Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'EPLUS INC | ' |
Entity Central Index Key | '0001022408 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 7,420,000 |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
UNAUDITED_CONDENSED_CONSOLIDAT
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $62,941 | $80,179 |
Accounts receivable-trade, net | 205,852 | 211,314 |
Accounts receivable-other, net | 33,083 | 31,902 |
Inventories-net | 30,834 | 22,629 |
Financing receivables-net, current | 64,649 | 57,749 |
Deferred costs | 9,894 | 10,819 |
Deferred tax assets | 3,130 | 3,742 |
Other current assets | 10,007 | 6,925 |
Total current assets | 420,390 | 425,259 |
Financing receivables and operating leases - net | 94,783 | 85,990 |
Property, equipment and other assets | 7,145 | 8,013 |
Goodwill and other intangible assets | 42,128 | 34,583 |
TOTAL ASSETS | 564,446 | 553,845 |
Current liabilities: | ' | ' |
Accounts payable-equipment | 21,788 | 6,772 |
Accounts payable-trade | 33,164 | 61,940 |
Accounts payable-floor plan | 120,631 | 93,416 |
Salaries and commissions payable | 12,993 | 12,401 |
Deferred revenue | 22,766 | 21,840 |
Recourse notes payable - current | 280 | 1,460 |
Non-recourse notes payable - current | 35,262 | 30,907 |
Other current liabilities | 21,667 | 15,382 |
Total current liabilities | 268,551 | 244,118 |
Recourse notes payable - long term | 2,576 | 2,100 |
Non-recourse notes payable - long term | 30,018 | 34,421 |
Deferred tax liability - long term | 4,444 | 5,001 |
Other liabilities | 2,799 | 1,822 |
TOTAL LIABILITIES | 308,388 | 287,462 |
COMMITMENTS AND CONTINGENCIES (Note 7) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $.01 per share par value; 2,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $.01 per share par value; 25,000 shares authorized; 13,113 issued and 7,437 outstanding at September 30, 2014 and 13,026 issued and 8,036 outstanding at March 31, 2014 | 131 | 130 |
Additional paid-in capital | 108,995 | 105,924 |
Treasury stock, at cost, 5,677 and 4,990 shares, respectively | -115,276 | -80,494 |
Retained earnings | 262,066 | 240,637 |
Accumulated other comprehensive income-foreign currency translation adjustment | 142 | 186 |
Total Stockholders' Equity | 256,058 | 266,383 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $564,446 | $553,845 |
UNAUDITED_CONDENSED_CONSOLIDAT1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
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 issued (in shares) | 0 | 0 |
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 issued (in shares) | 13,113 | 13,026 |
Common stock, shares outstanding (in shares) | 7,437 | 8,036 |
Treasury stock, shares (in shares) | 5,677 | 4,990 |
UNAUDITED_CONDENSED_CONSOLIDAT2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' |
Sales of product and services | $286,584 | $261,283 | $547,940 | $508,320 |
Financing revenue | 9,059 | 8,001 | 17,933 | 18,761 |
Fee and other income | 1,829 | 1,845 | 3,903 | 3,365 |
TOTAL REVENUES | 297,472 | 271,129 | 569,776 | 530,446 |
Cost of sales, product and services | 230,742 | 214,854 | 443,650 | 418,184 |
Direct lease costs | 2,806 | 3,495 | 5,763 | 6,748 |
Cost of revenues | 233,548 | 218,349 | 449,413 | 424,932 |
Professional and other fees | 1,577 | 1,908 | 3,410 | 5,146 |
Salaries and benefits | 34,252 | 29,685 | 67,199 | 60,367 |
General and administrative expenses | 7,158 | 6,059 | 13,431 | 11,060 |
Interest and financing costs | 611 | 433 | 1,255 | 893 |
Operating expenses | 43,598 | 38,085 | 85,295 | 77,466 |
OPERATING INCOME | 20,326 | 14,695 | 35,068 | 28,048 |
Other income | 0 | 0 | 1,434 | 0 |
EARNINGS BEFORE PROVISION FOR INCOME TAXES | 20,326 | 14,695 | 36,502 | 28,048 |
PROVISION FOR INCOME TAXES | 8,374 | 6,104 | 15,073 | 11,607 |
NET EARNINGS | $11,952 | $8,591 | $21,429 | $16,441 |
NET EARNINGS PER COMMON SHARE-BASIC (In dollars per share) | $1.63 | $1.07 | $2.88 | $2.05 |
NET EARNINGS PER COMMON SHARE-DILUTED (In dollars per share) | $1.63 | $1.06 | $2.86 | $2.03 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (In shares) | 7,320 | 7,976 | 7,412 | 7,945 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (In shares) | 7,345 | 8,020 | 7,461 | 8,007 |
UNAUDITED_CONDENSED_CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' | ' |
NET EARNINGS | $11,952 | $8,591 | $21,429 | $16,441 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ' | ' | ' | ' |
Foreign currency translation adjustments | -160 | 57 | -44 | -37 |
Other comprehensive income (loss) | -160 | 57 | -44 | -37 |
TOTAL COMPREHENSIVE INCOME | $11,792 | $8,648 | $21,385 | $16,404 |
UNAUDITED_CONDENSED_CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net earnings | $21,429 | $16,441 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 7,631 | 7,359 |
Provision for credit losses, inventory obsolescence and sales returns | 245 | 211 |
Share-based compensation expense | 2,247 | 1,954 |
Excess tax benefit from share-based compensation | -824 | -1,536 |
Payments from lessees directly to lenders-operating leases | -4,445 | -4,062 |
Gain on disposal of property, equipment and operating lease equipment | -2,120 | -1,001 |
Gain on sale of financing receivables | -3,179 | -4,025 |
Gain on settlement | -1,434 | 0 |
Other | 50 | 42 |
Changes in: | ' | ' |
Accounts receivable - trade | 13,236 | 12,897 |
Accounts receivable - other | -854 | -4,087 |
Inventories | -7,006 | -5,043 |
Financing receivables | -14,187 | -8,193 |
Deferred costs, other intangible assets and other assets | 1,333 | 1,513 |
Accounts payable-equipment | -162 | 1,700 |
Accounts payable-trade | -29,315 | -222 |
Salaries and commissions payable, deferred revenue and other liabilities | 6,360 | -8,387 |
Net cash (used in) provided by operating activities | -10,995 | 5,561 |
Cash Flows From Investing Activities: | ' | ' |
Maturities of short-term investments | 0 | 982 |
Proceeds from Sale of Held-to-maturity Securities | 2,544 | 0 |
Proceeds from sale of property, equipment and operating lease equipment | 5,751 | 1,929 |
Purchases of property, equipment and operating lease equipment | -1,919 | -6,759 |
Purchases of assets to be leased or financed | -10,000 | -7,032 |
Issuance of financing receivables | -51,163 | -45,847 |
Repayments of financing receivables | 28,082 | 16,031 |
Proceeds from sale of financing receivables | 12,341 | 15,456 |
Premiums paid on life insurance | 0 | -93 |
Cash used in acquisitions, net of cash acquired | -7,818 | 0 |
Net cash used in investing activities | -22,182 | -25,333 |
Cash Flows From Financing Activities: | ' | ' |
Borrowings of non-recourse and recourse notes payable | 30,104 | 12,779 |
Repayments of non-recourse and recourse notes payable | -802 | -1,135 |
Repurchase of common stock | -34,782 | -5,901 |
Dividends paid | -90 | -105 |
Proceeds from issuance of capital stock through option exercise | 0 | 559 |
Payments of contingent consideration | 0 | -1,027 |
Excess tax benefit from share based compensation | 824 | 1,536 |
Net borrowings (repayments) on floor plan facility | 20,694 | 14,042 |
Net cash provided by financing activities | 15,948 | 20,748 |
Effect of exchange rate changes on cash | -9 | 0 |
Net Increase in Cash and Cash Equivalents | -17,238 | 976 |
Cash and Cash Equivalents, Beginning of Period | 80,179 | 52,720 |
Cash and Cash Equivalents, End of Period | 62,941 | 53,696 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Cash paid for interest | 128 | 15 |
Cash paid for income taxes | 12,770 | 10,334 |
Schedule of Non-Cash Investing and Financing Activities: | ' | ' |
Purchase of property and equipment included in accounts payable | 232 | 71 |
Purchase of operating lease equipment included in accounts payable | 103 | 241 |
Purchase of assets to be leased or financed included in accounts payable | 18,578 | 10,664 |
Proceeds from sales of operating lease equipment included in accounts receivable | 910 | 12 |
Repayments of non-recourse and recourse notes payable | 19,171 | 9,715 |
Vesting of share-based compensation | 6,407 | 7,769 |
Origination and concurrent sale of financing receivables | 47,213 | 80,769 |
Contingent consideration | $1,960 | $0 |
UNAUDITED_CONDENSED_CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
In Thousands | ||||||
Balance at Mar. 31, 2014 | $130 | $105,924 | ($80,494) | $240,637 | $186 | $266,383 |
Balance (in shares) at Mar. 31, 2014 | 8,036 | ' | ' | ' | ' | 8,036 |
Excess tax benefit of share based compensation | 0 | 824 | 0 | 0 | 0 | 824 |
Issuance of restricted stock awards | 1 | 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock awards (in shares) | 88 | ' | ' | ' | ' | ' |
Share-based compensation | ' | 2,247 | 0 | 0 | 0 | 2,247 |
Repurchase of common stock | 0 | 0 | -34,782 | 0 | 0 | -34,782 |
Repurchase of common stock (in shares) | -686 | ' | ' | ' | ' | ' |
Net earnings | 0 | 0 | 0 | 21,429 | 0 | 21,429 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | -44 | -44 |
Balance at Sep. 30, 2014 | $131 | $108,995 | ($115,276) | $262,066 | $142 | $256,058 |
Balance (in shares) at Sep. 30, 2014 | 7,437 | ' | ' | ' | ' | 7,437 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |
Sep. 30, 2014 | ||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
1 | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION — Our company was founded in 1990 and is a Delaware corporation. ePlus inc. is sometimes referred to in this Quarterly Report on Form 10-Q as “we,” “our,” “us,” “ourselves,” or “ePlus.” The unaudited condensed consolidated financial statements include the accounts of ePlus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. | ||
INTERIM FINANCIAL STATEMENTS — The condensed consolidated financial statements for the three and six months ended September 30, 2014 and 2013 are unaudited, but 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 three and six months ended September 30, 2014 and 2013 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2015 or any other future period. These unaudited condensed consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“U.S. 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, 2014 (“2014 Annual Report”), which should be read in conjunction with these interim financial statements. | ||
SUBSEQUENT EVENTS — Management has evaluated subsequent events after the balance sheet date through the date our financial statements are issued. | ||
USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, vendor consideration, lease classification, goodwill and intangibles, reserves for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. | ||
The notes to the consolidated financial statements contained in the 2014 Annual Report include additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There have been no material changes to our significant accounting policies and estimates during the six months ended September 30, 2014. | ||
CONCENTRATIONS OF RISK —A substantial portion of our sales of product and services are from sales of Cisco Systems, Hewlett-Packard, and NetApp products, which represented approximately 56%, 8% and 6%, and 52%, 8% and 6%, respectively, of our technology segment sales of product and services for the three and six months ended September 30, 2014, as compared to 47%, 11%, and 6%, and 51%, 10%, and 7% respectively, of our technology segment sales of product and services for the three and six months ended September 30, 2013. Any changes in our vendors’ ability to provide products could have a material adverse effect on our business, results of operations and financial condition. | ||
RECENTLY ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, FASB issued ASU 2014-09, which will update ASC topic Revenue from Contracts with Customers, which will replace all current US GAAP on this topic. The principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which entity expects to be entitled in exchange for those goods or services. The effective date for ASU 2014-09 for us is for fiscal year beginning April 1, 2017. The standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the impact it will have on our financial statements and disclosures and have not yet selected our planned transition approach. |
FINANCING_RECEIVABLES_AND_OPER
FINANCING RECEIVABLES AND OPERATING LEASES | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | ' | ||||||||||||
FINANCING RECEIVABLES AND OPERATING LEASES | ' | ||||||||||||
2 | FINANCING RECEIVABLES AND OPERATING LEASES | ||||||||||||
