ePlus (PLUS) 10-Q 6 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2019	Feb. 03, 2020
Cover [Abstract]
Entity Registrant Name	EPLUS INC
Entity Central Index Key	0001022408
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		13,512,815
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-34167
Entity Tax Identification Number	54-1817218
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	13595 Dulles Technology Drive
Entity Address, City or Town	Herndon
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171-3413
City Area Code	703
Local Phone Number	984-8400
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	PLUS
Security Exchange Name	NASDAQ

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 59,555	$ 79,816
Accounts receivable-trade, net	413,741	299,899
Accounts receivable-other, net	37,187	41,328
Inventories	61,065	50,493
Financing receivables-net, current	89,229	63,767
Deferred costs	20,421	17,301
Other current assets	8,809	7,499
Total current assets	690,007	560,103
Financing receivables and operating leases-net	73,506	59,032
Property, equipment and other assets	34,000	17,328
Goodwill	118,225	110,807
Other intangible assets-net	36,870	38,928
TOTAL ASSETS	952,608	786,198
Current liabilities:
Accounts payable	126,154	86,801
Accounts payable-floor plan	144,483	116,083
Salaries and commissions payable	27,476	21,286
Deferred revenue	55,128	47,251
Recourse notes payable-current	2,239	28
Non-recourse notes payable-current	59,015	38,117
Other current liabilities	24,995	19,285
Total current liabilities	439,490	328,851
Non-recourse notes payable-long term	7,120	10,502
Deferred tax liability-net	4,924	4,915
Other liabilities	28,588	17,677
TOTAL LIABILITIES	480,122	361,945
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY
Preferred stock, $.01 per share par value; 2,000 shares authorized; none outstanding	0	0
Common stock, $.01 per share par value; 25,000 shares authorized; 13,513 outstanding at December 31, 2019 and 13,611 outstanding at March 31, 2019	144	143
Additional paid-in capital	143,262	137,243
Treasury stock, at cost, 884 shares at December 31, 2019 and 693 shares at March 31, 2019	(67,691)	(53,999)
Retained earnings	396,973	341,137
Accumulated other comprehensive income-foreign currency translation adjustment	(202)	(271)
Total Stockholders' Equity	472,486	424,253
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 952,608	$ 786,198

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2019	Mar. 31, 2019
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000	25,000
Common stock, shares outstanding (in shares)	13,513	13,611
Treasury stock, shares (in shares)	884	693

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Net sales
Total	$ 428,991	$ 345,664	$ 1,221,928	$ 1,047,239
Cost of sales
Total	325,295	262,751	922,562	798,123
Gross profit	103,696	82,913	299,366	249,116
Selling, general, and administrative	73,090	59,728	209,400	174,399
Depreciation and amortization	3,647	2,719	10,667	8,250
Interest and financing costs	694	443	1,898	1,403
Operating expenses	77,431	62,890	221,965	184,052
Operating income	26,265	20,023	77,401	65,064
Other income	997	721	912	1,140
Earnings before tax	27,262	20,744	78,313	66,204
Provision for income taxes	7,712	5,880	22,477	18,064
Net earnings	$ 19,550	$ 14,864	$ 55,836	$ 48,140
Net earnings per common share-basic (in dollars per share)	$ 1.47	$ 1.10	$ 4.19	$ 3.57
Net earnings per common share-diluted (in dollars per share)	$ 1.46	$ 1.10	$ 4.16	$ 3.54
Weighted average common shares outstanding-basic (in shares)	13,320	13,471	13,329	13,467
Weighted average common shares outstanding-diluted (in shares)	13,378	13,544	13,410	13,592
Product [Member]
Net sales
Total	$ 378,569	$ 310,443	$ 1,077,667	$ 942,735
Cost of sales
Total	293,209	241,856	832,135	735,802
Services [Member]
Net sales
Total	50,422	35,221	144,261	104,504
Cost of sales
Total	$ 32,086	$ 20,895	$ 90,427	$ 62,321

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 19,550	$ 14,864	$ 55,836	$ 48,140
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	682	(302)	69	(1,102)
Other comprehensive income (loss)	682	(302)	69	(1,102)
TOTAL COMPREHENSIVE INCOME	$ 20,232	$ 14,562	$ 55,905	$ 47,038

