ePlus (PLUS) 10-Q 3 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
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 Common Stock, Shares Outstanding		14,167,188
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 98,244	$ 109,760
Accounts receivable-trade, net	276,671	266,029
Accounts receivable-other, net	25,665	24,987
Inventories	90,497	93,557
Financing receivables-net, current	61,372	51,656
Deferred costs	13,737	7,971
Other current assets	39,330	43,364
Total current assets	605,516	597,324
Financing receivables and operating leases - net	66,821	71,883
Property, equipment and other assets	11,904	11,956
Goodwill	55,396	48,397
Other intangible assets-net	15,547	12,160
TOTAL ASSETS	755,184	741,720
Current liabilities:
Accounts payable	111,955	113,518
Accounts payable-floor plan	138,932	132,612
Salaries and commissions payable	16,067	18,878
Deferred revenue	62,679	65,312
Recourse notes payable - current	799	908
Non-recourse notes payable - current	28,788	26,085
Other current liabilities	22,323	19,179
Total current liabilities	381,543	376,492
Non-recourse notes payable - long term	6,908	10,431
Deferred tax liability - net	1,794	1,799
Other liabilities	7,909	7,080
TOTAL LIABILITIES	398,154	395,802
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS' EQUITY
Preferred stock, $.01 per share par value; 2,000 shares authorized; none outstanding	0	0
Common stock, $.01 per share par value; 25,000 shares authorized; 14,170 outstanding at June 30, 2017 and 14,161 outstanding at March 31, 2017	142	142
Additional paid-in capital	125,043	123,536
Treasury stock, at cost	(4,130)	0
Retained earnings	236,246	222,823
Accumulated other comprehensive income - foreign currency translation adjustment	(271)	(583)
Total Stockholders' Equity	357,030	345,918
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 755,184	$ 741,720

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2017	Mar. 31, 2017
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000	25,000
Common stock, shares outstanding (in shares)	14,170	14,161

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 367,157	$ 298,503
Cost of sales	289,564	230,839
Gross profit	77,593	67,664
Selling, general, and administrative expenses	54,664	48,054
Depreciation and amortization	2,063	1,775
Interest and financing costs	359	349
Operating expenses	57,086	50,178
Operating income	20,507	17,486
Other income	271	0
Earnings before tax	20,778	17,486
Provision for income taxes	7,355	6,815
Net earnings	$ 13,423	$ 10,671
Net earnings per common share-basic (in dollars per share)	$ 0.97	$ 0.76
Net earnings per common share-diluted (in dollars per share)	$ 0.96	$ 0.75
Weighted average common shares outstanding-basic (in shares)	13,806	14,066
Weighted average common shares outstanding-diluted (in shares)	14,019	14,216

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 13,423	$ 10,671
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	312	(217)
Other comprehensive income (loss)	312	(217)
TOTAL COMPREHENSIVE INCOME	$ 13,735	$ 10,454

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities:
Net earnings	$ 13,423	$ 10,671
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	3,225	2,775
Reserve for credit losses, inventory obsolescence and sales returns	283	191
Share-based compensation expense	1,507	1,458
Deferred taxes	0	0
Payments from lessees directly to lenders-operating leases	(1,014)	(1,884)
Gain on disposal of property, equipment and operating lease equipment	(1,112)	(889)
Gain on sale of financing receivables	(2,292)	(1,455)
Other	(2)	109
Changes in:
Accounts receivable - trade	(10,143)	(24,283)
Accounts receivable - other	(3,621)	4,378
Inventories	3,181	(13,188)
Financing receivables - net	(3,871)	244
Deferred costs, other intangible assets and other assets	(5,994)	4,115
Accounts payable	7,630	3,827
Salaries and commissions payable, deferred revenue and other liabilities	(4,650)	1,212
Net cash used in operating activities	(3,450)	(12,719)
Cash Flows From Investing Activities:
Proceeds from sale of property, equipment and operating lease equipment	980	2,100
Purchases of property, equipment and operating lease equipment	(1,871)	(890)
Purchases of assets to be leased or financed	(3,017)	(6,052)
Issuance of financing receivables	(51,024)	(32,100)
Repayments of financing receivables	20,630	5,856
Proceeds from sale of financing receivables	28,379	13,576
Cash used in acquisitions, net of cash acquired	(7,913)	0
Net cash used in investing activities	(13,836)	(17,510)
Cash Flows From Financing Activities:
Borrowings of non-recourse and recourse notes payable	4,700	11,979
Repayments of non-recourse and recourse notes payable	(467)	(2)
Repurchase of common stock	(4,130)	(20,640)
Repayments of financing acquisitions	(604)	0
Net borrowings (repayments) on floor plan facility	6,320	22,616
Net cash provided by financing activities	5,819	13,953
Effect of exchange rate changes on cash	(49)	317
Net Increase (Decrease) in Cash and Cash Equivalents	(11,516)	(15,959)
Cash and Cash Equivalents, Beginning of Period	109,760	94,766
Cash and Cash Equivalents, End of Period	98,244	78,807
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	27	19
Cash paid for income taxes	2,960	1,367
Schedule of Non-Cash Investing and Financing Activities:
Proceeds from sale of property, equipment, and operating lease equipment	1,673	161
Purchase of property, equipment, and operating lease equipment	26	(1,873)
Purchase of assets to be leased or financed	(3,909)	(9,247)
Issuance of financing receivables	(56,791)	(39,779)
Repayment of financing receivables	4,058	7,114
Proceeds from sale of financing receivables	52,023	31,901
Financing of acquisitions	2,072	0
Borrowing of non-recourse and recourse notes payable	7,605	12,210
Repayments of non-recourse and recourse notes payable	(5,958)	(9,616)
Vesting of share-based compensation	10,458	7,280
Repurchase of common stock included in accounts payable	$ 0	$ (1,459)

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Jun. 30, 2017 - 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, 2017	$ 142	$ 123,536	$ 0	$ 222,823	$ (583)	$ 345,918
Balance (in shares) at Mar. 31, 2017	14,161					14,161
Issuance of restricted stock awards	$ 0	0	0	0	0	$ 0
Issuance of restricted stock awards (in shares)	64
Share-based compensation	$ 0	1,507	0	0	0	1,507
Repurchase of common stock	$ 0	0	(4,130)	0	0	(4,130)
Repurchase of common stock (in shares)	(55)
Net earnings	$ 0	0	0	13,423	0	13,423
Foreign currency translation adjustment	0	0	0	0	312	312
Balance at Jun. 30, 2017	$ 142	$ 125,043	$ (4,130)	$ 236,246	$ (271)	$ 357,030
Balance (in shares) at Jun. 30, 2017	14,170					14,170

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2017
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. e e e BASIS OF PRESENTATION — The unaudited condensed consolidated financial statements include the accounts of e INTERIM FINANCIAL STATEMENTS — The unaudited condensed consolidated financial statements for the three months ended June 30, 2017 and 2016 were prepared by us, without audit, and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income and cash flows for such periods. Operating results for the three months ended June 30, 2017 and 2016 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2018 or any other future period. These unaudited condensed consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“US GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2017 (“2017 Annual Report”), which should be read in conjunction with these interim condensed consolidated financial statements. USE OF ESTIMATES — The notes to the consolidated financial statements contained in the 2017 Financial Statements include additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There have been no material changes to our significant accounting policies and estimates during the three months ended June 30, 2017. STOCK SPLIT — On March 31, 2017, we completed a two-for-one stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the accompanying financial statements and disclosures have been retroactively adjusted for this stock split. The number of authorized shares reflected on the consolidated balance sheets was not affected by the stock split. CONCENTRATIONS OF RISK — A substantial portion of our sales of product and services are from sales of Cisco Systems, Hewlett Packard Enterprise (“HPE”) and HP, Inc. (Hewlett Packard companies), and NetApp products, which represented approximately 49%, 8% and 4%, respectively, for the three months ended June 30, 2017. Sales of Cisco Systems, Hewlett Packard companies, and NetApp represented approximately 52%, 6%, and 5%, respectively, for the three months ended June 30, 2016. Any changes in our vendors’ ability to provide products or incentive programs could have a material adverse effect on our business, results of operations and financial condition