Our notes receivable, investments in leases, and leased equipment consist of assets that we financed for our customers, which we manage as a portfolio of investments. Our leases to our customers are accounted for as investments in direct financing, sales-type or operating leases in accordance with Codification Topic, Leases. We also finance third-party software, maintenance, and services for our customers, which are classified as notes receivables. Our notes receivables are interest bearing and are often due over a period of time that corresponds with the terms of the leased products. | |||||||||||||
FINANCING RECEIVABLES—NET | |||||||||||||
Our financing receivables, net consist of the following (in thousands): | |||||||||||||
30-Sep-14 | Notes | Lease-Related | Total Financing | ||||||||||
Receivables | Receivables | Receivables | |||||||||||
Minimum payments | $ | 59,745 | $ | 86,289 | $ | 146,034 | |||||||
Estimated unguaranteed residual value (1) | - | 8,184 | 8,184 | ||||||||||
Initial direct costs, net of amortization (2) | 409 | 528 | 937 | ||||||||||
Unearned income | - | (6,444 | ) | (6,444 | ) | ||||||||
Reserve for credit losses (3) | (3,673 | ) | (1,004 | ) | (4,677 | ) | |||||||
Total, net | $ | 56,481 | $ | 87,553 | $ | 144,034 | |||||||
Reported as: | |||||||||||||
Current | $ | 27,043 | $ | 37,606 | $ | 64,649 | |||||||
Long-term | 29,438 | 49,947 | 79,385 | ||||||||||
Total, net | $ | 56,481 | $ | 87,553 | $ | 144,034 | |||||||
-1 | Includes estimated unguaranteed residual values of $3,287 thousand for direct financing leases, which have been sold and accounted for as sales under Codification Topic Transfers and Servicing. | ||||||||||||
-2 | Initial direct costs are shown net of amortization of $548 thousand. | ||||||||||||
-3 | For details on reserve for credit losses, refer to Note 4, “Reserves for Credit Losses.” | ||||||||||||
31-Mar-14 | Notes | Lease-Related | Total Financing | ||||||||||
Receivables | Receivables | Receivables | |||||||||||
Minimum payments | $ | 43,707 | $ | 81,551 | $ | 125,258 | |||||||
Estimated unguaranteed residual value (1) | - | 8,275 | 8,275 | ||||||||||
Initial direct costs, net of amortization (2) | 354 | 537 | 891 | ||||||||||
Unearned income | - | (6,285 | ) | (6,285 | ) | ||||||||
Reserve for credit losses (3) | (3,364 | ) | (1,024 | ) | (4,388 | ) | |||||||
Total, net | $ | 40,697 | $ | 83,054 | $ | 123,751 | |||||||
Reported as: | |||||||||||||
Current | $ | 22,109 | $ | 35,640 | $ | 57,749 | |||||||
Long-term | 18,588 | 47,414 | 66,002 | ||||||||||
Total, net | $ | 40,697 | $ | 83,054 | $ | 123,751 | |||||||
-1 | Includes estimated unguaranteed residual values of $3,034 thousand for direct financing leases which have been sold and accounted for as sales under Codification Topic Transfers and Servicing. | ||||||||||||
-2 | Initial direct costs are shown net of amortization of $525 thousand. | ||||||||||||
-3 | For details on reserve for credit losses, refer to Note 4, “Reserves for Credit Losses.” | ||||||||||||
OPERATING LEASES—NET | |||||||||||||
Operating leases—net primarily represents leases that do not qualify as direct financing leases. The components of the operating leases—net are as follows (in thousands): | |||||||||||||
September 30, | March 31, | ||||||||||||
2014 | 2014 | ||||||||||||
Cost of equipment under operating leases | $ | 31,072 | $ | 40,513 | |||||||||
Accumulated depreciation | (15,674 | ) | (20,525 | ) | |||||||||
Investment in operating lease equipment—net (1) | $ | 15,398 | $ | 19,988 | |||||||||
-1 | These totals include estimated unguaranteed residual values of $3,842 thousand and $5,610 thousand as of September 30, 2014 and March 31, 2014, respectively. | ||||||||||||
TRANSFERS OF FINANCIAL ASSETS | |||||||||||||
We enter into arrangements to transfer the contractual payments due under financing receivables and operating leases, which are accounted for as sales or secured borrowings in accordance with Codification Topic, Transfers and Servicing. For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of September 30, 2014 and March 31, 2014, we had financing receivables and operating leases of $72.8 million and $72.3 million, respectively, that were collateral for non-recourse notes payable. See Note 6, “Notes Payable and Credit Facility.” | |||||||||||||
For transfers accounted for as sales, we derecognize the carrying value of the asset transferred and recognize a net gain or loss on the sale, which is presented within financing revenues in the unaudited condensed consolidated statement of operations. During the three months ended September 30, 2014 and 2013, we recognized net gains of $0.9 million and $1.2 million, respectively. The fair value of assets received from these sales was $37.6 million and $34.9 million for the three months ended September 30, 2014 and 2013, respectively. During the six months ended September 30, 2014 and 2013, we recognized net gains of $3.2 million and $5.6 million, respectively. The fair value of assets received from these sales was $93.8 million and $122.4 million for the six months ended September 30, 2014 and 2013, respectively. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
3 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
Our goodwill and other intangible assets consist of the following (in thousands): | |||||||||||||||||||||||||
30-Sep-14 | 31-Mar-14 | ||||||||||||||||||||||||
Gross Carrying | Accumulated Amortization / Impairment Loss | Net Carrying | Gross Carrying | Accumulated Amortization / Impairment Loss | Net Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Goodwill | $ | 42,834 | $ | (8,673 | ) | $ | 34,161 | $ | 38,243 | $ | (8,673 | ) | $ | 29,570 | |||||||||||
Customer relationships & other intangibles | 11,923 | (5,416 | ) | 6,507 | 8,013 | (4,671 | ) | 3,342 | |||||||||||||||||
Capitalized software development | 2,668 | (1,208 | ) | 1,460 | 2,616 | (945 | ) | 1,671 | |||||||||||||||||
Total | $ | 57,425 | $ | (15,297 | ) | $ | 42,128 | $ | 48,872 | $ | (14,289 | ) | $ | 34,583 | |||||||||||
Goodwill represents the premium paid over the fair value of the net tangible and intangible assets we have acquired in business combinations. Customer relationships and capitalized software development costs are amortized over an estimated useful life, which is generally between 3 to 6 years. | |||||||||||||||||||||||||
All of our goodwill as of September 30, 2014 and March 31, 2014 related to our technology segment. We perform our goodwill impairment test annually during our third quarter of each year. For the year ended March 31, 2014, we performed a qualitative assessment and concluded that the fair value of our reporting units were, more likely than not, greater than their respective carrying amounts. | |||||||||||||||||||||||||
The following table summarizes the amount of goodwill allocated to our reporting units (in thousands): | |||||||||||||||||||||||||
Reporting Unit | September 30, | March 31, | |||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||
Technology | $ | 33,072 | $ | 28,481 | |||||||||||||||||||||
Software Document Management | 1,089 | 1,089 | |||||||||||||||||||||||
OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||
Total amortization expense for other intangible assets was $0.6 million and $0.3 million for the three months and $1.0 million and $0.6 million for the six months ended September 30, 2014 and 2013, respectively. |
RESERVES_FOR_CREDIT_LOSSES
RESERVES FOR CREDIT LOSSES | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RESERVES FOR CREDIT LOSSES [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
RESERVES FOR CREDIT LOSSES | ' | ||||||||||||||||||||||||||||||||||||||||
4 | RESERVES FOR CREDIT LOSSES | ||||||||||||||||||||||||||||||||||||||||
Activity in our reserves for credit losses for the six months ended September 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Accounts | Notes | Lease-Related | Total | ||||||||||||||||||||||||||||||||||||||
Receivable | Receivable | Receivables | |||||||||||||||||||||||||||||||||||||||
Balance April 1, 2014 | $ | 1,364 | $ | 3,364 | $ | 1,024 | $ | 5,752 | |||||||||||||||||||||||||||||||||
Provision for credit losses | (99 | ) | 309 | 11 | 221 | ||||||||||||||||||||||||||||||||||||
Write-offs and other | (122 | ) | - | (31 | ) | (153 | ) | ||||||||||||||||||||||||||||||||||
Balance September 30, 2014 | $ | 1,143 | $ | 3,673 | $ | 1,004 | $ | 5,820 | |||||||||||||||||||||||||||||||||
Accounts | Notes | Lease-Related | Total | ||||||||||||||||||||||||||||||||||||||
Receivable | Receivable | Receivables | |||||||||||||||||||||||||||||||||||||||
Balance April 1, 2013 | $ | 1,147 | $ | 3,137 | $ | 845 | $ | 5,129 | |||||||||||||||||||||||||||||||||
Provision for credit losses | 152 | (14 | ) | 53 | 191 | ||||||||||||||||||||||||||||||||||||
Write-offs and other | (121 | ) | - | - | (121 | ) | |||||||||||||||||||||||||||||||||||
Balance September 30, 2013 | $ | 1,178 | $ | 3,123 | $ | 898 | $ | 5,199 | |||||||||||||||||||||||||||||||||
Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated on the basis of our impairment method were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||||||||||
Notes | Lease-Related | Notes | Lease-Related | ||||||||||||||||||||||||||||||||||||||
Receivable | Receivables | Receivable | Receivables | ||||||||||||||||||||||||||||||||||||||
Reserves for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 552 | $ | 788 | $ | 265 | $ | 852 | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 3,121 | 216 | 3,099 | 172 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,673 | $ | 1,004 | $ | 3,364 | $ | 1,024 | |||||||||||||||||||||||||||||||||
Minimum payments: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 56,292 | $ | 86,086 | $ | 39,869 | $ | 81,114 | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 3,453 | 203 | 3,838 | 437 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 59,745 | $ | 86,289 | $ | 43,707 | $ | 81,551 | |||||||||||||||||||||||||||||||||
The net credit exposure for the notes receivable and lease related receivables evaluated individually for impairment as of September 30, 2014 was $3.6 million. As of September 30, 2014, we had $3.2 million of notes and lease-related receivables from one customer that filed for bankruptcy in May, 2012 and total reserves for credit losses of $3.2 million, which represents our estimated probable loss. As of March 31, 2014, we had $3.4 million of notes receivables from this customer and total reserves for credit losses of $3.1 million. | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014, the age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due, disaggregated based on our internally assigned credit quality ratings (“CQR”), were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater than 90 Days Past Due | Total Past Due | Current | Unbilled Minimum Lease Payments | Total Minimum Lease Payments | Unearned Income | Non-Recourse Notes Payable | Net Credit Exposure | ||||||||||||||||||||||||||||||||
Days | Days | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | 42 | $ | 5 | $ | 130 | $ | 177 | $ | 232 | $ | 51,342 | $ | 51,751 | $ | (2,828 | ) | $ | (18,031 | ) | $ | 30,892 | |||||||||||||||||||
Average CQR | 52 | 48 | 14 | 114 | 566 | 33,654 | 34,335 | (2,704 | ) | (17,742 | ) | 13,888 | |||||||||||||||||||||||||||||
Low CQR | - | - | - | - | - | 203 | 203 | (19 | ) | - | 184 | ||||||||||||||||||||||||||||||
Total | 94 | 53 | 144 | 291 | 798 | 85,199 | 86,289 | (5,551 | ) | (35,773 | ) | 44,964 | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | 194 | $ | 35 | $ | 106 | $ | 335 | $ | 502 | $ | 42,159 | $ | 42,996 | $ | (1,890 | ) | $ | (17,406 | ) | $ | 23,700 | |||||||||||||||||||
Average CQR | 33 | 57 | 18 | 108 | 86 | 37,924 | 38,118 | (3,401 | ) | (20,709 | ) | 14,008 | |||||||||||||||||||||||||||||
Low CQR | - | - | 61 | 61 | - | 376 | 437 | (55 | ) | - | 382 | ||||||||||||||||||||||||||||||
Total | 227 | 92 | 185 | 504 | 588 | 80,459 | 81,551 | (5,346 | ) | (38,115 | ) | 38,090 | |||||||||||||||||||||||||||||
As of September 30, 2014, the age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater than 90 Days Past Due | Total Past Due | Current | Unbilled Notes Receivable | Total Notes Receivable | Non-Recourse Notes Payable | Net Credit Exposure | |||||||||||||||||||||||||||||||||
Days | Days | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | 829 | $ | 5 | $ | 1,802 | $ | 2,636 | $ | 521 | $ | 38,137 | $ | 41,294 | $ | (23,463 | ) | $ | 17,831 | ||||||||||||||||||||||
Average CQR | 171 | - | - | 171 | 281 | 14,546 | 14,998 | (4,580 | ) | 10,418 | |||||||||||||||||||||||||||||||
Low CQR | - | - | 707 | 707 | - | 2,746 | 3,453 | - | 3,453 | ||||||||||||||||||||||||||||||||
Total | 1,000 | 5 | 2,509 | 3,514 | 802 | 55,429 | 59,745 | (28,043 | ) | 31,702 | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | - | $ | 205 | $ | 148 | $ | 353 | $ | 2,317 | $ | 30,249 | $ | 32,919 | $ | (19,641 | ) | $ | 13,278 | ||||||||||||||||||||||
