Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May. 23, 2016 | Sep. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EPLUS INC | ||
Entity Central Index Key | 1,022,408 | ||
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 Public Float | $ 521,917,902 | ||
Entity Common Stock, Shares Outstanding | 7,483,000 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 94,766 | $ 76,175 |
Accounts receivable-trade, net | 234,628 | 218,458 |
Accounts receivable-other, net | 41,771 | 31,345 |
Inventories-net | 33,343 | 19,835 |
Financing receivables-net, current | 56,448 | 66,909 |
Deferred costs | 6,371 | 20,499 |
Other current assets | 10,649 | 7,413 |
Total current assets | 477,976 | 440,634 |
Financing receivables and operating leases - net | 75,906 | 76,991 |
Deferred tax assets - net | 0 | 604 |
Property, equipment and other assets | 8,644 | 9,248 |
Goodwill and other intangible assets - net | 54,154 | 40,798 |
TOTAL ASSETS | 616,680 | 568,275 |
Current liabilities: | ||
Accounts payable | 76,780 | 66,420 |
Accounts payable-floor plan | 121,893 | 99,418 |
Salaries and commissions payable | 14,981 | 14,860 |
Deferred revenue | 18,344 | 34,363 |
Recourse notes payable - current | 2,288 | 889 |
Non-recourse notes payable - current | 26,042 | 28,560 |
Other current liabilities | 13,118 | 13,575 |
Total current liabilities | 273,446 | 258,085 |
Recourse notes payable - long term | 1,054 | 2,801 |
Non-recourse notes payable - long term | 18,038 | 24,314 |
Deferred tax liability - net | 3,001 | 0 |
Other liabilities | 2,263 | 3,813 |
TOTAL LIABILITIES | $ 297,802 | $ 289,013 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
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;13,237 issued and 7,365 outstanding at March 31, 2016 and 13,114 issued and 7,389 outstanding at March 31, 2015 | 132 | 131 |
Additional paid-in capital | 117,511 | 111,072 |
Treasury stock, at cost, 5,872 and 5,725 shares at March 31, 2016 and March 31, 2015, respectively | (129,518) | (118,179) |
Retained earnings | 331,224 | 286,477 |
Accumulated other comprehensive income-foreign currency translation adjustment | (471) | (239) |
Total Stockholders' Equity | 318,878 | 279,262 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 616,680 | $ 568,275 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
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) | 13,237 | 13,114 |
Common stock, shares outstanding (in shares) | 7,365 | 7,389 |
Treasury stock, shares (in shares) | 5,872 | 5,725 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Net sales | $ 1,204,199 | $ 1,143,282 | $ 1,057,536 |
Cost of sales | 942,142 | 898,735 | 840,623 |
Gross profit | 262,057 | 244,547 | 216,913 |
Professional and other fees | 6,546 | 6,508 | 9,041 |
Salaries and benefits | 149,304 | 138,086 | 123,151 |
General and administrative expenses | 23,130 | 22,531 | 19,883 |
Depreciation and amortization | 5,548 | 4,333 | 2,792 |
Interest and financing costs | 1,778 | 2,379 | 1,948 |
Operating expenses | 186,306 | 173,837 | 156,815 |
Operating income | 75,751 | 70,710 | 60,098 |
Other income | 0 | 7,603 | 0 |
Earnings before tax | 75,751 | 78,313 | 60,098 |
Provision for income taxes | 31,004 | 32,473 | 24,825 |
Net earnings | $ 44,747 | $ 45,840 | $ 35,273 |
Net earnings per common share - basic (in dollars per share) | $ 6.17 | $ 6.26 | $ 4.41 |
Net earnings per common share - diluted (in dollars per share) | $ 6.09 | $ 6.19 | $ 4.37 |
Weighted average common shares outstanding - basic (in shares) | 7,256 | 7,318 | 7,927 |
Weighted average common shares outstanding - diluted (in shares) | 7,344 | 7,393 | 7,999 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
NET EARNINGS | $ 44,747 | $ 45,840 | $ 35,273 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||
Foreign currency translation adjustments (net of tax effect of $40, $10, $21, respectively) | (232) | (425) | (224) |
Other comprehensive income (loss) | (232) | (425) | (224) |
TOTAL COMPREHENSIVE INCOME | $ 44,515 | $ 45,415 | $ 35,049 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||
Foreign currency translation adjustments net of tax effect | $ 40 | $ 10 | $ 21 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net earnings | $ 44,747 | $ 45,840 | $ 35,273 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 15,980 | 15,575 | 14,755 |
Reserve for credit losses, inventory obsolescence and sales returns | (216) | 125 | 853 |
Share-based compensation expense | 5,711 | 4,585 | 3,968 |
Excess tax benefit from share-based compensation | (728) | (564) | (1,762) |
Deferred taxes | 3,515 | (1,863) | (3,536) |
Payments from lessees directly to lenders-operating leases | (4,646) | (7,685) | (7,539) |
Gain on disposal of property, equipment and operating lease equipment | (3,104) | (3,112) | (2,473) |
Gain on sale of financing receivables | (7,103) | (5,884) | (5,843) |
Excess increase in cash value of life insurance | 0 | 0 | (103) |
Gain on settlement | 0 | (1,434) | 0 |
Other | 185 | (127) | 109 |
Changes in: | |||
Accounts receivable - trade | (8,564) | 1,372 | (36,751) |
Accounts receivable - other | (2,498) | (2,407) | (2,621) |
Inventories | (13,405) | 3,161 | (7,724) |
Financing receivables - net | (9,310) | (19,560) | (30,792) |
Deferred costs, other intangible assets and other assets | 11,189 | (10,060) | (1,179) |
Accounts payable-trade | (738) | (16,810) | 33,090 |
Salaries and commissions payable, deferred revenue and other | (17,633) | 12,695 | 4,052 |
Net cash provided by (used in) operating activities | 13,382 | 13,847 | (8,223) |
Cash Flows From Investing Activities: | |||
Maturities of short-term investments | 0 | 0 | 982 |
Maturities of supplemental benefit plan investments | 0 | 2,544 | 0 |
Proceeds from sale of property, equipment and operating lease equipment | 6,931 | 8,562 | 4,138 |
Purchases of property, equipment and operating lease equipment | (14,468) | (11,773) | (9,952) |
Purchases of assets to be leased or financed | (11,403) | (143) | (5,445) |
Issuance of financing receivables | (137,008) | (128,125) | (104,298) |
Repayments of financing receivables | 58,067 | 60,619 | 42,514 |
Proceeds from sale of financing receivables | 64,351 | 45,828 | 46,249 |
Premiums paid on life insurance | 0 | (47) | (140) |
Cash used in acquisitions, net of cash acquired | (16,649) | (8,057) | (2,845) |
Net cash used in investing activities | (50,179) | (30,592) | (28,797) |
Cash Flows From Financing Activities: | |||
Borrowings of non-recourse and recourse notes payable | 44,807 | 52,237 | 51,547 |
Repayments of non-recourse and recourse notes payable | (257) | (1,688) | (2,252) |
Repurchase of common stock | (11,339) | (37,685) | (13,188) |
Dividends paid | (80) | (90) | (108) |
Proceeds from issuance of capital stock through option exercise | 0 | 0 | 560 |
Payments of contingent consideration | (1,158) | 0 | (1,027) |
Excess tax benefit from share based compensation | 728 | 564 | 1,762 |
Net borrowings (repayments) on floor plan facility | 22,475 | (518) | 27,165 |
Net cash provided by financing activities | 55,176 | 12,820 | 64,459 |
Effect of exchange rate changes on cash | 212 | (79) | 20 |
Net Increase (Decrease) in Cash and Cash Equivalents | 18,591 | (4,004) | 27,459 |
Cash and Cash Equivalents, Beginning of Period | 76,175 | 80,179 | 52,720 |
Cash and Cash Equivalents, End of Period | 94,766 | 76,175 | 80,179 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 84 | 239 | 105 |
Cash paid for income taxes | 29,789 | 35,436 | 25,517 |
Schedule of Non-Cash Investing and Financing Activities: | |||
Proceeds from sales of operating lease equipment included in accounts receivable | 7,650 | 443 | 861 |
Purchase of property, equipment, and operating leases included in accounts payable | (10,562) | (432) | (123) |
Purchase of assets to be leased or financed included in accounts payable | (9,827) | (20,022) | (1,140) |
Issuance of financing receivables | (101,718) | (73,881) | (98,616) |
Repayment of financing receivables | 16,873 | 0 | 0 |
Proceeds from sale of financing receivables | 98,753 | 73,881 | 98,616 |
Borrowing of recourse and nonrecourse notes payable | 42,840 | 0 | 0 |
Repayments of non-recourse and recourse notes payable | (29,059) | (34,584) | (22,146) |
Vesting of share-based compensation | 7,799 | 6,474 | 7,838 |
Contingent consideration | $ 0 | $ (1,980) | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Mar. 31, 2013 | $ 129 | $ 99,641 | $ (67,306) | $ 205,358 | $ 410 | $ 238,232 |
Balance (in shares) at Mar. 31, 2013 | 8,150 | |||||
Issuance of shares for option exercises | $ 0 | 559 | 0 | 0 | 0 | 559 |
Issuance of shares for option exercises (in shares) | 40 | |||||
Excess tax benefit of share - based compensation | $ 0 | 1,762 | 0 | 0 | 0 | 1,762 |
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock awards (in shares) | 87 | |||||
Share-based compensation | 3,962 | 0 | 6 | 0 | 3,968 | |
Repurchase of common stock | $ 0 | 0 | (13,188) | 0 | 0 | (13,188) |
Repurchase of common stock (in shares) | (241) | |||||
Net earnings | $ 0 | 0 | 0 | 35,273 | 0 | 35,273 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (224) | (224) |
Balance at Mar. 31, 2014 | $ 130 | 105,924 | (80,494) | 240,637 | 186 | 266,383 |
Balance (in shares) at Mar. 31, 2014 | 8,036 | |||||
Excess tax benefit of share - based compensation | $ 0 | 564 | 0 | 0 | 0 | 564 |
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock awards (in shares) | 88 | |||||
Share-based compensation | 4,584 | 0 | 0 | 0 | 4,584 | |
Repurchase of common stock | $ 0 | 0 | (37,685) | 0 | 0 | (37,685) |
Repurchase of common stock (in shares) | (735) | |||||
Net earnings | $ 0 | 0 | 0 | 45,840 | 0 | 45,840 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (425) | (425) |
Balance at Mar. 31, 2015 | $ 131 | 111,072 | (118,179) | 286,477 | (239) | $ 279,262 |
Balance (in shares) at Mar. 31, 2015 | 7,389 | 7,389 | ||||
Excess tax benefit of share - based compensation | $ 0 | 728 | 0 | 0 | 0 | $ 728 |
Issuance of restricted stock awards | $ 1 | 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock awards (in shares) | 123 | |||||
Share-based compensation | 5,711 | 0 | 0 | 0 | 5,711 | |
Repurchase of common stock | $ 0 | 0 | (11,339) | 0 | 0 | (11,339) |
Repurchase of common stock (in shares) | (147) | |||||
Net earnings | $ 0 | 0 | 0 | 44,747 | 0 | 44,747 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (232) | (232) |
Balance at Mar. 31, 2016 | $ 132 | $ 117,511 | $ (129,518) | $ 331,224 | $ (471) | $ 318,878 |
Balance (in shares) at Mar. 31, 2016 | 7,365 | 7,365 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2016 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS — Our company was founded in 1990 and is a Delaware corporation. ePlus inc. is sometimes referred to in this Annual Report on Form 10-K as "we," "our," "us," "ourselves," or "ePlus." ePlus inc. is a holding company that through its subsidiaries provides information technology solutions which enable organizations to optimize their IT environment and supply chain processes. We also provide consulting, professional and managed services and complete lifecycle management services including flexible financing solutions. We focus on middle market and large enterprises in North America and the United Kingdom. BASIS OF PRESENTATION — The consolidated financial statements include the accounts of ePlus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounts of businesses acquired during fiscal year 2016, 2015 and 2014 are included in the consolidated financial statements from the dates of acquisition. USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, vendor consideration, lease classification, goodwill and intangibles, reserves for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. REVENUE RECOGNITION — The majority of our revenues are derived from the following sources: sales of third-party products, software, software assurance, maintenance and services; sales of our services and software and financing revenues. For all these revenue sources, we determine whether we are the principal or agent in accordance with Accounting Standards Codification (“Codification”) Topic, Revenue Recognition Principal Agent Considerations For arrangements with multiple elements, we allocate the total consideration to the deliverables based on an estimated selling price of our products and services. We determine the estimated selling price using cost plus a reasonable margin for each deliverable, which was based on historical data. Sales of Product and Services Generally, sales of third-party product and software are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product or software recorded as cost of sales. Revenue is recognized when the title and risk of loss are passed to the customer, there is persuasive evidence of an arrangement for sale, delivery has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Delivery for products is typically performed via drop-shipment by the vendor or distributor to our customers’ location, and for software via electronic delivery. The vast majority of our product and software sales are recognized upon delivery due to our sales terms with our customers and with our vendors. We provide e e We sell software assurance, subscription licenses, maintenance and service contracts where the services are performed by a third-party. Software assurance is a maintenance product that allows customers to upgrade at no additional cost to the latest technology if new applications are introduced during the period that the software assurance is in effect. As we enter into contracts with third-party service providers, we evaluate whether we are acting as a principal or agent in the transaction. As our customers are aware that the third-party service provider is to provide the services to them and that we are not responsible for the day-to-day provision of services in these arrangements, we concluded that we are acting as an agent and recognize revenue on a net basis at the date of sale. Under net revenue recognition, the cost paid to the vendor or third-party service provider is recorded as a reduction to sales, resulting in revenue being equal to the gross profit on the transaction. We present freight billed to our customers within sales and the related freight charged to us within cost of sales. Sales tax amounts collected from customers for remittance to governmental authorities are presented on a net basis. Financing Revenue We lease products to customers that are accounted for in accordance with Codification Topic, Leases The accounting for investments in leases and leased equipment is different depending on the type of lease. Each lease is classified as either a direct financing lease, sales-type lease, or operating lease, as appropriate. If a lease meets one or more of the following four criteria, the lease is classified as either a sales-type or direct financing lease; otherwise, it will be classified as an operating lease: · the lease transfers ownership of the property to the lessee by the end of the lease term; · the lease contains a bargain purchase option; · the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or · the present value at the beginning of the lease term of the minimum lease payments equals or exceeds 90 percent of the fair value of the leased property at the inception of the lease. Revenue on direct financing and sales-type leases is deferred at the inception of the leases and is recognized over the term of the lease using the interest method. Revenue from operating leases is recognized ratably on a straight line basis over the term of the lease agreement. Codification Topic Transfers and Servicing, Sales of Financial Assets, Revenues on the sales of equipment at the end of a lease are recognized at the date of sale. The net gain or loss on sales of such equipment is presented within net sales in our consolidated statements of operations. Software License Sales We recognize revenue for the licensing and hosting of our software in accordance with Codification Topic Software, Revenue Recognition · there is persuasive evidence that an arrangement exists; · delivery has occurred; · no significant obligations by us remain, which relate to services essential to the functionality of the software with regard to implementation; · the sales price is determinable; and · it is probable that collection will occur. The majority of our agreements are fixed term license agreements and the revenue is recognized over the contract term. Revenue from the sale of a perpetual license is recognized upon installation of the software. We recognize revenue from hosting our proprietary software for our customers over the contract term. Our hosting arrangements do not contain a contractual right to take possession of the software. Revenue from Other Transactions Other sources of revenue are derived from: (1) income from events that occur after the initial sale of a financial asset; (2) remarketing fees; (3) agent fees received from various vendors in the technology segment; and (4) interest and other miscellaneous income. Reserves for Sales Returns Sales are reported net of allowances for returns which are maintained at a level believed by management to be adequate to absorb potential returns of sales of product and services in accordance with Codification Topic Revenue Product CASH AND CASH EQUIVALENTS — We consider all highly liquid investments, including those with an original maturity of three months or less at the date of acquisition, to be cash equivalents. Cash and cash equivalents consist primarily of interest-bearing accounts and money market funds that consist of short-term U.S. treasury securities. There were no restrictions on the withdrawal of funds from our money market accounts as of March 31, 2016 and March 31, 2015. FINANCING RECEIVABLES AND OPERATING LEASES — Financing receivables and operating leases consists of notes receivable, direct financing, sales-type leases and operating leases. The terms of lease and financing arrangements are typically between 3 to 7 years, with an average term of 42 to 48 months. Notes receivables consist of software and services that we finance for our customers. Interest income is recognized using the effective interest method and reported within net sales in our consolidated statement of operations. At the inception of our direct financing and sales-type leases, we record the net investment in leases, which consists of the sum of the minimum lease payments, initial direct costs (direct financing leases only), and unguaranteed residual value (gross investment) less the unearned income. For direct financing leases, the difference between the gross investment and the cost of the leased equipment is recorded as unearned income at the inception of the lease. Under sales-type leases, the difference between the fair value and cost of the leased