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jun. 30, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date We have established a cross-functional implementation team and utilized a bottom-up approach to analyze the impact of the standard on our arrangements by reviewing the current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to our revenue contracts. The implementation team has reported the findings and progress of the project to management and the Audit Committee on a regular basis. We will adopt the guidance in our quarter ending June 30, 2018. We currently prefer to adopt the standard using the full retrospective method; however, our ability to do so is dependent on many factors, including the completion of our analysis of information necessary to recast prior period financial statements. Based on these and other factors, we may decide to use the cumulative catch-up transition method. Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of 2018. A substantial amount of work remains to be completed due to the complexity of the new standard, the application of judgment and the requirement for the use of estimates in applying the new standard, as well as the volume of our customer portfolio and the related terms and conditions of our contracts that must be reviewed. In August 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

FINANCING RECEIVABLES AND OPERA

FINANCING RECEIVABLES AND OPERATING LEASES	3 Months Ended
	Jun. 30, 2017
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
FINANCING RECEIVABLES AND OPERATING LEASES	3. FINANCING RECEIVABLES AND OPERATING LEASES Our financing receivables and operating leases consist of assets that we finance for our customers, which we manage as a portfolio of investments. Equipment financed for our customers is accounted for as investments in direct financing, sales-type or operating leases in accordance with Accounting Standards Codification (“ASC”) Topic 840, Leases FINANCING RECEIVABLES—NET Our financing receivables, net consist of the following (in thousands): June 30, 2017 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 51,091 $ 57,155 $ 108,246 Estimated unguaranteed residual value (1) - 17,972 17,972 Initial direct costs, net of amortization (2) 452 389 841 Unearned income - (5,988 ) (5,988 ) Reserve for credit losses (3) (480 ) (716 ) (1,196 ) Total, net $ 51,063 $ 68,812 $ 119,875 Reported as: Current $ 33,586 $ 27,786 $ 61,372 Long-term 17,477 41,026 58,503 Total, net $ 51,063 $ 68,812 $ 119,875 (1) Includes estimated unguaranteed residual values of $12,724 thousand for direct financing leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $371 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” March 31, 2017 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 48,524 $ 57,872 $ 106,396 Estimated unguaranteed residual value (1) - 18,273 18,273 Initial direct costs, net of amortization (2) 279 341 620 Unearned income - (5,913 ) (5,913 ) Reserve for credit losses (3) (3,434 ) (679 ) (4,113 ) Total, net $ 45,369 $ 69,894 $ 115,263 Reported as: Current $ 23,780 $ 27,876 $ 51,656 Long-term 21,589 42,018 63,607 Total, net $ 45,369 $ 69,894 $ 115,263 (1) Includes estimated unguaranteed residual values of $12,677 thousand for direct financing leases which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $510 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” 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): June 30, 2017 March 31, 2017 Cost of equipment under operating leases $ 16,836 $ 16,725 Accumulated depreciation (8,518 ) (8,449 ) Investment in operating lease equipment—net (1) $ 8,318 $ 8,276 (1) These totals include estimated unguaranteed residual values of $2,075 thousand and $1,117 thousand as of June 30, 2017 and March 31, 2017, respectively. TRANSFERS OF FINANCIAL ASSETS We enter into arrangements to transfer the contractual payments due under financing receivables and operating lease agreements, which are accounted for as sales or secured borrowings in accordance with Codification Topic 860, 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. During the three months ended June 30, 2017 and 2016, we recognized net gains of $2.3 million and $1.5 million, respectively, and total proceeds from these sales were $85.8 million and $54.2 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. As of both June 30, 2017 and March 31, 2017, we had deferred revenue of $0.5 million for servicing. In a limited number of such sales, we indemnified the assignee in the event that the lessee elected to early terminate the lease. As of June 30, 2017, 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	3 Months Ended
	Jun. 30, 2017
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the three months ended June 30, 2017, (in thousands): Three Months Ended June 30, 2017 Goodwill Accumulated Amortization / Impairment Loss Net Carrying Amount Balance as of March 31, 2017 $ 57,070 $ (8,673 ) $ 48,397 Acquisitions 6,925 - 6,925 Foreign currency translations 74 - 74 Balance as of June 30, 2017 $ 64,069 $ (8,673 ) $ 55,396 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. All of our goodwill as of June 30, 2017 and March 31, 2017 is related to our technology reportable segment, which we also determined to be one reporting unit. See Note 15, “Business Combinations” for additional information regarding acquisitions. We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following at June 30, 2017 and March 31, 2017 (in thousands): June 30, 2017 March 31, 2017 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Customer relationships & other intangibles $ 27,776 $ (13,701 ) $ 14,075 $ 23,373 $ (12,553 ) $ 10,820 Capitalized software development 3,884 (2,412 ) 1,472 3,649 (2,310 ) 1,339 Total $ 31,660 $ (16,113 ) $ 15,547 $ 27,022 $ (14,863 ) $ 12,159 Customer relationships and capitalized software development costs are amortized over an estimated useful life, which is generally between 3 to 8 years. Customer relationships and other intangibles increased due to business acquisitions by $4.4 million, of which $2.4 million is internally developed processes, $1.9 million is customer relationships, and $0.1 million due to foreign exchange translation. Total amortization expense for other intangible assets was $1.1 million and $1.1 million for the three months ended June 30, 2017 and 2016, respectively.

