ||
Other assets | 3,344 | ||
Identified intangible assets | 14,280 | ||
Accounts payable and other current liabilities | (11,424) | ||
Performance obligation | (2,020) | ||
Total identifiable net assets | 18,706 | ||
Goodwill | 8,328 | ||
Total purchase consideration | $ 27,034 | ||
Systems Management Planning, Inc. (SMP) [Member] | Customer Relationships [Member] | |||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | |||
Estimated useful lives | 7 years |
SEGMENT REPORTING, Reportable S
SEGMENT REPORTING, Reportable Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Segment | Sep. 30, 2020USD ($) | Mar. 31, 2021USD ($) | |
SEGMENT REPORTING [Abstract] | |||||
Number of business segments | Segment | 2 | ||||
Reportable Segment Information [Abstract] | |||||
Net sales | $ 458,017 | $ 433,081 | $ 874,666 | $ 788,112 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 335,015 | 334,119 | 646,152 | 590,593 | |
Gross profit | 123,002 | 98,962 | 228,514 | 197,519 | |
Selling, general, and administrative | 74,504 | 66,889 | 143,279 | 136,356 | |
Depreciation and amortization | 3,853 | 3,341 | 7,779 | 6,857 | |
Interest and financing costs | 342 | 247 | 701 | 824 | |
Operating expenses | 78,699 | 70,477 | 151,759 | 144,037 | |
Operating income | 44,303 | 28,485 | 76,755 | 53,482 | |
Other income (expense) | (325) | 184 | (202) | 282 | |
Earnings before tax | 43,978 | 28,669 | 76,553 | 53,764 | |
Net Sales [Abstract] | |||||
Contracts with customers | 432,115 | 413,385 | 834,074 | 748,332 | |
Financing and other | 25,902 | 19,696 | 40,592 | 39,780 | |
Net sales | 458,017 | 433,081 | 874,666 | 788,112 | |
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||
Depreciation and amortization | 5,962 | 4,681 | 12,044 | 9,460 | |
Purchases of property, equipment and operating lease equipment | 9,249 | 990 | 16,243 | 3,267 | |
Selected Financial Data - Balance Sheet [Abstract] | |||||
Total assets | 1,139,945 | 1,038,711 | 1,139,945 | 1,038,711 | $ 1,076,775 |
Product [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 397,160 | 383,656 | 758,217 | 690,896 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 297,629 | 302,963 | 574,856 | 529,597 | |
Net Sales [Abstract] | |||||
Net sales | 397,160 | 383,656 | 758,217 | 690,896 | |
Service [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 60,857 | 49,425 | 116,449 | 97,216 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 37,386 | 31,156 | 71,296 | 60,996 | |
Net Sales [Abstract] | |||||
Net sales | 60,857 | 49,425 | 116,449 | 97,216 | |
Technology Segment [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 436,301 | 419,359 | 836,659 | 760,583 | |
Net Sales [Abstract] | |||||
Contracts with customers | 430,339 | 412,357 | 826,880 | 746,344 | |
Financing and other | 5,962 | 7,002 | 9,779 | 14,239 | |
Net sales | 436,301 | 419,359 | 836,659 | 760,583 | |
Operating Segments [Member] | Technology Segment [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 436,301 | 419,359 | 836,659 | 760,583 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 331,223 | 332,162 | 636,148 | 586,545 | |
Gross profit | 105,078 | 87,197 | 200,511 | 174,038 | |
Selling, general, and administrative | 70,803 | 62,586 | 136,956 | 128,142 | |
Depreciation and amortization | 3,825 | 3,313 | 7,723 | 6,801 | |
Interest and financing costs | 199 | 1 | 358 | 266 | |
Operating expenses | 74,827 | 65,900 | 145,037 | 135,209 | |
Operating income | 30,251 | 21,297 | 55,474 | 38,829 | |
Net Sales [Abstract] | |||||
Contracts with customers | 430,339 | 412,357 | 826,880 | 746,344 | |
Financing and other | 5,962 | 7,002 | 9,779 | 14,239 | |
Net sales | 436,301 | 419,359 | 836,659 | 760,583 | |
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||
Depreciation and amortization | 4,074 | 3,499 | 8,177 | 7,133 | |
Purchases of property, equipment and operating lease equipment | 948 | 990 | 2,255 | 3,101 | |
Selected Financial Data - Balance Sheet [Abstract] | |||||
Total assets | 902,070 | 812,633 | 902,070 | 812,633 | |
Operating Segments [Member] | Technology Segment [Member] | Product [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 375,444 | 369,934 | 720,210 | 663,367 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 293,837 | 301,006 | 564,852 | 525,549 | |
Net Sales [Abstract] | |||||
Net sales | 375,444 | 369,934 | 720,210 | 663,367 | |