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash Flows From Operating Activities:
Net earnings	$ 55,836	$ 48,140
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	15,217	13,341
Reserve for credit losses	504	269
Share-based compensation expense	6,019	5,418
Deferred taxes	(3)	(215)
Payments from lessees directly to lenders-operating leases	(44)	(118)
Gain on disposal of property, equipment, and leased equipment	(614)	(1,307)
Gain on sale of financing receivables	0	(5,030)
Changes in:
Accounts receivable	(102,093)	(56,769)
Inventories-net	(10,429)	(11,674)
Financing receivables-net	(87,633)	(1,070)
Deferred costs and other assets	(18,424)	3,971
Accounts payable-trade	33,574	16,062
Salaries and commissions payable, deferred revenue, and other liabilities	33,362	(8,846)
Net cash used in / provided by operating activities	(74,728)	2,172
Cash Flows From Investing Activities:
Proceeds from sale of property, equipment and leased equipment	1,404	2,550
Purchases of property, equipment, and operating lease equipment	(7,209)	(8,492)
Purchases of assets to be leased or financed	0	(13,941)
Issuance of financing receivables	0	(140,307)
Repayments of financing receivables	0	55,198
Proceeds from sale of financing receivables	0	56,983
Cash used in acquisitions, net of cash acquired	(14,239)	0
Net cash used in investing activities	(20,044)	(48,009)
Cash Flows From Financing Activities:
Borrowings of non-recourse and recourse notes payable	75,557	40,693
Repayments of non-recourse and recourse notes payable	(9,854)	(17,447)
Repurchase of common stock	(13,692)	(16,261)
Repayments of financing of acquisitions	(5,763)	(7,634)
Net borrowings (repayments) on floor plan facility	28,400	12,450
Net cash provided by financing activities	74,648	11,801
Effect of exchange rate changes on cash	(137)	172
Net Decrease in Cash and Cash Equivalents	(20,261)	(33,864)
Cash and Cash Equivalents, Beginning of Period	79,816	118,198
Cash and Cash Equivalents, End of Period	59,555	84,334
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	1,721	1,364
Cash paid for income taxes	19,519	18,269
Cash paid for amounts included in the measurement of lease liabilities	4,113	0
Schedule of Non-Cash Investing and Financing Activities:
Proceeds from sale of property, equipment, and leased equipment	0	483
Purchases of property, equipment, and operating lease equipment	(425)	(2,704)
Purchases of assets to be leased or financed	0	2,437
Issuance of financing receivables	0	(96,406)
Proceeds from sale of financing receivables	0	88,119
Consideration for acquisitions	(1,037)	0
Borrowing of non-recourse and recourse notes payable	111,234	65,042
Repayments of non-recourse and recourse notes payable	(44)	(118)
Vesting of share-based compensation	8,990	12,795
Repurchase of common stock	0	(393)
New operating lease assets obtained in exchange for lease obligations	$ 6,035	$ 0