RESERVES FOR CREDIT LOSSES

RESERVES FOR CREDIT LOSSES	3 Months Ended
	Jun. 30, 2017
RESERVES FOR CREDIT LOSSES [Abstract]
RESERVES FOR CREDIT LOSSES	5. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the three months ended June 30, 2017 and 2016 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2017 $ 1,279 $ 3,434 $ 679 $ 5,392 Provision for credit losses (1 ) 67 202 268 Write-offs and other - (3,021 ) (165 ) (3,186 ) Balance June 30, 2017 $ 1,278 $ 480 $ 716 $ 2,474 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2016 $ 1,127 $ 3,381 $ 685 $ 5,193 Provision for credit losses 15 71 46 132 Balance June 30, 2016 $ 1,142 $ 3,452 $ 731 $ 5,325 Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated on the basis of our impairment method were as follows (in thousands): June 30, 2017 March 31, 2017 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 413 $ 709 $ 348 $ 556 Ending balance: individually evaluated for impairment 67 7 3,086 123 Ending balance $ 480 $ 716 $ 3,434 $ 679 Minimum payments: Ending balance: collectively evaluated for impairment $ 51,024 $ 57,148 $ 45,438 $ 57,730 Ending balance: individually evaluated for impairment 67 7 3,086 142 Ending balance $ 51,091 $ 57,155 $ 48,524 $ 57,872 We place receivables on non-accrual status when events, such as a customer’s declaring bankruptcy, occur that indicate a receivable will not be collectable. We charge off uncollectable financing receivables when we stop pursuing collection. As March 31, 2017, we had a balance outstanding as of $3.2 million for a customer in bankruptcy which was fully reserved and on a non-accrual status. We wrote off this balance against the reserve for credit losses during the quarter ended June 30, 2017, after the bankruptcy case was substantially complete. 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 June 30, 2017 and March 31, 2017 (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 June 30, 2017 High CQR $ 116 $ 123 $ 139 $ 378 $ 476 $ 32,274 $ 33,128 $ (2,560 ) $ (10,265 ) $ 20,303 Average CQR 27 21 113 161 131 23,728 24,020 (1,518 ) (10,624 ) 11,878 Low CQR - - - - 7 - 7 - - 7 Total $ 143 $ 144 $ 252 $ 539 $ 614 $ 56,002 $ 57,155 $ (4,078 ) $ (20,889 ) $ 32,188 March 31, 2017 High CQR $ 379 $ 224 $ 230 $ 833 $ 406 $ 32,532 $ 33,771 $ (2,362 ) $ (12,924 ) $ 18,485 Average CQR 113 20 113 246 91 23,622 23,959 (1,556 ) (13,353 ) 9,050 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 492 $ 244 $ 485 $ 1,221 $ 497 $ 56,154 $ 57,872 $ (3,937 ) $ (26,277 ) $ 27,658 The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as June 30, 2017 and March 31, 2017 (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 2017 June 30, 2017 High CQR $ 102 $ 97 $ - $ 199 $ 871 $ 38,392 $ 39,462 $ (16,690 ) $ 22,782 Average CQR 344 - - 344 248 10,970 11,562 (4,437 ) 7,125 Low CQR - - 67 67 - - 67 - 67 Total $ 446 $ 97 $ 67 $ 610 $ 1,119 $ 49,362 $ 51,091 $ (21,117 ) $ 29,974 March 31, 2017 High CQR $ 183 $ 663 $ 755 $ 1,601 $ 1,165 $ 23,359 $ 26,125 $ (12,003 ) $ 14,122 Average CQR 28 5 - 33 555 18,725 19,313 (13,732 ) 5,581 Low CQR - - 3,086 3,086 - - 3,086 - 3,086 Total $ 211 $ 668 $ 3,841 $ 4,720 $ 1,720 $ 42,084 $ 48,524 $ (25,735 ) $ 22,789 We estimate losses on our net credit exposure to be between 0% - 5% for customers with highest CQR, as these customers are investment grade or the equivalent of investment grade. We estimate losses on our net credit exposure to be between 2% - 15% for customers with average CQR, and between 15% - 100% for customers with low CQR, which includes customers in bankruptcy.

PROPERTY, EQUIPMENT, OTHER ASSE

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	3 Months Ended
	Jun. 30, 2017
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	6. PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES Our property, equipment, other assets and liabilities consist of the following (in thousands): June 30, 2017 March 31, 2017 Other current assets: Deposits & funds held in escrow $ 34,861 $ 39,161 Prepaid assets 3,609 3,388 Other 860 815 Total other current assets $ 39,330 $ 43,364 Property, equipment and other assets Property and equipment, net $ 6,513 $ 6,690 Deferred costs 4,123 3,536 Other 1,268 1,730 Total other assets - long term $ 11,904 $ 11,956 June 30, 2017 March 31, 2017 Other current liabilities: Accrued expenses $ 7,132 $ 7,450 Accrued income taxes payable 6,171 1,761 Other 9,020 9,968 Total other current liabilities $ 22,323 $ 19,179 Other liabilities: Deferred revenue $ 5,413 $ 4,704 Other 2,496 2,376 Total other liabilities - long term $ 7,909 $ 7,080 As of June 30, 2017 and March 31, 2017 we had customer deposits and funds held in escrow of $34.9 million and $39.2 million, respectively. These balances relate to financial assets that were sold to third-party banks. In conjunction with those sales, a portion of the proceeds were placed in escrow and will be released to us upon payment of outstanding invoices related to the underlying financing arrangements that were sold.

NOTES PAYABLE AND CREDIT FACILI

NOTES PAYABLE AND CREDIT FACILITY	3 Months Ended
	Jun. 30, 2017
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	7. NOTES PAYABLE AND CREDIT FACILITY Non-recourse and recourse obligations consist of the following (in thousands): June 30, 2017 March 31, 2017 Recourse notes payable with interest rates ranging from 3.20% and 4.13% at June 30, 2017 and March 31, 2017. Current $ 799 $ 908 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.0% to 8.45% at June 30, 2017 and ranging from 2.0% to 7.75% as of March 31, 2017. Current $ 28,788 $ 26,085 Long-term 6,908 10,431 Total non-recourse notes payable $ 35,696 $ 36,516 Principal and interest payments on 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 3.64 and 3.73%, as of June 30, 2017 and March 31, 2017, respectively. The weighted average interest rate for our recourse notes payable was 3.35% and 3.45%, as of June 30, 2017 and March 31, 2017, respectively. Under recourse financing, in the event of a default by a customer, the lender has recourse to the customer, the assets serving as collateral, and us. Under non-recourse financing, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. Our technology segment, through our subsidiary e As of June 30, 2017, the facility agreement had an aggregate limit of the two components of $250 million, and the accounts receivable component had a sub-limit of $30 million, which bears interest assessed at a rate of the One Month LIBOR plus two and one half percent. The credit facility has full recourse to e e e e e e e The facility provided by WFCDF requires a guaranty of $10.5 million by e e On July 27, 2017, we executed an amendment to the WFCDF credit facility which temporarily increases the aggregate limit of the two components from $250.0 million to $325.0 million from the date of the agreement through October 31, 2017, and provides us an election beginning July 1 in each subsequent year to similarly temporarily increase the aggregate limit of the two components to $325.0 million ending the earlier of 90 days following the date of election and October 31 of that same year. Fair Value As of June 30, 2017 and March 31, 2017, the fair value of our long-term recourse and non-recourse notes payable approximated their carrying value.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are not currently a party to any legal proceedings with loss contingencies that are expected to be material. From time to time, we may be a plaintiff or 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 include 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	9. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three months ended June 30, 2017 and 2016 (in thousands, except per share data). Three Months Ended 2017 2016 Net earnings attributable to common shareholders - basic and diluted $ 13,423 $ 10,671 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,806 14,066 Effect of dilutive shares 213 150 Weighted average shares common outstanding — diluted 14,019 14,216 Earnings per common share - basic $ 0.97 $ 0.76 Earnings per common share - diluted $ 0.96 $ 0.75