Average CQR | - | - | - | - | - | 6,950 | 6,950 | (3,491 | ) | 3,459 | |||||||||||||||||||||||||||||||
Low CQR | - | - | 791 | 791 | - | 3,047 | 3,838 | - | 3,838 | ||||||||||||||||||||||||||||||||
Total | - | 205 | 939 | 1,144 | 2,317 | 40,246 | 43,707 | (23,132 | ) | 20,575 | |||||||||||||||||||||||||||||||
We estimate losses on our net credit exposure to be between 0% - 5% for customers with highest CQR, as these customers are investment grade or the equivalent of investment grade. We estimate losses on our net credit exposure to be between 2% - 25% for customers with average CQR, and between 25% - 100% for customers with low CQR, which includes customers in bankruptcy. |
PROPERTY_EQUIPMENT_OTHER_ASSET
PROPERTY, EQUIPMENT OTHER ASSETS AND LIABILITIES | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
PROPERTY, EQUIPMENT OTHER ASSETS AND LIABILITIES [Abstract] | ' | ||||||||
PROPERTY, EQUIPMENT OTHER ASSETS AND LIABILITIES | ' | ||||||||
5 | PROPERTY, EQUIPMENT OTHER ASSETS AND LIABILITIES | ||||||||
Our property, equipment, other assets and liabilities consist of the following (in thousands): | |||||||||
September 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Other current assets: | |||||||||
Deposits & funds held in escrow | $ | 6,610 | $ | 995 | |||||
Prepaid assets | 3,079 | 2,865 | |||||||
Supplemental benefit plan investments | - | 2,544 | |||||||
Other | 318 | 521 | |||||||
Total other current assets | $ | 10,007 | $ | 6,925 | |||||
Other assets: | |||||||||
Deferred costs | $ | 1,238 | $ | 1,591 | |||||
Property and equipment, net | 4,636 | 4,293 | |||||||
Other | 1,271 | 2,129 | |||||||
Other assets - long term | $ | 7,145 | $ | 8,013 | |||||
September 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Other current liabilities | |||||||||
Accrued expenses | $ | 10,192 | $ | 5,322 | |||||
Deferred compensation | 222 | 2,544 | |||||||
Other | 11,253 | 7,516 | |||||||
Total other current liabilities | $ | 21,667 | $ | 15,382 | |||||
Other liabilities | |||||||||
Deferred revenue | $ | 1,786 | $ | 1,822 | |||||
Other | 1,013 | - | |||||||
Total other liabilities - long term | $ | 2,799 | $ | 1,822 |
NOTES_PAYABLE_AND_CREDIT_FACIL
NOTES PAYABLE AND CREDIT FACILITY | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
NOTES PAYABLE AND CREDIT FACILITY [Abstract] | ' | ||||||||
NOTES PAYABLE AND CREDIT FACILITY | ' | ||||||||
6 | NOTES PAYABLE AND CREDIT FACILITY | ||||||||
Non-recourse and recourse obligations consist of the following (in thousands): | |||||||||
September 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Recourse notes payable with interest rates ranging from 2.24% and 4.22% at September 30, 2014 and 2.24% and 4.84% at March 31, 2014. | |||||||||
Current | $ | 280 | $ | 1,460 | |||||
Long-term | 2,576 | 2,100 | |||||||
Total recourse notes payable | $ | 2,856 | $ | 3,560 | |||||
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | |||||||||
Current | $ | 35,262 | $ | 30,907 | |||||
Long-term | 30,018 | 34,421 | |||||||
Total non-recourse notes payable | $ | 65,280 | $ | 65,328 | |||||
Principal and interest payments on the non-recourse notes payable are generally due monthly in amounts that are approximately equal to the total payments due from the customer under the leases or notes receivable that collateralize the notes payable. The weighted average interest rate for our non-recourse notes payable was 3.31% and 3.46%, as of September 30, 2014 and March 31, 2014, respectively. The weighted average interest rate for our recourse notes payable was 2.93% and 3.85%, as of September 30, 2014 and March 31, 2014, respectively. Under recourse financing, in the event of a default by a customer, the lender has recourse to the customer, the assets serving as collateral, and us. Under non-recourse financing, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. | |||||||||
In May 2014, we entered into an agreement to repurchase the rights, title, and interest to payments due under a financing agreement. This financing agreement was previously assigned to a third party financial institution and accounted for as a secured borrowing. In conjunction with the repurchase agreement, we recognized a gain of $1.4 million, which is presented within other income in our unaudited condensed consolidated statement of operations. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | |
Sep. 30, 2014 | ||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |
COMMITMENTS AND CONTINGENCIES | ' | |
7 | COMMITMENTS AND CONTINGENCIES | |
Legal Proceedings | ||
On May 19, 2009, we filed a complaint (the “Lawson litigation”) in the United States District Court for the Eastern District of Virginia (the “trial court”) against four defendants, alleging that they used or sold products, methods, processes, services and/or systems that infringe on certain of our patents. During July and August 2009, we entered into settlement and license agreements with three of the defendants. We obtained a jury verdict against the remaining defendant, Lawson Software, Inc. (“Lawson”) on January 27, 2011. The jury unanimously found that Lawson infringed certain ePlus patents relating to electronic procurement systems, and additionally found that all ePlus patent claims tried in court were not invalid. | ||
On May 23, 2011, the trial court issued a permanent injunction, ordering Lawson and its successors to: immediately stop selling and servicing products relating to its electronic procurement systems that infringe our patents; cease providing any ongoing or future maintenance, training or installation of its infringing products; and refrain from publishing any literature or information that encourages the use or sale of its infringing products. Lawson filed an appeal. On November 21, 2012, the United States Court of Appeals for the Federal Circuit (the “Appeals Court”) reversed in part, vacated in part, affirmed in part, and remanded. The Appeals Court upheld the finding that the patent claims were not invalid and upheld, in part, the finding of infringement. On June 11, 2013, consistent with the Appeals Court’s decision, the trial court issued an Order modifying the injunction so that it would continue in full effect with respect to those configurations of Lawson’s electronic procurement systems that the Appeals Court affirmed were infringing. | ||
On August 16, 2013, the trial court issued an order finding, by clear and convincing evidence, that Lawson was in contempt of the trial court’s May 23, 2011, injunction, entering judgment in our favor in the amount of $18.2 million, and ordering that Lawson pay to the court a daily coercive fine. Lawson filed an appeal and posted a bond, and collection of the judgment and imposition of the coercive fine were stayed pending the appeal. | ||
Patent litigation is extremely complex and issues regarding a patent’s validity can arise even subsequent to a patent’s issuance and a court’s enforcement thereof. On April 3, 2014, the United States Patent and Trademark Office issued a notice canceling the patent at issue in the Lawson litigation. On July 25, 2014, the Appeals Court issued an Opinion vacating the injunction and contempt order. We have filed a Petition for Rehearing, and are awaiting the court’s response. | ||
These types of cases are complex in nature, are likely to have significant expenses associated with them, and we cannot predict when any litigation will be resolved, whether we will be successful in our claim for a contempt finding or damages, whether any award ultimately received will exceed the costs incurred to pursue this matter, or how long it will take to bring this matter to resolution. | ||
We filed a claim in a class action suit in the United States District Court for the Northern District of California which alleged that ten groups of companies conspired to fix, raise, maintain or stabilize prices of certain flat panels used in many flat screen televisions, monitors and notebook computers. The Claims Administrator found that we had a valid claim, and on August 6, 2014, issued to us a Notice of Claim Final Determination. On October 20, 2014, the court issued an order directing that approved claims be paid. On October 31, 2014, we received payment in the amount of $6.2 million, which will be recognized in our statement of operations as other income in our third quarter of fiscal 2015. | ||
Other Matters | ||
We may become party to various legal proceedings arising in the ordinary course of business including preference payment claims asserted in customer bankruptcy proceedings, claims of alleged infringement of patents, trademarks, copyrights and other intellectual property rights, claims of alleged non-compliance with contract provisions, employment related claims, claims by competitors, vendors or customers, claims related to alleged violations of laws and regulations, and claims relating to alleged security or privacy breaches. Although we do not expect that the outcome in any of these matters, individually or collectively, will have a material adverse effect on our financial condition or results of operations, litigation is inherently unpredictable. Therefore, judgments could be rendered or settlements entered that could adversely affect our results of operations or cash flows in a particular period. We provide for costs related to contingencies when a loss is probable and the amount is reasonably determinable. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
8 | EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. Unvested shares of restricted stock awards (“RSAs”), which contain non-forfeitable rights to dividends, whether paid or unpaid are considered participating securities because their holders have the right to participate in earnings with common stockholders. We use the two-class method to allocate net income between common shares and other participating securities. As of September 30, 2014, we no longer have any unvested shares of RSAs that contained non-forfeitable rights to dividends. In addition, we no longer grant RSAs that contain non-forfeitable rights to dividends. | |||||||||||||||||
The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our unaudited condensed consolidated statements of operations for the three and six months ended September 30, 2014 and September 30, 2013 (in thousands, except per share data). | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic and diluted shares outstanding | |||||||||||||||||
Weighted average common shares outstanding — basic | 7,320 | 7,976 | 7,412 | 7,945 | |||||||||||||
Effect of dilutive shares | 25 | 44 | 49 | 62 | |||||||||||||
Weighted average common shares outstanding — diluted | 7,345 | 8,020 | 7,461 | 8,007 | |||||||||||||
Calculation of earnings per share - basic | |||||||||||||||||
Net earnings | $ | 11,952 | $ | 8,591 | $ | 21,429 | $ | 16,441 | |||||||||
Net earnings attributable to participating securities | - | 66 | 55 | 192 | |||||||||||||
Net earnings attributable to common shareholders | $ | 11,952 | $ | 8,525 | $ | 21,374 | $ | 16,249 | |||||||||
Earnings per share - basic | $ | 1.63 | $ | 1.07 | $ | 2.88 | $ | 2.05 | |||||||||
Calculation of earnings per share - diluted | |||||||||||||||||
Net earnings attributable to common shareholders— basic | $ | 11,952 | $ | 8,525 | $ | 21,374 | $ | 16,249 | |||||||||
Add: undistributed earnings attributable to participating securities | - | - | 1 | 1 | |||||||||||||
Net earnings attributable to common shareholders— diluted | $ | 11,952 | $ | 8,525 | $ | 21,375 | $ | 16,250 | |||||||||
Earnings per share - diluted | $ | 1.63 | $ | 1.06 | $ | 2.86 | $ | 2.03 | |||||||||
As of both September 30, 2013 and 2014, we had no unexercised stock options. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | |
Sep. 30, 2014 | ||
STOCKHOLDERS' EQUITY [Abstract] | ' | |
STOCKHOLDERS' EQUITY | ' | |
9 | STOCKHOLDERS’ EQUITY | |
On June 12, 2014, our board of directors authorized the Company to repurchase up to 500,000 shares of its outstanding common stock over a 12-month period commencing June 16, 2014. The purchases may 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. This new authorization replaces the company´s previous repurchase plan which was to expire on November 13, 2014. The previous plan, which commenced November 14, 2013, authorized the repurchase of up to 750,000 shares of ePlus´ outstanding common stock. Since commencement of the previous plan through its termination on June 12, 2014, we repurchased 687,488 shares. | ||