property plus initial direct costs (net margins) is recorded as unearned revenue at the inception of the lease. We recognize contingent rental income, if any, when the changes in the factors on which the contingent lease payments are based actually occur. At the inception of an operating lease, equipment under operating leases is recorded at cost and depreciated on a straight-line basis over its useful life to the estimated residual value. The estimated useful lives for equipment under operating leases ranges based on the nature of the equipment. The estimated useful life for information technology equipment is 36 to 84 months, while that of medical equipment is between 48 and 60 months. RESIDUAL VALUES — Residual values, representing the unguaranteed estimated value of equipment at the termination of a lease, are recorded at the inception of each lease. The estimated residual values vary, both in amount and as a percentage of the original equipment cost, and depend upon several factors, including the equipment type, vendor's discount, market conditions, term of the lease, equipment supply and demand and by new product announcements by vendors. Unguaranteed residual values for direct financing and sales-type leases are recorded at their net present value and the unearned income is amortized over the life of the lease using the interest method. The residual values for operating leases are included in the leased equipment’s net book value. Residual values are evaluated on a quarterly basis and any impairment, other than temporary, is recorded in the period in which the impairment is determined. No upward revision of residual values is made subsequent to lease inception. RESERVES FOR CREDIT LOSSES — Our receivables consist of trade and other accounts receivable and financing receivables. We maintain our reserves for credit losses at a level believed to be adequate to absorb potential losses inherent in the respective balances. The reserve for credit losses is increased by provisions for potential credit losses, which increases expenses, and decreased by subsequent recoveries. The reserve for credit losses is decreased by write-offs and reductions to the provision for potential credit losses. Accounts are either written off or written down when the loss is both probable and determinable. Management’s determination of the adequacy of the reserves for credit losses for accounts receivable is based on the age of the receivable balance, the customer’s credit quality rating, an evaluation of historical credit losses, current economic conditions, and other relevant factors. Management’s determination of the adequacy of the reserve for credit losses for financing receivables may be based on the following factors: an internally assigned credit quality rating, historical credit loss experience, current economic conditions, volume, growth, the composition of the lease portfolio, the fair value of the underlying collateral, and the funding status (i.e. not funded, funded on a recourse or partial recourse basis, or funded on non-recourse basis). We assign an internal credit quality rating to each customer at the inception of the lease based on the customer’s financial status, rating agency reports and other financial information. We update the internal credit quality rating at least annually or when an indicator of a change in credit quality arises, such as a delinquency or bankruptcy. Also, management regularly reviews financing receivables to assess whether any balances should be impaired or placed on nonaccrual status. CONCENTRATIONS OF RISK—Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, short-term investments, accounts receivable, notes receivable and investments in direct financing and sales-type leases. Cash and cash equivalents and short-term investments are maintained principally with financial institutions in the United States, which have high credit ratings. Risk on accounts receivable, notes receivable and investments in direct financing and sales-type leases is reduced by the large number of diverse industries comprising our customer base and through the ongoing evaluation of collectability of our portfolio. Our credit risk is further mitigated through the underlying collateral and whether the lease is funded with recourse or non-recourse notes payable. A substantial portion of our sales are from Cisco Systems, Hewlett-Packard companies, and NetApp products, which represented approximately 49%, 7% and 5%, respectively, of our technology segment net sales for the year ended March 31, 2016, as compared to 49%, 8%, and 7%, respectively, of our technology segment net sales for the year ended March 31, 2015, and 48%, 10%, and 8%, respectively, for the year ended March 31, 2014. INVENTORIES — Inventories are stated at the lower of cost and net realizable value. Cost is determined using a weighted average cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are shown net of allowance for obsolescence of $147 thousand and $161 thousand as of March 31, 2016 and 2015, respectively. DEFERRED COSTS AND DEFERRED REVENUES — Deferred costs include internal and third party costs associated with deferred revenue arrangements. Deferred revenue relates to professional, managed and hosting services. GOODWILL — Goodwill represents the premium paid over the fair value of net tangible and intangible assets we have acquired in business combinations. Goodwill is assigned to a reporting unit on the acquisition date. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. We review our goodwill for impairment annually in the third quarter of our fiscal year, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include a sustained, significant decline in our share price and market capitalization, a decline in our expected future cash flows, a significant adverse change in legal factors or in the business climate, unanticipated competition, and/or slower growth rates, among others. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors we consider include, but are not limited to, macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization. If the qualitative factors indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform the two step process to assess our goodwill for impairment. First, we compare the fair value of our reporting units with its carrying value. We estimate the fair value of the reporting unit using various valuation methodologies, including discounted expected future cash flows. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired, and no further testing is necessary. If the net book value of our reporting unit exceeds its fair value, we perform a second test to measure the amount of impairment loss, if any. To measure the amount of any impairment loss, we determine the fair value of goodwill in the same manner as if our reporting unit were being acquired in a business combination. Specifically, we allocate the fair value of the reporting unit to all of the assets and liabilities of that unit, including any unrecognized intangible assets, in a hypothetical calculation that would yield the estimated fair value of goodwill. If the estimated fair value of goodwill is less than the goodwill recorded on our balance sheet, we record an impairment charge for the difference. CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE — We capitalize costs for the development of internal use software under the guidelines of Codification Topic Intangibles—Goodwill and Other Intangibles, Internal-Use Software CAPITALIZATION OF COSTS OF SOFTWARE TO BE MADE AVAILABLE TO CUSTOMERS — In accordance with Codification Topic Software, Costs of Software to Be Sold, Leased, or Marketed PROPERTY AND EQUIPMENT — Property and equipment are stated at cost, net of accumulated depreciation and amortization. Property and equipment obtained through an acquisition are stated at the fair market value as of the acquisition date. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, which range from three to ten years. Information technology equipment is depreciated over three years. Perpetual software licenses are depreciated over five years. Furniture and certain fixtures are depreciated over five to ten years. Telecommunications equipment is depreciated over seven years. TREASURY STOCK — We account for treasury stock under the cost method and include treasury stock as a component of stockholders’ equity on the accompanying consolidated balance sheets. VENDOR CONSIDERATION — We receive payments and credits from vendors pursuant to volume incentive programs and shared marketing expense programs. Many of these programs extend over one or more quarters’ sales activities. Different programs have different vendor/program specific milestones to achieve. Amounts due from vendors as of March 31, 2016 and 2015 were $15.6 million and $13.9 million, respectively, which were included within accounts receivable-other, net in the accompanying balance sheets. Vendor consideration received pursuant to volume purchase incentive programs is allocated to inventory based on the applicable incentives from each vendor and is recorded in cost of sales, product and services, as the inventory is sold. If a rebate is probable and reasonably estimable, it is recognized based on a systematic and rational allocation of the cash consideration offered to the underlying transactions that result in our progress toward earning the rebate. If a rebate is not probable and reasonably estimable, it is recognized as the milestones are achieved. Vendor consideration received pursuant to shared marketing expense programs is recorded as a reduction of the related selling and administrative expenses in the period the program takes place only if the consideration represents a reimbursement of specific, incremental, identifiable costs. Consideration that exceeds the specific, incremental, identifiable costs is classified as a reduction of cost of sales, product and services. SHARE-BASED COMPENSATION — We account for share-based compensation in accordance with Codification Topic Compensation—Stock Compensation INCOME TAXES — Deferred income taxes are accounted for in accordance with Codification Topic Income Taxes In addition, we account for uncertain tax positions in accordance with Codification Topic Income Taxes BUSINESS COMBINATIONS — We account for business combinations using the acquisition method in accordance with Codification Topic Business Combinations Any premium paid over the fair value of the net tangible and intangible assets of the acquired business is recorded as goodwill. We recognize a gain in our income statement to the extent the purchase price is less than the fair value of assets acquired and liabilities assumed. The results of operations for an acquired company are included in our financial statements from the date of acquisition. FAIR VALUE MEASUREMENT — We follow the guidance in Codification Topic Fair Value Measurements Fair Value Measurements and Disclosures · Level 1 – Observable inputs such as quoted prices for identical assets and liabilities in active markets; · Level 2 – Inputs other than quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. · Level 3 – Unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. As of March 31, 2016, we measure money market funds and contingent consideration at fair value on a recurring basis, which is based on quoted net asset values. FINANCIAL INSTRUMENTS — For financial instruments such as cash, short-term investments, accounts receivables, accounts payable and other current liabilities, we consider the recorded value of the financial instruments to approximate the fair value due to their short maturities. At March 31, 2016, the carrying amount of notes receivables, recourse and non-recourse payables were $43.4 million, $3.3 million and $44.1 million, respectively and the fair value of notes receivables, recourse and non-recourse payables were $42.4 million, $3.3 million and $43.9 million, respectively. At March 31, 2015, the carrying amount of notes receivables, recourse and non-recourse payables were $56.8 million, $3.7 million and $52.9 million, respectively and the fair value of notes receivables, recourse and non-recourse payables were $59.4 million, $3.6 million and $52.3 million. FOREIGN CURRENCY TRANSLATION— The Company’s functional currency is the U.S. dollar. The functional currency of the Company’s international operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities of the international operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the international operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation adjustment is recorded as accumulated other comprehensive loss, which is reflected as a separate component of Stockholders’ equity. EARNINGS PER SHARE — Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including incremental shares issuable upon the assumed exercise of “in-the-money” stock options and other common stock equivalents during each period. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Mar. 31, 2016 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 2. RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments adjustment amounts are determined. As permitted, we elected to early adopt this ASU during the quarter ended March 31, 2016. The adoption of this update did not have a material impact on our consolidated financial statements. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers(Topic 606) , which will supersede all current U.S. GAAP on this topic. The FASB subsequently issued ASU 2016-08, Principal versus Agent Considerations , ASU 2016-10, Identifying Performance Obligations and Licensing , and ASU 2016-12, Narrow-Scope Improvements and Practical Expedients , in March 2016, April 2016 and May 2016, respectively, to amend the guidance in ASU 2014-09. The core 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , to defer the effective date of ASU 2014-09 by one year. Including the one-year deferral, these updates becomes effective for us in quarter ending June 30, 2018, and early adoption is permitted for us in our . The ASU 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 of this update on our financial statements and have not yet selected our planned transition approach. In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation . This ASU is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of this ASU are effective for becomes effective for us in our quarter ending June 30, 2017. Early application is permitted. We are currently evaluating the impact of this update on our financial statements. |
FINANCING RECEIVABLES AND OPERA
FINANCING RECEIVABLES AND OPERATING LEASES | 12 Months Ended |
Mar. 31, 2016 | |
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] | |
FINANCING RECEIVABLES AND OPERATING LEASES | 3. FINANCING RECEIVABLES AND OPERATING LEASES FINANCING RECEIVABLES—NET Our financing receivables, net consist of the following (in thousands): March 31, 2016 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 44,442 $ 66,303 $ 110,745 Estimated unguaranteed residual value (1) - 12,693 12,693 Initial direct costs, net of amortization (2) 312 475 787 Unearned income - (5,543 ) (5,543 ) Reserve for credit losses (3) (3,381 ) (685 ) (4,066 ) Total, net $ 41,373 $ 73,243 $ 114,616 Reported as: Current $ 24,962 $ 31,486 $ 56,448 Long-term 16,411 41,757 58,168 Total, net $ 41,373 $ 73,243 $ 114,616 (1) Includes estimated unguaranteed residual values of $6,722 thousand for direct financing leases, which have been accounted for as sales under Codification Topic Transfers and Servicing (2) Initial direct costs are shown net of amortization of $612 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” March 31, 2015 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 59,943 $ 66,415 $ 126,358 Estimated unguaranteed residual value (1) - 8,376 8,376 Initial direct costs, net of amortization (2) 429 495 924 Unearned income - (5,233 ) (5,233 ) Reserve for credit losses (3) (3,573 ) (881 ) (4,454 ) Total, net $ 56,799 $ 69,172 $ 125,971 Reported as: Current $ 33,484 $ 33,425 $ 66,909 Long-term 23,315 35,747 59,062 Total, net $ 56,799 $ 69,172 $ 125,971 (1) Includes estimated unguaranteed residual values of $3,977 thousand for direct financing leases which have been accounted for as sales under Codification Topic Transfers and Servicing (2) Initial direct costs are shown net of amortization of $647 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” Future scheduled minimum lease payments for investments in direct financing and sales-type leases as of March 31, 2016 are as follows (in thousands): Year ending March 31, 2017 $ 34,566 2018 19,247 2019 10,673 2020 1,582 2021 and thereafter 235 Total $ 66,303 OPERATING LEASES—NET Operating leases—net represents leases that do not qualify as direct financing leases. The components of the operating leases—net are as follows (in thousands): March 31, 2016 March 31, 2015 Cost of equipment under operating leases $ 36,635 $ 36,283 Accumulated depreciation (18,897 ) (18,354 ) Investment in operating lease equipment—net (1) $ 17,738 $ 17,929 (1) Amounts include estimated unguaranteed residual values of $3,417 thousand and $4,340 thousand as of March 31, 2016 and 2015, respectively. Future scheduled minimum lease rental payments as of March 31, 2016 are as follows (in thousands): Year ending March 31, 2017 $ 8,293 2018 5,935 2019 2,501 2020 1,025 2021 and thereafter 755 Total $ 18,509 TRANSFERS OF FINANCIAL ASSETS We enter into arrangements to transfer the contractual payments due under financing receivables and operating lease agreements, which are accounted for as sales or secured borrowings in accordance with Codification Topic, Transfers and Servicing For transfers accounted for as sales, we derecognize the carrying value of the asset transferred and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. For the years ended March 31, 2016, 2015, and 2014, we recognized net gains of $7.4 million, $5.9 million, and $8.5 million, respectively, and total proceeds from these sales were $223.3 million, $181.3 million, and $187.2 million, respectively. For certain assignments of financial assets, we retain a servicing obligation. For assignments accounted for as sales, we allocate a portion of the proceeds to deferred revenues, which is recognized as we perform the services. In a limited number of such sales, we indemnified the assignee in the event that the lessee elected to early terminate the lease. Our maximum potential future payments related to such guarantees is $0.8 million. We believe the possibility of making any payments to be remote. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 4. GOODWILL AND OTHER INTANGIBLE ASSETS Our goodwill and other intangible assets consist of the following (in thousands): March 31, 2016 March 31, 2015 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Goodwill $ 50,824 $ (8,673 ) $ 42,151 $ 42,785 $ (8,673 ) $ 34,112 Customer relationships & other intangibles 20,401 (9,193 ) 11,208 12,005 (6,560 ) 5,445 Capitalized software development 2,709 (1,914 ) 795 2,693 (1,452 ) 1,241 Total $ 73,934 $ (19,780 ) $ 54,154 $ 57,483 $ (16,685 ) $ 40,798 GOODWILL Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Customer relationships and capitalized software development costs are amortized over an estimated useful life, which is generally between 3 to 7 years. Trade names and trademarks are amortized over an estimated useful life of 10 years. All of our goodwill as of March 31, 2016 and March 31, 2015 is related to our technology segment. Goodwill increased by $8.0 million for the year ended March 31, 2016 due to the addition of $8.1 million from the acquisition of December, 2015 and offset by $0.2 million in foreign currency translation. See Note 14, “Business Combinations,” for additional information. We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. During the quarter ended December 31, 2015, we performed a qualitative assessment for goodwill in accordance with the provisions of Codification Topic Intangibles – Goodwill and Other, and concluded that the fair value of our reporting units, more likely than not, exceeded their respective carrying amounts as of October 1, 2015. During the quarter ended December 31, 2014, we elected to bypass the qualitative assessment of goodwill and estimate the fair values of the reporting units. The fair value of our reporting units substantially exceeded their respective carrying values as of October 1, 2014, and our conclusions regarding the recoverability of goodwill would not be impacted by a ten percent change in their fair values. OTHER INTANGIBLE ASSETS Total amortization expense was $3.3 million, $2.4 million, and $1.5 million for the years ended March 31, 2016, 2015 and 2014, respectively. Amortization expense is estimated to be $4.4 million, $2.9 million, $2.2 million, $1.5 million, and $0.9 million for the years ended March 31, 2017, 2018, 2019, 2020, and 2021, respectively. |