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Mar. 31, 2018	$ 142	$ 130,000	$ (36,016)	$ 277,945	$ 532	$ 372,603
Balance (in shares) at Mar. 31, 2018	13,761
Issuance of restricted stock awards	$ 1	0	0	0	0	1
Issuance of restricted stock awards (in shares)	70
Share-based compensation	$ 0	1,693	0	0	0	1,693
Repurchase of common stock	0	0	$ (9,059)	0	0	(9,059)
Repurchase of common stock (in shares)			(108)
Net earnings	0	0	$ 0	15,273	0	15,273
Foreign currency translation adjustment	0	0	0	0	(657)	(657)
Balance at Jun. 30, 2018	$ 143	131,693	(45,075)	293,218	(125)	379,854
Balance (in shares) at Jun. 30, 2018	13,723
Balance at Mar. 31, 2018	$ 142	130,000	(36,016)	277,945	532	372,603
Balance (in shares) at Mar. 31, 2018	13,761
Net earnings						48,140
Balance at Dec. 31, 2018	$ 143	135,418	(51,899)	326,085	(570)	409,177
Balance (in shares) at Dec. 31, 2018	13,640
Balance at Jun. 30, 2018	$ 143	131,693	(45,075)	293,218	(125)	379,854
Balance (in shares) at Jun. 30, 2018	13,723
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	7
Share-based compensation	$ 0	1,868	0	0	0	1,868
Repurchase of common stock	0	0	$ (305)	0	0	(305)
Repurchase of common stock (in shares)			(3)
Net earnings	0	0	$ 0	18,003	0	18,003
Foreign currency translation adjustment	0	0	0	0	(143)	(143)
Balance at Sep. 30, 2018	$ 143	133,561	(45,380)	311,221	(268)	399,277
Balance (in shares) at Sep. 30, 2018	13,727
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	(2)
Share-based compensation	$ 0	1,857	0	0	0	1,857
Repurchase of common stock	0	0	$ (6,519)	0	0	(6,519)
Repurchase of common stock (in shares)			(85)
Net earnings	0	0	$ 0	14,864	0	14,864
Foreign currency translation adjustment	0	0	0	0	(302)	(302)
Balance at Dec. 31, 2018	$ 143	135,418	(51,899)	326,085	(570)	409,177
Balance (in shares) at Dec. 31, 2018	13,640
Balance at Mar. 31, 2019	$ 143	137,243	(53,999)	341,137	(271)	$ 424,253
Balance (in shares) at Mar. 31, 2019	13,611					13,611
Issuance of restricted stock awards	$ 1	0	0	0	0	$ 1
Issuance of restricted stock awards (in shares)	86
Share-based compensation	$ 0	1,919	0	0	0	1,919
Repurchase of common stock	0	0	$ (13,455)	0	0	(13,455)
Repurchase of common stock (in shares)			(188)
Net earnings	0	0	$ 0	16,188	0	16,188
Foreign currency translation adjustment	0	0	0	0	(263)	(263)
Balance at Jun. 30, 2019	$ 144	139,162	(67,454)	357,325	(534)	428,643
Balance (in shares) at Jun. 30, 2019	13,509
Balance at Mar. 31, 2019	$ 143	137,243	(53,999)	341,137	(271)	$ 424,253
Balance (in shares) at Mar. 31, 2019	13,611					13,611
Net earnings						$ 55,836
Balance at Dec. 31, 2019	$ 144	143,262	(67,691)	396,973	(202)	$ 472,486
Balance (in shares) at Dec. 31, 2019	13,513					13,513
Balance at Jun. 30, 2019	$ 144	139,162	(67,454)	357,325	(534)	$ 428,643
Balance (in shares) at Jun. 30, 2019	13,509
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	7
Share-based compensation	$ 0	2,135	0	0	0	2,135
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (237)	0	0	(237)
Repurchase of common stock (in shares)			(3)
Net earnings	0	0	$ 0	20,098	0	20,098
Foreign currency translation adjustment	0	0	0	0	(350)	(350)
Balance at Sep. 30, 2019	$ 144	141,297	(67,691)	377,423	(884)	450,289
Balance (in shares) at Sep. 30, 2019	13,513
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	0
Share-based compensation	$ 0	1,965	0	0	0	1,965
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ 0	0	0	0
Repurchase of common stock (in shares)			0
Net earnings	0	0	$ 0	19,550	0	19,550
Foreign currency translation adjustment	0	0	0	0	682	682
Balance at Dec. 31, 2019	$ 144	$ 143,262	$ (67,691)	$ 396,973	$ (202)	$ 472,486
Balance (in shares) at Dec. 31, 2019	13,513					13,513