During the six months ended September 30, 2014, we repurchased 651,019 shares of our outstanding common stock at an average cost of $50.31 per share for a total purchase price of $32.8 million under the share repurchase plans. We also purchased 35,158 shares of common stock at a value of $2.0 million to satisfy tax withholding obligations to the vesting of employees’ restricted stock. | ||
During the six months ended September 30, 2013, we repurchased 62,986 shares of our outstanding common stock under a share repurchase plan at the average cost of $53.92 per share for a total purchase price of $3.4 million. We purchased 42,073 shares of common stock at a value of $2.5 million to satisfy tax withholding obligations to the vesting of employees’ restricted stock. | ||
Since the inception of our initial repurchase program on September 20, 2001 to September 30, 2014, we have repurchased 5.5 million shares of our outstanding common stock at an average cost of $19.65 per share for a total purchase price of $108.7 million. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
SHARE-BASED COMPENSATION [Abstract] | ' | ||||||||
SHARE-BASED COMPENSATION | ' | ||||||||
10 | SHARE-BASED COMPENSATION | ||||||||
Share-Based Plans | |||||||||
As of September 30, 2014 and March 31, 2014, we had share-based awards outstanding under the following plans: (1) the 2008 Non-Employee Director Long-Term Incentive Plan (“2008 Director LTIP”), (2) the 2008 Employee Long-Term Incentive Plan (“2008 Employee LTIP”) and (3) the 2012 Employee Long-Term Incentive Plan ("2012 Employee LTIP"). All the share-based plans define fair market value as the previous trading day's closing price when the grant date falls on a date the stock was not traded. | |||||||||
For a summary of descriptions and vesting periods of the 2008 Director LTIP, the 2008 Employee LTIP, and the 2012 Employee LTIP discussed above, refer to our 2014 Annual Report. | |||||||||
Stock Option Activity | |||||||||
As of September 30, 2014 and 2013, we had no outstanding shares of stock options and there were no options granted or exercised during the six months ended September 30, 2014. During the six months ended September 30, 2013 there were no options granted and 40,000 options exercised. | |||||||||
Restricted Stock Activity | |||||||||
For the six months ended September 30, 2014, we granted 9,390 restricted shares under the 2008 Director LTIP, and 78,165 restricted shares under the 2012 Employee LTIP. For the six months ended September 30, 2013, we granted 8,520 restricted shares under the 2008 Director LTIP, and 77,115 restricted shares under the 2012 Employee LTIP. A summary of the restricted shares is as follows: | |||||||||
Number of | Weighted Average Grant-date Fair Value | ||||||||
Shares | |||||||||
Nonvested April 1, 2014 | 200,120 | $ | 41.11 | ||||||
Granted | 87,555 | $ | 57.12 | ||||||
Vested | (111,296 | ) | $ | 35.57 | |||||
Nonvested September 30, 2014 | 176,379 | $ | 52.67 | ||||||
Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2008 Employee LTIP and 2012 Employee LTIP, we may purchase a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards. | |||||||||
Compensation Expense | |||||||||
We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period and estimate the forfeiture rate to be zero, which is based on historical experience. There are no additional conditions for vesting other than service conditions. During the three months ended September 30, 2014 and 2013, we recognized $1.2 million and $1.1 million, respectively, of total share-based compensation expense. During the six months ended September 30, 2014 and 2013, we recognized $2.2 million and $1.9 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $7.9 million, which will be fully recognized over the next thirty-three months. | |||||||||
We also provide our employees with a contributory 401(k) plan. Employer contribution percentages are determined by us and are discretionary each year. The employer contributions vest pro-ratably over a four-year service period by the employees, after which all employer contributions will be fully vested. For the three months ended September 30, 2014 and 2013, our estimated contribution expense for the plan was $302 thousand and $147 thousand, respectively. For the six months ended September 30, 2014 and 2013, our estimated contribution expense was $623 thousand and $524 thousand, respectively. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | |
Sep. 30, 2014 | ||
INCOME TAXES [Abstract] | ' | |
INCOME TAXES | ' | |
11 | INCOME TAXES | |
We recognize interest and penalties for uncertain tax positions. As of September 30, 2014, our gross liability related to uncertain tax positions was $149 thousand. At September 30, 2014, if the unrecognized tax benefits of $149 thousand were to be recognized, including the effect of interest, penalties and federal tax benefit, the impact would be $194 thousand. We also recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. We recorded interest expense of $1 thousand and $4 thousand for the three months ended September 30, 2014 and 2013, respectively and $2 thousand and $9 thousand for the six months ended September 30, 2014 and 2013, respectively. We did not recognize any additional penalties. We had $67 thousand and $206 thousand accrued for the payment of interest at September 30, 2014 and 2013, respectively. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
12 | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
We account for the fair values of our assets and liabilities in accordance with Codification Topic Fair Value Measurement and Disclosure. The following table summarizes the fair value hierarchy of our financial instruments as of September 30, 2014 and March 31, 2014 (in thousands): | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Recorded Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | |||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | 43,767 | $ | 43,767 | $ | - | $ | - | $ | - | |||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration | $ | 1,960 | $ | - | $ | - | $ | 1,960 | $ | - | |||||||||||
March 31, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | 54,267 | $ | 54,267 | $ | - | $ | - | $ | - |
SEGMENT_REPORTING
SEGMENT REPORTING | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||||||||||
13 | SEGMENT REPORTING | ||||||||||||||||||||||||
Our operations are conducted through two business segments. Our technology segment includes sales of information technology products, third-party software, third-party maintenance, advanced professional and managed services and our proprietary software to commercial, state and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software and related services to commercial, state and local governments, and government contractors. Our reportable segment information was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Technology | Financing | Total | Technology | Financing | Total | ||||||||||||||||||||
Sales of product and services | $ | 286,584 | $ | - | $ | 286,584 | $ | 261,283 | $ | - | $ | 261,283 | |||||||||||||
Financing revenue | - | 9,059 | 9,059 | - | 8,001 | 8,001 | |||||||||||||||||||
Fee and other income | 1,782 | 47 | 1,829 | 1,829 | 16 | 1,845 | |||||||||||||||||||
Total revenues | 288,366 | 9,106 | 297,472 | 263,112 | 8,017 | 271,129 | |||||||||||||||||||
Cost of sales, product and services | 230,742 | - | 230,742 | 214,854 | - | 214,854 | |||||||||||||||||||
Direct lease costs | - | 2,806 | 2,806 | - | 3,495 | 3,495 | |||||||||||||||||||
Total cost of revenues | 230,742 | 2,806 | 233,548 | 214,854 | 3,495 | 218,349 | |||||||||||||||||||
Professional and other fees | 1,321 | 256 | 1,577 | 1,580 | 328 | 1,908 | |||||||||||||||||||
Salaries and benefits | 31,963 | 2,289 | 34,252 | 27,244 | 2,441 | 29,685 | |||||||||||||||||||
General and administrative expenses | 6,703 | 455 | 7,158 | 5,701 | 358 | 6,059 | |||||||||||||||||||
Interest and financing costs | 19 | 592 | 611 | 26 | 407 | 433 | |||||||||||||||||||
Operating expenses | 40,006 | 3,592 | 43,598 | 34,551 | 3,534 | 38,085 | |||||||||||||||||||
Operating income & earnings before provision for income taxes | $ | 17,618 | $ | 2,708 | $ | 20,326 | $ | 13,707 | $ | 988 | $ | 14,695 | |||||||||||||
Depreciation and amortization | $ | 1,081 | $ | 2,709 | $ | 3,790 | $ | 592 | $ | 3,060 | $ | 3,652 | |||||||||||||
Purchases of property, equipment and operating lease equipment | $ | 744 | $ | 706 | $ | 1,450 | $ | 1,845 | $ | 1,628 | $ | 3,473 | |||||||||||||
Total assets | $ | 341,893 | $ | 222,553 | $ | 564,446 | $ | 269,149 | $ | 196,152 | $ | 465,301 | |||||||||||||
Six Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Technology | Financing | Total | Technology | Financing | Total | ||||||||||||||||||||
Sales of product and services | $ | 547,940 | $ | - | $ | 547,940 | $ | 508,320 | $ | - | $ | 508,320 | |||||||||||||
Financing revenue | - | 17,933 | 17,933 | - | 18,761 | 18,761 | |||||||||||||||||||
Fee and other income | 3,829 | 74 | 3,903 | 3,286 | 79 | 3,365 | |||||||||||||||||||
Total revenues | 551,769 | 18,007 | 569,776 | 511,606 | 18,840 | 530,446 | |||||||||||||||||||
Cost of sales, product and services | 443,650 | - | 443,650 | 418,184 | - | 418,184 | |||||||||||||||||||
Direct lease costs | - | 5,763 | 5,763 | - | 6,748 | 6,748 | |||||||||||||||||||
Total cost of revenues | 443,650 | 5,763 | 449,413 | 418,184 | 6,748 | 424,932 | |||||||||||||||||||
Professional and other fees | 2,907 | 503 | 3,410 | 4,443 | 703 | 5,146 | |||||||||||||||||||
Salaries and benefits | 62,633 | 4,566 | 67,199 | 55,142 | 5,225 | 60,367 | |||||||||||||||||||
General and administrative expenses | 12,461 | 970 | 13,431 | 10,515 | 545 | 11,060 | |||||||||||||||||||
Interest and financing costs | 58 | 1,197 | 1,255 | 46 | 847 | 893 | |||||||||||||||||||
Operating expenses | 78,059 | 7,236 | 85,295 | 70,146 | 7,320 | 77,466 | |||||||||||||||||||
Operating income | 30,060 | 5,008 | 35,068 | 23,276 | 4,772 | 28,048 | |||||||||||||||||||
Other income | - | 1,434 | 1,434 | - | - | - | |||||||||||||||||||
Earnings before provision for income taxes | $ | 30,060 | $ | 6,442 | $ | 36,502 | $ | 23,276 | $ | 4,772 | $ | 28,048 | |||||||||||||
Depreciation and amortization | $ | 1,975 | $ | 5,656 | $ | 7,631 | $ | 1,244 | $ | 6,115 | $ | 7,359 | |||||||||||||
Purchases of property, equipment and operating lease equipment | $ | 1,086 | $ | 833 | $ | 1,919 | $ | 3,071 | $ | 3,688 | $ | 6,759 | |||||||||||||
Total assets | $ | 341,893 | $ | 222,553 | $ | 564,446 | $ | 269,149 | $ | 196,152 | $ | 465,301 |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 6 Months Ended | |
Sep. 30, 2014 | ||
BUSINESS COMBINATIONS [Abstract] | ' | |
BUSINESS COMBINATIONS | ' | |
14 | BUSINESS COMBINATIONS | |
On August 18, 2014, our subsidiary, ePlus Technology, inc., acquired the operating assets and assumed certain liabilities of Granite Business Solutions, Inc. dba Evolve Technology Group (“Evolve”). Evolve is a provider of IT solutions in California, expanding ePlus’ presence in the western United States. Located in Sacramento, CA, Evolve provides information security, collaboration, virtualization and data center solutions to an established customer base of state, local and educational institutions, as well as commercial enterprises. | ||
The total purchase price was $10.5 million, which consists of cash paid, amounts to be paid to Evolve upon collection of certain accounts receivable, and the fair value of contingent consideration. We estimated the fair value of the contingent consideration to be $2.0 million using a probability weighted cash flow methodology. The purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values on the transaction date, including identifiable intangible assets of $3.9 million related to customer relationships with an estimated useful life of 6 years, and other net assets of $0.6 million. We recognized goodwill related to this transaction of $4.6 million, which was assigned to our technology reporting unit. Goodwill associated with the acquisition is deductible for tax purposes. | ||
On November 14, 2013, our subsidiary, ePlus Technology, inc., acquired the assets of AdviStor, Inc., a storage-focused solutions provider located in Pittsford, New York for $2.8 million in cash. The purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values on the transaction date, including identifiable intangible assets of $1.6 million related to customer relationships with an estimated useful life of 6 years, and other net assets of $0.4 million. We recognized goodwill related to this transaction of $0.9 million, which was assigned to our technology reporting unit. Goodwill associated with the acquisition is deductible for tax purposes. |