RESERVES FOR CREDIT LOSSES
RESERVES FOR CREDIT LOSSES | 12 Months Ended |
Mar. 31, 2016 | |
RESERVES FOR CREDIT LOSSES [Abstract] | |
RESERVES FOR CREDIT LOSSES | 5. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the years ended March 31, 2016, 2015 and 2014 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2015 $ 1,169 $ 3,573 $ 881 $ 5,623 Provision for credit losses 126 (172 ) (196 ) (242 ) Write-offs and other (168 ) (20 ) - (188 ) Balance March 31, 2016 $ 1,127 $ 3,381 $ 685 $ 5,193 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2014 $ 1,364 $ 3,364 $ 1,024 $ 5,752 Provision for credit losses 28 209 (112 ) 125 Write-offs and other (223 ) - (31 ) (254 ) Balance March 31, 2015 $ 1,169 $ 3,573 $ 881 $ 5,623 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2013 $ 1,147 $ 3,137 $ 845 $ 5,129 Provision for credit losses 344 227 179 750 Write-offs and other (127 ) - - (127 ) Balance March 31, 2014 $ 1,364 $ 3,364 $ 1,024 $ 5,752 Our reserve for credit losses and minimum lease payments associated with our investment in direct financing and sales- type lease balances disaggregated on the basis of our impairment method were as follows (in thousands): March 31, 2016 March 31, 2015 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 279 $ 562 $ 440 $ 740 Ending balance: individually evaluated for impairment 3,102 123 3,133 141 Ending balance $ 3,381 $ 685 $ 3,573 $ 881 Minimum payments: Ending balance: collectively evaluated for impairment $ 41,340 $ 66,161 $ 56,525 $ 66,255 Ending balance: individually evaluated for impairment 3,102 142 3,418 160 Ending balance $ 44,442 $ 66,303 $ 59,943 $ 66,415 The net credit exposure for the balance evaluated individually for impairment as of March 31, 2016 was $3.2 million, which is related to a customer in bankruptcy. The note and lease receivables associated with this customer are on non-accrual status. The age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due disaggregated based on our internally assigned credit quality rating (“CQR”) were as follows as of March 31, 2016 and 2015 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Minimum Lease Payments Total Minimum Lease Payments Unearned Income Non- Recourse Notes Payable Net Credit Exposure March 31, 2016 High CQR $ 575 $ 52 $ 94 $ 721 $ 984 $ 46,157 $ 47,862 $ (2,705 ) $ (22,914 ) $ 22,243 Average CQR 15 17 78 110 159 18,030 18,299 (1,387 ) (8,714 ) 8,198 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 590 $ 69 $ 314 $ 973 $ 1,143 $ 64,187 $ 66,303 $ (4,111 ) $ (31,628 ) $ 30,564 March 31, 2015 High CQR $ 70 $ 185 $ 133 $ 388 $ 430 $ 41,213 $ 42,031 $ (2,340 ) $ (16,561 ) $ 23,130 Average CQR 15 68 19 102 75 24,047 24,224 (1,742 ) (9,397 ) 13,085 Low CQR - - - - - 160 160 (19 ) - 141 Total $ 85 $ 253 $ 152 $ 490 $ 505 $ 65,420 $ 66,415 $ (4,101 ) $ (25,958 ) $ 36,356 The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as March 31, 2016 and 2015 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure March 31, 2016 High CQR $ 399 $ 305 $ 2,168 $ 2,872 $ 301 $ 24,092 $ 27,265 $ (11,644 ) $ 15,621 Average CQR - - - - 202 13,873 14,075 (9,942 ) 4,133 Low CQR - - 3,102 3,102 - - 3,102 - 3,102 Total $ 399 $ 305 $ 5,270 $ 5,974 $ 503 $ 37,965 $ 44,442 $ (21,586 ) $ 22,856 March 31, 2015 High CQR $ 338 $ 260 $ 161 $ 759 $ 2,455 $ 35,996 $ 39,210 $ (18,255 ) $ 20,955 Average CQR 57 - - 57 376 16,882 17,315 (11,665 ) 5,650 Low CQR - - 656 656 - 2,762 3,418 - 3,418 Total $ 395 $ 260 $ 817 $ 1,472 $ 2,831 $ 55,640 $ 59,943 $ (29,920 ) $ 30,023 We estimate losses on our net credit exposure to be between 0% - 5% for customers with high CQR, as these customers are investment grade or the equivalent of investment grade. We estimate losses on our net credit exposure to be between 2% - 15% for customers with average CQR, and between 15% - 100% for customers with low CQR, which includes customers in bankruptcy. |
PROPERTY, EQUIPMENT, AND OTHER
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES | 12 Months Ended |
Mar. 31, 2016 | |
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES [Abstract] | |
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES | 6. PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES PROPERTY AND EQUIPMENT NET Property and equipment—net consists of the following (in thousands): March 31, 2016 March 31, 2015 Furniture, fixtures and equipment $ 15,033 $ 13,781 Vehicles 370 370 Capitalized software 4,018 4,007 Leasehold improvements 3,978 3,497 Total assets 23,399 21,655 Accumulated depreciation and amortization (17,133 ) (15,528 ) Property and equipment - net $ 6,266 $ 6,127 For the years ended March 31, 2016, 2015 and 2014, depreciation expense on property and equipment was $2.3 million, $1.5 million, and $1.3 million, respectively. OTHER ASSETS AND LIABILITIES Our other assets and liabilities consist of the following (in thousands): March 31, 2016 March 31, 2015 Other current assets: Deposits & funds held in escrow $ 3,116 $ 4,281 Prepaid assets 6,683 2,652 Other 850 480 Total other current assets $ 10,649 $ 7,413 Other assets: Deferred costs $ 1,831 $ 2,308 Property and equipment, net 6,266 6,127 Other 547 813 Total other assets - long term $ 8,644 $ 9,248 March 31, March 31, Other current liabilities: Accrued expenses $ 7,109 $ 5,302 Deferred compensation - 222 Other 6,009 8,051 Total other current liabilities $ 13,118 $ 13,575 Other liabilities: Deferred revenue $ 1,866 $ 2,923 Other 397 890 Total other liabilities - long term $ 2,263 $ 3,813 |
NOTES PAYABLE AND CREDIT FACILI
NOTES PAYABLE AND CREDIT FACILITY | 12 Months Ended |
Mar. 31, 2016 | |
NOTES PAYABLE AND CREDIT FACILITY [Abstract] | |
NOTES PAYABLE AND CREDIT FACILITY | 7. NOTES PAYABLE AND CREDIT FACILITY Recourse and non-recourse obligations consist of the following (in thousands): March 31, 2016 March 31, 2015 Recourse notes payable with interest rates ranging from 2.70% and 4.13% at March 31, 2016 and ranging from 2.24% and 4.13% at March 31, 2015. Current $ 2,288 $ 889 Long-term 1,054 2,801 Total recourse notes payable $ 3,342 $ 3,690 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 1.70% to 8.50% at March 31, 2016 and ranging from 1.70% to 10.00% as of March 31, 2015. Current $ 26,042 $ 28,560 Long-term 18,038 24,314 Total non-recourse notes payable $ 44,080 $ 52,874 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 3.13% and 3.23%, as of March 31, 2016 and March 31, 2015, respectively. The weighted average interest rate for our recourse notes payable was 3.24% and 3.19%, as of March 31, 2016 and March 31, 2015, respectively. Under recourse financing, in the event of a default by a customer, the lender has recourse against the customer, the assets serving as collateral, and us. Under non-recourse financing, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. In May 2014, we entered into an agreement to repurchase the rights, title and interest to payments due under a financing agreement. The 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 consolidated statement of operations Our technology segment, through our subsidiary e The credit facility has full recourse to e e e e e e The facility provided by WFCDF requires a guaranty of $10.5 million by e e Recourse and non-recourse notes payable as of March 31, 2016, mature as follows (in thousands): Recourse Notes Payable Non-Recourse Notes Payable Year ending March 31, 2017 $ 2,288 $ 26,042 2018 1,054 12,513 2019 - 3,988 2020 - 1,055 2021 and thereafter - 482 $ 3,342 $ 44,080 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES We lease office space and certain office equipment to conduct our business. Annual rent expense relating to these operating leases was $4.9 million, $4.7 million, and $3.8 million for the years ended March 31, 2016, 2015 and 2014, respectively. As of March 31, 2016, the future minimum lease payments are due as follows (in thousands): Contractual Obligations Year ending March 31, 2017 $ 4,207 2018 3,393 2019 1,875 2020 951 2021 and thereafter 382 Operating lease obligations (1) $ 10,808 (1) Excluding taxes, insurance and common area maintenance charges. Legal Proceedings On May 23, 2011, the United States District Court for the Eastern District of Virginia entered judgment in our favor, against Lawson Software, Inc. (“Lawson”), for $18.2 million, in a lawsuit we filed against Lawson alleging patent infringement. Subsequently, the United States Patent and Trademark Office canceled the patent, and the Federal Circuit Court of Appeals vacated the judgment. On February 29, 2016 the United States Supreme Court denied our petition for certiorari, in which we asked the court to hear our appeal. As a result, the lawsuit has concluded. We are not currently a party to any legal proceedings with loss contingencies that are expected to be material. From time to time, we have been a plaintiff, or may be named as a defendant, in legal actions arising from our normal business activities, none of which has had a material effect on our business, results of operations or financial condition. Legal proceedings which may arise in the ordinary course of business including preference payment claims asserted in customer bankruptcy proceedings, tax audits, 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. We attempt to ameliorate the effect of potential litigation through insurance coverage and contractual protections such as rights to indemnifications and limitations of liability. 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, however, 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. Contingencies Related to Third-Party Review From time to time, we are subject to potential claims and assessments from third parties. We are also subject to various governmental, customer and partner audits. We continually assess whether or not such claims have merit and warrant accrual. Where appropriate, we accrue estimates of anticipated liabilities in our consolidated financial statements. Such estimates are subject to change and may affect our results of operations and our cash flows. Employment Contracts and Severance Plans We have employment contracts with, and plans covering certain members of management under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. In addition, vesting of non-vested restricted stock awards would accelerate following a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from twelve to twenty-six months of salary. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2016 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 9. 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. Certain unvested shares of restricted stock awards (“RSAs”) contain non-forfeitable rights to dividends, whether paid or unpaid. As a result, these RSAs 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 March 31, 2016, we had no unvested shares of RSAs that contained non-forfeitable rights to dividends. 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 consolidated statements of operations for the fiscal years ended March 31, 2016, 2015, and 2014 (in thousands, except per share data). Year Ended March 31, 2016 2015 2014 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 7,256 7,318 7,927 Effect of dilutive shares 88 75 72 Weighted average shares common outstanding — diluted 7,344 7,393 7,999 Calculation of earnings per common share - basic: Net earnings $ 44,747 $ 45,840 $ 35,273 Net earnings attributable to participating securities - 59 307 Net earnings attributable to common shareholders $ 44,747 $ 45,781 $ 34,966 Earnings per common share - basic $ 6.17 $ 6.26 $ 4.41 Calculation of earnings per common share - diluted: Net earnings attributable to common shareholders— basic $ 44,747 $ 45,781 $ 34,966 Add: undistributed earnings attributable to participating securities - 1 3 Net earnings attributable to common shareholders— diluted $ 44,747 $ 45,782 $ 34,969 Earnings per common share - diluted $ 6.09 $ 6.19 $ 4.37 There were no unexercised stock options during the years ended March 31, 2016 and 2015. All unexercised stock options were included in the computations of diluted earnings per common share for the year ended March 31, 2014. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2016 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS’ EQUITY On August 13, 2015, The plan authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. This new authorization replaced the company’s previous repurchase plan During the year ended March 31, 2016, we repurchased 116,302 shares of our outstanding common stock at an average cost of $76.21 per share for a total purchase price of $8.9 million under the share repurchase plans. We also purchased 30,447 shares of common stock to satisfy tax withholding obligations to the vesting of employees’ restricted stock. During the year ended March 31, 2015, we repurchased 700,113 shares of our outstanding common stock at an average cost of $50.93 per share for a total purchase price of $35.7 million under the share repurchase plan, and 35,158 were repurchased to satisfy tax withholding obligations due to the vesting of employees’ restricted stock. Since the inception of our initial repurchase program on September 20, 2001 to March 31, 2016, we have repurchased approximately 5.7 million shares of our outstanding common stock at an average cost of $21.15 per share for a total purchase price of $120.5 million. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2016 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | 11. SHARE-BASED COMPENSATION Share-Based Plans We have share-based awards outstanding under the following 2008 Director LTIP On September 15, 2008, our stockholders approved the 2008 Director LTIP that was adopted by the Board on June 25, 2008. Under the 2008 Director LTIP, 250,000 shares were authorized for grant to non-employee directors. The purpose of the 2008 Director LTIP is to align the economic interests of the directors with the interests of stockholders by including equity as a component of pay and to attract, motivate and retain experienced and knowledgeable directors. In addition, each director will receive an annual grant of restricted stock having a grant-date fair value equal to the cash compensation earned by an outside director during our fiscal year ended immediately before the respective annual grant-date. Directors may elect to receive their cash compensation in restricted stock. These restricted shares are prohibited from being sold, transferred, assigned, pledged or otherwise encumbered or disposed of. Half of these shares will vest on the one-year anniversary and another half of these shares will vest on the second-year anniversary from the date of the grant. 2012 Employee LTIP On September 13, 2012, our stockholders approved the 2012 Employee LTIP that was adopted by the Board on July 10, 2012. Under the 2012 Employee LTIP, 750,000 shares were authorized for grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, or other share-based awards to e e e Stock Option Activity During the years ended March 31, 2016 and 2015, there were no stock options granted to employees and we had no outstanding stock options. Restricted Stock Activity We estimate the forfeiture rate of the restricted stock to be zero. As of March 31, 2016, we have granted 122,951 shares under the 2008 Director LTIP and 274,254 restricted shares under the 2012 Employee LTIP. A summary of the non-vested restricted shares is as follows: Number of Shares Weighted Average Grant- date Fair Value Non-vested April 1, 2015 176,514 $ 52.75 Granted 125,562 $ 81.78 Vested (95,927 ) $ 48.87 Forfeited (2,321 ) $ 64.06 Non-vested March 31, 2016 203,828 $ 72.33 Upon each vesting period of the restricted stock awards to employees, participants are subject to minimum tax withholding obligations. The 2008 Director LTIP and the 2012 Employee LTIP allow the Company, at the participant’s election, to withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding obligations. For the year ended March 31, 2016, the Company had withheld 30,447 shares of common stock at a value of $2.5 million, which was included in treasury stock. For the year ended March 31, 2015, the Company had withheld 35,158 shares of common stock at a value of $2.0 million, which was included in treasury stock. Compensation Expense We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period and estimate the forfeiture rate to be zero, based on historical experience. There are no additional conditions for vesting other than service conditions. During the years ended March 31, 2016, 2015 and 2014 we recognized $5.7 million, $4.6 million and $4.0 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $10.0 million, which will be fully recognized over the next 51 months. We also provide our employees with a contributory 401(k) profit sharing 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 years ended March 31, 2016, 2015 and 2014, our employer contributions for the plan were approximately $1.4 million, $1.4 million and $1.1 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 12. INCOME TAXES We account for our tax positions in accordance with Codification Topic Income Taxes As of March 31, 2015, we had $72 thousand of total gross unrecognized tax benefits recorded for uncertain income tax position in accordance with Income Taxes A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): Year Ended March 31, 2016 2015 Beginning balance $ 72 $ 149 Reductions to uncertain tax positions - (77 ) Ending balance $ 72 $ 72 At March 31, 2016, if the unrecognized tax benefits of $72 thousand were to be recognized, including the effect of interest, penalties and federal tax benefit, the impact would have been $104 thousand. At March 31, 2015, if the unrecognized tax benefits of $72 thousand were to be recognized, including the effect of interest, penalties and federal tax benefit, the impact would have been $101 thousand. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the fiscal years ended March 31, 2016 and 2015, we recognized $4 thousand of interest in both years related to uncertain tax positions, and did not recognize any additional penalties. We had $48 thousand and $43 thousand accrued for the payment of interest at March 31, 2016 and 2015, respectively. We file income tax returns, including returns for our subsidiaries, with federal, state, local, and foreign jurisdictions. Tax years 2012, 2013 and 2014 are subjected to examination by federal and state taxing authorities. Various state and local income tax returns are also under examination by taxing authorities. We do not believe that the outcome of any examination will have a material impact on our financial statements. A reconciliation of income taxes computed at the statutory federal income tax rate of 35% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages): Year Ended March 31, 2016 2015 2014 Statutory federal income tax rate 35 % 35 % 35 % Income tax expense computed at the U.S. statutory federal rate $ 26,513 $ 27,410 $ 21,040 State income tax expense—net of federal benefit 3,544 4,193 3,080 Non-deductible executive compensation 331 222 248 Other 616 648 457 Provision for income taxes $ 31,004 $ 32,473 $ 24,825 Effective income tax rate 40.9 % 41.5 % 41.3 % The components of the provision for income taxes are as follows (in thousands): Year Ended March 31, 2016 2015 2014 Current: Federal $ 21,361 $ 27,665 $ 23,313 State 6,114 6,667 5,033 Foreign 13 3 15 Total current expense 27,488 34,335 28,361 Deferred: Federal 3,727 (1,591 ) (3,274 ) State (211 ) (271 ) (262 ) Total deferred expense (benefit) 3,516 (1,862 ) (3,536 ) Provision for income taxes $ 31,004 $ 32,473 $ 24,825 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in thousands): March 31, 2016 2015 Deferred Tax Assets: Accrued vacation $ 2,116 $ 1,955 Deferred compensation - 89 Deferred revenue 1,046 369 Foreign net operating loss carryforward 461 - Reserve for credit losses 1,929 2,066 Restricted stock 1,778 1,431 Other credits and carryforwards 1,275 1,235 Other accruals and reserves 1,556 687 Gross deferred tax assets 10,161 7,832 Less: valuation allowance (1,270 ) (1,223 ) Net deferred tax assets 8,891 6,609 Deferred Tax Liabilities: Basis difference in fixed assets (1,170 ) (1,238 ) Basis difference in operating leases (7,749 ) (2,356 ) Basis difference in tax deductible goodwill (2,973 ) (2,411 ) Total deferred tax liabilities (11,892 ) (6,005 ) Net deferred tax (liabilities) assets $ (3,001 ) $ 604 The effective income tax rate for the year ended March 31, 2016 was 40.9%, compared to 41.5% of the previous fiscal year. As of March 31, 2016, we have state capital loss carryforwards of approximately $1.3 million, which have been fully reserved. The valuation allowance resulted from management's determination, based on available evidence, that it was more likely than not that the state capital loss deferred tax asset balance may not be realized. If not realized, the state capital loss carryforwards will generally expire in 5 years. As of March 31, 2016, we have a foreign net operating loss of approximately $0.5 million related to operations in the United Kingdom. No valuation allowance was recognized as a result of management's determination, based on available evidence, that it was more likely than not that the foreign net operating loss deferred tax asset balance will be realized. The foreign net operating loss is not set to expire. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 13. FAIR VALUE MEASUREMENTS We account for the fair values of our assets and liabilities in accordance with Codification Topic Fair Value Measurement and Disclosure. The following tables summarize the fair value hierarchy of our financial instruments as of March 31, 2016 and 2015 (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) March 31, 2016 Assets: Money market funds $ 39,509 $ 39,509 $ - $ - Liabilities: Contingent consideration $ 1,041 $ - $ - $ 1,041 March 31, 2015 Assets: Money market funds $ 25,004 $ 25,004 $ - $ - Liabilities: Contingent consideration $ 1,830 $ - $ - $ 1,830 For the year ended March 31, 2016, we recorded adjustments that increased the fair value of our liability for contingent consideration by $369 thousand. We recorded an adjustment to decrease by $150 thousand the fair value of the contingent consideration during the year ended March 31, 2015. These adjustments were presented within general and administrative expenses in our consolidated statement of operations. We estimated the fair value using a Monte Carlo simulation model. During the year ended March 31, 2016 we paid $1.2 million to satisfy the current obligations of the contingent consideration arrangement. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Mar. 31, 2016 | |
BUSINESS COMBINATIONS [Abstract] | |
BUSINESS COMBINATIONS | 14. BUSINESS COMBINATIONS IGX acquisition On December 4, 2015, our subsidiary e The total purchase price, net of cash acquired, was $16.6 million paid in cash. Acquisition Date Amount Accounts receivable—trade, net $ 8,457 Property and equipment 81 Identified intangible assets 8,710 Accounts payable and other current liabilities (8,641 ) Deferred tax liability (89 ) Total identifiable net assets 8,518 Goodwill 8,131 Total purchase consideration $ 16,649 The identified intangible assets consist of the following: Estimated Useful Lives Acquisition Intangible assets—customer relationships 7 $ 7,680 Intangible assets—trade names 10 520 Intangible assets—backlog 1 510 Total identified intangible assets $ 8,710 We assigned goodwill related to this transaction of $8.1 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce, an entry into the UK and European markets and Evolve acquisition On August 18, 2014, our subsidiary, e The total purchase price was $10.5 million, which consists of cash paid, amounts to be paid to Evolve upon collection of certain accounts receivables, and the fair value of contingent consideration. We estimated the fair value of the contingent consideration to be $2.0 million as of the acquisition date using a Monte Carlo simulation model. The maximum payout for contingent consideration is $2.5 million over 3 years. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Mar. 31, 2016 | |
SEGMENT REPORTING [Abstract] | |
SEGMENT REPORTING | 15. SEGMENT REPORTING The Company’s segment information is presented in accordance with a “management approach,” which designates the internal reporting used by the chief operating decision-maker for deciding how to allocate resources and for assessing performance. Our operations are conducted through two business segments. In our technology segment, our customers view technology purchases as integrated solutions, rather than discrete product and service categories and the majority of our sales are derived from integrated solutions involving our customers' data center, network, and collaboration infrastructure. Our financing segment offers financing solutions for IT and medical equipment, and related software, maintenance and services. Our reportable segment information was as follows (in thousands): Year Ended March 31, 2016 2015 2014 Statement of Operations Technology Financing Total Technology Financing Total Technology Financing Total Sales of product and services $ 1,163,337 $ - $ 1,163,337 $ 1,100,884 $ - $ 1,100,884 $ 1,013,374 $ - $ 1,013,374 Financing revenue - 35,091 35,091 - 34,728 34,728 - 35,896 35,896 Fee and other income 5,728 43 5,771 7,565 105 7,670 8,037 229 8,266 Net sales 1,169,065 35,134 1,204,199 1,108,449 34,833 1,143,282 1,021,411 36,125 1,057,536 Cost of sales, product and services 931,782 - 931,782 887,673 - 887,673 827,875 - 827,875 Direct lease costs - 10,360 10,360 - 11,062 11,062 - 12,748 12,748 Cost of sales 931,782 10,360 942,142 887,673 11,062 898,735 827,875 12,748 840,623 Professional and other fees 5,505 1,041 6,546 5,340 1,168 6,508 7,557 1,484 9,041 Salaries and benefits 140,086 9,218 149,304 128,945 9,141 138,086 113,481 9,670 123,151 General and administrative expenses 22,401 729 23,130 21,127 1,404 22,531 18,334 1,549 19,883 Depreciation and amortization 5,532 16 5,548 4,310 23 4,333 2,769 23 2,792 Interest and financing costs 70 1,708 1,778 96 2,283 2,379 84 1,864 1,948 Operating expenses 173,594 12,712 186,306 159,818 14,019 173,837 142,225 14,590 156,815 Operating income $ 63,689 $ 12,062 $ 75,751 $ 60,958 $ 9,752 $ 70,710 $ 51,311 $ 8,787 $ 60,098 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 5,641 $ 10,339 $ 15,980 $ 4,450 $ 11,125 $ 15,575 $ 2,838 $ 11,917 $ 14,755 Purchases of property, equipment and operating lease equipment $ 2,442 $ 12,026 $ 14,468 $ 3,610 $ 8,306 $ 11,916 $ 4,238 $ 5,714 $ 9,952 Selected Financial Data - Balance Sheet Total assets $ 427,580 $ 189,100 $ 616,680 $ 368,971 $ 199,304 $ 568,275 $ 335,879 $ 217,966 $ 553,845 The geographic information for the years ended March 31, 2016, 2015 and 2014 was as follows (in thousands): Year Ended March 31, 2016 2015 2014 Net sales: U.S. $ 1,186,904 $ 1,124,371 $ 1,042,446 Non U.S. 17,295 18,911 15,090 Total $ 1,204,199 $ 1,143,282 $ 1,057,536 As of March 31, 2016 2015 Long-lived tangible assets: U.S. $ 22,632 $ 22,550 Non U.S. 1,427 1,608 Total $ 24,059 $ 24,158 Our long-lived tangible assets include property and equipment-net, operating leases-net, and equipment that has been returned to us at the termination of the lease. No single customer accounted for more than 10% of net sales for the years ended March 31, 2016, and 2015. For the year ended March 31, 2014, sales to a large telecommunications company were approximately 11% of net sales, all of which related to our technology segment. |
QUARTERLY DATA -UNAUDITED
QUARTERLY DATA -UNAUDITED | 12 Months Ended |
Mar. 31, 2016 | |
QUARTERLY DATA -UNAUDITED [Abstract] | |
QUARTERLY DATA -UNAUDITED | 16. QUARTERLY DATA —UNAUDITED Condensed quarterly financial information is as follows (amounts in thousands, except per share amounts): Year Ended March 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount Net sales $ 269,866 $ 336,286 $ 298,644 $ 299,403 $ 1,204,199 Cost of sales 210,736 264,365 234,584 232,457 942,142 Gross profit 59,130 71,921 64,060 66,946 262,057 Operating expenses 44,064 45,260 46,415 50,567 186,306 Operating income 15,066 26,661 17,645 16,379 75,751 Earnings before provision for income taxes 15,066 26,661 17,645 16,379 75,751 Provision for income taxes 6,252 10,982 7,348 6,422 31,004 Net earnings $ 8,814 $ 15,679 $ 10,297 $ 9,957 $ 44,747 Net earnings per common share—Basic (1) $ 1.22 $ 2.16 $ 1.41 $ 1.37 $ 6.17 Net earnings per common share—Diluted (1) $ 1.21 $ 2.15 $ 1.40 $ 1.36 $ 6.09 Year Ended March 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount Net sales $ 272,304 $ 297,472 $ 306,241 $ 267,265 $ 1,143,282 Cost of sales 215,865 233,548 240,803 208,519 898,735 Gross profit 56,439 63,924 65,438 58,746 244,547 Operating expenses 41,697 43,598 44,876 43,666 173,837 Operating income 14,742 20,326 20,562 15,080 70,710 Other income 1,434 - 6,169 - 7,603 Earnings before provision for income taxes 16,176 20,326 26,731 15,080 78,313 Provision for income taxes 6,699 8,374 11,230 6,170 32,473 Net earnings $ 9,477 $ 11,952 $ 15,501 $ 8,910 $ 45,840 Net earnings per common share—Basic (1) $ 1.26 $ 1.63 $ 2.14 $ 1.23 $ 6.26 Net earnings per common share—Diluted (1) $ 1.25 $ 1.63 $ 2.13 $ 1.22 $ 6.19 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2016 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | e Schedule II - Valuation and Qualifying Accounts (Dollars in thousands) Balance at Charged to Deductions/ Balance at End Allowance for Sales Returns: (1) Year Ended March 31, 2014 543 1,079 (1,030 ) 592 Year Ended March 31, 2015 592 1,009 (988 ) 613 Year Ended March 31, 2016 613 1,500 (1,460 ) 653 Reserve for Credit Losses: Year Ended March 31, 2014 5,129 750 (127 ) 5,752 Year Ended March 31, 2015 5,752 125 (254 ) 5,623 Year Ended March 31, 2016 5,623 (242 ) (188 ) 5,193 Valuation for Deferred Taxes: Year Ended March 31, 2014 1,505 (218 ) - 1,287 Year Ended March 31, 2015 1,287 (64 ) - 1,223 Year Ended March 31, 2016 1,223 47 - 1,270 (1) These amounts represent the gross profit effect of sales returns during the respective years. Expected merchandise returns after year-end for sales made before year-end were $4.0 million, $3.8 million, and $3.6 million as of March 31, 2016, 2015, and 2014, respectively. |
ORGANIZATION AND SUMMARY OF S26
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS — Our company was founded in 1990 and is a Delaware corporation. ePlus inc. is sometimes referred to in this Annual Report on Form 10-K as "we," "our," "us," "ourselves," or "ePlus." ePlus inc. is a holding company that through its subsidiaries provides information technology solutions which enable organizations to optimize their IT environment and supply chain processes. We also provide consulting, professional and managed services and complete lifecycle management services including flexible financing solutions. We focus on middle market and large enterprises in North America and the United Kingdom. BASIS OF PRESENTATION — The consolidated financial statements include the accounts of ePlus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounts of businesses acquired during fiscal year 2016, 2015 and 2014 are included in the consolidated financial statements from the dates of acquisition. |
USE OF ESTIMATES | USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, vendor consideration, lease classification, goodwill and intangibles, reserves for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. |
REVENUE RECOGNITION | REVENUE RECOGNITION — The majority of our revenues are derived from the following sources: sales of third-party products, software, software assurance, maintenance and services; sales of our services and software and financing revenues. For all these revenue sources, we determine whether we are the principal or agent in accordance with Accounting Standards Codification (“Codification”) Topic, Revenue Recognition Principal Agent Considerations For arrangements with multiple elements, we allocate the total consideration to the deliverables based on an estimated selling price of our products and services. We determine the estimated selling price using cost plus a reasonable margin for each deliverable, which was based on historical data. Sales of Product and Services Generally, sales of third-party product and software are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product or software recorded as cost of sales. Revenue is recognized when the title and risk of loss are passed to the customer, there is persuasive evidence of an arrangement for sale, delivery has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Delivery for products is typically performed via drop-shipment by the vendor or distributor to our customers’ location, and for software via electronic delivery. The vast majority of our product and software sales are recognized upon delivery due to our sales terms with our customers and with our vendors. We provide e e We sell software assurance, subscription licenses, maintenance and service contracts where the services are performed by a third-party. Software assurance is a maintenance product that allows customers to upgrade at no additional cost to the latest technology if new applications are introduced during the period that the software assurance is in effect. As we enter into contracts with third-party service providers, we evaluate whether we are acting as a principal or agent in the transaction. As our customers are aware that the third-party service provider is to provide the services to them and that we are not responsible for the day-to-day provision of services in these arrangements, we concluded that we are acting as an agent and recognize revenue on a net basis at the date of sale. Under net revenue recognition, the cost paid to the vendor or third-party service provider is recorded as a reduction to sales, resulting in revenue being equal to the gross profit on the transaction. We present freight billed to our customers within sales and the related freight charged to us within cost of sales. Sales tax amounts collected from customers for remittance to governmental authorities are presented on a net basis. Financing Revenue We lease products to customers that are accounted for in accordance with Codification Topic, Leases The accounting for investments in leases and leased equipment is different depending on the type of lease. Each lease is classified as either a direct financing lease, sales-type lease, or operating lease, as appropriate. If a lease meets one or more of the following four criteria, the lease is classified as either a sales-type or direct financing lease; otherwise, it will be classified as an operating lease: · the lease transfers ownership of the property to the lessee by the end of the lease term; · the lease contains a bargain purchase option; · the lease term is equal to 75 percent or more of the estimated economic life of the leased property; or · the present value at the beginning of the lease term of the minimum lease payments equals or exceeds 90 percent of the fair value of the leased property at the inception of the lease. Revenue on direct financing and sales-type leases is deferred at the inception of the leases and is recognized over the term of the lease using the interest method. Revenue from operating leases is recognized ratably on a straight line basis over the term of the lease agreement. Codification Topic Transfers and Servicing, Sales of Financial Assets, Revenues on the sales of equipment at the end of a lease are recognized at the date of sale. The net gain or loss on sales of such equipment is presented within net sales in our consolidated statements of operations. Software License Sales We recognize revenue for the licensing and hosting of our software in accordance with Codification Topic Software, Revenue Recognition · there is persuasive evidence that an arrangement exists; · delivery has occurred; · no significant obligations by us remain, which relate to services essential to the functionality of the software with regard to implementation; · the sales price is determinable; and · it is probable that collection will occur. The majority of our agreements are fixed term license agreements and the revenue is recognized over the contract term. Revenue from the sale of a perpetual license is recognized upon installation of the software. We recognize revenue from hosting our proprietary software for our customers over the contract term. Our hosting arrangements do not contain a contractual right to take possession of the software. Revenue from Other Transactions Other sources of revenue are derived from: (1) income from events that occur after the initial sale of a financial asset; (2) remarketing fees; (3) agent fees received from various vendors in the technology segment; and (4) interest and other miscellaneous income. Reserves for Sales Returns Sales are reported net of allowances for returns which are maintained at a level believed by management to be adequate to absorb potential returns of sales of product and services in accordance with Codification Topic Revenue Product |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS — We consider all highly liquid investments, including those with an original maturity of three months or less at the date of acquisition, to be cash equivalents. Cash and cash equivalents consist primarily of interest-bearing accounts and money market funds that consist of short-term U.S. treasury securities. There were no restrictions on the withdrawal of funds from our money market accounts as of March 31, 2016 and March 31, 2015. |