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2019
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 consolidated financial statements include the accounts of e Plus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounts of businesses acquired are included in the unaudited consolidated financial statements from the dates of acquisition. INTERIM FINANCIAL STATEMENTS — The unaudited consolidated financial statements for the three and nine months ended December 31, 2019, and 2018, were prepared by us and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the nine months ended December 31, 2019, and 2018 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2020 or any other future period. These unaudited consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“US GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2019 (“2019 Annual Report”), which should be read in conjunction with these interim consolidated financial statements. USE OF ESTIMATES — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of 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 intangible assets, 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. CONCENTRATIONS OF RISK — A substantial portion of our sales are products from Cisco Systems, which were 41 % of our technology segment’s net sales for the three months ended December 31, 2019, and 40 % for the three months ended December 31, 2018, and 41 % and 42 % of our technology segment’s net sales for the nine months ended December 31, 2019, and 2018, respectively. SIGNIFICANT ACCOUNTING POLICIES — The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in our Consolidated Financial Statements for the year ended March 31, 2019, except for changes from the adoption of Accounting Standards Update ("ASU") 2016-02, Leases Leases FINANCING REVENUE — We account for leases to customers in accordance with Codification Topic 842. We utilize a portfolio approach by grouping together many similar assets being leased to a single customer. We classify our leases as either sales-type leases or operating leases. We classify leases as sales-type leases if any one of five criteria are met, each of which indicate that the lease transfers control of the underlying asset to the lessee. We classify our other leases as operating leases. For sales-type leases, upon lease commencement, we recognize the present value of the lease payments and the residual asset discounted using the rate implicit in the lease. When we are financing equipment provided by another dealer, we typically do not have any selling profit or loss arising from the lease. When we are the dealer of the equipment being leased, we typically recognize revenue in the amount of the lease receivable and cost of sales in the amount of the carrying value of the underlying asset minus the unguaranteed residual asset. After the commencement date, we recognize interest income as part of net sales using the effective interest method. For operating leases, we recognize the underlying asset as an operating lease asset. We depreciate the asset on a straight-line basis to its estimated residual value over its estimated useful life. We recognize the lease payments over the lease term on a straight-line basis as part of net sales. In all our leases, we recognize variable lease payments, primarily reimbursement for property taxes associated with the leased asset, as part of net sales in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. We exclude from revenues and expenses any sales taxes reimbursed by the lessee. We also finance third-party software and third-party services for our customers, which we classify as notes-receivable. We recognize interest income on our notes-receivable using the effective interest method. We account for transfers of our financial assets, including our lease receivables and notes receivable, under Codification Topic 860 Transfers and Servicing (“Codification Topic 860”). When a transfer meets all the requirements for sale accounting, we derecognize the financial asset and record a net gain or loss that is included in net sales. LESSEE ACCOUNTING — We lease office space over initial terms typically between 3 and 6 years . At the lease commencement date, we recognize operating lease liabilities based on the present value of the future minimum lease payments. In determining the present value of future minimum lease payments, we use our incremental borrowing rate based on the information available at the commencement date. When the future minimum payments encompass non-lease components, we account for the lease and non-lease components as a single lease component. We elected not to recognize right-of-use assets and lease liabilities for leases with an initial term of 12 months or less. We recognize lease expense on a straight-line basis over the lease term beginning on the commencement date.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Dec. 31, 2019
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — We adopted ASU 2016-02 in our quarter ended June 30, 2019 using a transition option that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transition option, we do not update the financial information and disclosures for comparative periods. Additionally, we elected a package of practical expedients to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for any existing leases. As a result of our adoption, we recorded an initial impact to our consolidated balance sheets of establishing right-of-use assets of $ million and lease liabilities of $ million and a reduction in prepaid assets of $ million at the beginning of our quarter ending June 30, 2019. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

REVENUES

REVENUES	9 Months Ended
	Dec. 31, 2019
REVENUES [Abstract]
REVENUES	3. REVENUES Contract balances Accounts receivable – trade represents amounts due from contracts with customers. In addition, we had $18.5 million and $16.2 million of receivables from contracts with customers included within financing receivables as of December 31, 2019, and March 31, 2019, respectively. The following table provides the balance of contract liabilities from contracts with customers (in thousands): Contract liabilities December 31, 2019 March 31, 2019 Current (included in deferred revenue) $ 54,482 $ 46,356 Non-current (included in other liabilities) $ 16,874 $ 13,593 Revenue recognized from the beginning contract liability balance was $15.9 million and $45.3 million for the three and nine months ended December 31, 2019, respectively, and $7.3 million and $28.2 million for the three and nine months ended December 31, 2018, respectively. Performance obligations The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for ePlus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period, in thousands. The table does not include the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where we recognize revenue at the amount that we have the right to invoice for services performed. Remainder of Year ending March 31, 2020 $ 9,439 Year ending March 31, 2021 20,100 Year ending March 31, 2022 9,589 Year ending March 31, 2023 2,935 Year ending March 31, 2024 467 Year ending March 31, 2025 and thereafter 443 Total remaining performance obligations $ 42,973