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2017
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY Share Repurchase Plan On August 18, 2016, The plan authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. During the three months ended June 30, 2017, we did not purchase any shares of our outstanding common stock under the share repurchase plan; however, we purchased 54,546 shares of common stock at a value of $4.1 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the three months ended June 30, 2016, we purchased 453,584 shares of our outstanding common stock at an average cost of $40.60 per share for a total purchase price of $18.4 million under the share repurchase plan. We also purchased 59,472 shares of common stock at a value of $2.6 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2017
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	11. SHARE-BASED COMPENSATION Share-Based Plans As of June 30, 2017, we had share-based awards outstanding under the following Restricted Stock Activity For the three months ended June 30, 2017, we granted 282 restricted shares under the 2008 Director LTIP, and 66,530 restricted shares under the 2012 Employee LTIP. For the three months ended June 30, 2016, we granted 460 restricted shares under the 2008 Director LTIP, and 114,538 restricted shares under the 2012 Employee LTIP. A summary of the restricted shares is as follows: Number of Shares Weighted Average Grant- date Fair Value Nonvested April 1, 2017 371,689 $ 40.45 Granted 66,812 $ 79.64 Vested (137,932 ) $ 38.08 Forfeited (3,084 ) $ 38.34 Nonvested March 31, 2017 297,485 $ 50.38 Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2012 Employee LTIP, we may purchase a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards. For the three months ended June 30, 2017, the Company had withheld 54,546 shares of common stock at a value of $4.1 million, which was included in treasury stock. Compensation Expense We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period. There are no additional conditions for vesting other than service conditions. During both of the three months ended June 30, 2017 and 2016, we recognized $1.5 million of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $14.0 million as of June 30, 2017, which will be fully recognized over the next thirty six (36) months. We also provide our employees with a contributory 401(k) profit sharing plan. We may make contributions to the plan. These contributions are not required and whether or not we choose to make them is entirely within our discretion. Our employer contributions to the plan are fully vested at all times. For the three months ended June 30, 2017 and 2016 our estimated contribution expense for the plan were $0.6 million and $0.4 million, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2017
INCOME TAXES [Abstract]
INCOME TAXES	12. INCOME TAXES We account for our tax positions in accordance with Codification Topic 740, Income Taxes Our total gross unrecognized tax benefits recorded for uncertain income tax, and interest and penalties thereon, were negligible as of June 30, 2017, and June 30, 2016. We had no additions or reductions to our gross unrecognized tax benefits during the three months ended June 30, 2017. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jun. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	13. FAIR VALUE OF FINANCIAL INSTRUMENTS We account for the fair values of our assets and liabilities in accordance with ASC Topic 820, Fair Value Measurement and Disclosure. Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs June 30, 2017 Assets: Money market funds $ 34,952 $ 34,952 $ - $ - Liabilities: Contingent consideration $ 2,315 $ - $ - $ 2,315 March 31, 2017 Assets: Money market funds $ 50,866 $ 50,866 $ - $ - Liabilities: Contingent consideration $ 554 $ - $ - $ 554 For the three months ended June 30, 2017, we recorded adjustments that increased the fair value of our liability for contingent consideration by $2.1 million due to a business acquisition, and $0.3 million in payments that were made to satisfy the current obligations of the contingent consideration arrangement from our earlier acquisition of Consolidated IT Services. For the three months ended June 30, 2016, we recorded adjustments that increased the fair value of our liability for contingent consideration by $78 thousand and incurred no payments. unaudited condensed

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jun. 30, 2017
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	14. SEGMENT REPORTING Our operations are conducted through two operating segments that are also both reportable segments. Our technology segment includes sales of information technology products, third-party software, third-party maintenance, advanced professional and managed services and our proprietary software to commercial enterprises, state and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software and related services to commercial enterprises, state and local governments, and government contractors. We measure the performance of the segments based on operating income. Our reportable segment information was as follows (in thousands): Three Months Ended June 30, 2017 June 30, 2016 Technology Financing Total Technology Financing Total Sales of product and services $ 357,080 $ - $ 357,080 $ 290,181 $ - $ 290,181 Financing revenue - 9,071 9,071 - 6,987 6,987 Fee and other income 986 20 1,006 1,276 59 1,335 Net sales 358,066 9,091 367,157 291,457 7,046 298,503 Cost of sales, product and services 288,433 - 288,433 229,847 - 229,847 Direct lease costs - 1,131 1,131 - 992 992 Cost of sales 288,433 1,131 289,564 229,847 992 230,839 Selling, general, and administrative expenses 51,501 3,163 54,664 45,213 2,841 48,054 Depreciation and amortization 2,062 1 2,063 1,771 4 1,775 Interest and financing costs - 359 359 - 349 349 Operating expenses 53,563 3,523 57,086 46,984 3,194 50,178 Operating income $ 16,070 $ 4,437 $ 20,507 $ 14,626 $ 2,860 $ 17,486 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 2,095 $ 1,130 $ 3,225 $ 1,788 $ 987 $ 2,775 Purchases of property, equipment and operating lease equipment $ 1,091 $ 780 $ 1,871 $ 652 $ 238 $ 890 Selected Financial Data - Balance Sheet Total assets $ 577,398 $ 177,786 $ 755,184 $ 450,992 $ 188,107 $ 639,099

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Jun. 30, 2017
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	15. BUSINESS COMBINATIONS OneCloud Consulting Inc. acquisition On May 17, 2017, our subsidiary e Plus Technology, inc., acquired 100% of the stock of OneCloud Consulting, Inc. (“OneCloud”). Based in Milpitas, CA, OneCloud is a versatile team of highly trained technology consultants, architects, developers and instructors. OneCloud enables its customers’ cloud and application strategy via professional services, technical education and software development. The acquisition provides us with additional ability to address customers’ needs in cloud-based solutions and infrastructure; including DevOps, OpenStack, and other emerging technologies, to our broad customer base. Our preliminary sum of total consideration transferred is $10.0 million consisting of $7.9 million paid in cash at closing, net of cash acquired, and $2.1 million equal to the preliminary fair value of contingent consideration calculated using the Monte Carlo simulation model. The maximum payout of the contingent consideration is $4.5 million paid over 3 years. Acquisition Date Amount Accounts receivable and other assets $ 488 Identified intangible assets 3,980 Accounts payable and other current liabilities (1,688 ) Total identifiable net assets 2,780 Goodwill 7,205 Total purchase consideration $ 9,985 Our sum for consideration transferred and our allocation of the purchase consideration is preliminary and subject to revision as additional information related to the fair value of assets and liabilities becomes available. The identified intangible assets of $4.0 million consist of customer relationships of $1.6 million with an estimated useful life of 8 years, and internally developed processes of $2.4 million with an estimated useful life of 5 years. We recognized goodwill related to this transaction of $7.2 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the current reporting period through the acquisition date had the acquisition date been April 1, 2017, is not material. Consolidated IT Services acquisition On December 6, 2016, our subsidiary e e The total purchase price is $13.1 million including $9.5 million paid in cash at closing and $4.0 million that will be paid in cash in equal quarterly installments over 2 years, less $0.4 million paid back to us as part of the final working capital adjustment. Our allocation of the purchase consideration to the assets acquired and liabilities is presented below (in thousands): Acquisition Date Amount Accounts receivable and other current assets $ 7,491 Property and equipment 1,045 Identified intangible assets 4,090 Accounts payable and other current liabilities (5,786 ) Total identifiable net assets 6,840 Goodwill 6,227 Total purchase consideration $ 13,067 In the quarter ended June 30, 2017, we increased identified intangible assets and decreased goodwill by $280 thousand from the provisional amounts recorded as of March 31, 2017. The identified intangible assets of $4.1 million consist entirely of customer relationships with an estimated useful life of 7 years. We recognized goodwill related to this transaction of $6.2 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the prior reporting period through the acquisition date had the acquisition date been April 1, 2016 is not material.

ORGANIZATION AND SUMMARY OF S23

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2017
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION — The unaudited condensed consolidated financial statements include the accounts of e
INTERIM FINANCIAL STATEMENTS	INTERIM FINANCIAL STATEMENTS — The unaudited condensed consolidated financial statements for the three months ended June 30, 2017 and 2016 were prepared by us, without audit, and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income and cash flows for such periods. Operating results for the three months ended June 30, 2017 and 2016 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2018 or any other future period. These unaudited condensed consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“US GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2017 (“2017 Annual Report”), which should be read in conjunction with these interim condensed consolidated financial statements.
USE OF ESTIMATES	USE OF ESTIMATES — The notes to the consolidated financial statements contained in the 2017 Financial Statements include additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There have been no material changes to our significant accounting policies and estimates during the three months ended June 30, 2017.
STOCK SPLIT	STOCK SPLIT — On March 31, 2017, we completed a two-for-one stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the accompanying financial statements and disclosures have been retroactively adjusted for this stock split. The number of authorized shares reflected on the consolidated balance sheets was not affected by the stock split.
CONCENTRATIONS OF RISK	CONCENTRATIONS OF RISK — A substantial portion of our sales of product and services are from sales of Cisco Systems, Hewlett Packard Enterprise (“HPE”) and HP, Inc. (Hewlett Packard companies), and NetApp products, which represented approximately 49%, 8% and 4%, respectively, for the three months ended June 30, 2017. Sales of Cisco Systems, Hewlett Packard companies, and NetApp represented approximately 52%, 6%, and 5%, respectively, for the three months ended June 30, 2016. Any changes in our vendors’ ability to provide products or incentive programs could have a material adverse effect on our business, results of operations and financial condition.