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2014 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION — Our company was founded in 1990 and is a Delaware corporation. ePlus inc. is sometimes referred to in this Quarterly Report on Form 10-Q as “we,” “our,” “us,” “ourselves,” or “ePlus.” The unaudited condensed consolidated financial statements include the accounts of ePlus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. | |
INTERIM FINANCIAL STATEMENTS | ' |
INTERIM FINANCIAL STATEMENTS — The condensed consolidated financial statements for the three and six months ended September 30, 2014 and 2013 are unaudited, but 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 three and six months ended September 30, 2014 and 2013 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2015 or any other future period. These unaudited condensed consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“U.S. 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, 2014 (“2014 Annual Report”), which should be read in conjunction with these interim financial statements. | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS — Management has evaluated subsequent events after the balance sheet date through the date our financial statements are issued. | |
USE OF ESTIMATES | ' |
USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, vendor consideration, lease classification, goodwill and intangibles, reserves for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. | |
The notes to the consolidated financial statements contained in the 2014 Annual Report include additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There have been no material changes to our significant accounting policies and estimates during the six months ended September 30, 2014. | |
CONCENTRATIONS OF RISK | ' |
CONCENTRATIONS OF RISK —A substantial portion of our sales of product and services are from sales of Cisco Systems, Hewlett-Packard, and NetApp products, which represented approximately 56%, 8% and 6%, and 52%, 8% and 6%, respectively, of our technology segment sales of product and services for the three and six months ended September 30, 2014, as compared to 47%, 11%, and 6%, and 51%, 10%, and 7% respectively, of our technology segment sales of product and services for the three and six months ended September 30, 2013. Any changes in our vendors’ ability to provide products could have a material adverse effect on our business, results of operations and financial condition. | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | ' |
RECENTLY ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, FASB issued ASU 2014-09, which will update ASC topic Revenue from Contracts with Customers, which will replace all current US GAAP on this topic. The principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which entity expects to be entitled in exchange for those goods or services. The effective date for ASU 2014-09 for us is for fiscal year beginning April 1, 2017. The standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the impact it will have on our financial statements and disclosures and have not yet selected our planned transition approach. |
FINANCING_RECEIVABLES_AND_OPER1
FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | ' | ||||||||||||
Components of Notes Receivable Net and Investments in Leases | ' | ||||||||||||
Our financing receivables, net consist of the following (in thousands): | |||||||||||||
30-Sep-14 | Notes | Lease-Related | Total Financing | ||||||||||
Receivables | Receivables | Receivables | |||||||||||
Minimum payments | $ | 59,745 | $ | 86,289 | $ | 146,034 | |||||||
Estimated unguaranteed residual value (1) | - | 8,184 | 8,184 | ||||||||||
Initial direct costs, net of amortization (2) | 409 | 528 | 937 | ||||||||||
Unearned income | - | (6,444 | ) | (6,444 | ) | ||||||||
Reserve for credit losses (3) | (3,673 | ) | (1,004 | ) | (4,677 | ) | |||||||
Total, net | $ | 56,481 | $ | 87,553 | $ | 144,034 | |||||||
Reported as: | |||||||||||||
Current | $ | 27,043 | $ | 37,606 | $ | 64,649 | |||||||
Long-term | 29,438 | 49,947 | 79,385 | ||||||||||
Total, net | $ | 56,481 | $ | 87,553 | $ | 144,034 | |||||||
-1 | Includes estimated unguaranteed residual values of $3,287 thousand for direct financing leases, which have been sold and accounted for as sales under Codification Topic Transfers and Servicing. | ||||||||||||
-2 | Initial direct costs are shown net of amortization of $548 thousand. | ||||||||||||
-3 | For details on reserve for credit losses, refer to Note 4, “Reserves for Credit Losses.” | ||||||||||||
31-Mar-14 | Notes | Lease-Related | Total Financing | ||||||||||
Receivables | Receivables | Receivables | |||||||||||
Minimum payments | $ | 43,707 | $ | 81,551 | $ | 125,258 | |||||||
Estimated unguaranteed residual value (1) | - | 8,275 | 8,275 | ||||||||||
Initial direct costs, net of amortization (2) | 354 | 537 | 891 | ||||||||||
Unearned income | - | (6,285 | ) | (6,285 | ) | ||||||||
Reserve for credit losses (3) | (3,364 | ) | (1,024 | ) | (4,388 | ) | |||||||
Total, net | $ | 40,697 | $ | 83,054 | $ | 123,751 | |||||||
Reported as: | |||||||||||||
Current | $ | 22,109 | $ | 35,640 | $ | 57,749 | |||||||
Long-term | 18,588 | 47,414 | 66,002 | ||||||||||
Total, net | $ | 40,697 | $ | 83,054 | $ | 123,751 | |||||||
-1 | Includes estimated unguaranteed residual values of $3,034 thousand for direct financing leases which have been sold and accounted for as sales under Codification Topic Transfers and Servicing. | ||||||||||||
-2 | Initial direct costs are shown net of amortization of $525 thousand. | ||||||||||||
-3 | For details on reserve for credit losses, refer to Note 4, “Reserves for Credit Losses.” | ||||||||||||
Investment in Operating Lease Equipment - Net | ' | ||||||||||||
Operating leases—net primarily represents leases that do not qualify as direct financing leases. The components of the operating leases—net are as follows (in thousands): | |||||||||||||
September 30, | March 31, | ||||||||||||
2014 | 2014 | ||||||||||||
Cost of equipment under operating leases | $ | 31,072 | $ | 40,513 | |||||||||
Accumulated depreciation | (15,674 | ) | (20,525 | ) | |||||||||
Investment in operating lease equipment—net (1) | $ | 15,398 | $ | 19,988 | |||||||||
-1 | These totals include estimated unguaranteed residual values of $3,842 thousand and $5,610 thousand as of September 30, 2014 and March 31, 2014, respectively. |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||||||||||
Components of Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Our goodwill and other intangible assets consist of the following (in thousands): | |||||||||||||||||||||||||
30-Sep-14 | 31-Mar-14 | ||||||||||||||||||||||||
Gross Carrying | Accumulated Amortization / Impairment Loss | Net Carrying | Gross Carrying | Accumulated Amortization / Impairment Loss | Net Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Goodwill | $ | 42,834 | $ | (8,673 | ) | $ | 34,161 | $ | 38,243 | $ | (8,673 | ) | $ | 29,570 | |||||||||||
Customer relationships & other intangibles | 11,923 | (5,416 | ) | 6,507 | 8,013 | (4,671 | ) | 3,342 | |||||||||||||||||
Capitalized software development | 2,668 | (1,208 | ) | 1,460 | 2,616 | (945 | ) | 1,671 | |||||||||||||||||
Total | $ | 57,425 | $ | (15,297 | ) | $ | 42,128 | $ | 48,872 | $ | (14,289 | ) | $ | 34,583 | |||||||||||
Summary of Goodwill Allocated to Reporting Units | ' | ||||||||||||||||||||||||
The following table summarizes the amount of goodwill allocated to our reporting units (in thousands): | |||||||||||||||||||||||||
Reporting Unit | September 30, | March 31, | |||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||
Technology | $ | 33,072 | $ | 28,481 | |||||||||||||||||||||
Software Document Management | 1,089 | 1,089 |
RESERVES_FOR_CREDIT_LOSSES_Tab
RESERVES FOR CREDIT LOSSES (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RESERVES FOR CREDIT LOSSES [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Activity in Reserves for Credit Losses | ' | ||||||||||||||||||||||||||||||||||||||||
Activity in our reserves for credit losses for the six months ended September 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Accounts | Notes | Lease-Related | Total | ||||||||||||||||||||||||||||||||||||||
Receivable | Receivable | Receivables | |||||||||||||||||||||||||||||||||||||||
Balance April 1, 2014 | $ | 1,364 | $ | 3,364 | $ | 1,024 | $ | 5,752 | |||||||||||||||||||||||||||||||||
Provision for credit losses | (99 | ) | 309 | 11 | 221 | ||||||||||||||||||||||||||||||||||||
Write-offs and other | (122 | ) | - | (31 | ) | (153 | ) | ||||||||||||||||||||||||||||||||||
Balance September 30, 2014 | $ | 1,143 | $ | 3,673 | $ | 1,004 | $ | 5,820 | |||||||||||||||||||||||||||||||||
Accounts | Notes | Lease-Related | Total | ||||||||||||||||||||||||||||||||||||||
Receivable | Receivable | Receivables | |||||||||||||||||||||||||||||||||||||||
Balance April 1, 2013 | $ | 1,147 | $ | 3,137 | $ | 845 | $ | 5,129 | |||||||||||||||||||||||||||||||||
Provision for credit losses | 152 | (14 | ) | 53 | 191 | ||||||||||||||||||||||||||||||||||||
Write-offs and other | (121 | ) | - | - | (121 | ) | |||||||||||||||||||||||||||||||||||
Balance September 30, 2013 | $ | 1,178 | $ | 3,123 | $ | 898 | $ | 5,199 | |||||||||||||||||||||||||||||||||
Reserve for Credit Losses and Minimum Lease Payments Associated with Notes Receivable and Investment in Direct Financing and Sales-type Lease Balances Disaggregated on the Basis of Impairment Method | ' | ||||||||||||||||||||||||||||||||||||||||
Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated on the basis of our impairment method were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||||||||||
Notes | Lease-Related | Notes | Lease-Related | ||||||||||||||||||||||||||||||||||||||
Receivable | Receivables | Receivable | Receivables | ||||||||||||||||||||||||||||||||||||||
Reserves for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 552 | $ | 788 | $ | 265 | $ | 852 | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 3,121 | 216 | 3,099 | 172 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,673 | $ | 1,004 | $ | 3,364 | $ | 1,024 | |||||||||||||||||||||||||||||||||
Minimum payments: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 56,292 | $ | 86,086 | $ | 39,869 | $ | 81,114 | |||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 3,453 | 203 | 3,838 | 437 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 59,745 | $ | 86,289 | $ | 43,707 | $ | 81,551 | |||||||||||||||||||||||||||||||||
Balance Disaggregated Based on Internally Assigned CQR | ' | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014, the age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due, disaggregated based on our internally assigned credit quality ratings (“CQR”), were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater than 90 Days Past Due | Total Past Due | Current | Unbilled Minimum Lease Payments | Total Minimum Lease Payments | Unearned Income | Non-Recourse Notes Payable | Net Credit Exposure | ||||||||||||||||||||||||||||||||
Days | Days | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | 42 | $ | 5 | $ | 130 | $ | 177 | $ | 232 | $ | 51,342 | $ | 51,751 | $ | (2,828 | ) | $ | (18,031 | ) | $ | 30,892 | |||||||||||||||||||
Average CQR | 52 | 48 | 14 | 114 | 566 | 33,654 | 34,335 | (2,704 | ) | (17,742 | ) | 13,888 | |||||||||||||||||||||||||||||
Low CQR | - | - | - | - | - | 203 | 203 | (19 | ) | - | 184 | ||||||||||||||||||||||||||||||
Total | 94 | 53 | 144 | 291 | 798 | 85,199 | 86,289 | (5,551 | ) | (35,773 | ) | 44,964 | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | 194 | $ | 35 | $ | 106 | $ | 335 | $ | 502 | $ | 42,159 | $ | 42,996 | $ | (1,890 | ) | $ | (17,406 | ) | $ | 23,700 | |||||||||||||||||||
Average CQR | 33 | 57 | 18 | 108 | 86 | 37,924 | 38,118 | (3,401 | ) | (20,709 | ) | 14,008 | |||||||||||||||||||||||||||||
Low CQR | - | - | 61 | 61 | - | 376 | 437 | (55 | ) | - | 382 | ||||||||||||||||||||||||||||||
Total | 227 | 92 | 185 | 504 | 588 | 80,459 | 81,551 | (5,346 | ) | (38,115 | ) | 38,090 | |||||||||||||||||||||||||||||
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR | ' | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014, the age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater than 90 Days Past Due | Total Past Due | Current | Unbilled Notes Receivable | Total Notes Receivable | Non-Recourse Notes Payable | Net Credit Exposure | |||||||||||||||||||||||||||||||||
Days | Days | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | 829 | $ | 5 | $ | 1,802 | $ | 2,636 | $ | 521 | $ | 38,137 | $ | 41,294 | $ | (23,463 | ) | $ | 17,831 | ||||||||||||||||||||||