FINANCING RECEIVABLES AND OPERA

FINANCING RECEIVABLES AND OPERATING LEASES	9 Months Ended
	Dec. 31, 2019
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
FINANCING RECEIVABLES AND OPERATING LEASES	4. FINANCING RECEIVABLES AND OPERATING LEASES Our financing receivables and operating leases consist primarily of leases of IT and communication equipment and notes receivable from financing customer purchases of third-party software, maintenance, and services. Our leases often include elections for the lessee to purchase the underlying asset at the end of the lease term. Occasionally, our leases provide the lessee a bargain purchase option. We classify leases as either sales-type or operating lease in accordance with Codification Topic 842. The following table provides the profit recognized for sales-type leases at their commencement date for the three and nine months ended December 31, 2019 (in thousands): Three months ended December 31, 2019 Nine months ended December 31, 2019 Net sales $ 5,710 $ 13,697 Cost of sales 4,807 11,459 Gross Profit $ 903 $ 2,238 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and nine months ended December 31, 2019 (in thousands): Three months ended December 31, 2019 Nine months ended December 31, 2019 Interest Income on sales-type leases $ 1,272 $ 4,862 Lease income on operating leases $ 4,489 $ 14,908 FINANCING RECEIVABLES—NET Our financing receivables - net consist of the following (in thousands): December 31, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 60,234 $ 81,450 $ 141,684 Estimated unguaranteed residual value (1) - 21,073 21,073 Initial direct costs, net of amortization (2) 297 319 616 Unearned income - (11,937 ) (11,937 ) Reserve for credit losses (3) (788 ) (642 ) (1,430 ) Total, net $ 59,743 $ 90,263 $ 150,006 Reported as: Current $ 41,350 $ 47,879 $ 89,229 Long-term 18,393 42,384 60,777 Total, net $ 59,743 $ 90,263 $ 150,006 (1) Includes estimated unguaranteed residual values of $15,883 thousand for sales type leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $299 thousand. (3) For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.” March 31, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 40,563 $ 64,201 $ 104,764 Estimated unguaranteed residual value (1) - 14,639 14,639 Initial direct costs, net of amortization (2) 377 332 709 Unearned income - (7,671 ) (7,671 ) Reserve for credit losses (3) (505 ) (530 ) (1,035 ) Total, net $ 40,435 $ 70,971 $ 111,406 Reported as: Current $ 30,852 $ 32,914 $ 63,766 Long-term 9,583 38,057 47,640 Total, net $ 40,435 $ 70,971 $ 111,406 (1) Includes $8,996 thousand for the estimated residual values of sales type leases and direct financing leases for which we sold the financing assets. (2) Initial direct costs are shown net of amortization of $275 thousand. (3) For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.” Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2019 are as follows (in thousands): Remainder of year ending March 31, 2020 $ 36,224 Year ending March 31, 2021 23,059 Year ending March 31, 2022 13,728 Year ending March 31, 2023 5,946 Year ending March 31, 2024 and thereafter 2,492 Total $ 81,449 OPERATING LEASES—NET Operating leases - net represents leases that do not qualify as sales-type leases. The components of the operating leases - net are as follows (in thousands): December 31, 2019 March 31, 2019 Cost of equipment under operating leases $ 24,692 $ 21,532 Accumulated depreciation (11,963 ) (10,139 ) Investment in operating lease equipment—net (1) $ 12,729 $ 11,393 (1) These totals include estimated unguaranteed residual values of $3.2 million and $2.9 million as of December 31, 2019 and March 31, 2019, respectively. Future scheduled minimum lease rental payments as of December 31, 2019 are as follows (in thousands): Remainder of year ending March 31, 2020 $ 1,476 Year ending March 31, 2021 4,380 Year ending March 31, 2022 2,961 Year ending March 31, 2023 1,626 Year ending March 31, 2024 and thereafter 443 Total $ 10,886 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. For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of December 31, 2019, and March 31, 2019, we had financing receivables of $ million and $ million, respectively, and operating leases of $ million and $ million, respectively, which were collateral for non-recourse notes payable. See Note 9, "Notes Payable and Credit Facility." For transfers accounted for as sales, we derecognize the carrying value of the asset transferred plus any liability and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. During the three months ended December 31, 2019 and 2018, we recognized net gains of $9.5 million and $2.4 million, and total proceeds from these sales were $246.0 million and $95.2 million respectively. For the year to date periods ended December 31, 2019 and 2018, we recognized net gains of $17.0 million and $5.0 million, respectively, and total proceeds from these sales were $414.6 million and $189.2 million, respectively. When we retain servicing obligations in transfers accounted for as sales, we allocate a portion of the proceeds to deferred revenues, which is recognized as we perform the services. As of both December 31, 2019 and March 31, 2019, we had deferred revenue of $0.4 million for servicing obligations. In a limited number of transfers accounted for as sales, we indemnified the assignee in the event that the lessee elected to early terminate the lease. As of December 31, 2019, our maximum potential future payments related to such guarantees is $ million. We believe the likelihood of making any such payments to be remote.