FINANCING RECEIVABLES AND OPERATING LEASES | FINANCING RECEIVABLES AND OPERATING LEASES — Financing receivables and operating leases consists of notes receivable, direct financing, sales-type leases and operating leases. The terms of lease and financing arrangements are typically between 3 to 7 years, with an average term of 42 to 48 months. Notes receivables consist of software and services that we finance for our customers. Interest income is recognized using the effective interest method and reported within net sales in our consolidated statement of operations. At the inception of our direct financing and sales-type leases, we record the net investment in leases, which consists of the sum of the minimum lease payments, initial direct costs (direct financing leases only), and unguaranteed residual value (gross investment) less the unearned income. For direct financing leases, the difference between the gross investment and the cost of the leased equipment is recorded as unearned income at the inception of the lease. Under sales-type leases, the difference between the fair value and cost of the leased property plus initial direct costs (net margins) is recorded as unearned revenue at the inception of the lease. We recognize contingent rental income, if any, when the changes in the factors on which the contingent lease payments are based actually occur. At the inception of an operating lease, equipment under operating leases is recorded at cost and depreciated on a straight-line basis over its useful life to the estimated residual value. The estimated useful lives for equipment under operating leases ranges based on the nature of the equipment. The estimated useful life for information technology equipment is 36 to 84 months, while that of medical equipment is between 48 and 60 months. |
RESIDUAL VALUES | RESIDUAL VALUES — Residual values, representing the unguaranteed estimated value of equipment at the termination of a lease, are recorded at the inception of each lease. The estimated residual values vary, both in amount and as a percentage of the original equipment cost, and depend upon several factors, including the equipment type, vendor's discount, market conditions, term of the lease, equipment supply and demand and by new product announcements by vendors. Unguaranteed residual values for direct financing and sales-type leases are recorded at their net present value and the unearned income is amortized over the life of the lease using the interest method. The residual values for operating leases are included in the leased equipment’s net book value. Residual values are evaluated on a quarterly basis and any impairment, other than temporary, is recorded in the period in which the impairment is determined. No upward revision of residual values is made subsequent to lease inception. |
RESERVES FOR CREDIT LOSSES | RESERVES FOR CREDIT LOSSES — Our receivables consist of trade and other accounts receivable and financing receivables. We maintain our reserves for credit losses at a level believed to be adequate to absorb potential losses inherent in the respective balances. The reserve for credit losses is increased by provisions for potential credit losses, which increases expenses, and decreased by subsequent recoveries. The reserve for credit losses is decreased by write-offs and reductions to the provision for potential credit losses. Accounts are either written off or written down when the loss is both probable and determinable. Management’s determination of the adequacy of the reserves for credit losses for accounts receivable is based on the age of the receivable balance, the customer’s credit quality rating, an evaluation of historical credit losses, current economic conditions, and other relevant factors. Management’s determination of the adequacy of the reserve for credit losses for financing receivables may be based on the following factors: an internally assigned credit quality rating, historical credit loss experience, current economic conditions, volume, growth, the composition of the lease portfolio, the fair value of the underlying collateral, and the funding status (i.e. not funded, funded on a recourse or partial recourse basis, or funded on non-recourse basis). We assign an internal credit quality rating to each customer at the inception of the lease based on the customer’s financial status, rating agency reports and other financial information. We update the internal credit quality rating at least annually or when an indicator of a change in credit quality arises, such as a delinquency or bankruptcy. Also, management regularly reviews financing receivables to assess whether any balances should be impaired or placed on nonaccrual status. |
CONCENTRATIONS OF RISK | CONCENTRATIONS OF RISK—Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, short-term investments, accounts receivable, notes receivable and investments in direct financing and sales-type leases. Cash and cash equivalents and short-term investments are maintained principally with financial institutions in the United States, which have high credit ratings. Risk on accounts receivable, notes receivable and investments in direct financing and sales-type leases is reduced by the large number of diverse industries comprising our customer base and through the ongoing evaluation of collectability of our portfolio. Our credit risk is further mitigated through the underlying collateral and whether the lease is funded with recourse or non-recourse notes payable. A substantial portion of our sales are from Cisco Systems, Hewlett-Packard companies, and NetApp products, which represented approximately 49%, 7% and 5%, respectively, of our technology segment net sales for the year ended March 31, 2016, as compared to 49%, 8%, and 7%, respectively, of our technology segment net sales for the year ended March 31, 2015, and 48%, 10%, and 8%, respectively, for the year ended March 31, 2014. |
INVENTORIES | INVENTORIES — Inventories are stated at the lower of cost and net realizable value. Cost is determined using a weighted average cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are shown net of allowance for obsolescence of $147 thousand and $161 thousand as of March 31, 2016 and 2015, respectively. |
DEFERRED COSTS AND DEFERRED REVENUES | DEFERRED COSTS AND DEFERRED REVENUES — Deferred costs include internal and third party costs associated with deferred revenue arrangements. Deferred revenue relates to professional, managed and hosting services. |
GOODWILL | GOODWILL — Goodwill represents the premium paid over the fair value of net tangible and intangible assets we have acquired in business combinations. Goodwill is assigned to a reporting unit on the acquisition date. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. We review our goodwill for impairment annually in the third quarter of our fiscal year, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include a sustained, significant decline in our share price and market capitalization, a decline in our expected future cash flows, a significant adverse change in legal factors or in the business climate, unanticipated competition, and/or slower growth rates, among others. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors we consider include, but are not limited to, macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization. If the qualitative factors indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform the two step process to assess our goodwill for impairment. First, we compare the fair value of our reporting units with its carrying value. We estimate the fair value of the reporting unit using various valuation methodologies, including discounted expected future cash flows. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired, and no further testing is necessary. If the net book value of our reporting unit exceeds its fair value, we perform a second test to measure the amount of impairment loss, if any. To measure the amount of any impairment loss, we determine the fair value of goodwill in the same manner as if our reporting unit were being acquired in a business combination. Specifically, we allocate the fair value of the reporting unit to all of the assets and liabilities of that unit, including any unrecognized intangible assets, in a hypothetical calculation that would yield the estimated fair value of goodwill. If the estimated fair value of goodwill is less than the goodwill recorded on our balance sheet, we record an impairment charge for the difference. |
CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE | CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE — We capitalize costs for the development of internal use software under the guidelines of Codification Topic Intangibles—Goodwill and Other Intangibles, Internal-Use Software |
CAPITALIZATION OF COSTS OF SOFTWARE TO BE MADE AVAILABLE TO CUSTOMERS | CAPITALIZATION OF COSTS OF SOFTWARE TO BE MADE AVAILABLE TO CUSTOMERS — In accordance with Codification Topic Software, Costs of Software to Be Sold, Leased, or Marketed |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT — Property and equipment are stated at cost, net of accumulated depreciation and amortization. Property and equipment obtained through an acquisition are stated at the fair market value as of the acquisition date. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, which range from three to ten years. Information technology equipment is depreciated over three years. Perpetual software licenses are depreciated over five years. Furniture and certain fixtures are depreciated over five to ten years. Telecommunications equipment is depreciated over seven years. |
TREASURY STOCK | TREASURY STOCK — We account for treasury stock under the cost method and include treasury stock as a component of stockholders’ equity on the accompanying consolidated balance sheets. |
VENDOR CONSIDERATION | VENDOR CONSIDERATION — We receive payments and credits from vendors pursuant to volume incentive programs and shared marketing expense programs. Many of these programs extend over one or more quarters’ sales activities. Different programs have different vendor/program specific milestones to achieve. Amounts due from vendors as of March 31, 2016 and 2015 were $15.6 million and $13.9 million, respectively, which were included within accounts receivable-other, net in the accompanying balance sheets. Vendor consideration received pursuant to volume purchase incentive programs is allocated to inventory based on the applicable incentives from each vendor and is recorded in cost of sales, product and services, as the inventory is sold. If a rebate is probable and reasonably estimable, it is recognized based on a systematic and rational allocation of the cash consideration offered to the underlying transactions that result in our progress toward earning the rebate. If a rebate is not probable and reasonably estimable, it is recognized as the milestones are achieved. Vendor consideration received pursuant to shared marketing expense programs is recorded as a reduction of the related selling and administrative expenses in the period the program takes place only if the consideration represents a reimbursement of specific, incremental, identifiable costs. Consideration that exceeds the specific, incremental, identifiable costs is classified as a reduction of cost of sales, product and services. |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION — We account for share-based compensation in accordance with Codification Topic Compensation—Stock Compensation |
INCOME TAXES | INCOME TAXES — Deferred income taxes are accounted for in accordance with Codification Topic Income Taxes In addition, we account for uncertain tax positions in accordance with Codification Topic Income Taxes |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS — We account for business combinations using the acquisition method in accordance with Codification Topic Business Combinations Any premium paid over the fair value of the net tangible and intangible assets of the acquired business is recorded as goodwill. We recognize a gain in our income statement to the extent the purchase price is less than the fair value of assets acquired and liabilities assumed. The results of operations for an acquired company are included in our financial statements from the date of acquisition. |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT — We follow the guidance in Codification Topic Fair Value Measurements Fair Value Measurements and Disclosures · Level 1 – Observable inputs such as quoted prices for identical assets and liabilities in active markets; · Level 2 – Inputs other than quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. · Level 3 – Unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. As of March 31, 2016, we measure money market funds and contingent consideration at fair value on a recurring basis, which is based on quoted net asset values. |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS — For financial instruments such as cash, short-term investments, accounts receivables, accounts payable and other current liabilities, we consider the recorded value of the financial instruments to approximate the fair value due to their short maturities. At March 31, 2016, the carrying amount of notes receivables, recourse and non-recourse payables were $43.4 million, $3.3 million and $44.1 million, respectively and the fair value of notes receivables, recourse and non-recourse payables were $42.4 million, $3.3 million and $43.9 million, respectively. At March 31, 2015, the carrying amount of notes receivables, recourse and non-recourse payables were $56.8 million, $3.7 million and $52.9 million, respectively and the fair value of notes receivables, recourse and non-recourse payables were $59.4 million, $3.6 million and $52.3 million. |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION— The Company’s functional currency is the U.S. dollar. The functional currency of the Company’s international operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities of the international operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the international operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation adjustment is recorded as accumulated other comprehensive loss, which is reflected as a separate component of Stockholders’ equity. |
EARNINGS PER SHARE | EARNINGS PER SHARE — Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including incremental shares issuable upon the assumed exercise of “in-the-money” stock options and other common stock equivalents during each period. |
FINANCING RECEIVABLES AND OPE27
FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
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): March 31, 2016 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 44,442 $ 66,303 $ 110,745 Estimated unguaranteed residual value (1) - 12,693 12,693 Initial direct costs, net of amortization (2) 312 475 787 Unearned income - (5,543 ) (5,543 ) Reserve for credit losses (3) (3,381 ) (685 ) (4,066 ) Total, net $ 41,373 $ 73,243 $ 114,616 Reported as: Current $ 24,962 $ 31,486 $ 56,448 Long-term 16,411 41,757 58,168 Total, net $ 41,373 $ 73,243 $ 114,616 (1) Includes estimated unguaranteed residual values of $6,722 thousand for direct financing leases, which have been accounted for as sales under Codification Topic Transfers and Servicing (2) Initial direct costs are shown net of amortization of $612 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” March 31, 2015 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 59,943 $ 66,415 $ 126,358 Estimated unguaranteed residual value (1) - 8,376 8,376 Initial direct costs, net of amortization (2) 429 495 924 Unearned income - (5,233 ) (5,233 ) Reserve for credit losses (3) (3,573 ) (881 ) (4,454 ) Total, net $ 56,799 $ 69,172 $ 125,971 Reported as: Current $ 33,484 $ 33,425 $ 66,909 Long-term 23,315 35,747 59,062 Total, net $ 56,799 $ 69,172 $ 125,971 (1) Includes estimated unguaranteed residual values of $3,977 thousand for direct financing leases which have been accounted for as sales under Codification Topic Transfers and Servicing (2) Initial direct costs are shown net of amortization of $647 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” |
Future Scheduled Minimum Lease Payments | Future scheduled minimum lease payments for investments in direct financing and sales-type leases as of March 31, 2016 are as follows (in thousands): Year ending March 31, 2017 $ 34,566 2018 19,247 2019 10,673 2020 1,582 2021 and thereafter 235 Total $ 66,303 |