RECENT ACCOUNTING PRONOUNCEME24

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Jun. 30, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date We have established a cross-functional implementation team and utilized a bottom-up approach to analyze the impact of the standard on our arrangements by reviewing the current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to our revenue contracts. The implementation team has reported the findings and progress of the project to management and the Audit Committee on a regular basis. We will adopt the guidance in our quarter ending June 30, 2018. We currently prefer to adopt the standard using the full retrospective method; however, our ability to do so is dependent on many factors, including the completion of our analysis of information necessary to recast prior period financial statements. Based on these and other factors, we may decide to use the cumulative catch-up transition method. Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of 2018. A substantial amount of work remains to be completed due to the complexity of the new standard, the application of judgment and the requirement for the use of estimates in applying the new standard, as well as the volume of our customer portfolio and the related terms and conditions of our contracts that must be reviewed. In August 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

FINANCING RECEIVABLES AND OPE25

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	3 Months Ended
	Jun. 30, 2017
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): June 30, 2017 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 51,091 $ 57,155 $ 108,246 Estimated unguaranteed residual value (1) - 17,972 17,972 Initial direct costs, net of amortization (2) 452 389 841 Unearned income - (5,988 ) (5,988 ) Reserve for credit losses (3) (480 ) (716 ) (1,196 ) Total, net $ 51,063 $ 68,812 $ 119,875 Reported as: Current $ 33,586 $ 27,786 $ 61,372 Long-term 17,477 41,026 58,503 Total, net $ 51,063 $ 68,812 $ 119,875 (1) Includes estimated unguaranteed residual values of $12,724 thousand for direct financing leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $371 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” March 31, 2017 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 48,524 $ 57,872 $ 106,396 Estimated unguaranteed residual value (1) - 18,273 18,273 Initial direct costs, net of amortization (2) 279 341 620 Unearned income - (5,913 ) (5,913 ) Reserve for credit losses (3) (3,434 ) (679 ) (4,113 ) Total, net $ 45,369 $ 69,894 $ 115,263 Reported as: Current $ 23,780 $ 27,876 $ 51,656 Long-term 21,589 42,018 63,607 Total, net $ 45,369 $ 69,894 $ 115,263 (1) Includes estimated unguaranteed residual values of $12,677 thousand for direct financing leases which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $510 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.”
Investment in Operating Lease Equipment - Net	The components of the operating leases—net are as follows (in thousands): June 30, 2017 March 31, 2017 Cost of equipment under operating leases $ 16,836 $ 16,725 Accumulated depreciation (8,518 ) (8,449 ) Investment in operating lease equipment—net (1) $ 8,318 $ 8,276 (1) These totals include estimated unguaranteed residual values of $2,075 thousand and $1,117 thousand as of June 30, 2017 and March 31, 2017, respectively.

GOODWILL AND OTHER INTANGIBLE26

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2017
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Changes in Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the three months ended June 30, 2017, (in thousands): Three Months Ended June 30, 2017 Goodwill Accumulated Amortization / Impairment Loss Net Carrying Amount Balance as of March 31, 2017 $ 57,070 $ (8,673 ) $ 48,397 Acquisitions 6,925 - 6,925 Foreign currency translations 74 - 74 Balance as of June 30, 2017 $ 64,069 $ (8,673 ) $ 55,396
Components of Goodwill and Other Intangible Assets	Our other intangible assets consist of the following at June 30, 2017 and March 31, 2017 (in thousands): June 30, 2017 March 31, 2017 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Customer relationships & other intangibles $ 27,776 $ (13,701 ) $ 14,075 $ 23,373 $ (12,553 ) $ 10,820 Capitalized software development 3,884 (2,412 ) 1,472 3,649 (2,310 ) 1,339 Total $ 31,660 $ (16,113 ) $ 15,547 $ 27,022 $ (14,863 ) $ 12,159

RESERVES FOR CREDIT LOSSES (Tab

RESERVES FOR CREDIT LOSSES (Tables)	3 Months Ended
	Jun. 30, 2017
RESERVES FOR CREDIT LOSSES [Abstract]
Activity in Reserves for Credit Losses	Activity in our reserves for credit losses for the three months ended June 30, 2017 and 2016 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2017 $ 1,279 $ 3,434 $ 679 $ 5,392 Provision for credit losses (1 ) 67 202 268 Write-offs and other - (3,021 ) (165 ) (3,186 ) Balance June 30, 2017 $ 1,278 $ 480 $ 716 $ 2,474 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2016 $ 1,127 $ 3,381 $ 685 $ 5,193 Provision for credit losses 15 71 46 132 Balance June 30, 2016 $ 1,142 $ 3,452 $ 731 $ 5,325
Reserve for Credit Losses and Minimum Lease Payments Associated with Notes Receivable and Investment in Direct Financing and Sales-type Lease Balances Disaggregated on the Basis of Impairment Method	Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated on the basis of our impairment method were as follows (in thousands): June 30, 2017 March 31, 2017 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 413 $ 709 $ 348 $ 556 Ending balance: individually evaluated for impairment 67 7 3,086 123 Ending balance $ 480 $ 716 $ 3,434 $ 679 Minimum payments: Ending balance: collectively evaluated for impairment $ 51,024 $ 57,148 $ 45,438 $ 57,730 Ending balance: individually evaluated for impairment 67 7 3,086 142 Ending balance $ 51,091 $ 57,155 $ 48,524 $ 57,872
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 June 30, 2017 and March 31, 2017 (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 June 30, 2017 High CQR $ 116 $ 123 $ 139 $ 378 $ 476 $ 32,274 $ 33,128 $ (2,560 ) $ (10,265 ) $ 20,303 Average CQR 27 21 113 161 131 23,728 24,020 (1,518 ) (10,624 ) 11,878 Low CQR - - - - 7 - 7 - - 7 Total $ 143 $ 144 $ 252 $ 539 $ 614 $ 56,002 $ 57,155 $ (4,078 ) $ (20,889 ) $ 32,188 March 31, 2017 High CQR $ 379 $ 224 $ 230 $ 833 $ 406 $ 32,532 $ 33,771 $ (2,362 ) $ (12,924 ) $ 18,485 Average CQR 113 20 113 246 91 23,622 23,959 (1,556 ) (13,353 ) 9,050 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 492 $ 244 $ 485 $ 1,221 $ 497 $ 56,154 $ 57,872 $ (3,937 ) $ (26,277 ) $ 27,658
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 June 30, 2017 and March 31, 2017 (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 2017 June 30, 2017 High CQR $ 102 $ 97 $ - $ 199 $ 871 $ 38,392 $ 39,462 $ (16,690 ) $ 22,782 Average CQR 344 - - 344 248 10,970 11,562 (4,437 ) 7,125 Low CQR - - 67 67 - - 67 - 67 Total $ 446 $ 97 $ 67 $ 610 $ 1,119 $ 49,362 $ 51,091 $ (21,117 ) $ 29,974 March 31, 2017 High CQR $ 183 $ 663 $ 755 $ 1,601 $ 1,165 $ 23,359 $ 26,125 $ (12,003 ) $ 14,122 Average CQR 28 5 - 33 555 18,725 19,313 (13,732 ) 5,581 Low CQR - - 3,086 3,086 - - 3,086 - 3,086 Total $ 211 $ 668 $ 3,841 $ 4,720 $ 1,720 $ 42,084 $ 48,524 $ (25,735 ) $ 22,789