LESSEE ACCOUNTING

LESSEE ACCOUNTING	9 Months Ended
	Dec. 31, 2019
LESSEE ACCOUNTING [Abstract]
LESSEE ACCOUNTING	5. LESSEE ACCOUNTING We lease office space for periods up to . We recognize our right-of-use assets as part of property, equipment and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense of $ million and $ million as part of selling, general, and administrative expenses during the three and nine months ended December 31, 2019. Supplemental information about the remaining lease terms and discount rates applied as of December 31, 2019: Lease term and Discount Rate December 31, 2019 Weighted average remaining lease term (months) 40 Weighted average discount rate 4.0 % Future lease payments under our operating leases as of December 31, 2019 (in thousands): December 31, 2019 Remainder of year ending March 31, 2020 $ 1,084 Year ending March 31, 2021 5,460 Year ending March 31, 2022 4,020 Year ending March 31, 2023 3,049 Year ending March 31, 2024 1,206 Thereafter 762 Total lease payments $ 15,581 Less: Interest (965 ) Present value of lease liabilities $ 14,616 As of December 31, 2019, we were committed to office lease that had not yet commenced with a total commitment of $ thousand.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the nine months ended December 31, 2019 (in thousands): Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance March 31, 2019 $ 119,480 $ (8,673 ) $ 110,807 Acquisitions 7,410 - 7,410 Foreign currency translations 8 - 8 Ending balance December 31, 2019 $ 126,898 $ (8,673 ) $ 118,225 Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of December 31, 2019 relates to our technology reportable segment, which we also determined to be reporting unit. The change in our goodwill balance during the nine months ended December 31, 2019 relates to our acquisition of certain assets and liabilities of Innovative Technology Systems & Solutions, Inc. (“ABS Technology”), which is partially offset by adjustments related to our acquisition of SLAIT Consulting, LLC (“SLAIT”) and foreign exchange translations. See Note 16, “Business Combinations” . We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our annual test as of October 1, 2019, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit exceeded its carrying value. In our annual test as of October 1, 2018, we elected to bypass the qualitative assessment of goodwill and perform a quantitative goodwill impairment test. We concluded that the fair value of our technology reporting unit substantially exceeded its carrying value. Our conclusions would not be impacted by a ten percent change in our estimate of the fair value of the reporting unit. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following at December 31, 2019 and March 31, 2019 (in thousands): December 31, 2019 March 31, 2019 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Customer relationships & other intangibles $ 63,141 $ (30,836 ) $ 32,305 $ 57,407 $ (23,865 ) $ 33,542 Capitalized software development 10,193 (5,628 ) 4,565 10,188 (4,802 ) 5,386 Total $ 73,334 $ (36,464 ) $ 36,870 $ 67,595 $ (28,667 ) $ 38,928 Customer relationships and other intangibles are generally amortized between five to ten years. Capitalized generally amortized over five Total amortization expense for other intangible assets was $ million for the three months ended December 31, 2019 and $ million for the three months ended December 31, 2018 and $ million and $ million for the nine months ended December 31, 2019 and 2018, respectively. The change in the gross carrying amount of other intangible assets is due to the addition of a customer relationship intangible asset of $ million from our acquisition of ABS Technology.