Investment in Operating Lease Equipment - Net | The components of the operating leases—net are as follows (in thousands): March 31, 2016 March 31, 2015 Cost of equipment under operating leases $ 36,635 $ 36,283 Accumulated depreciation (18,897 ) (18,354 ) Investment in operating lease equipment—net (1) $ 17,738 $ 17,929 (1) Amounts include estimated unguaranteed residual values of $3,417 thousand and $4,340 thousand as of March 31, 2016 and 2015, respectively. |
Future Minimum Rental Payments for Operating Leases | Future scheduled minimum lease rental payments as of March 31, 2016 are as follows (in thousands): Year ending March 31, 2017 $ 8,293 2018 5,935 2019 2,501 2020 1,025 2021 and thereafter 755 Total $ 18,509 |
GOODWILL AND OTHER INTANGIBLE28
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
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): March 31, 2016 March 31, 2015 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Goodwill $ 50,824 $ (8,673 ) $ 42,151 $ 42,785 $ (8,673 ) $ 34,112 Customer relationships & other intangibles 20,401 (9,193 ) 11,208 12,005 (6,560 ) 5,445 Capitalized software development 2,709 (1,914 ) 795 2,693 (1,452 ) 1,241 Total $ 73,934 $ (19,780 ) $ 54,154 $ 57,483 $ (16,685 ) $ 40,798 |
RESERVES FOR CREDIT LOSSES (Tab
RESERVES FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
RESERVES FOR CREDIT LOSSES [Abstract] | |
Activity in Reserves for Credit Losses | Activity in our reserves for credit losses for the years ended March 31, 2016, 2015 and 2014 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2015 $ 1,169 $ 3,573 $ 881 $ 5,623 Provision for credit losses 126 (172 ) (196 ) (242 ) Write-offs and other (168 ) (20 ) - (188 ) Balance March 31, 2016 $ 1,127 $ 3,381 $ 685 $ 5,193 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2014 $ 1,364 $ 3,364 $ 1,024 $ 5,752 Provision for credit losses 28 209 (112 ) 125 Write-offs and other (223 ) - (31 ) (254 ) Balance March 31, 2015 $ 1,169 $ 3,573 $ 881 $ 5,623 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2013 $ 1,147 $ 3,137 $ 845 $ 5,129 Provision for credit losses 344 227 179 750 Write-offs and other (127 ) - - (127 ) Balance March 31, 2014 $ 1,364 $ 3,364 $ 1,024 $ 5,752 |
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 reserve for credit losses and minimum lease payments associated with our investment in direct financing and sales- type lease balances disaggregated on the basis of our impairment method were as follows (in thousands): March 31, 2016 March 31, 2015 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 279 $ 562 $ 440 $ 740 Ending balance: individually evaluated for impairment 3,102 123 3,133 141 Ending balance $ 3,381 $ 685 $ 3,573 $ 881 Minimum payments: Ending balance: collectively evaluated for impairment $ 41,340 $ 66,161 $ 56,525 $ 66,255 Ending balance: individually evaluated for impairment 3,102 142 3,418 160 Ending balance $ 44,442 $ 66,303 $ 59,943 $ 66,415 |
Balance Disaggregated Based on Internally Assigned CQR | The age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due disaggregated based on our internally assigned credit quality rating (“CQR”) were as follows as of March 31, 2016 and 2015 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Minimum Lease Payments Total Minimum Lease Payments Unearned Income Non- Recourse Notes Payable Net Credit Exposure March 31, 2016 High CQR $ 575 $ 52 $ 94 $ 721 $ 984 $ 46,157 $ 47,862 $ (2,705 ) $ (22,914 ) $ 22,243 Average CQR 15 17 78 110 159 18,030 18,299 (1,387 ) (8,714 ) 8,198 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 590 $ 69 $ 314 $ 973 $ 1,143 $ 64,187 $ 66,303 $ (4,111 ) $ (31,628 ) $ 30,564 March 31, 2015 High CQR $ 70 $ 185 $ 133 $ 388 $ 430 $ 41,213 $ 42,031 $ (2,340 ) $ (16,561 ) $ 23,130 Average CQR 15 68 19 102 75 24,047 24,224 (1,742 ) (9,397 ) 13,085 Low CQR - - - - - 160 160 (19 ) - 141 Total $ 85 $ 253 $ 152 $ 490 $ 505 $ 65,420 $ 66,415 $ (4,101 ) $ (25,958 ) $ 36,356 |
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR | The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as March 31, 2016 and 2015 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure March 31, 2016 High CQR $ 399 $ 305 $ 2,168 $ 2,872 $ 301 $ 24,092 $ 27,265 $ (11,644 ) $ 15,621 Average CQR - - - - 202 13,873 14,075 (9,942 ) 4,133 Low CQR - - 3,102 3,102 - - 3,102 - 3,102 Total $ 399 $ 305 $ 5,270 $ 5,974 $ 503 $ 37,965 $ 44,442 $ (21,586 ) $ 22,856 March 31, 2015 High CQR $ 338 $ 260 $ 161 $ 759 $ 2,455 $ 35,996 $ 39,210 $ (18,255 ) $ 20,955 Average CQR 57 - - 57 376 16,882 17,315 (11,665 ) 5,650 Low CQR - - 656 656 - 2,762 3,418 - 3,418 Total $ 395 $ 260 $ 817 $ 1,472 $ 2,831 $ 55,640 $ 59,943 $ (29,920 ) $ 30,023 |
PROPERTY, EQUIPMENT, AND OTHE30
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES [Abstract] | |
Property and Equipment-Net | Property and equipment—net consists of the following (in thousands): March 31, 2016 March 31, 2015 Furniture, fixtures and equipment $ 15,033 $ 13,781 Vehicles 370 370 Capitalized software 4,018 4,007 Leasehold improvements 3,978 3,497 Total assets 23,399 21,655 Accumulated depreciation and amortization (17,133 ) (15,528 ) Property and equipment - net $ 6,266 $ 6,127 |
Other Assets and Other Liabilities | Our other assets and liabilities consist of the following (in thousands): March 31, 2016 March 31, 2015 Other current assets: Deposits & funds held in escrow $ 3,116 $ 4,281 Prepaid assets 6,683 2,652 Other 850 480 Total other current assets $ 10,649 $ 7,413 Other assets: Deferred costs $ 1,831 $ 2,308 Property and equipment, net 6,266 6,127 Other 547 813 Total other assets - long term $ 8,644 $ 9,248 March 31, March 31, Other current liabilities: Accrued expenses $ 7,109 $ 5,302 Deferred compensation - 222 Other 6,009 8,051 Total other current liabilities $ 13,118 $ 13,575 Other liabilities: Deferred revenue $ 1,866 $ 2,923 Other 397 890 Total other liabilities - long term $ 2,263 $ 3,813 |
NOTES PAYABLE AND CREDIT FACI31
NOTES PAYABLE AND CREDIT FACILITY (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
NOTES PAYABLE AND CREDIT FACILITY [Abstract] | |
Non-recourse and Recourse Obligations | Recourse and non-recourse obligations consist of the following (in thousands): March 31, 2016 March 31, 2015 Recourse notes payable with interest rates ranging from 2.70% and 4.13% at March 31, 2016 and ranging from 2.24% and 4.13% at March 31, 2015. Current $ 2,288 $ 889 Long-term 1,054 2,801 Total recourse notes payable $ 3,342 $ 3,690 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 1.70% to 8.50% at March 31, 2016 and ranging from 1.70% to 10.00% as of March 31, 2015. Current $ 26,042 $ 28,560 Long-term 18,038 24,314 Total non-recourse notes payable $ 44,080 $ 52,874 |
Recourse and non-recourse Notes Payable | Recourse and non-recourse notes payable as of March 31, 2016, mature as follows (in thousands): Recourse Notes Payable Non-Recourse Notes Payable Year ending March 31, 2017 $ 2,288 $ 26,042 2018 1,054 12,513 2019 - 3,988 2020 - 1,055 2021 and thereafter - 482 $ 3,342 $ 44,080 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Future Minimum Rental Payments for Operating Leases | As of March 31, 2016, the future minimum lease payments are due as follows (in thousands): Contractual Obligations Year ending March 31, 2017 $ 4,207 2018 3,393 2019 1,875 2020 951 2021 and thereafter 382 Operating lease obligations (1) $ 10,808 (1) Excluding taxes, insurance and common area maintenance charges. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share | The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2016, 2015, and 2014 (in thousands, except per share data). Year Ended March 31, 2016 2015 2014 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 7,256 7,318 7,927 Effect of dilutive shares 88 75 72 Weighted average shares common outstanding — diluted 7,344 7,393 7,999 Calculation of earnings per common share - basic: Net earnings $ 44,747 $ 45,840 $ 35,273 Net earnings attributable to participating securities - 59 307 Net earnings attributable to common shareholders $ 44,747 $ 45,781 $ 34,966 Earnings per common share - basic $ 6.17 $ 6.26 $ 4.41 Calculation of earnings per common share - diluted: Net earnings attributable to common shareholders— basic $ 44,747 $ 45,781 $ 34,966 Add: undistributed earnings attributable to participating securities - 1 3 Net earnings attributable to common shareholders— diluted $ 44,747 $ 45,782 $ 34,969 Earnings per common share - diluted $ 6.09 $ 6.19 $ 4.37 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
SHARE-BASED COMPENSATION [Abstract] | |
Summary of Nonvested Restricted Shares | A summary of the non-vested restricted shares is as follows: Number of Shares Weighted Average Grant- date Fair Value Non-vested April 1, 2015 176,514 $ 52.75 Granted 125,562 $ 81.78 Vested (95,927 ) $ 48.87 Forfeited (2,321 ) $ 64.06 Non-vested March 31, 2016 203,828 $ 72.33 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
INCOME TAXES [Abstract] | |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): Year Ended March 31, 2016 2015 Beginning balance $ 72 $ 149 Reductions to uncertain tax positions - (77 ) Ending balance $ 72 $ 72 |
Reconciliation of Income Taxes to Statutory Federal Income Tax Rate | A reconciliation of income taxes computed at the statutory federal income tax rate of 35% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages): Year Ended March 31, 2016 2015 2014 Statutory federal income tax rate 35 % 35 % 35 % Income tax expense computed at the U.S. statutory federal rate $ 26,513 $ 27,410 $ 21,040 State income tax expense—net of federal benefit 3,544 4,193 3,080 Non-deductible executive compensation 331 222 248 Other 616 648 457 Provision for income taxes $ 31,004 $ 32,473 $ 24,825 Effective income tax rate 40.9 % 41.5 % 41.3 % |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands): Year Ended March 31, 2016 2015 2014 Current: Federal $ 21,361 $ 27,665 $ 23,313 State 6,114 6,667 5,033 Foreign 13 3 15 Total current expense 27,488 34,335 28,361 Deferred: Federal 3,727 (1,591 ) (3,274 ) State (211 ) (271 ) (262 ) Total deferred expense (benefit) 3,516 (1,862 ) (3,536 ) Provision for income taxes $ 31,004 $ 32,473 $ 24,825 |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows (in thousands): March 31, 2016 2015 Deferred Tax Assets: Accrued vacation $ 2,116 $ 1,955 Deferred compensation - 89 Deferred revenue 1,046 369 Foreign net operating loss carryforward 461 - Reserve for credit losses 1,929 2,066 Restricted stock 1,778 1,431 Other credits and carryforwards 1,275 1,235 Other accruals and reserves 1,556 687 Gross deferred tax assets 10,161 7,832 Less: valuation allowance (1,270 ) (1,223 ) Net deferred tax assets 8,891 6,609 Deferred Tax Liabilities: Basis difference in fixed assets (1,170 ) (1,238 ) Basis difference in operating leases (7,749 ) (2,356 ) Basis difference in tax deductible goodwill (2,973 ) (2,411 ) Total deferred tax liabilities (11,892 ) (6,005 ) Net deferred tax (liabilities) assets $ (3,001 ) $ 604 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value Hierarchy of Financial Instruments | The following tables summarize the fair value hierarchy of our financial instruments as of March 31, 2016 and 2015 (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) March 31, 2016 Assets: Money market funds $ 39,509 $ 39,509 $ - $ - Liabilities: Contingent consideration $ 1,041 $ - $ - $ 1,041 March 31, 2015 Assets: Money market funds $ 25,004 $ 25,004 $ - $ - Liabilities: Contingent consideration $ 1,830 $ - $ - $ 1,830 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
BUSINESS COMBINATIONS [Abstract] | |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed | The allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable—trade, net $ 8,457 Property and equipment 81 Identified intangible assets 8,710 Accounts payable and other current liabilities (8,641 ) Deferred tax liability (89 ) Total identifiable net assets 8,518 Goodwill 8,131 Total purchase consideration $ 16,649 |
Schedule of Identified Intangible Assets | The identified intangible assets consist of the following: Estimated Useful Lives Acquisition Intangible assets—customer relationships 7 $ 7,680 Intangible assets—trade names 10 520 Intangible assets—backlog 1 510 Total identified intangible assets $ 8,710 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
SEGMENT REPORTING [Abstract] | |
Segment Reporting Information, by Reportable Segment | Our reportable segment information was as follows (in thousands): Year Ended March 31, 2016 2015 2014 Statement of Operations Technology Financing Total Technology Financing Total Technology Financing Total Sales of product and services $ 1,163,337 $ - $ 1,163,337 $ 1,100,884 $ - $ 1,100,884 $ 1,013,374 $ - $ 1,013,374 Financing revenue - 35,091 35,091 - 34,728 34,728 - 35,896 35,896 Fee and other income 5,728 43 5,771 7,565 105 7,670 8,037 229 8,266 Net sales 1,169,065 35,134 1,204,199 1,108,449 34,833 1,143,282 1,021,411 36,125 1,057,536 Cost of sales, product and services 931,782 - 931,782 887,673 - 887,673 827,875 - 827,875 Direct lease costs - 10,360 10,360 - 11,062 11,062 - 12,748 12,748 Cost of sales 931,782 10,360 942,142 887,673 11,062 898,735 827,875 12,748 840,623 Professional and other fees 5,505 1,041 6,546 5,340 1,168 6,508 7,557 1,484 9,041 Salaries and benefits 140,086 9,218 149,304 128,945 9,141 138,086 113,481 9,670 123,151 General and administrative expenses 22,401 729 23,130 21,127 1,404 22,531 18,334 1,549 19,883 Depreciation and amortization 5,532 16 5,548 4,310 23 4,333 2,769 23 2,792 Interest and financing costs 70 1,708 1,778 96 2,283 2,379 84 1,864 1,948 Operating expenses 173,594 12,712 186,306 159,818 14,019 173,837 142,225 14,590 156,815 Operating income $ 63,689 $ 12,062 $ 75,751 $ 60,958 $ 9,752 $ 70,710 $ 51,311 $ 8,787 $ 60,098 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 5,641 $ 10,339 $ 15,980 $ 4,450 $ 11,125 $ 15,575 $ 2,838 $ 11,917 $ 14,755 Purchases of property, equipment and operating lease equipment $ 2,442 $ 12,026 $ 14,468 $ 3,610 $ 8,306 $ 11,916 $ 4,238 $ 5,714 $ 9,952 Selected Financial Data - Balance Sheet Total assets $ 427,580 $ 189,100 $ 616,680 $ 368,971 $ 199,304 $ 568,275 $ 335,879 $ 217,966 $ 553,845 |
Geographical Information | The geographic information for the years ended March 31, 2016, 2015 and 2014 was as follows (in thousands): Year Ended March 31, 2016 2015 2014 Net sales: U.S. $ 1,186,904 $ 1,124,371 $ 1,042,446 Non U.S. 17,295 18,911 15,090 Total $ 1,204,199 $ 1,143,282 $ 1,057,536 As of March 31, 2016 2015 Long-lived tangible assets: U.S. $ 22,632 $ 22,550 Non U.S. 1,427 1,608 Total $ 24,059 $ 24,158 |
QUARTERLY DATA -UNAUDITED (Tabl
QUARTERLY DATA -UNAUDITED (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
QUARTERLY DATA -UNAUDITED [Abstract] | |
Condensed Quarterly Financial Information | Condensed quarterly financial information is as follows (amounts in thousands, except per share amounts): Year Ended March 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount Net sales $ 269,866 $ 336,286 $ 298,644 $ 299,403 $ 1,204,199 Cost of sales 210,736 264,365 234,584 232,457 942,142 Gross profit 59,130 71,921 64,060 66,946 262,057 Operating expenses 44,064 45,260 46,415 50,567 186,306 Operating income 15,066 26,661 17,645 16,379 75,751 Earnings before provision for income taxes 15,066 26,661 17,645 16,379 75,751 Provision for income taxes 6,252 10,982 7,348 6,422 31,004 Net earnings $ 8,814 $ 15,679 $ 10,297 $ 9,957 $ 44,747 Net earnings per common share—Basic (1) $ 1.22 $ 2.16 $ 1.41 $ 1.37 $ 6.17 Net earnings per common share—Diluted (1) $ 1.21 $ 2.15 $ 1.40 $ 1.36 $ 6.09 Year Ended March 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Annual Amount Net sales $ 272,304 $ 297,472 $ 306,241 $ 267,265 $ 1,143,282 Cost of sales 215,865 233,548 240,803 208,519 898,735 Gross profit 56,439 63,924 65,438 58,746 244,547 Operating expenses 41,697 43,598 44,876 43,666 173,837 Operating income 14,742 20,326 20,562 15,080 70,710 Other income 1,434 - 6,169 - 7,603 Earnings before provision for income taxes 16,176 20,326 26,731 15,080 78,313 Provision for income taxes 6,699 8,374 11,230 6,170 32,473 Net earnings $ 9,477 $ 11,952 $ 15,501 $ 8,910 $ 45,840 Net earnings per common share—Basic (1) $ 1.26 $ 1.63 $ 2.14 $ 1.23 $ 6.26 Net earnings per common share—Diluted (1) $ 1.25 $ 1.63 $ 2.13 $ 1.22 $ 6.19 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
ORGANIZATION AND SUMMARY OF S40
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUE RECOGNITION [Abstract] | ||
Lease criteria minimum estimated economic life | 75.00% | |
Lease criteria minimum fair value of lease payments at inception of lease | 90.00% | |
Amount due from vendors | $ 15,600 | $ 13,900 |
INVENTORIES [Abstract] | ||
Allowance for obsolescence | $ 147 | 161 |
Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Financing receivables term | 2 years | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Financing receivables term | 5 years | |
Average Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Financing receivables term | 36 months | |
Average Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Financing receivables term | 39 months | |
Technology Hardware [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease term | 42 months | |
Medical Equipment [Member] | Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease term | 48 months | |
Medical Equipment [Member] | Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease term | 60 months | |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, fair value disclosure | $ 43,400 | 56,800 |
Recourse payable, fair value disclosure | 3,300 | 3,700 |
Non-recourse payable, fair value disclosure | 44,100 | 52,900 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, fair value disclosure | 42,900 | 59,400 |
Recourse payable, fair value disclosure | 3,300 | 3,600 |
Non-recourse payable, fair value disclosure | $ 43,900 | $ 52,300 |
ORGANIZATION AND SUMMARY OF S41
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
CAPITALIZATION OF COSTS OF SOFTWARE TO BE MADE AVAILABLE TO CUSTOMERS [Abstract] | |||
Capitalized software development costs for software sold to customers | $ 0 | $ 0 | |
Capitalized for software sold to customers cost included in other assets | $ 414 | 566 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Technology Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Telecommunications Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Software Capitalized for Internal [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 16 | 77 | |
Other assets | $ 381 | $ 675 | |
Product Sales [Member] | Cisco Systems [Member] | |||
Concentration of risk [Abstract] | |||
Percentage of concentration risk | 49.00% | 49.00% | 48.00% |
Product Sales [Member] | Hewlett Packard [Member] | |||
Concentration of risk [Abstract] | |||
Percentage of concentration risk | 7.00% | 8.00% | 10.00% |
Product Sales [Member] | NetApp [Member] | |||
Concentration of risk [Abstract] | |||
Percentage of concentration risk | 5.00% | 7.00% | 8.00% |