Average CQR | 171 | - | - | 171 | 281 | 14,546 | 14,998 | (4,580 | ) | 10,418 | |||||||||||||||||||||||||||||||
Low CQR | - | - | 707 | 707 | - | 2,746 | 3,453 | - | 3,453 | ||||||||||||||||||||||||||||||||
Total | 1,000 | 5 | 2,509 | 3,514 | 802 | 55,429 | 59,745 | (28,043 | ) | 31,702 | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||||||||||
High CQR | $ | - | $ | 205 | $ | 148 | $ | 353 | $ | 2,317 | $ | 30,249 | $ | 32,919 | $ | (19,641 | ) | $ | 13,278 | ||||||||||||||||||||||
Average CQR | - | - | - | - | - | 6,950 | 6,950 | (3,491 | ) | 3,459 | |||||||||||||||||||||||||||||||
Low CQR | - | - | 791 | 791 | - | 3,047 | 3,838 | - | 3,838 | ||||||||||||||||||||||||||||||||
Total | - | 205 | 939 | 1,144 | 2,317 | 40,246 | 43,707 | (23,132 | ) | 20,575 |
PROPERTY_EQUIPMENT_OTHER_ASSET1
PROPERTY, EQUIPMENT OTHER ASSETS AND LIABILITIES (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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, | March 31, | ||||||||
2014 | 2014 | ||||||||
Other current assets: | |||||||||
Deposits & funds held in escrow | $ | 6,610 | $ | 995 | |||||
Prepaid assets | 3,079 | 2,865 | |||||||
Supplemental benefit plan investments | - | 2,544 | |||||||
Other | 318 | 521 | |||||||
Total other current assets | $ | 10,007 | $ | 6,925 | |||||
Other assets: | |||||||||
Deferred costs | $ | 1,238 | $ | 1,591 | |||||
Property and equipment, net | 4,636 | 4,293 | |||||||
Other | 1,271 | 2,129 | |||||||
Other assets - long term | $ | 7,145 | $ | 8,013 | |||||
September 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Other current liabilities | |||||||||
Accrued expenses | $ | 10,192 | $ | 5,322 | |||||
Deferred compensation | 222 | 2,544 | |||||||
Other | 11,253 | 7,516 | |||||||
Total other current liabilities | $ | 21,667 | $ | 15,382 | |||||
Other liabilities | |||||||||
Deferred revenue | $ | 1,786 | $ | 1,822 | |||||
Other | 1,013 | - | |||||||
Total other liabilities - long term | $ | 2,799 | $ | 1,822 |
NOTES_PAYABLE_AND_CREDIT_FACIL1
NOTES PAYABLE AND CREDIT FACILITY (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
NOTES PAYABLE AND CREDIT FACILITY [Abstract] | ' | ||||||||
Non-recourse and Recourse Obligations | ' | ||||||||
Non-recourse and recourse obligations consist of the following (in thousands): | |||||||||
September 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Recourse notes payable with interest rates ranging from 2.24% and 4.22% at September 30, 2014 and 2.24% and 4.84% at March 31, 2014. | |||||||||
Current | $ | 280 | $ | 1,460 | |||||
Long-term | 2,576 | 2,100 | |||||||
Total recourse notes payable | $ | 2,856 | $ | 3,560 | |||||
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | |||||||||
Current | $ | 35,262 | $ | 30,907 | |||||
Long-term | 30,018 | 34,421 | |||||||
Total non-recourse notes payable | $ | 65,280 | $ | 65,328 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||||||
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share | ' | ||||||||||||||||
The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our unaudited condensed consolidated statements of operations for the three and six months ended September 30, 2014 and September 30, 2013 (in thousands, except per share data). | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic and diluted shares outstanding | |||||||||||||||||
Weighted average common shares outstanding — basic | 7,320 | 7,976 | 7,412 | 7,945 | |||||||||||||
Effect of dilutive shares | 25 | 44 | 49 | 62 | |||||||||||||
Weighted average common shares outstanding — diluted | 7,345 | 8,020 | 7,461 | 8,007 | |||||||||||||
Calculation of earnings per share - basic | |||||||||||||||||
Net earnings | $ | 11,952 | $ | 8,591 | $ | 21,429 | $ | 16,441 | |||||||||
Net earnings attributable to participating securities | - | 66 | 55 | 192 | |||||||||||||
Net earnings attributable to common shareholders | $ | 11,952 | $ | 8,525 | $ | 21,374 | $ | 16,249 | |||||||||
Earnings per share - basic | $ | 1.63 | $ | 1.07 | $ | 2.88 | $ | 2.05 | |||||||||
Calculation of earnings per share - diluted | |||||||||||||||||
Net earnings attributable to common shareholders— basic | $ | 11,952 | $ | 8,525 | $ | 21,374 | $ | 16,249 | |||||||||
Add: undistributed earnings attributable to participating securities | - | - | 1 | 1 | |||||||||||||
Net earnings attributable to common shareholders— diluted | $ | 11,952 | $ | 8,525 | $ | 21,375 | $ | 16,250 | |||||||||
Earnings per share - diluted | $ | 1.63 | $ | 1.06 | $ | 2.86 | $ | 2.03 |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
SHARE-BASED COMPENSATION [Abstract] | ' | ||||||||
Summary of Nonvested Restricted Shares | ' | ||||||||
A summary of the restricted shares is as follows: | |||||||||
Number of | Weighted Average Grant-date Fair Value | ||||||||
Shares | |||||||||
Nonvested April 1, 2014 | 200,120 | $ | 41.11 | ||||||
Granted | 87,555 | $ | 57.12 | ||||||
Vested | (111,296 | ) | $ | 35.57 | |||||
Nonvested September 30, 2014 | 176,379 | $ | 52.67 |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||
Fair Value Hierarchy of Financial Instruments | ' | ||||||||||||||||||||
The following table summarizes the fair value hierarchy of our financial instruments as of September 30, 2014 and March 31, 2014 (in thousands): | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Recorded Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | |||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | 43,767 | $ | 43,767 | $ | - | $ | - | $ | - | |||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration | $ | 1,960 | $ | - | $ | - | $ | 1,960 | $ | - | |||||||||||
March 31, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | 54,267 | $ | 54,267 | $ | - | $ | - | $ | - |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Information, by Reportable Segment | ' | ||||||||||||||||||||||||
Our reportable segment information was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Technology | Financing | Total | Technology | Financing | Total | ||||||||||||||||||||
Sales of product and services | $ | 286,584 | $ | - | $ | 286,584 | $ | 261,283 | $ | - | $ | 261,283 | |||||||||||||
Financing revenue | - | 9,059 | 9,059 | - | 8,001 | 8,001 | |||||||||||||||||||
Fee and other income | 1,782 | 47 | 1,829 | 1,829 | 16 | 1,845 | |||||||||||||||||||
Total revenues | 288,366 | 9,106 | 297,472 | 263,112 | 8,017 | 271,129 | |||||||||||||||||||
Cost of sales, product and services | 230,742 | - | 230,742 | 214,854 | - | 214,854 | |||||||||||||||||||
Direct lease costs | - | 2,806 | 2,806 | - | 3,495 | 3,495 | |||||||||||||||||||
Total cost of revenues | 230,742 | 2,806 | 233,548 | 214,854 | 3,495 | 218,349 | |||||||||||||||||||
Professional and other fees | 1,321 | 256 | 1,577 | 1,580 | 328 | 1,908 | |||||||||||||||||||
Salaries and benefits | 31,963 | 2,289 | 34,252 | 27,244 | 2,441 | 29,685 | |||||||||||||||||||
General and administrative expenses | 6,703 | 455 | 7,158 | 5,701 | 358 | 6,059 | |||||||||||||||||||
Interest and financing costs | 19 | 592 | 611 | 26 | 407 | 433 | |||||||||||||||||||
Operating expenses | 40,006 | 3,592 | 43,598 | 34,551 | 3,534 | 38,085 | |||||||||||||||||||
Operating income & earnings before provision for income taxes | $ | 17,618 | $ | 2,708 | $ | 20,326 | $ | 13,707 | $ | 988 | $ | 14,695 | |||||||||||||
Depreciation and amortization | $ | 1,081 | $ | 2,709 | $ | 3,790 | $ | 592 | $ | 3,060 | $ | 3,652 | |||||||||||||
Purchases of property, equipment and operating lease equipment | $ | 744 | $ | 706 | $ | 1,450 | $ | 1,845 | $ | 1,628 | $ | 3,473 | |||||||||||||
Total assets | $ | 341,893 | $ | 222,553 | $ | 564,446 | $ | 269,149 | $ | 196,152 | $ | 465,301 | |||||||||||||
Six Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Technology | Financing | Total | Technology | Financing | Total | ||||||||||||||||||||
Sales of product and services | $ | 547,940 | $ | - | $ | 547,940 | $ | 508,320 | $ | - | $ | 508,320 | |||||||||||||
Financing revenue | - | 17,933 | 17,933 | - | 18,761 | 18,761 | |||||||||||||||||||
Fee and other income | 3,829 | 74 | 3,903 | 3,286 | 79 | 3,365 | |||||||||||||||||||
Total revenues | 551,769 | 18,007 | 569,776 | 511,606 | 18,840 | 530,446 | |||||||||||||||||||
Cost of sales, product and services | 443,650 | - | 443,650 | 418,184 | - | 418,184 | |||||||||||||||||||
Direct lease costs | - | 5,763 | 5,763 | - | 6,748 | 6,748 | |||||||||||||||||||
Total cost of revenues | 443,650 | 5,763 | 449,413 | 418,184 | 6,748 | 424,932 | |||||||||||||||||||
Professional and other fees | 2,907 | 503 | 3,410 | 4,443 | 703 | 5,146 | |||||||||||||||||||
Salaries and benefits | 62,633 | 4,566 | 67,199 | 55,142 | 5,225 | 60,367 | |||||||||||||||||||
General and administrative expenses | 12,461 | 970 | 13,431 | 10,515 | 545 | 11,060 | |||||||||||||||||||
Interest and financing costs | 58 | 1,197 | 1,255 | 46 | 847 | 893 | |||||||||||||||||||
Operating expenses | 78,059 | 7,236 | 85,295 | 70,146 | 7,320 | 77,466 | |||||||||||||||||||
Operating income | 30,060 | 5,008 | 35,068 | 23,276 | 4,772 | 28,048 | |||||||||||||||||||
Other income | - | 1,434 | 1,434 | - | - | - | |||||||||||||||||||
Earnings before provision for income taxes | $ | 30,060 | $ | 6,442 | $ | 36,502 | $ | 23,276 | $ | 4,772 | $ | 28,048 | |||||||||||||
Depreciation and amortization | $ | 1,975 | $ | 5,656 | $ | 7,631 | $ | 1,244 | $ | 6,115 | $ | 7,359 | |||||||||||||
Purchases of property, equipment and operating lease equipment | $ | 1,086 | $ | 833 | $ | 1,919 | $ | 3,071 | $ | 3,688 | $ | 6,759 | |||||||||||||
Total assets | $ | 341,893 | $ | 222,553 | $ | 564,446 | $ | 269,149 | $ | 196,152 | $ | 465,301 |
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (Sales Revenue, Goods and Services [Member]) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cisco [Member] | ' | ' | ' | ' |
CONCENTRATION OF RISK [Abstract] | ' | ' | ' | ' |
Percentage of concentration risk (in hundredths) | 56.00% | 47.00% | 52.00% | 51.00% |
Hewlett Packard [Member] | ' | ' | ' | ' |
CONCENTRATION OF RISK [Abstract] | ' | ' | ' | ' |
Percentage of concentration risk (in hundredths) | 8.00% | 11.00% | 8.00% | 10.00% |
NetApp [Member] | ' | ' | ' | ' |
CONCENTRATION OF RISK [Abstract] | ' | ' | ' | ' |
Percentage of concentration risk (in hundredths) | 6.00% | 6.00% | 6.00% | 7.00% |
FINANCING_RECEIVABLES_AND_OPER2
FINANCING RECEIVABLES AND OPERATING LEASES (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | |||
Reserve for credit losses | ($5,820,000) | ($5,199,000) | ($5,820,000) | ($5,199,000) | ($5,752,000) | ($5,129,000) | |||
Reported as [Abstract] | ' | ' | ' | ' | ' | ' | |||
Estimated unguaranteed residual values for direct financing lease | 3,287,000 | ' | 3,287,000 | ' | 3,034,000 | ' | |||
Accumulated amortization of initial direct cost | 548,000 | ' | 548,000 | ' | 525,000 | ' | |||
Gain (Loss) on sale of financing receivables | ' | ' | 3,200,000 | 5,600,000 | ' | ' | |||
Investment serving as collaterals for non-recourse notes payable | 72,800,000 | ' | 72,800,000 | ' | 72,300,000 | ' | |||
Proceeds from sale of financing receivables | 37,600,000 | 34,900,000 | 93,800,000 | 122,400,000 | ' | ' | |||
Investment in operating lease equipment - net [Abstract] | ' | ' | ' | ' | ' | ' | |||
Cost of equipment under operating lease | 31,072,000 | ' | 31,072,000 | ' | 40,513,000 | ' | |||
Accumulated depreciation | -15,674,000 | ' | -15,674,000 | ' | -20,525,000 | ' | |||
Investment in operating lease equipment - net | 15,398,000 | [1] | ' | 15,398,000 | [1] | ' | 19,988,000 | [1] | ' |
Unguaranteed residual value of operating lease equipment net | 3,842,000 | ' | 3,842,000 | ' | 5,610,000 | ' | |||
Notes Receivable [Member] | ' | ' | ' | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | |||
Minimum payments | 59,745,000 | ' | 59,745,000 | ' | 43,707,000 | ' | |||
Estimated unguaranteed residual value | 0 | [2] | ' | 0 | [2] | ' | 0 | [3] | ' |
Initial direct costs, net of amortization | 409,000 | [4] | ' | 409,000 | [4] | ' | 354,000 | [5] | ' |
Unearned income | 0 | ' | 0 | ' | 0 | ' | |||
Reserve for credit losses | -3,673,000 | [6] | -3,123,000 | -3,673,000 | [6] | -3,123,000 | -3,364,000 | [6] | -3,137,000 |
Total, net | 56,481,000 | ' | 56,481,000 | ' | 40,697,000 | ' | |||
Reported as [Abstract] | ' | ' | ' | ' | ' | ' | |||
Current | 27,043,000 | ' | 27,043,000 | ' | 22,109,000 | ' | |||
Long-term | 29,438,000 | ' | 29,438,000 | ' | 18,588,000 | ' | |||
Total, net | 56,481,000 | ' | 56,481,000 | ' | 40,697,000 | ' | |||
Lease-Related Receivables [Member] | ' | ' | ' | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | |||