RESERVES FOR CREDIT LOSSES

RESERVES FOR CREDIT LOSSES	9 Months Ended
	Dec. 31, 2019
RESERVES FOR CREDIT LOSSES [Abstract]
RESERVES FOR CREDIT LOSSES	7. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the nine months ended December 31, 2019 and 2018 were as follows Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Provision for credit losses 107 283 114 504 Write-offs and other (304 ) - (2 ) (306 ) Balance December 31, 2019 $ 1,382 $ 788 $ 642 $ 2,812 Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Provision for credit losses 275 50 (131 ) 194 Write-offs and other (246 ) - - (246 ) Balance December 31, 2018 $ 1,567 $ 536 $ 509 $ 2,612 Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated based on our impairment method were as follows (in thousands): December 31, 2019 March 31, 2019 Notes Receivable Lease- Related Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 726 $ 642 $ 443 $ 530 Ending balance: individually evaluated for impairment 62 - 62 - Ending balance $ 788 $ 642 $ 505 $ 530 Minimum payments: Ending balance: collectively evaluated for impairment $ 60,145 $ 81,450 $ 40,501 $ 64,201 Ending balance: individually evaluated for impairment 89 - 62 - Ending balance $ 60,234 $ 81,450 $ 40,563 $ 64,201 W e place receivables on non-accrual status when events occur that indicate a receivable will not be collectable (such as a customer bankruptcy). We charge off uncollectable financing receivables when we stop pursuing collection. 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 December 31, 2019 and March 31, 2019 (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 December 31 , 2019 High CQR $ 695 $ 322 $ 252 $ 1,269 $ 390 $ 49,887 $ 51,546 $ (4,890 ) $ (31,698 ) $ 14,958 Average CQR 315 18 74 407 716 28,781 29,904 (2,111 ) (13,472 ) 14,321 Low CQR - - - - - - - - - - Total $ 1,010 $ 340 $ 326 $ 1,676 $ 1,106 $ 78,668 $ 81,450 $ (7,001 ) $ (45,170 ) $ 29,279 March 31 , 2019 High CQR $ 325 $ 41 $ 10 $ 376 $ 543 $ 29,503 $ 30,422 $ (2,799 ) $ (11,044 ) $ 16,579 Average CQR 22 54 15 91 125 33,563 33,779 (2,508 ) (20,848 ) 10,423 Low CQR - - - - - - - - - - Total $ 347 $ 95 $ 25 $ 467 $ 668 $ 63,066 $ 64,201 $ (5,307 ) $ (31,892 ) $ 27,002 The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as of December 31, 2019 and March 31, 2019 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure December 31 , 2019 High CQR $ 578 $ 49 $ 240 $ 867 $ 1,422 $ 42,648 $ 44,937 $ (20,323 ) $ 24,614 Average CQR 118 29 125 272 246 14,690 15,208 (6,307 ) 8,901 Low CQR 90 - 29 119 352 (382 ) 89 - 89 Total $ 786 $ 78 $ 394 $ 1,258 $ 2,020 $ 56,956 $ 60,234 $ (26,630 ) $ 33,604 March 31 , 2019 High CQR $ 990 $ 40 $ 30 $ 1,060 $ 3,813 $ 28,113 $ 32,986 $ (18,245 ) $ 14,741 Average CQR 105 34 7 146 137 7,232 7,515 (1,507 ) 6,008 Low CQR - - 62 62 - - 62 - 62 Total $ 1,095 $ 74 $ 99 $ 1,268 $ 3,950 $ 35,345 $ 40,563 $ (19,752 ) $ 20,811 We estimate losses on our net credit exposure to be between 0% - 5% for customers with the 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	9 Months Ended
	Dec. 31, 2019
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	8. PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES Our property, equipment, other assets and liabilities consist of the following (in thousands): December 31, 2019 March 31, 2019 Other current assets: Deposits & funds held in escrow $ 2,438 $ 438 Prepaid assets 6,324 6,425 Other 47 636 Total other current assets $ 8,809 $ 7,499 Property, equipment and other assets Property and equipment, net $ 7,078 $ 7,314 Deferred costs - non-current 11,338 8,856 Right-of-use assets 14,577 - Other 1,007 1,158 Total other assets - long term $ 34,000 $ 17,328 Other current liabilities: Accrued expenses $ 9,639 $ 7,813 Accrued income taxes payable 1,424 181 Contingent consideration - current 283 5,162 Short-term lease liability 5,231 - Other 8,418 6,129 Total other current liabilities $ 24,995 $ 19,285 Other liabilities: Deferred revenue $ 17,076 $ 13,789 Contingent consideration - long-term - 3,780 Long-term lease liability 9,385 - Other 2,127 108 Total other liabilities - long term $ 28,588 $ 17,677 In the above table, deposits and funds held in escrow relate to financial assets that were sold to third-party banks. In conjunction with those sales, a portion of the proceeds was placed in escrow and will be released to us upon payment of outstanding invoices related to the underlying financing arrangements that were sold. In September 2019, we reached a settlement in full for one of our contingent consideration arrangements in the amount of $9.6 million which was paid in October 2019. This settlement is the primary factor behind the decrease in short-term and long-term contingent consideration.