PROPERTY, EQUIPMENT, OTHER AS28

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Jun. 30, 2017
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
Property, Equipment, Other Assets and Liabilities	Our property, equipment, other assets and liabilities consist of the following (in thousands): June 30, 2017 March 31, 2017 Other current assets: Deposits & funds held in escrow $ 34,861 $ 39,161 Prepaid assets 3,609 3,388 Other 860 815 Total other current assets $ 39,330 $ 43,364 Property, equipment and other assets Property and equipment, net $ 6,513 $ 6,690 Deferred costs 4,123 3,536 Other 1,268 1,730 Total other assets - long term $ 11,904 $ 11,956 June 30, 2017 March 31, 2017 Other current liabilities: Accrued expenses $ 7,132 $ 7,450 Accrued income taxes payable 6,171 1,761 Other 9,020 9,968 Total other current liabilities $ 22,323 $ 19,179 Other liabilities: Deferred revenue $ 5,413 $ 4,704 Other 2,496 2,376 Total other liabilities - long term $ 7,909 $ 7,080

NOTES PAYABLE AND CREDIT FACI29

NOTES PAYABLE AND CREDIT FACILITY (Tables)	3 Months Ended
	Jun. 30, 2017
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
Non-recourse and Recourse Obligations	Non-recourse and recourse obligations consist of the following (in thousands): June 30, 2017 March 31, 2017 Recourse notes payable with interest rates ranging from 3.20% and 4.13% at June 30, 2017 and March 31, 2017. Current $ 799 $ 908 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.0% to 8.45% at June 30, 2017 and ranging from 2.0% to 7.75% as of March 31, 2017. Current $ 28,788 $ 26,085 Long-term 6,908 10,431 Total non-recourse notes payable $ 35,696 $ 36,516

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE [Abstract]
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share	The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three months ended June 30, 2017 and 2016 (in thousands, except per share data). Three Months Ended 2017 2016 Net earnings attributable to common shareholders - basic and diluted $ 13,423 $ 10,671 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,806 14,066 Effect of dilutive shares 213 150 Weighted average shares common outstanding — diluted 14,019 14,216 Earnings per common share - basic $ 0.97 $ 0.76 Earnings per common share - diluted $ 0.96 $ 0.75

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2017
SHARE-BASED COMPENSATION [Abstract]
Summary of Restricted Shares	A summary of the restricted shares is as follows: Number of Shares Weighted Average Grant- date Fair Value Nonvested April 1, 2017 371,689 $ 40.45 Granted 66,812 $ 79.64 Vested (137,932 ) $ 38.08 Forfeited (3,084 ) $ 38.34 Nonvested March 31, 2017 297,485 $ 50.38

FAIR VALUE OF FINANCIAL INSTR32

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Fair Value Hierarchy of Financial Instruments	The following table summarizes the fair value hierarchy of our financial instruments as of June 30, 2017 and March 31, 2017 (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 June 30, 2017 Assets: Money market funds $ 34,952 $ 34,952 $ - $ - Liabilities: Contingent consideration $ 2,315 $ - $ - $ 2,315 March 31, 2017 Assets: Money market funds $ 50,866 $ 50,866 $ - $ - Liabilities: Contingent consideration $ 554 $ - $ - $ 554

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jun. 30, 2017
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information was as follows (in thousands): Three Months Ended June 30, 2017 June 30, 2016 Technology Financing Total Technology Financing Total Sales of product and services $ 357,080 $ - $ 357,080 $ 290,181 $ - $ 290,181 Financing revenue - 9,071 9,071 - 6,987 6,987 Fee and other income 986 20 1,006 1,276 59 1,335 Net sales 358,066 9,091 367,157 291,457 7,046 298,503 Cost of sales, product and services 288,433 - 288,433 229,847 - 229,847 Direct lease costs - 1,131 1,131 - 992 992 Cost of sales 288,433 1,131 289,564 229,847 992 230,839 Selling, general, and administrative expenses 51,501 3,163 54,664 45,213 2,841 48,054 Depreciation and amortization 2,062 1 2,063 1,771 4 1,775 Interest and financing costs - 359 359 - 349 349 Operating expenses 53,563 3,523 57,086 46,984 3,194 50,178 Operating income $ 16,070 $ 4,437 $ 20,507 $ 14,626 $ 2,860 $ 17,486 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 2,095 $ 1,130 $ 3,225 $ 1,788 $ 987 $ 2,775 Purchases of property, equipment and operating lease equipment $ 1,091 $ 780 $ 1,871 $ 652 $ 238 $ 890 Selected Financial Data - Balance Sheet Total assets $ 577,398 $ 177,786 $ 755,184 $ 450,992 $ 188,107 $ 639,099

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	3 Months Ended
	Jun. 30, 2017
OneCloud Consulting, Inc [Member]
Business Acquisition [Line Items]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable and other assets $ 488 Identified intangible assets 3,980 Accounts payable and other current liabilities (1,688 ) Total identifiable net assets 2,780 Goodwill 7,205 Total purchase consideration $ 9,985
Consolidated IT Services [Member]
Business Acquisition [Line Items]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our allocation of the purchase consideration to the assets acquired and liabilities is presented below (in thousands): Acquisition Date Amount Accounts receivable and other current assets $ 7,491 Property and equipment 1,045 Identified intangible assets 4,090 Accounts payable and other current liabilities (5,786 ) Total identifiable net assets 6,840 Goodwill 6,227 Total purchase consideration $ 13,067

ORGANIZATION AND SUMMARY OF S35

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
STOCK SPLIT [Abstract]
Stock split ratio			2
Sales Revenue, Goods and Services [Member] | Cisco Systems [Member]
Concentration of risk [Abstract]
Percentage of concentration risk	49.00%	52.00%
Sales Revenue, Goods and Services [Member] | Hewlett Packard [Member]
Concentration of risk [Abstract]
Percentage of concentration risk	8.00%	6.00%
Sales Revenue, Goods and Services [Member] | NetApp [Member]
Concentration of risk [Abstract]
Percentage of concentration risk	4.00%	5.00%

FINANCING RECEIVABLES AND OPE36

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2017		Jun. 30, 2016	Mar. 31, 2017		Mar. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Reserve for credit losses		$ (2,474)		$ (5,325)	$ (5,392)		$ (5,193)
Reported as [Abstract]
Current		61,372			51,656
Estimated unguaranteed residual values for direct financing lease		12,724			12,677
Accumulated amortization of initial direct cost		371			510
Collateral for non-recourse notes payable - Finance receivables		40,100			33,100
Collateral for non-recourse notes payable - Operating leases		7,100			6,600
Gain on sale of financing receivables		2,300		1,500
Proceeds from sale of financing receivables		85,800		54,200
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating lease		16,836			16,725
Accumulated depreciation		(8,518)			(8,449)
Investment in operating lease equipment - net	[1]	8,318			8,276
Unguaranteed residual value of operating lease equipment net		2,075			1,117
Deferred revenue		500			500
Maximum potential future payments related guarantees		800
Notes Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Minimum payments		51,091			48,524
Estimated unguaranteed residual value		0	[2]		0	[3]
Initial direct costs, net of amortization		452	[4]		279	[5]
Unearned income		0			0
Reserve for credit losses		(480)	[6]	(3,452)	(3,434)	[6]	(3,381)
Total, net		51,063			45,369
Reported as [Abstract]
Current		33,586			23,780
Long-term		17,477			21,589
Total, net		51,063			45,369
Lease-Related Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Minimum payments		57,155			57,872
Estimated unguaranteed residual value		17,972	[2]		18,273	[3]
Initial direct costs, net of amortization		389	[4]		341	[5]
Unearned income		(5,988)			(5,913)
Reserve for credit losses		(716)	[6]	$ (731)	(679)	[6]	$ (685)
Total, net		68,812			69,894
Reported as [Abstract]
Current		27,786			27,876
Long-term		41,026			42,018
Total, net		68,812			69,894
Financing Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Minimum payments		108,246			106,396
Estimated unguaranteed residual value		17,972	[2]		18,273	[3]
Initial direct costs, net of amortization		841	[4]		620	[5]
Unearned income		(5,988)			(5,913)
Reserve for credit losses	[6]	(1,196)			(4,113)
Total, net		119,875			115,263
Reported as [Abstract]
Current		61,372			51,656
Long-term		58,503			63,607
Total, net		$ 119,875			$ 115,263
[1]	These totals include estimated unguaranteed residual values of $2,075 thousand and $1,117 thousand as of June 30, 2017 and March 31, 2017, respectively.
[2]	Includes estimated unguaranteed residual values of $12,724 thousand for direct financing leases, which have been sold and accounted for as sales.
[3]	Includes estimated unguaranteed residual values of $12,677 thousand for direct financing leases which have been sold and accounted for as sales.
[4]	Initial direct costs are shown net of amortization of $371 thousand.
[5]	Initial direct costs are shown net of amortization of $510 thousand.
[6]	For details on reserve for credit losses, refer to Note 5, "Reserves for Credit Losses."