Operating Segments [Member] | Technology Segment [Member] | Service [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 60,857 | 49,425 | 116,449 | 97,216 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 37,386 | 31,156 | 71,296 | 60,996 | |
Net Sales [Abstract] | |||||
Net sales | 60,857 | 49,425 | 116,449 | 97,216 | |
Operating Segments [Member] | Financing Segment [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 21,716 | 13,722 | 38,007 | 27,529 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 3,792 | 1,957 | 10,004 | 4,048 | |
Gross profit | 17,924 | 11,765 | 28,003 | 23,481 | |
Selling, general, and administrative | 3,701 | 4,303 | 6,323 | 8,214 | |
Depreciation and amortization | 28 | 28 | 56 | 56 | |
Interest and financing costs | 143 | 246 | 343 | 558 | |
Operating expenses | 3,872 | 4,577 | 6,722 | 8,828 | |
Operating income | 14,052 | 7,188 | 21,281 | 14,653 | |
Net Sales [Abstract] | |||||
Contracts with customers | 1,776 | 1,028 | 7,194 | 1,988 | |
Financing and other | 19,940 | 12,694 | 30,813 | 25,541 | |
Net sales | 21,716 | 13,722 | 38,007 | 27,529 | |
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||
Depreciation and amortization | 1,888 | 1,182 | 3,867 | 2,327 | |
Purchases of property, equipment and operating lease equipment | 8,301 | 0 | 13,988 | 166 | |
Selected Financial Data - Balance Sheet [Abstract] | |||||
Total assets | 237,875 | 226,078 | 237,875 | 226,078 | |
Operating Segments [Member] | Financing Segment [Member] | Product [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 21,716 | 13,722 | 38,007 | 27,529 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 3,792 | 1,957 | 10,004 | 4,048 | |
Net Sales [Abstract] | |||||
Net sales | 21,716 | 13,722 | 38,007 | 27,529 | |
Operating Segments [Member] | Financing Segment [Member] | Service [Member] | |||||
Reportable Segment Information [Abstract] | |||||
Net sales | 0 | 0 | 0 | 0 | |
Cost of Sales [Abstract] | |||||
Cost of sales | 0 | 0 | 0 | 0 | |
Net Sales [Abstract] | |||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT REPORTING, Technology S
SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Abstract] | ||||
Net sales | $ 458,017 | $ 433,081 | $ 874,666 | $ 788,112 |
Less: Revenue from financing and other | (25,902) | (19,696) | (40,592) | (39,780) |
Revenue from contracts with customers | 432,115 | 413,385 | 834,074 | 748,332 |
Technology Segment [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 436,301 | 419,359 | 836,659 | 760,583 |
Less: Revenue from financing and other | (5,962) | (7,002) | (9,779) | (14,239) |
Revenue from contracts with customers | 430,339 | 412,357 | 826,880 | 746,344 |
Technology Segment [Member] | Telecom, Media & Entertainment [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 115,784 | 96,927 | 227,976 | 153,579 |
Technology Segment [Member] | Technology [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 53,752 | 76,321 | 122,892 | 146,288 |
Technology Segment [Member] | State and Local Government and Educational Institutions [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 68,662 | 76,492 | 134,077 | 147,055 |
Technology Segment [Member] | Health Care [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 88,237 | 59,252 | 142,925 | 105,788 |
Technology Segment [Member] | Financial Services [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 37,036 | 46,732 | 67,047 | 94,153 |
Technology Segment [Member] | All Others [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 72,830 | 63,635 | 141,742 | 113,720 |
Technology Segment [Member] | Cisco Systems [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 174,072 | 173,166 | 340,974 | 301,098 |
Technology Segment [Member] | Dell / EMC [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 43,498 | 15,349 | 69,838 | 46,430 |
Technology Segment [Member] | Juniper Networks [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 18,438 | 24,716 | 43,152 | 38,295 |
Technology Segment [Member] | HP Inc. & HPE [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 14,038 | 16,395 | 31,240 | 33,433 |
Technology Segment [Member] | Arista Networks [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 8,047 | 13,443 | 19,545 | 20,263 |
Technology Segment [Member] | NetApp [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 29,536 | 9,914 | 39,993 | 25,335 |
Technology Segment [Member] | All Others [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | $ 148,672 | $ 166,376 | $ 291,917 | $ 295,729 |