Total Revenue [Member] | |||
Concentration of risk [Abstract] | |||
Percentage of concentration risk | 11.00% |
RECENT ACCOUNTING PRONOUNCEME42
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred tax assets - net | $ 604 | $ 0 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Restatement Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in deferred tax assets - current | 3,643 | |
Decrease in property, equipment and other assets | 232 | |
Deferred Tax Liabilities, Net, Current | $ 3,271 |
FINANCING RECEIVABLES AND OPE43
FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Reserve for credit losses | $ (5,193) | $ (5,623) | $ (5,752) | $ (5,129) | |||
Reported as [Abstract] | |||||||
Estimated unguaranteed residual values for direct financing lease | 6,722 | 3,977 | |||||
Accumulated amortization of initial direct cost | 612 | 647 | |||||
Financing receivables and operating leases | 50,000 | 61,900 | |||||
Gain on sale of financing receivables | 7,400 | 5,900 | 8,500 | ||||
Proceeds from sale of financing receivables | 223,300 | 181,300 | 187,200 | ||||
Future scheduled minimum lease payments [Abstract] | |||||||
Year Ended March 31, 2017 | 34,566 | ||||||
2,018 | 19,247 | ||||||
2,019 | 10,673 | ||||||
2,020 | 1,582 | ||||||
2021 and thereafter | 235 | ||||||
Total | 66,303 | ||||||
Investment in operating lease equipment - net [Abstract] | |||||||
Cost of equipment under operating leases | 36,635 | 36,283 | |||||
Accumulated depreciation | (18,897) | (18,354) | |||||
Investment in operating lease equipment - net | [1] | 17,738 | 17,929 | ||||
Unguaranteed residual value of operating lease equipment net | 3,417 | 4,340 | |||||
Future scheduled minimum lease rental payments [Abstract] | |||||||
Year Ended March 31, 2017 | 8,293 | ||||||
2,018 | 5,935 | ||||||
2,019 | 2,501 | ||||||
2,020 | 1,025 | ||||||
2021 and thereafter | 755 | ||||||
Total | 18,509 | ||||||
Notes Receivables [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Minimum payments | 44,442 | 59,943 | |||||
Estimated unguaranteed residual value | 0 | [2] | 0 | [3] | |||
Initial direct costs, net of amortization | 312 | [4] | 429 | [5] | |||
Unearned income | 0 | 0 | |||||
Reserve for credit losses | (3,381) | [6] | (3,573) | [6] | (3,364) | (3,137) | |
Total, net | 41,373 | 56,799 | |||||
Reported as [Abstract] | |||||||
Current | 24,962 | 33,484 | |||||
Long-term | 16,411 | 23,315 | |||||
Total, net | 41,373 | 56,799 | |||||
Lease-Related Receivables [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Minimum payments | 66,303 | 66,415 | |||||
Estimated unguaranteed residual value | 12,693 | [2] | 8,376 | [3] | |||
Initial direct costs, net of amortization | 475 | [4] | 495 | [5] | |||
Unearned income | (5,543) | (5,233) | |||||
Reserve for credit losses | (685) | [6] | (881) | [6] | $ (1,024) | $ (845) | |
Total, net | 73,243 | 69,172 | |||||
Reported as [Abstract] | |||||||
Current | 31,486 | 33,425 | |||||
Long-term | 41,757 | 35,747 | |||||
Total, net | 73,243 | 69,172 | |||||
Total Financing Receivables [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Minimum payments | 110,745 | 126,358 | |||||
Estimated unguaranteed residual value | 12,693 | [2] | 8,376 | [3] | |||
Initial direct costs, net of amortization | 787 | [4] | 924 | [5] | |||
Unearned income | (5,543) | (5,233) | |||||
Reserve for credit losses | [6] | (4,066) | (4,454) | ||||
Total, net | 114,616 | 125,971 | |||||
Reported as [Abstract] | |||||||
Current | 56,448 | 66,909 | |||||
Long-term | 58,168 | 59,062 | |||||
Total, net | $ 114,616 | $ 125,971 | |||||
[1] | Amounts include estimated unguaranteed residual values of $3,417 thousand and $4,340 thousand as of March 31, 2016 and 2015, respectively. | ||||||
[2] | Includes estimated unguaranteed residual values of $6,722 thousand for direct financing leases, which have been accounted for as sales under Codification Topic Transfers and Servicing. | ||||||
[3] | Includes estimated unguaranteed residual values of $3,977 thousand for direct financing leases which have been accounted for as sales under Codification Topic Transfers and Servicing. | ||||||
[4] | Initial direct costs are shown net of amortization of $612 thousand. | ||||||
[5] | Initial direct costs are shown net of amortization of $647 thousand. | ||||||
[6] | For details on reserve for credit losses, refer to Note 5, "Reserves for Credit Losses." |
GOODWILL AND OTHER INTANGIBLE44
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Dec. 04, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Line Items] | ||||
Goodwill, Gross | $ 50,824 | $ 42,785 | ||
Goodwill, Accumulated Amortization / Impairment Loss | (8,673) | (8,673) | ||
Goodwill, Net Carrying Amount | 42,151 | 34,112 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and other intangible assets, Gross carrying amount | 73,934 | 57,483 | ||
Goodwill and other intangible assets, Accumulated amortization / impairment loss | (19,780) | (16,685) | ||
Goodwill and other intangible assets, Net | $ 54,154 | 40,798 | ||
Percentage change in the fair value | 10.00% | |||
Total amortization expense | $ 3,300 | 2,400 | $ 1,500 | |
Future amortization expense for years ended March 31 [Abstract] | ||||
2,017 | 4,400 | |||
2,018 | 2,900 | |||
2,019 | 2,200 | |||
2,020 | 1,500 | |||
2,021 | 900 | |||
IGX Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Net Carrying Amount | $ 8,131 | |||
Additions to goodwill amount | 8,000 | |||
Goodwill increased due to acquisition | 8,200 | |||
Goodwill translation adjustments | 200 | |||
Customer Relationships & Other Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangibles Assets, Gross Carrying Amount | 20,401 | 12,005 | ||
Intangibles Assets, Accumulated Amortization / Impairment Loss | (9,193) | (6,560) | ||
Intangible Assets, Net Carrying Amount | $ 11,208 | 5,445 | ||
Customer Relationships & Other Intangibles [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life | 3 years | |||
Customer Relationships & Other Intangibles [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life | 7 years | |||
Customer Relationships & Other Intangibles [Member] | IGX Acquisition [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life | 7 years | |||
Capitalized Software Development [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangibles Assets, Gross Carrying Amount | $ 2,709 | 2,693 | ||
Intangibles Assets, Accumulated Amortization / Impairment Loss | (1,914) | (1,452) | ||
Intangible Assets, Net Carrying Amount | $ 795 | $ 1,241 | ||
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 | 7 years | |||
Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful life | 10 years |
RESERVES FOR CREDIT LOSSES (Det
RESERVES FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |||||
Activity in reserves for credit losses [Roll Forward] | |||||||||
Balance | $ 5,623 | $ 5,752 | $ 5,129 | ||||||
Provision for credit losses | (242) | 125 | 750 | ||||||
Write-offs and other | (188) | (254) | (127) | ||||||
Balance | 5,193 | 5,623 | 5,752 | ||||||
Reserve for credit losses [Abstract] | |||||||||
Ending balance | 5,623 | 5,752 | 5,752 | $ 5,193 | $ 5,623 | ||||
Minimum payments [Abstract] | |||||||||
Ending balance: individually evaluated for impairment | 3,200 | ||||||||
Accounts Receivable [Member] | |||||||||
Activity in reserves for credit losses [Roll Forward] | |||||||||
Balance | 1,169 | 1,364 | 1,147 | ||||||
Provision for credit losses | 126 | 28 | 344 | ||||||
Write-offs and other | (168) | (223) | (127) | ||||||
Balance | 1,127 | 1,169 | 1,364 | ||||||
Reserve for credit losses [Abstract] | |||||||||
Ending balance | 1,169 | 1,169 | 1,147 | 1,127 | 1,169 | ||||
Notes Receivable [Member] | |||||||||
Activity in reserves for credit losses [Roll Forward] | |||||||||
Balance | 3,573 | [1] | 3,364 | 3,137 | |||||
Provision for credit losses | (172) | 209 | 227 | ||||||
Write-offs and other | (20) | 0 | 0 | ||||||
Balance | 3,381 | [1] | 3,573 | [1] | 3,364 | ||||
Reserve for credit losses [Abstract] | |||||||||
Ending balance: collectively evaluated for impairment | 279 | 440 | |||||||
Ending balance: individually evaluated for impairment | 3,102 | 3,133 | |||||||
Ending balance | 3,573 | [1] | 3,573 | [1] | 3,364 | 3,381 | [1] | 3,573 | [1] |
Minimum payments [Abstract] | |||||||||
Ending balance: collectively evaluated for impairment | 41,340 | 56,525 | |||||||
Ending balance: individually evaluated for impairment | 3,102 | 3,418 | |||||||
Ending balance | 44,442 | 59,943 | |||||||
Lease-Related Receivables [Member] | |||||||||
Activity in reserves for credit losses [Roll Forward] | |||||||||
Balance | 881 | [1] | 1,024 | 845 | |||||
Provision for credit losses | (196) | (112) | 179 | ||||||
Write-offs and other | 0 | (31) | 0 | ||||||
Balance | 685 | [1] | 881 | [1] | 1,024 | ||||
Reserve for credit losses [Abstract] | |||||||||
Ending balance: collectively evaluated for impairment | 562 | 740 | |||||||
Ending balance: individually evaluated for impairment | 123 | 141 | |||||||
Ending balance | $ 685 | [1] | $ 881 | [1] | $ 1,024 | 685 | [1] | 881 | [1] |
Minimum payments [Abstract] | |||||||||
Ending balance: collectively evaluated for impairment | 66,161 | 66,255 | |||||||
Ending balance: individually evaluated for impairment | 142 | 160 | |||||||
Ending balance | $ 66,303 | $ 66,415 | |||||||
[1] | For details on reserve for credit losses, refer to Note 5, "Reserves for Credit Losses." |
RESERVES FOR CREDIT LOSSES, CQR
RESERVES FOR CREDIT LOSSES, CQR (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 973 | $ 490 |
Current | 1,143 | 505 |
Unbilled Minimum Lease Payments | 64,187 | 65,420 |
Total Minimum Lease Payments | 66,303 | 66,415 |
Unearned Income | (4,111) | (4,101) |
Non-Recourse Notes Payable | (31,628) | (25,958) |
Net Credit Exposure | 30,564 | 36,356 |
Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 5,974 | 1,472 |
Current | 503 | 2,831 |
Unbilled Minimum Lease Payments | 37,965 | 55,640 |
Total Minimum Lease Payments | 44,442 | 59,943 |
Non-Recourse Notes Payable | (21,586) | (29,920) |
Net Credit Exposure | $ 22,856 | 30,023 |
High CQR [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Losses on net credit exposure, lower limit | 0.00% | |
Losses on net credit exposure, upper limit | 5.00% | |
High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 721 | 388 |
Current | 984 | 430 |
Unbilled Minimum Lease Payments | 46,157 | 41,213 |
Total Minimum Lease Payments | 47,862 | 42,031 |
Unearned Income | (2,705) | (2,340) |
Non-Recourse Notes Payable | (22,914) | (16,561) |
Net Credit Exposure | 22,243 | 23,130 |
High CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,872 | 759 |
Current | 301 | 2,455 |
Unbilled Minimum Lease Payments | 24,092 | 35,996 |
Total Minimum Lease Payments | 27,265 | 39,210 |
Non-Recourse Notes Payable | (11,644) | (18,255) |
Net Credit Exposure | $ 15,621 | 20,955 |
Average CQR [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Losses on net credit exposure, lower limit | 2.00% | |
Losses on net credit exposure, upper limit | 15.00% | |
Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 110 | 102 |
Current | 159 | 75 |
Unbilled Minimum Lease Payments | 18,030 | 24,047 |
Total Minimum Lease Payments | 18,299 | 24,224 |
Unearned Income | (1,387) | (1,742) |
Non-Recourse Notes Payable | (8,714) | (9,397) |
Net Credit Exposure | 8,198 | 13,085 |
Average CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 57 |
Current | 202 | 376 |
Unbilled Minimum Lease Payments | 13,873 | 16,882 |
Total Minimum Lease Payments | 14,075 | 17,315 |
Non-Recourse Notes Payable | (9,942) | (11,665) |
Net Credit Exposure | $ 4,133 | 5,650 |
Low CQR [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Losses on net credit exposure, lower limit | 15.00% | |
Losses on net credit exposure, upper limit | 100.00% | |
Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 142 | 0 |
Current | 0 | 0 |
Unbilled Minimum Lease Payments | 0 | 160 |
Total Minimum Lease Payments | 142 | 160 |
Unearned Income | (19) | (19) |
Non-Recourse Notes Payable | 0 | 0 |
Net Credit Exposure | 123 | 141 |
Low CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,102 | 656 |
Current | 0 | 0 |
Unbilled Minimum Lease Payments | 0 | 2,762 |
Total Minimum Lease Payments | 3,102 | 3,418 |
Non-Recourse Notes Payable | 0 | 0 |
Net Credit Exposure | 3,102 | 3,418 |
31 to 60 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 590 | 85 |
31 to 60 Days Past Due [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 399 | 395 |
31 to 60 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 575 | 70 |
31 to 60 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 399 | 338 |
31 to 60 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 15 | 15 |
31 to 60 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 57 |
31 to 60 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 0 |
31 to 60 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 0 |
61 to 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 69 | 253 |
61 to 90 Days Past Due [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 305 | 260 |
61 to 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 52 | 185 |
61 to 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 305 | 260 |
61 to 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 17 | 68 |
61 to 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 0 |
61 to 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 0 |
61 to 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 0 |
Greater than 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 314 | 152 |
Greater than 90 Days Past Due [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 5,270 | 817 |
Greater than 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 94 | 133 |
Greater than 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,168 | 161 |
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 78 | 19 |
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 0 | 0 |
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 142 | 0 |
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 3,102 | $ 656 |
PROPERTY, EQUIPMENT, AND OTHE47
PROPERTY, EQUIPMENT, AND OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Total assets | $ 23,399 | $ 21,655 | |
Accumulated depreciation and amortization | (17,133) | (15,528) | |
Property and equipment - net | 6,266 | 6,127 | |
Depreciation expense on property and equipment | 2,300 | 1,500 | $ 1,300 |
Other current assets [Abstract] | |||
Deposits & funds held in escrow | 3,116 | 4,281 | |
Prepaid assets | 6,683 | 2,652 | |
Other | 850 | 480 | |
Total other current assets | 10,649 | 7,413 | |
Other assets [Abstract] | |||
Deferred costs | 1,831 | 2,308 | |
Property and equipment - net | 6,266 | 6,127 | |
Other | 547 | 813 | |
Total other assets - long term | 8,644 | 9,248 | |
Other current liabilities [Abstract] | |||
Accrued expenses | 7,109 | 5,302 | |
Deferred compensation | 0 | 222 | |
Other | 6,009 | 8,051 | |
Total other current liabilities | 13,118 | 13,575 | |
Other liabilities [Abstract] | |||
Deferred revenue | 1,866 | 2,923 | |
Other | 397 | 890 | |
Total other liabilities - long term | 2,263 | 3,813 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total assets | 15,033 | 13,781 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total assets | 370 | 370 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total assets | 4,018 | 4,007 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total assets | $ 3,978 | $ 3,497 |
NOTES PAYABLE AND CREDIT FACI48
NOTES PAYABLE AND CREDIT FACILITY (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016USD ($)Component | Mar. 31, 2015USD ($) | |
Recourse Notes Payable [Abstract] | ||
Current | $ 2,288 | $ 889 |
Long-term | 1,054 | 2,801 |
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Current | 26,042 | 28,560 |
Long-term | 18,038 | 24,314 |
Gain on repurchase agreement | 1,400 | |
Recourse Note Payable [Member] | ||
Recourse Notes Payable [Abstract] | ||
Current | 2,288 | 889 |
Long-term | 1,054 | 2,801 |
Total recourse notes payable | $ 3,342 | $ 3,690 |
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Interest rate of notes , minimum | 2.70% | 2.24% |
Interest rate of notes , maximum | 4.13% | 4.13% |
Weighted average interest rate of notes | 3.24% | 3.19% |
Debt Maturity [Abstract] | ||
Year ending March 31, 2017 | $ 2,288 | |
2,018 | 1,054 | |
2,019 | 0 | |
2,020 | 0 | |
2021 and thereafter | 0 | |
Total | 3,342 | |
Non-Recourse Note Payable [Member] | ||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Current | 26,042 | $ 28,560 |
Long-term | 18,038 | 24,314 |
Total non-recourse notes payable | $ 44,080 | $ 52,874 |
Interest rate of notes , minimum | 1.70% | 1.70% |
Interest rate of notes , maximum | 8.50% | 10.00% |
Weighted average interest rate of notes | 3.13% | 3.23% |
Debt Maturity [Abstract] | ||
Year ending March 31, 2017 | $ 26,042 | |
2,018 | 12,513 | |
2,019 | 3,988 | |
2,020 | 1,055 | |
2021 and thereafter | 482 | |
Total | $ 44,080 | |
WFCDF [Member] | ||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Number of components under credit facility | Component | 2 | |
Period of notice required to terminate credit facility at year end | 90 days | |
Period of notice required to terminate credit facility at quarter end | 45 days | |
Guarantor obligations for credit facility, maximum | $ 10,500 | |
WFCDF [Member] | One Month LIBOR [Member] | ||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Basis spread on reference rate | 2.50% | |
WFCDF [Member] | Account Receivable Component [Member] | ||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Amount outstanding under credit facility | $ 0 | $ 0 |
Maximum amount can be borrowed under credit facility | 30,000 | |
WFCDF [Member] | Floor Plan Component [Member] | ||
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract] | ||
Amount outstanding under credit facility | 121,900 | $ 99,400 |
Maximum amount can be borrowed under credit facility | $ 250,000 |
COMMITMENTS AND CONTINGENCIES49
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
COMMITMENTS AND CONTINGENCIES [Abstract] | ||||
Rent expense | $ 4,900 | $ 4,700 | $ 3,800 | |
Future Minimum Lease Payments [Abstract] | ||||
Year ending March 31, 2017 | 4,207 | |||
2,018 | 3,393 | |||
2,019 | 1,875 | |||
2,020 | 951 | |||
2021 and thereafter | 382 | |||
Operating lease obligations | [1] | $ 10,808 | ||
Employment Contracts and Severance Plans [Abstract] | ||||
Minimum severance payment period under current employment agreements | 12 months | |||
Maximum severance payments period under current employment agreements | 26 months | |||
Lawson Software Inc [Member] | ||||
Legal Proceedings [Abstract] | ||||
Judgment amount | $ 18,200 | |||
[1] | Excluding taxes, insurance and common area maintenance charges. |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||||||||