GOODWILL AND OTHER INTANGIBLE37

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2017USD ($)Unit	Jun. 30, 2016USD ($)	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 57,070
Goodwill, Accumulated Amortization / Impairment Loss, Beginning Balance	(8,673)
Goodwill, Net Carrying Amount, Beginning Balance	48,397
Acquisitions	6,925
Foreign currency translations	74
Goodwill, Ending Balance	64,069
Goodwill, Accumulated Amortization / Impairment Loss, Ending Balance	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 55,396
Number of reporting units | Unit	1
Finite-Lived Intangible Assets [Line Items]
Intangibles assets, Gross carrying amount	$ 31,660		$ 27,022
Intangibles Assets, Accumulated amortization / Impairment Loss	(16,113)		(14,863)
Intangible assets, Net Carrying Amount	15,547		12,159
Foreign exchange transactions	100
Total amortization expense for other intangible assets	1,100	$ 1,100
Customer Relationships and Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets, Gross carrying amount	27,776		23,373
Intangibles Assets, Accumulated amortization / Impairment Loss	(13,701)		(12,553)
Intangible assets, Net Carrying Amount	14,075		10,820
Increase in intangible assets due to business acquisitions	4,400
Internally Developed Processes [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	2,400
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 1,900
Customer Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Customer Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	8 years
Capitalized Software Development [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets, Gross carrying amount	$ 3,884		3,649
Intangibles Assets, Accumulated amortization / Impairment Loss	(2,412)		(2,310)
Intangible assets, Net Carrying Amount	$ 1,472		$ 1,339
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	8 years
Trade Names and Trademarks [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	3 Months Ended
	Jun. 30, 2017		Jun. 30, 2016	Jun. 30, 2017		Mar. 31, 2017
Activity in reserves for credit losses [Roll Forward]
Balance	$ 5,392		$ 5,193
Provision for credit losses	268		132
Write-offs and other	(3,186)
Balance	2,474		5,325
Reserve for credit losses [Abstract]
Ending balance	5,392		5,193	$ 2,474		$ 5,392
Minimum payments [Abstract]
Ending balance: individually evaluated for impairment						3,200
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,279		1,127
Provision for credit losses	(1)		15
Write-offs and other	0
Balance	1,278		1,142
Reserve for credit losses [Abstract]
Ending balance	1,279		1,127	1,278		1,279
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	3,434	[1]	3,381
Provision for credit losses	67		71
Write-offs and other	(3,021)
Balance	480	[1]	3,452
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment				413		348
Ending balance: individually evaluated for impairment				67		3,086
Ending balance	480	[1]	3,381	480	[1]	3,434	[1]
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment				51,024		45,438
Ending balance: individually evaluated for impairment				67		3,086
Ending balance				51,091		48,524
Lease-Related Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	679	[1]	685
Provision for credit losses	202		46
Write-offs and other	(165)
Balance	716	[1]	731
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment				709		556
Ending balance: individually evaluated for impairment				7		123
Ending balance	$ 716	[1]	$ 685	716	[1]	679	[1]
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment				57,148		57,730
Ending balance: individually evaluated for impairment				7		142
Ending balance				$ 57,155		$ 57,872
[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	Jun. 30, 2017	Mar. 31, 2017
Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	$ 539	$ 1,221
Current	614	497
Unbilled minimum lease payments	56,002	56,154
Total minimum lease payments	57,155	57,872
Unearned income	(4,078)	(3,937)
Non-recourse notes payable	(20,889)	(26,277)
Net credit exposure	32,188	27,658
Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	610	4,720
Current	1,119	1,720
Unbilled minimum lease payments	49,362	42,084
Total minimum lease payments	51,091	48,524
Non-recourse notes payable	(21,117)	(25,735)
Net credit exposure	$ 29,974	22,789
High CQR [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	0.00%
High CQR [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	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	$ 378	833
Current	476	406
Unbilled minimum lease payments	32,274	32,532
Total minimum lease payments	33,128	33,771
Unearned income	(2,560)	(2,362)
Non-recourse notes payable	(10,265)	(12,924)
Net credit exposure	20,303	18,485
High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	199	1,601
Current	871	1,165
Unbilled minimum lease payments	38,392	23,359
Total minimum lease payments	39,462	26,125
Non-recourse notes payable	(16,680)	(12,003)
Net credit exposure	$ 22,782	14,122
Average CQR [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	2.00%
Average CQR [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	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	$ 161	246
Current	131	91
Unbilled minimum lease payments	23,728	23,622
Total minimum lease payments	24,020	23,959
Unearned income	(1,518)	(1,556)
Non-recourse notes payable	(10,624)	(13,353)
Net credit exposure	11,878	9,050
Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	344	33
Current	248	555
Unbilled minimum lease payments	10,970	18,725
Total minimum lease payments	11,562	19,313
Non-recourse notes payable	(4,437)	(13,732)
Net credit exposure	$ 7,125	5,581
Low CQR [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	15.00%
Low CQR [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	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	$ 0	142
Current	7	0
Unbilled minimum lease payments	0	0
Total minimum lease payments	7	142
Unearned income	0	(19)
Non-recourse notes payable	0	0
Net credit exposure	7	123
Low CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	67	3,086
Current	0	0
Unbilled minimum lease payments	0	0
Total minimum lease payments	67	3,086
Non-recourse notes payable	0	0
Net credit exposure	67	3,086
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	143	492
31 to 60 Days Past Due [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	446	211
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	116	379
31 to 60 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	102	183
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	27	113
31 to 60 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	344	28
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	144	244
61 to 90 Days Past Due [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	97	668
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	123	224
61 to 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	97	663
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	21	20
61 to 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	0	5
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	252	485
Greater than 90 Days Past Due [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	67	3,841
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	139	230
Greater than 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	0	755
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	113	113
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	0	142
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total past due	$ 67	$ 3,086

PROPERTY, EQUIPMENT, OTHER AS40

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Other current assets [Abstract]
Deposits & funds held in escrow	$ 34,861	$ 39,161
Prepaid assets	3,609	3,388
Other	860	815
Total other current assets	39,330	43,364
Property, equipment and other assets [Abstract]
Property and equipment, net	6,513	6,690
Deferred costs	4,123	3,536
Other	1,268	1,730
Total other assets - long term	11,904	11,956
Other current liabilities [Abstract]
Accrued expenses	7,132	7,450
Accrued income taxes payable	6,171	1,761
Other	9,020	9,968
Total other current liabilities	22,323	19,179
Other liabilities [Abstract]
Deferred revenue	5,413	4,704
Other	2,496	2,376
Total other liabilities - long term	$ 7,909	$ 7,080