Minimum payments | 86,289,000 | ' | 86,289,000 | ' | 81,551,000 | ' | |||
Estimated unguaranteed residual value | 8,184,000 | [2] | ' | 8,184,000 | [2] | ' | 8,275,000 | [3] | ' |
Initial direct costs, net of amortization | 528,000 | [4] | ' | 528,000 | [4] | ' | 537,000 | [5] | ' |
Unearned income | -6,444,000 | ' | -6,444,000 | ' | -6,285,000 | ' | |||
Reserve for credit losses | -1,004,000 | [6] | -898,000 | -1,004,000 | [6] | -898,000 | -1,024,000 | [6] | -845,000 |
Total, net | 87,553,000 | ' | 87,553,000 | ' | 83,054,000 | ' | |||
Reported as [Abstract] | ' | ' | ' | ' | ' | ' | |||
Current | 37,606,000 | ' | 37,606,000 | ' | 35,640,000 | ' | |||
Long-term | 49,947,000 | ' | 49,947,000 | ' | 47,414,000 | ' | |||
Total, net | 87,553,000 | ' | 87,553,000 | ' | 83,054,000 | ' | |||
Financing Receivable [Member] | ' | ' | ' | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | |||
Minimum payments | 146,034,000 | ' | 146,034,000 | ' | 125,258,000 | ' | |||
Estimated unguaranteed residual value | 8,184,000 | [2] | ' | 8,184,000 | [2] | ' | 8,275,000 | [3] | ' |
Initial direct costs, net of amortization | 937,000 | [4] | ' | 937,000 | [4] | ' | 891,000 | [5] | ' |
Unearned income | -6,444,000 | ' | -6,444,000 | ' | -6,285,000 | ' | |||
Reserve for credit losses | -4,677,000 | [6] | ' | -4,677,000 | [6] | ' | -4,388,000 | [6] | ' |
Total, net | 144,034,000 | ' | 144,034,000 | ' | 123,751,000 | ' | |||
Reported as [Abstract] | ' | ' | ' | ' | ' | ' | |||
Current | 64,649,000 | ' | 64,649,000 | ' | 57,749,000 | ' | |||
Long-term | 79,385,000 | ' | 79,385,000 | ' | 66,002,000 | ' | |||
Total, net | $144,034,000 | ' | $144,034,000 | ' | $123,751,000 | ' | |||
[1] | Includes estimated unguaranteed residual values of $5,672 thousand and $5,610 thousand as of June 30, 2014 and March 31, 2014, respectively. | ||||||||
[2] | Includes estimated unguaranteed residual values of $3,287 thousand for direct financing leases, which have been sold and accounted for as sales under Codification Topic Transfers and Servicing. | ||||||||
[3] | Includes estimated unguaranteed residual values of $3,034 thousand for direct financing leases, which have been sold and accounted for as sales under Codification Topic Transfers and Servicing. | ||||||||
[4] | Initial direct costs are shown net of amortization of $548 thousand. | ||||||||
[5] | Initial direct costs are shown net of amortization of $525 thousand. | ||||||||
[6] | For details on reserve for credit losses, refer to Note 4, "Reserves for Credit Losses." |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ' | ' | ' | ' |
Goodwill and other intangible assets, Gross carrying amount | $57,425,000 | ' | $57,425,000 | ' | $48,872,000 |
Goodwill and other intangible assets, Accumulated amortization | -15,297,000 | ' | -15,297,000 | ' | -14,289,000 |
Goodwill and other intangible assets Net | 42,128,000 | ' | 42,128,000 | ' | 34,583,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortization expense | 400,000 | 300,000 | 700,000 | 600,000 | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill Gross | 42,834,000 | ' | 42,834,000 | ' | 38,243,000 |
Goodwill, Accumulated Amortization / Impairment Loss | -8,673,000 | ' | -8,673,000 | ' | -8,673,000 |
Goodwill, Net Carrying Amount | 34,161,000 | ' | 34,161,000 | ' | 29,570,000 |
Technology [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Net Carrying Amount | 33,072,000 | ' | 33,072,000 | ' | 28,481,000 |
Software Document Management [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Net Carrying Amount | 1,089,000 | ' | 1,089,000 | ' | 1,089,000 |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangibles assets, Gross carrying amount | 11,923,000 | ' | 11,923,000 | ' | 8,013,000 |
Intangibles Assets, Accumulated amortization / Impairment Loss | -5,416,000 | ' | -5,416,000 | ' | -4,671,000 |
Intangible assets, Net Carrying Amount | 6,507,000 | ' | 6,507,000 | ' | 3,342,000 |
Customer Relationships [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '3 years | ' | ' |
Customer Relationships [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '6 years | ' | ' |
Capitalized Software Development [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangibles assets, Gross carrying amount | 2,668,000 | ' | 2,668,000 | ' | 2,616,000 |
Intangibles Assets, Accumulated amortization / Impairment Loss | -1,208,000 | ' | -1,208,000 | ' | -945,000 |
Intangible assets, Net Carrying Amount | $1,460,000 | ' | $1,460,000 | ' | $1,671,000 |
Capitalized Software Development [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '3 years | ' | ' |
Capitalized Software Development [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '6 years | ' | ' |
RESERVES_FOR_CREDIT_LOSSES_Det
RESERVES FOR CREDIT LOSSES (Details) (USD $) | 6 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | ||
Activity in reserves for credit losses [Roll Forward] | ' | ' | ' | |
Balance | $5,752,000 | $5,129,000 | ' | |
Provision for bad debts | 221,000 | 191,000 | ' | |
Write-offs, net of recoveries | -153,000 | -121,000 | ' | |
Balance | 5,820,000 | 5,199,000 | ' | |
Reserve for credit losses: [Abstract] | ' | ' | ' | |
Ending balance: individually evaluated for impairment | 3,600,000 | ' | ' | |
Accounts Receivable [Member] | ' | ' | ' | |
Activity in reserves for credit losses [Roll Forward] | ' | ' | ' | |
Balance | 1,364,000 | 1,147,000 | ' | |
Provision for bad debts | -99,000 | 152,000 | ' | |
Write-offs, net of recoveries | -122,000 | -121,000 | ' | |
Balance | 1,143,000 | 1,178,000 | ' | |
Notes Receivable [Member] | ' | ' | ' | |
Activity in reserves for credit losses [Roll Forward] | ' | ' | ' | |
Balance | 3,364,000 | [1] | 3,137,000 | ' |
Provision for bad debts | 309,000 | -14,000 | ' | |
Write-offs, net of recoveries | 0 | 0 | ' | |
Balance | 3,673,000 | [1] | 3,123,000 | ' |
Reserve for credit losses: [Abstract] | ' | ' | ' | |
Ending balance: collectively evaluated for impairment | 552,000 | ' | 265,000 | |
Ending balance: individually evaluated for impairment | 3,121,000 | ' | 3,099,000 | |
Minimum lease payments: [Abstract] | ' | ' | ' | |
Ending balance: collectively evaluated for impairment | 56,292,000 | ' | 39,869,000 | |
Ending balance: individually evaluated for impairment | 3,453,000 | ' | 3,838,000 | |
Ending balance | 59,745,000 | ' | 43,707,000 | |
Lease-Related Receivables [Member] | ' | ' | ' | |
Activity in reserves for credit losses [Roll Forward] | ' | ' | ' | |
Balance | 1,024,000 | [1] | 845,000 | ' |
Provision for bad debts | 11,000 | 53,000 | ' | |
Write-offs, net of recoveries | -31,000 | 0 | ' | |
Balance | 1,004,000 | [1] | 898,000 | ' |
Reserve for credit losses: [Abstract] | ' | ' | ' | |
Ending balance: collectively evaluated for impairment | 788,000 | ' | 852,000 | |
Ending balance: individually evaluated for impairment | 216,000 | ' | 172,000 | |
Minimum lease payments: [Abstract] | ' | ' | ' | |
Ending balance: collectively evaluated for impairment | 86,086,000 | ' | 81,114,000 | |
Ending balance: individually evaluated for impairment | 203,000 | ' | 437,000 | |
Ending balance | 86,289,000 | ' | 81,551,000 | |
Customer [Member] | ' | ' | ' | |
Activity in reserves for credit losses [Roll Forward] | ' | ' | ' | |
Balance | ' | ' | 3,100,000 | |
Balance | 3,200,000 | ' | 3,100,000 | |
Reserve for credit losses: [Abstract] | ' | ' | ' | |
Ending balance: individually evaluated for impairment | 3,200,000 | ' | ' | |
Minimum lease payments: [Abstract] | ' | ' | ' | |
Notes Receivable | $3,200,000 | ' | $3,400,000 | |
[1] | For details on reserve for credit losses, refer to Note 4, "Reserves for Credit Losses." |
RESERVES_FOR_CREDIT_LOSSES_CQR
RESERVES FOR CREDIT LOSSES, CQR (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in direct financing and sales-type leases that are past due [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | $94 | $227 |
61-90 Days Past Due | 53 | 92 |
Greater Than 90 Days Past Due | 144 | 185 |
Total Past Due | 291 | 504 |
Current | 798 | 588 |
Unbilled Minimum Lease Payments | 85,199 | 80,459 |
Total Minimum Lease Payments | 86,289 | 81,551 |
Unearned Income | -5,551 | -5,346 |
Non-Recourse Notes Payable | -35,773 | -38,115 |
Net Credit Exposure | 44,964 | 38,090 |
Notes Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 1,000 | 0 |
61-90 Days Past Due | 5 | 205 |
Greater Than 90 Days Past Due | 2,509 | 939 |
Total Past Due | 3,514 | 1,144 |
Current | 802 | 2,317 |
Unbilled Minimum Lease Payments | 55,429 | 40,246 |
Total Minimum Lease Payments | 59,745 | 43,707 |
Non-Recourse Notes Payable | -28,043 | -23,132 |
Net Credit Exposure | 31,702 | 20,575 |
High CQR [Member] | Investment in direct financing and sales-type leases that are past due [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 42 | 194 |
61-90 Days Past Due | 5 | 35 |
Greater Than 90 Days Past Due | 130 | 106 |
Total Past Due | 177 | 335 |
Current | 232 | 502 |
Unbilled Minimum Lease Payments | 51,342 | 42,159 |
Total Minimum Lease Payments | 51,751 | 42,996 |
Unearned Income | -2,828 | -1,890 |
Non-Recourse Notes Payable | -18,031 | -17,406 |
Net Credit Exposure | 30,892 | 23,700 |
High CQR [Member] | Notes Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 829 | 0 |
61-90 Days Past Due | 5 | 205 |
Greater Than 90 Days Past Due | 1,802 | 148 |
Total Past Due | 2,636 | 353 |
Current | 521 | 2,317 |
Unbilled Minimum Lease Payments | 38,137 | 30,249 |
Total Minimum Lease Payments | 41,294 | 32,919 |
Non-Recourse Notes Payable | -23,463 | -19,641 |
Net Credit Exposure | 17,831 | 13,278 |
Average CQR [Member] | Investment in direct financing and sales-type leases that are past due [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 52 | 33 |
61-90 Days Past Due | 48 | 57 |
Greater Than 90 Days Past Due | 14 | 18 |
Total Past Due | 114 | 108 |
Current | 566 | 86 |
Unbilled Minimum Lease Payments | 33,654 | 37,924 |
Total Minimum Lease Payments | 34,335 | 38,118 |
Unearned Income | -2,704 | -3,401 |
Non-Recourse Notes Payable | -17,742 | -20,709 |
Net Credit Exposure | 13,888 | 14,008 |
Average CQR [Member] | Notes Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 171 | 0 |
61-90 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 171 | 0 |
Current | 281 | 0 |
Unbilled Minimum Lease Payments | 14,546 | 6,950 |
Total Minimum Lease Payments | 14,998 | 6,950 |
Non-Recourse Notes Payable | -4,580 | -3,491 |
Net Credit Exposure | 10,418 | 3,459 |
Low CQR [Member] | Investment in direct financing and sales-type leases that are past due [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 61 |
Total Past Due | 0 | 61 |
Current | 0 | 0 |
Unbilled Minimum Lease Payments | 203 | 376 |
Total Minimum Lease Payments | 203 | 437 |
Unearned Income | -19 | -55 |
Non-Recourse Notes Payable | 0 | 0 |
Net Credit Exposure | 184 | 382 |
Low CQR [Member] | Notes Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 707 | 791 |
Total Past Due | 707 | 791 |
Current | 0 | 0 |
Unbilled Minimum Lease Payments | 2,746 | 3,047 |
Total Minimum Lease Payments | 3,453 | 3,838 |
Non-Recourse Notes Payable | 0 | 0 |
Net Credit Exposure | $3,453 | $3,838 |
PROPERTY_EQUIPMENT_OTHER_ASSET2
PROPERTY, EQUIPMENT OTHER ASSETS AND LIABILITIES (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other current assets [Abstract] | ' | ' |
Deposits & funds held in escrow | $6,610 | $995 |
Prepaid assets | 3,079 | 2,865 |
Supplemental benefit plan investments | 0 | 2,544 |
Other | 318 | 521 |
Total other current assets | 10,007 | 6,925 |
Other assets [Abstract] | ' | ' |
Deferred costs | 1,238 | 1,591 |
Property and equipment - net | 4,636 | 4,293 |
Other | 1,271 | 2,129 |
Other assets - long term | 7,145 | 8,013 |
Other current liabilities [Abstract] | ' | ' |
Accrued expenses | 10,192 | 5,322 |
Deferred compensation | 222 | 2,544 |
Other | 6,192 | 7,516 |
Total other current liabilities | 21,667 | 15,382 |
Other liabilities [Abstract] | ' | ' |
Deferred revenue | 1,786 | 1,822 |
Other | 1,013 | 0 |
Total other liabilities - long term | $2,799 | $1,822 |
NOTES_PAYABLE_AND_CREDIT_FACIL2
NOTES PAYABLE AND CREDIT FACILITY (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Mar. 31, 2014 | |
Component | ||
Recourse notes payable with interest rates ranging from 2.24% and 4.22% at September 30, 2014 and 2.24% and 4.84% at March 31, 2014. | ' | ' |
Current | $280,000 | 1,460,000 |
Long-term | 2,576,000 | 2,100,000 |
Total recourse notes payable | 2,856,000 | 3,560,000 |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Current | 35,262,000 | 30,907,000 |
Long-term | 30,018,000 | 34,421,000 |
Total non-recourse notes payable | 65,280,000 | 65,328,000 |
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 | ' |