Weighted average number diluted shares outstanding adjustment [Abstract] | |||||||||||||||||||
Restricted stock awards that contain non-forfeitable rights to dividends (in shares) | 0 | ||||||||||||||||||
Unexercised stock options (in shares) | 0 | 0 | 0 | 0 | |||||||||||||||
Basic and diluted common shares outstanding [Abstract] | |||||||||||||||||||
Weighted average common shares outstanding - basic (in shares) | 7,256,000 | 7,318,000 | 7,927,000 | ||||||||||||||||
Effect of dilutive shares (in shares) | 88,000 | 75,000 | 72,000 | ||||||||||||||||
Weighted average shares common outstanding-diluted (in shares) | 7,344,000 | 7,393,000 | 7,999,000 | ||||||||||||||||
Calculation of earnings per common share - basic [Abstract] | |||||||||||||||||||
Net earnings | $ 9,957 | $ 10,297 | $ 15,679 | $ 8,814 | $ 8,910 | $ 15,501 | $ 11,952 | $ 9,477 | $ 44,747 | $ 45,840 | $ 35,273 | ||||||||
Net earnings attributable to participating securities | 0 | 59 | 307 | ||||||||||||||||
Net earnings attributable to common share holders | $ 44,747 | $ 45,781 | $ 34,966 | ||||||||||||||||
Earnings per common share - basic (in dollars per share) | $ 1.37 | [1] | $ 1.41 | [1] | $ 2.16 | [1] | $ 1.22 | [1] | $ 1.23 | [1] | $ 2.14 | [1] | $ 1.63 | [1] | $ 1.26 | [1] | $ 6.17 | $ 6.26 | $ 4.41 |
Calculation of earnings per common share - diluted [Abstract] | |||||||||||||||||||
Net earnings attributable to common shareholders- basic | $ 44,747 | $ 45,781 | $ 34,966 | ||||||||||||||||
Add: undistributed earnings attributable to participating securities | 0 | 1 | 3 | ||||||||||||||||
Net earnings attributable to common shareholders- diluted | $ 44,747 | $ 45,782 | $ 34,969 | ||||||||||||||||
Earnings per share - diluted (in dollars per share) | $ 1.36 | [1] | $ 1.40 | [1] | $ 2.15 | [1] | $ 1.21 | [1] | $ 1.22 | [1] | $ 2.13 | [1] | $ 1.63 | [1] | $ 1.25 | [1] | $ 6.09 | $ 6.19 | $ 4.37 |
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 174 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Aug. 13, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | ||||
Authorized number of shares under stock repurchase program (in shares) | 500,000 | |||
Common stock repurchased during the period (in shares) | 116,302 | 700,113 | 5,700,000 | |
Average cost of share repurchased (in dollars per share) | $ 76.21 | $ 50.93 | $ 21.15 | |
Common stock repurchased during the period | $ 8.9 | $ 35.7 | $ 120.5 | |
Shares repurchased to satisfy tax withholding obligation (in shares) | 30,447 | 35,158 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted to employees (in shares) | 0 | 0 | |
Options outstanding (in shares) | 0 | 0 | |
Additional Disclosures [Abstract] | |||
Vested share-based awards withheld to satisfy income tax obligations (in shares) | 30,447 | 35,158 | |
Compensation Expense [Abstract] | |||
Total share-based compensation expense | $ 5.7 | $ 4.6 | $ 4 |
401 (k) Profit Sharing Plan [Abstract] | |||
Period over which employer contribution is vested | 4 years | ||
Contribution to profit sharing plan | $ 1.4 | $ 1.4 | $ 1.1 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated forfeiture rate | 0.00% | ||
Number of Shares [Rollforward] | |||
Nonvested (in shares) | 176,514 | ||
Granted (in shares) | 125,562 | ||
Vested (in shares) | (95,321) | ||
Forfeited (in shares) | (2,321) | ||
Nonvested (in shares) | 204,434 | 176,514 | |
Weighted Average Grant-date Fair Value [Rollforward] | |||
Nonvested (in dollars per share) | $ 52.72 | ||
Granted (in dollars per share) | 81.78 | ||
Vested (in dollars per share) | 48.79 | ||
Forfeited (in dollars per share) | 64.06 | ||
Nonvested (in dollars per share) | $ 72.30 | $ 52.72 | |
Additional Disclosures [Abstract] | |||
Vested share-based awards withheld to satisfy income tax obligations (in shares) | 30,447 | 35,158 | |
Vested share-based awards withheld to satisfy income tax obligations | $ 2.5 | $ 2 | |
Compensation Expense [Abstract] | |||
Unrecognized compensation expense | $ 10 | ||
Unrecognized compensation expense, period for recognition | 51 months | ||
2008 Director LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 250,000 | ||
2008 Director LTIP [Member] | Restricted Stock [Member] | |||
Number of Shares [Rollforward] | |||
Granted (in shares) | 122,951 | ||
2012 Employee LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 750,000 | ||
2012 Employee LTIP [Member] | Restricted Stock [Member] | |||
Number of Shares [Rollforward] | |||
Granted (in shares) | 274,254 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Beginning balance | $ 72 | $ 72 | $ 149 | ||||||||
Reductions to uncertain tax positions | 0 | (77) | |||||||||
Ending balance | $ 72 | $ 72 | 72 | 72 | $ 149 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 104 | 101 | 104 | 101 | |||||||
Interest on income taxes expense included in statement of operation | 4 | 4 | |||||||||
Accrued interest on income taxes | 48 | 43 | $ 48 | $ 43 | |||||||
Reconciliation of income taxes to the statutory rate [Abstract] | |||||||||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Income tax expense computed at the U.S. statutory federal rate | $ 26,513 | $ 27,410 | $ 21,040 | ||||||||
State income tax expense - net of federal benefit | 3,544 | 4,193 | 3,080 | ||||||||
Non-deductible executive compensation | 331 | 222 | 248 | ||||||||
Other | 616 | 648 | 457 | ||||||||
Provision for income taxes | 6,422 | $ 7,348 | $ 10,982 | 6,252 | 6,170 | $ 11,230 | $ 8,374 | $ 6,699 | $ 31,004 | $ 32,473 | $ 24,825 |
Effective income tax rate | 40.90% | 41.50% | 41.30% | ||||||||
Current [Abstract] | |||||||||||
Federal | $ 21,361 | $ 27,665 | $ 23,313 | ||||||||
State | 6,114 | 6,667 | 5,033 | ||||||||
Foreign | 13 | 3 | 15 | ||||||||
Total current expense | 27,488 | 34,335 | 28,361 | ||||||||
Deferred [Abstract] | |||||||||||
Federal | 3,727 | (1,591) | (3,274) | ||||||||
State | (211) | (271) | (262) | ||||||||
Total deferred expense (benefit) | 3,516 | (1,862) | (3,536) | ||||||||
Provision for income taxes | 6,422 | $ 7,348 | $ 10,982 | $ 6,252 | 6,170 | $ 11,230 | $ 8,374 | $ 6,699 | 31,004 | 32,473 | $ 24,825 |
Deferred Tax Assets [Abstract] | |||||||||||
Accrued vacation | 2,116 | 1,955 | 2,116 | 1,955 | |||||||
Deferred compensation | 0 | 89 | 0 | 89 | |||||||
Deferred revenue | 1,046 | 369 | 1,046 | 369 | |||||||
Foreign net operating loss carryforward | 461 | 0 | 461 | 0 | |||||||
Reserve for credit losses | 1,929 | 2,066 | 1,929 | 2,066 | |||||||
Restricted stock | 1,778 | 1,431 | 1,778 | 1,431 | |||||||
Other credits and carryforwards | 1,275 | 1,235 | 1,275 | 1,235 | |||||||
Other accruals and reserves | 1,556 | 687 | 1,556 | 687 | |||||||
Gross deferred tax assets | 10,161 | 7,832 | 10,161 | 7,832 | |||||||
Less: valuation allowance | (1,270) | (1,223) | (1,270) | (1,223) | |||||||
Net deferred tax assets | 8,891 | 6,609 | 8,891 | 6,609 | |||||||
Deferred Tax Liabilities [Abstract] | |||||||||||
Basis difference in fixed assets | (1,170) | (1,238) | (1,170) | (1,238) | |||||||
Basis difference in operating lease items | (7,749) | (2,356) | (7,749) | (2,356) | |||||||
Basis difference in tax deductible goodwill | (2,973) | (2,411) | (2,973) | (2,411) | |||||||
Total deferred tax liabilities | (11,892) | (6,005) | (11,892) | (6,005) | |||||||
Net deferred tax (liabilities) assets | (3,001) | (3,001) | |||||||||
Net deferred tax (liabilities) assets | $ 604 | $ 604 | |||||||||
State [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Capital loss carryforwards | 1,300 | $ 1,300 | |||||||||
Capital loss carryforwards expiration term | 5 years | ||||||||||
Foreign [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating loss carryforwards | $ 500 | $ 500 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Assets [Abstract] | ||
Money market funds | $ 39,509 | $ 25,004 |
Liabilities [Abstract] | ||
Contingent consideration | 1,041 | 1,830 |
Adjustment to fair value of contingent consideration | 369 | (150) |
Payments of contingent consideration | 1,200 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Money market funds | 39,509 | 25,004 |
Liabilities [Abstract] | ||
Contingent consideration | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Money market funds | 0 | 0 |
Liabilities [Abstract] | ||
Contingent consideration | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Money market funds | 0 | 0 |
Liabilities [Abstract] | ||
Contingent consideration | $ 1,041 | $ 1,830 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Dec. 04, 2015 | Aug. 18, 2014 | Mar. 31, 2016 | Mar. 31, 2015 |
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Goodwill | $ 42,151 | $ 34,112 | ||
Customer Relationships [Member] | Maximum [Member] | ||||
Schedule of Identified Intangible Assets [Abstract] | ||||
Estimated useful lives | 7 years | |||
IGX Acquisition [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Accounts receivable - trade, net | $ 8,457 | |||
Property and equipment | 81 | |||
Identified intangible assets | 8,710 | |||
Accounts payable and other current liabilities | (8,641) | |||
Deferred tax liability | (89) | |||
Total identifiable net assets | 8,518 | |||
Goodwill | 8,131 | |||
Total purchase consideration | 16,649 | |||
Schedule of Identified Intangible Assets [Abstract] | ||||
Goodwill expected to be deductible for tax purpose | 5,800 | |||
IGX Acquisition [Member] | Customer Relationships [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Identified intangible assets | $ 7,680 | |||
Schedule of Identified Intangible Assets [Abstract] | ||||
Estimated useful lives | 7 years | |||
IGX Acquisition [Member] | Trade Names [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Identified intangible assets | $ 520 | |||
Schedule of Identified Intangible Assets [Abstract] | ||||
Estimated useful lives | 10 years | |||
IGX Acquisition [Member] | Backlog [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Identified intangible assets | $ 510 | |||
Schedule of Identified Intangible Assets [Abstract] | ||||
Estimated useful lives | 1 year | |||
Evolve Technology Group [Member] | ||||
Schedule of Identified Intangible Assets [Abstract] | ||||
Purchase price | $ 10,500 | |||
Fair value of contingent consideration | $ 2,000 | |||
Contingent consideration payout period | 3 years | |||
Other net assets | $ 600 | |||
Evolve Technology Group [Member] | Maximum [Member] | ||||
Schedule of Identified Intangible Assets [Abstract] | ||||
Contingent consideration payout | 2,500 | |||
Evolve Technology Group [Member] | Customer Relationships [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Identified intangible assets | $ 4,000 | |||
Schedule of Identified Intangible Assets [Abstract] | ||||
Estimated useful lives | 6 years | |||
Evolve Technology Group [Member] | Technology Reporting Unit [Member] | ||||
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract] | ||||
Goodwill | $ 4,500 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2016USD ($)Segment | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
SEGMENT REPORTING [Abstract] | |||||||||||
Number of business segment | Segment | 2 | ||||||||||
Statement of Operations [Abstract] | |||||||||||
Sales of product and services | $ 1,163,337 | $ 1,100,884 | $ 1,013,374 | ||||||||
Financing revenue | 35,091 | 34,728 | 35,896 | ||||||||
Fee and other income | 5,771 | 7,670 | 8,266 | ||||||||
Net sales | $ 299,403 | $ 298,644 | $ 336,286 | $ 269,866 | $ 267,265 | $ 306,241 | $ 297,472 | $ 272,304 | 1,204,199 | 1,143,282 | 1,057,536 |
Cost of sales, product and services | 931,782 | 887,673 | 827,875 | ||||||||
Direct lease costs | 10,360 | 11,062 | 12,748 | ||||||||
Cost of sales | 232,457 | 234,584 | 264,365 | 210,736 | 208,519 | 240,803 | 233,548 | 215,865 | 942,142 | 898,735 | 840,623 |
Professional and other fees | 6,546 | 6,508 | 9,041 | ||||||||
Salaries and benefits | 149,304 | 138,086 | 123,151 | ||||||||
General and administrative expenses | 23,130 | 22,531 | 19,883 | ||||||||
Depreciation and amortization | 5,548 | 4,333 | 2,792 | ||||||||
Interest and financing costs | 1,778 | 2,379 | 1,948 | ||||||||
Operating expenses | 50,567 | 46,415 | 45,260 | 44,064 | 43,666 | 44,876 | 43,598 | 41,697 | 186,306 | 173,837 | 156,815 |
Operating income | 16,379 | $ 17,645 | $ 26,661 | $ 15,066 | 15,080 | $ 20,562 | $ 20,326 | $ 14,742 | 75,751 | 70,710 | 60,098 |
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||||||||
Depreciation and amortization | 15,980 | 15,575 | 14,755 | ||||||||
Purchases of property, equipment and operating lease equipment | 14,468 | 11,916 | 9,952 | ||||||||
Selected Financial Data - Balance Sheet [Abstract] | |||||||||||
Total assets | 616,680 | 568,275 | 616,680 | 568,275 | 553,845 | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,204,199 | 1,143,282 | 1,057,536 | ||||||||
Long-lived tangible assets | 24,059 | 24,158 | 24,059 | 24,158 | |||||||
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,186,904 | 1,124,371 | 1,042,446 | ||||||||
Long-lived tangible assets | 22,632 | 22,550 | 22,632 | 22,550 | |||||||
Non U.S [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 17,295 | 18,911 | 15,090 | ||||||||
Long-lived tangible assets | 1,427 | 1,608 | 1,427 | 1,608 | |||||||
Operating Segments [Member] | Technology [Member] | |||||||||||
Statement of Operations [Abstract] | |||||||||||
Sales of product and services | 1,163,337 | 1,100,884 | 1,013,374 | ||||||||
Financing revenue | 0 | 0 | 0 | ||||||||
Fee and other income | 5,728 | 7,565 | 8,037 | ||||||||
Net sales | 1,169,065 | 1,108,449 | 1,021,411 | ||||||||
Cost of sales, product and services | 931,782 | 887,673 | 827,875 | ||||||||
Direct lease costs | 0 | 0 | 0 | ||||||||
Cost of sales | 931,782 | 887,673 | 827,875 | ||||||||
Professional and other fees | 5,505 | 5,340 | 7,557 | ||||||||
Salaries and benefits | 140,086 | 128,945 | 113,481 | ||||||||
General and administrative expenses | 22,401 | 21,127 | 18,334 | ||||||||
Depreciation and amortization | 5,532 | 4,310 | 2,769 | ||||||||
Interest and financing costs | 70 | 96 | 84 | ||||||||
Operating expenses | 173,594 | 159,818 | 142,225 | ||||||||
Operating income | 63,689 | 60,958 | 51,311 | ||||||||
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||||||||
Depreciation and amortization | 5,641 | 4,450 | 2,838 | ||||||||
Purchases of property, equipment and operating lease equipment | 2,442 | 3,610 | 4,238 | ||||||||
Selected Financial Data - Balance Sheet [Abstract] | |||||||||||
Total assets | 427,580 | 368,971 | 427,580 | 368,971 | 335,879 | ||||||
Operating Segments [Member] | Financing [Member] | |||||||||||
Statement of Operations [Abstract] | |||||||||||
Sales of product and services | 0 | 0 | 0 | ||||||||
Financing revenue | 35,091 | 34,728 | 35,896 | ||||||||
Fee and other income | 43 | 105 | 229 | ||||||||
Net sales | 35,134 | 34,833 | 36,125 | ||||||||
Cost of sales, product and services | 0 | 0 | 0 | ||||||||
Direct lease costs | 10,360 | 11,062 | 12,748 | ||||||||
Cost of sales | 10,360 | 11,062 | 12,748 | ||||||||
Professional and other fees | 1,041 | 1,168 | 1,484 | ||||||||
Salaries and benefits | 9,218 | 9,141 | 9,670 | ||||||||
General and administrative expenses | 729 | 1,404 | 1,549 | ||||||||
Depreciation and amortization | 16 | 23 | 23 | ||||||||
Interest and financing costs | 1,708 | 2,283 | 1,864 | ||||||||
Operating expenses | 12,712 | 14,019 | 14,590 | ||||||||
Operating income | 12,062 | 9,752 | 8,787 | ||||||||
Selected Financial Data - Statement of Cash Flow [Abstract] | |||||||||||
Depreciation and amortization | 10,339 | 11,125 | 11,917 | ||||||||
Purchases of property, equipment and operating lease equipment | 12,026 | 8,306 | 5,714 | ||||||||
Selected Financial Data - Balance Sheet [Abstract] | |||||||||||
Total assets | $ 189,100 | $ 199,304 | $ 189,100 | $ 199,304 | $ 217,966 | ||||||
Revenue [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Percentage of concentration risk | 11.00% |
QUARTERLY DATA -UNAUDITED (Deta
QUARTERLY DATA -UNAUDITED (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||||||||
QUARTERLY DATA -UNAUDITED [Abstract] | |||||||||||||||||||
Net sales | $ 299,403 | $ 298,644 | $ 336,286 | $ 269,866 | $ 267,265 | $ 306,241 | $ 297,472 | $ 272,304 | $ 1,204,199 | $ 1,143,282 | $ 1,057,536 | ||||||||
Cost of sales | 232,457 | 234,584 | 264,365 | 210,736 | 208,519 | 240,803 | 233,548 | 215,865 | 942,142 | 898,735 | 840,623 | ||||||||
Gross profit | 66,946 | 64,060 | 71,921 | 59,130 | 58,746 | 65,438 | 63,924 | 56,439 | 262,057 | 244,547 | 216,913 | ||||||||
Operating expenses | 50,567 | 46,415 | 45,260 | 44,064 | 43,666 | 44,876 | 43,598 | 41,697 | 186,306 | 173,837 | 156,815 | ||||||||
Operating income | 16,379 | 17,645 | 26,661 | 15,066 | 15,080 | 20,562 | 20,326 | 14,742 | 75,751 | 70,710 | 60,098 | ||||||||
Other income | 0 | 6,169 | 0 | 1,434 | 0 | 7,603 | 0 | ||||||||||||
Earnings before tax | 16,379 | 17,645 | 26,661 | 15,066 | 15,080 | 26,731 | 20,326 | 16,176 | 75,751 | 78,313 | 60,098 | ||||||||
Provision for income taxes | 6,422 | 7,348 | 10,982 | 6,252 | 6,170 | 11,230 | 8,374 | 6,699 | 31,004 | 32,473 | 24,825 | ||||||||
Net earnings | $ 9,957 | $ 10,297 | $ 15,679 | $ 8,814 | $ 8,910 | $ 15,501 | $ 11,952 | $ 9,477 | $ 44,747 | $ 45,840 | $ 35,273 | ||||||||
Net earnings per common share - Basic (in dollars per share) | $ 1.37 | [1] | $ 1.41 | [1] | $ 2.16 | [1] | $ 1.22 | [1] | $ 1.23 | [1] | $ 2.14 | [1] | $ 1.63 | [1] | $ 1.26 | [1] | $ 6.17 | $ 6.26 | $ 4.41 |
Net earnings per common share - Diluted (in dollars per share) | $ 1.36 | [1] | $ 1.40 | [1] | $ 2.15 | [1] | $ 1.21 | [1] | $ 1.22 | [1] | $ 2.13 | [1] | $ 1.63 | [1] | $ 1.25 | [1] | $ 6.09 | $ 6.19 | $ 4.37 |
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Schedule II - Valuation and Q58
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Expected merchandise returns | $ 4,000 | $ 3,800 | $ 3,600 | |
Allowance for Sales Returns [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | [1] | 613 | 592 | 543 |
Charged to Costs and Expenses | [1] | 1,500 | 1,009 | 1,079 |
Deductions/Write-Offs | [1] | (1,460) | (988) | (1,030) |
Balance at End of Period | [1] | 653 | 613 | 592 |
Reserve for Credit Losses [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 5,623 | 5,752 | 5,129 | |
Charged to Costs and Expenses | (242) | 125 | 750 | |
Deductions/Write-Offs | (188) | (254) | (127) | |
Balance at End of Period | 5,193 | 5,623 | 5,752 | |
Valuation for Deferred Taxes [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 1,223 | 1,287 | 1,505 | |
Charged to Costs and Expenses | 47 | (64) | (218) | |
Deductions/Write-Offs | 0 | 0 | 0 | |
Balance at End of Period | $ 1,270 | $ 1,223 | $ 1,287 | |
[1] | These amounts represent the gross profit effect of sales returns during the respective years. Expected merchandise returns after year-end for sales made before year-end were $4.0 million, $3.8 million, and $3.6 million as of March 31, 2016, 2015, and 2014, respectively. |