NOTES PAYABLE AND CREDIT FACI41

NOTES PAYABLE AND CREDIT FACILITY (Details) $ in Thousands	Jul. 26, 2017USD ($)Component	Jun. 30, 2017USD ($)Component	Mar. 31, 2017USD ($)
Recourse Notes Payable [Abstract]
Current		$ 799	$ 908
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Current		28,788	26,085
Long-term		6,908	10,431
Guarantor obligations for credit facility, maximum		$ 800
WFCDF [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Number of components under credit facility | Component	2	2
Maximum amount can be borrowed under credit facility	$ 250,000	$ 325,000
Period of notice required to terminate credit facility at quarter end		45 days
Period of notice required to terminate credit facility at year end		90 days
Guarantor obligations for credit facility, maximum		$ 10,500
Maturity date of credit facility		Oct. 31, 2017
WFCDF [Member] | LIBOR [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Debt instrument term of variable rate		1 month
Basis spread on reference rate		2.50%
Account Receivable Component [Member] | WFCDF [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
Floor Plan Component [Member] | WFCDF [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Amount outstanding under credit facility		138,900	132,600
Recourse Note Payable [Member]
Recourse Notes Payable [Abstract]
Current		$ 799	$ 908
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Weighted average interest rate of notes		3.35%	3.45%
Recourse Note Payable [Member] | Minimum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes		3.20%	3.20%
Recourse Note Payable [Member] | Maximum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes		4.13%	4.13%
Non-Recourse Note Payable [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Current		$ 28,788	$ 26,085
Long-term		6,908	10,431
Total non-recourse notes payable		$ 35,696	$ 36,516
Weighted average interest rate of notes		3.64%	3.73%
Non-Recourse Note Payable [Member] | Minimum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes		2.00%	2.00%
Non-Recourse Note Payable [Member] | Maximum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes		8.45%	7.75%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 13,423	$ 10,671
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	13,806	14,066
Effect of dilutive shares (in shares)	213	150
Weighted average shares common outstanding - diluted (in shares)	14,019	14,216
Earnings per common share - basic (in dollars per share)	$ 0.97	$ 0.76
Earnings per common share - diluted (in dollars per share)	$ 0.96	$ 0.75

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2017shares	Aug. 18, 2016shares
STOCKHOLDERS' EQUITY [Abstract]
Authorized number of shares under stock repurchase program (in shares)			1,000,000	500,000
Stock split ratio			2
Common stock repurchased during the period (in shares)	0	453,584
Average cost of share repurchased (in dollars per share) | $ / shares		$ 40.60
Common stock repurchased during the period | $		$ 18.4
Shares repurchased to satisfy tax withholding obligation (in shares)	54,546	59,472
Value of Shares repurchased to satisfy tax withholding obligation | $	$ 4.1	$ 2.6

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)	54,546	59,472
Vested share-based awards withheld to satisfy income tax obligations	$ 4,100	$ 2,600
Compensation Expense [Abstract]
Share-based compensation expense	1,507	1,458
401 (k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	$ 600	$ 400
Restricted Stock [Member]
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)	371,689
Granted (in shares)	66,812
Vested (in shares)	(137,932)
Forfeited (in shares)	(3,084)
Nonvested at end of period (in shares)	297,485
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period(in dollars per share)	$ 40.45
Granted (in dollars per share)	79.64
Vested (in dollars per share)	38.08
Forfeited (in dollars per share)	38.34
Nonvested at end of period (in dollars per share)	$ 50.38
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 14,000
Unrecognized compensation expense, period for recognition	36 months
2008 Director LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	282	460
2012 Employee LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	66,530	114,538
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)	54,546
Vested share-based awards withheld to satisfy income tax obligations	$ 4,100

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended
	Jun. 30, 2017USD ($)
INCOME TAXES [Abstract]
Additions or reductions to gross unrecognized tax benefits	$ 0

FAIR VALUE OF FINANCIAL INSTR46

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Assets [Abstract]
Money market funds	$ 34,952		$ 50,866
Liabilities [Abstract]
Contingent consideration	2,315		554
Adjustment to fair value of contingent consideration	2,100	$ 78
Payments of contingent consideration	300	$ 0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds	34,952		50,866
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	$ 2,315		$ 554

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2017USD ($)Segment	Jun. 30, 2016USD ($)	Mar. 31, 2017USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment	2
Segment Reporting Information [Line Items]
Sales of product and services	$ 357,080	$ 290,181
Financing revenue	9,071	6,987
Fee and other income	1,006	1,335
Net sales	367,157	298,503
Cost of sales, product and services	288,433	229,847
Direct lease costs	1,131	992
Cost of sales	289,564	230,839
Selling, general, and administrative expenses	54,664	48,054
Depreciation and amortization	2,063	1,775
Interest and financing costs	359	349
Operating expenses	57,086	50,178
Operating income	20,507	17,486
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	3,225	2,775
Purchases of property, equipment and operating lease equipment	1,871	890
Selected Financial Data - Balance Sheet [Abstract]
Total assets	755,184	639,099	$ 741,720
Operating Segments [Member] | Technology [Member]
Segment Reporting Information [Line Items]
Sales of product and services	357,080	290,181
Financing revenue	0	0
Fee and other income	986	1,276
Net sales	358,066	291,457
Cost of sales, product and services	288,433	229,847
Direct lease costs	0	0
Cost of sales	288,433	229,847
Selling, general, and administrative expenses	51,501	45,213
Depreciation and amortization	2,062	1,771
Interest and financing costs	0	0
Operating expenses	53,563	46,984
Operating income	16,070	14,626
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	2,095	1,788
Purchases of property, equipment and operating lease equipment	1,091	652
Selected Financial Data - Balance Sheet [Abstract]
Total assets	577,398	450,992
Operating Segments [Member] | Financing [Member]
Segment Reporting Information [Line Items]
Sales of product and services	0	0
Financing revenue	9,071	6,987
Fee and other income	20	59
Net sales	9,091	7,046
Cost of sales, product and services	0	0
Direct lease costs	1,131	992
Cost of sales	1,131	992
Selling, general, and administrative expenses	3,163	2,841
Depreciation and amortization	1	4
Interest and financing costs	359	349
Operating expenses	3,523	3,194
Operating income	4,437	2,860
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	1,130	987
Purchases of property, equipment and operating lease equipment	780	238
Selected Financial Data - Balance Sheet [Abstract]
Total assets	$ 177,786	$ 188,107

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	May 17, 2017	Dec. 06, 2016	Jun. 30, 2017	Mar. 31, 2017
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill			$ 55,396	$ 48,397
Cash portion of the acquisition		$ 9,500
OneCloud Consulting, Inc [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable and other current assets	$ 488
Identified intangible assets	3,980
Accounts payable and other current liabilities	(1,688)
Total identifiable net assets	2,780
Goodwill	7,205
Total purchase consideration	9,985
Cash portion of the acquisition	$ 7,900		$ 2,100
Contingent consideration payout period	3 years
Percentage of stock acquired	100.00%
Fair value of contingent consideration	$ 4,500
OneCloud Consulting, Inc [Member] | Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Identified intangible assets	1,600
Estimated useful lives			8 years
OneCloud Consulting, Inc [Member] | Internally Developed Processes [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Identified intangible assets	$ 2,400
Estimated useful lives			5 years
Consolidated IT Services [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable and other current assets		7,491
Property and equipment		1,045
Identified intangible assets		4,090
Accounts payable and other current liabilities		(5,786)
Total identifiable net assets		6,840
Goodwill		6,227
Total purchase consideration		$ 13,067
Cash portion of the acquisition			$ 4,000
Contingent consideration payout period			2 years
Contingent consideration cash periodic payment			$ 400
Increase (decrease) in goodwill			$ (280)
Consolidated IT Services [Member] | Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Estimated useful lives			7 years