GECDF [Member] | ' | ' |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Number of components under GECDF credit facility | 2 | ' |
Reference rate of credit facility | 'One Month LIBOR | 'One Month LIBOR |
Basis spread on reference rate (in hundredths) | 2.50% | 2.50% |
Guarantor obligations for credit facility, maximum | 10,500,000 | ' |
First Commonwealth Bank of Virginia [Member] | ' | ' |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Maximum amount can be borrowed under credit facility | 500,000 | ' |
Reference rate of credit facility | 'U.S. Prime Rate | ' |
Basis spread on reference rate (in hundredths) | 1.00% | ' |
Amount outstanding under credit facility | 0 | 0 |
Maturity date of credit facility | 27-Oct-15 | ' |
Account receivable component [Member] | ' | ' |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Maximum amount can be borrowed under credit facility | 30,000,000 | 30,000,000 |
Amount outstanding under credit facility | 0 | 0 |
Floor plan component [Member] | ' | ' |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Maximum amount can be borrowed under credit facility | 225,000,000 | 175,000,000 |
Amount outstanding under credit facility | $120,600,000 | 93,400,000 |
Recourse Note Payable [Member] | ' | ' |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Interest rate of notes, minimum (in hundredths) | 2.24% | 2.24% |
Interest rate of notes, maximum (in hundredths) | 4.22% | 4.84% |
Weighted average interest rate of notes (in hundredths) | 2.93% | 3.85% |
Non-Recourse Note Payable [Member] | ' | ' |
Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.00% to 10.00% at September 30, 2014 and ranging from 2.00% to 11.24% as of March 31, 2014. | ' | ' |
Interest rate of notes, minimum (in hundredths) | 2.00% | 2.00% |
Interest rate of notes, maximum (in hundredths) | 10.00% | 11.24% |
Weighted average interest rate of notes (in hundredths) | 3.31% | 3.46% |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | 19-May-09 |
Defendant | Defendant | |
Legal Proceedings [Abstract] | ' | ' |
Number of defendants infringing patents | ' | 4 |
Number of defendants entered into agreement | 3 | ' |
Judgment amount | $18.20 | ' |
Number of defendants alleged to conspire to fix, raise, maintain or stabilize prices | 10 | ' |
Anticipated settlement receivable | $6.20 | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic and diluted shares outstanding [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding-basic (in shares) | 7,320 | 7,976 | 7,412 | 7,945 |
Effect of dilutive shares (in shares) | 25 | 44 | 49 | 62 |
Weighted average shares outstanding-diluted (in shares) | 7,345 | 8,020 | 7,461 | 8,007 |
Calculation of earnings per share - basic [Abstract] | ' | ' | ' | ' |
Net earnings | $11,952 | $8,591 | $21,429 | $16,441 |
Net earnings attributable to participating securities | 0 | 66 | 55 | 192 |
Net earnings attributable to common shareholders | 11,952 | 8,525 | 21,374 | 16,249 |
Earnings per share - basic (in dollars per share) | $1.63 | $1.07 | $2.88 | $2.05 |
Calculation of earnings per share - diluted [Abstract] | ' | ' | ' | ' |
Net earnings attributable to common shareholders- basic | 11,952 | 8,525 | 21,374 | 16,249 |
Add: undistributed earnings attributable to participating securities | 0 | 0 | 1 | 1 |
Net earnings attributable to common shareholders- diluted | $11,952 | $8,525 | $21,375 | $16,250 |
Earnings per share - diluted (in dollars per share) | $1.63 | $1.06 | $2.86 | $2.03 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 6 Months Ended | 7 Months Ended | 156 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 12, 2014 | Sep. 30, 2014 | Nov. 14, 2013 |
STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' | ' | ' |
Authorized number of shares under stock repurchase program (in shares) | ' | ' | 500,000 | ' | 750,000 |
Common stock repurchased during the period (in shares) | 651,019 | 62,986 | 687,488 | 5,500,000 | ' |
Average cost of share repurchased (in dollars per share) | $50.31 | $53.92 | ' | $19.65 | ' |
Common stock repurchased during the period | $32.80 | $3.40 | ' | $108.70 | ' |
Shares repurchased to satisfy tax withholding obligation (in shares) | 35,158 | 42,073 | ' | ' | ' |
Value of Shares repurchased to satisfy tax withholding obligation | $2 | $2.50 | ' | ' | ' |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | 2008 Director LTIP [Member] | 2008 Director LTIP [Member] | 2012 Employee LTIP [Member] | 2012 Employee LTIP [Member] | |||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Stock options granted to employees (in shares) | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Options exercised (in shares) | ' | ' | ' | ' | ' | 0 | 40,000 | ' | ' | ' | ' | ' | ' |
Number of Shares [Rollforward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested (in shares) | ' | ' | ' | ' | 200,120 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | 87,555 | ' | ' | ' | ' | 9,390 | 8,520 | 78,165 | 77,115 |
Vested (in shares) | ' | ' | ' | ' | -111,296 | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested (in shares) | ' | ' | ' | ' | 176,379 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant-date Fair Value [Rollforward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested (in dollars per share) | ' | ' | ' | ' | $41.11 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | $57.12 | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | $35.57 | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested (in dollars per share) | ' | ' | ' | ' | $52.67 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total share-based compensation expense | $1,200,000 | $1,100,000 | $2,200,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | 7,900,000 | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, period for recognition (in months) | ' | ' | '33 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which employer contribution is vested | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses for the plan | $302,000 | $147,000 | $623,000 | $524,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
INCOME TAXES [Abstract] | ' | ' | ' | ' |
Gross liability related to uncertain tax positions | $149 | ' | $149 | ' |
Impact of recognizing the unrecognized tax benefit | 194 | ' | 194 | ' |
Interest on income taxes expense included in statement of operation | 1 | 4 | 2 | 9 |
Accrued interest on income taxes | $67 | $206 | $67 | $206 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
Assets : | ' | ' | ' |
Money market funds | $43,767 | $54,267 | ' |
Total Gains (Losses) | 0 | 0 | ' |
Liabilities : | ' | ' | ' |
Contingent consideration | 1,960 | ' | 0 |
Total Gains (Losses) | 0 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Assets : | ' | ' | ' |
Money market funds | 43,767 | 54,267 | ' |
Liabilities : | ' | ' | ' |
Contingent consideration | 0 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Assets : | ' | ' | ' |
Money market funds | 0 | 0 | ' |
Liabilities : | ' | ' | ' |
Contingent consideration | 0 | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Assets : | ' | ' | ' |
Money market funds | 0 | 0 | ' |
Liabilities : | ' | ' | ' |
Contingent consideration | $1,960 | ' | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Segment | |||||||
SEGMENT REPORTING [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of business segment | ' | ' | 2 | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Sales of product and services | $286,584 | $261,283 | $547,940 | $508,320 | ' | ' | ' |
Financing revenues | 9,059 | 8,001 | 17,933 | 18,761 | ' | ' | ' |
Fee and other income | 1,829 | 1,845 | 3,903 | 3,365 | ' | ' | ' |
TOTAL REVENUES | 297,472 | 271,129 | 569,776 | 530,446 | ' | ' | ' |
Cost of sales, product and services | 230,742 | 214,854 | 443,650 | 418,184 | ' | ' | ' |
Direct lease costs | 2,806 | 3,495 | 5,763 | 6,748 | ' | ' | ' |
Cost of revenues | 233,548 | 218,349 | 449,413 | 424,932 | ' | ' | ' |
Professional and other fees | 1,577 | 1,908 | 3,410 | 5,146 | ' | ' | ' |
Salaries and benefits | 34,252 | 29,685 | 67,199 | 60,367 | ' | ' | ' |
General and administrative expenses | 7,158 | 6,059 | 13,431 | 11,060 | ' | ' | ' |
Interest and financing costs | 611 | 433 | 1,255 | 893 | ' | ' | ' |
Operating expenses | 43,598 | 38,085 | 85,295 | 77,466 | ' | ' | ' |
Operating income | 20,326 | 14,695 | 35,068 | 28,048 | ' | ' | ' |
Other income | 0 | 0 | 1,434 | 0 | ' | ' | ' |
EARNINGS BEFORE PROVISION FOR INCOME TAXES | 20,326 | 14,695 | 36,502 | 28,048 | ' | ' | ' |
Depreciation and amortization | 3,790 | 3,652 | 7,631 | 7,359 | ' | ' | ' |
Purchases of property, equipment and operating lease equipment | 1,450 | 3,473 | 1,919 | 6,759 | ' | ' | ' |
Total assets | 564,446 | 465,301 | 564,446 | 465,301 | 564,446 | 553,845 | 465,301 |
Operating Segments [Member] | Technology [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Sales of product and services | 286,584 | 261,283 | 547,940 | 508,320 | ' | ' | ' |
Financing revenues | 0 | 0 | 0 | 0 | ' | ' | ' |
Fee and other income | 1,782 | 1,829 | 3,829 | 3,286 | ' | ' | ' |
TOTAL REVENUES | 288,366 | 263,112 | 551,769 | 511,606 | ' | ' | ' |
Cost of sales, product and services | 230,742 | 214,854 | 443,650 | 418,184 | ' | ' | ' |
Direct lease costs | 0 | 0 | 0 | 0 | ' | ' | ' |
Cost of revenues | 230,742 | 214,854 | 443,650 | 418,184 | ' | ' | ' |
Professional and other fees | 1,321 | 1,580 | 2,907 | 4,443 | ' | ' | ' |
Salaries and benefits | 31,963 | 27,244 | 62,633 | 55,142 | ' | ' | ' |
General and administrative expenses | 6,703 | 5,701 | 12,461 | 10,515 | ' | ' | ' |
Interest and financing costs | 19 | 26 | 58 | 46 | ' | ' | ' |
Operating expenses | 40,006 | 34,551 | 78,059 | 70,146 | ' | ' | ' |
Operating income | 17,618 | 13,707 | 30,060 | 23,276 | ' | ' | ' |
Other income | 0 | 0 | 0 | 0 | ' | ' | ' |
EARNINGS BEFORE PROVISION FOR INCOME TAXES | 17,618 | 13,707 | 30,060 | 23,276 | ' | ' | ' |
Depreciation and amortization | 1,081 | 592 | 1,975 | 1,244 | ' | ' | ' |
Purchases of property, equipment and operating lease equipment | 744 | 1,845 | 1,086 | 3,071 | ' | ' | ' |
Total assets | 341,893 | 269,149 | 341,893 | 269,149 | 341,893 | ' | 269,149 |
Operating Segments [Member] | Financing [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Sales of product and services | 0 | 0 | 0 | 0 | ' | ' | ' |
Financing revenues | 9,059 | 8,001 | 17,933 | 18,761 | ' | ' | ' |
Fee and other income | 47 | 16 | 74 | 79 | ' | ' | ' |
TOTAL REVENUES | 9,106 | 8,017 | 18,007 | 18,840 | ' | ' | ' |
Cost of sales, product and services | 0 | 0 | 0 | 0 | ' | ' | ' |
Direct lease costs | 2,806 | 3,495 | 5,763 | 6,748 | ' | ' | ' |
Cost of revenues | 2,806 | 3,495 | 5,763 | 6,748 | ' | ' | ' |
Professional and other fees | 256 | 328 | 503 | 703 | ' | ' | ' |
Salaries and benefits | 2,289 | 2,441 | 4,566 | 5,225 | ' | ' | ' |
General and administrative expenses | 455 | 358 | 970 | 545 | ' | ' | ' |
Interest and financing costs | 592 | 407 | 1,197 | 847 | ' | ' | ' |
Operating expenses | 3,592 | 3,534 | 7,236 | 7,320 | ' | ' | ' |
Operating income | 2,708 | 988 | 5,008 | 4,772 | ' | ' | ' |
Other income | 0 | 0 | 1,434 | 0 | ' | ' | ' |
EARNINGS BEFORE PROVISION FOR INCOME TAXES | 2,708 | 988 | 6,442 | 4,772 | ' | ' | ' |
Depreciation and amortization | 2,709 | 3,060 | 5,656 | 6,115 | ' | ' | ' |
Purchases of property, equipment and operating lease equipment | 706 | 1,628 | 833 | 3,688 | ' | ' | ' |
Total assets | $222,553 | $196,152 | $222,553 | $196,152 | $222,553 | ' | $196,152 |
BUSINESS_COMBINATIONS_Details
BUSINESS COMBINATIONS (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Aug. 18, 2014 | Aug. 18, 2014 | Aug. 18, 2014 | Aug. 18, 2014 | Nov. 14, 2013 | Nov. 14, 2013 | Nov. 14, 2013 |
Evolve Technology Group [Member] | Evolve Technology Group [Member] | Evolve Technology Group [Member] | Evolve Technology Group [Member] | AdviStor, Inc. [Member] | AdviStor, Inc. [Member] | AdviStor, Inc. [Member] | |||
Customer Relationships [Member] | Technology Reporting Unit [Member] | Customer Relationships [Member] | Technology Reporting Unit [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | ' | ' | ' | ' | ' | ' | $2,800,000 | ' | ' |
Identifiable intangible assets | ' | ' | ' | ' | 3,900,000 | ' | ' | 1,600,000 | ' |
Estimated useful life | ' | ' | ' | ' | '6 years | ' | ' | '6 years | ' |
Other net assets | ' | ' | ' | 600,000 | ' | ' | 400,000 | ' | ' |
Recognized goodwill related to acquisition | 34,161,000 | 29,570,000 | ' | ' | ' | 4,600,000 | ' | ' | 900,000 |
Purchase price | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' |
Fair value of contingent consideration | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' |