NOTES PAYABLE AND CREDIT FACILI

NOTES PAYABLE AND CREDIT FACILITY	9 Months Ended
	Dec. 31, 2019
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	9. NOTES PAYABLE AND CREDIT FACILITY Non-recourse and recourse obligations consist of the following (in thousands): December 31, 2019 March 31, 2019 Recourse notes payable with interest rates at as of and as of Current $ 2,239 $ 28 Non-recourse notes payable secured by certain financing receivables and investments in operating leases with interest rates ranging from 2.90% to 8.45% as of December 31, 2019 and 3.23% to 8.45% as of March 31, 2019. Current $ 59,015 $ 38,117 Long-term 7,120 10,502 Total non-recourse notes payable $ 66,135 $ 48,619 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 3.69% and 4.68%, as of December 31, 2019 and March 31, 2019, respectively. The weighted average interest rate for our recourse notes payable was and as of December 31, 2019 and March 31, 2019. Our technology segment, primarily through our subsidiary e and $ million as As of December 31, 2019, the facility had an aggregate limit of $250 million for the two components, and the accounts receivable component had a sub-limit of $50 million, which bears interest assessed at a rate of the One Month LIBOR plus two and one-half percent We have an election beginning July 1 in each year to temporarily increase the aggregate limit of the two components from $ million to $ million ending the earlier of 90 days following the election or October 31 of that same year. On July 31, 2019, we elected to temporarily increase the aggregate limit to $ million. The credit facility has full recourse to e e e e e e The WFCDF facility requires a guaranty of $10.5 million by e e Fair Value As of December 31, 2019, and March 31, 2019, the fair value of our long-term recourse and non-recourse notes payable approximated their carrying value.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. Legal Proceedings From time to time, we may be subject to legal proceedings that arise in the ordinary course of business. In the opinion of management, there was not at least a reasonable possibility that the Company may have incurred a material loss, or a material loss in excess of a recorded accrual, with respect to loss contingencies for asserted legal and other claims. However, the outcome of legal proceedings and claims brought against us is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements for that reporting period could be materially adversely affected. During the three and nine months ended December 31, 2019, we recognized distributions totaling $ million and $ million, respectively, from various claims, which were recognized within other income in our consolidated statement of operations.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	11. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our unaudited consolidated statements of operations for the three and nine months ended December 31, 2019 and 2018, respectively (in thousands, except per share data). Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net earnings attributable to common shareholders - basic and diluted $ 19,550 $ 14,864 $ 55,836 $ 48,140 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,320 13,471 13,329 13,467 Effect of dilutive shares 58 73 81 125 Weighted average shares common outstanding — diluted 13,378 13,544 13,410 13,592 Earnings per common share - basic $ 1.47 $ 1.10 $ 4.19 $ 3.57 Earnings per common share - diluted $ 1.46 $ 1.10 $ 4.16 $ 3.54

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Share Repurchase Plan On April 26, 2018, our board of directors authorized the repurchase up to 500,000 shares of our outstanding common stock over a 12-month period beginning on May 28, 2018 through May 27, 2019. The plan authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. On May 24, 2019, our board of directors authorized the repurchase up to 500,000 shares of our outstanding common stock over a 12-month period beginning on May 28, 2019 through May 27, 2020. 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 nine months ended December 31, 2019, we purchased 149,044 shares of our outstanding common stock at a value of $10.7 million under the share repurchase plan; we also purchased 41,817 shares of common stock at a value of $3.0 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the nine months ended December 31, 2018, we purchased 156,087 shares of our outstanding common stock at a value of $12.0 million under the share repurchase plan; we also purchased 40,092 shares of common stock at a value of $3.9 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	13. SHARE-BASED COMPENSATION Share-Based Plans As of December 31, 2019, we had share-based awards outstanding under the following Restricted Stock Activity For the nine months ended December 31, 2019, we granted 8,646 restricted shares under the 2017 Director LTIP, and 85,132 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2018, we granted 8,531 restricted shares under the 2017 Director LTIP, and 69,847 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, 2019 224,000 $ 67.70 Granted 93,778 $ 72.90 Vested (123,250 ) $ 62.07 Forfeited (1,189 ) $ 81.84 Nonvested December 31, 2019 193,339 $ 73.73 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 nine months ended December 31, 2019, the Company had withheld 41,817 shares of common stock at a value of $3.0 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. There are no additional conditions for vesting other than service conditions. During the three months ended December 31, 2019 and 2018, we recognized $2.0 million and $1.9 million, respectively, of total share-based compensation expense. During the nine months ended December 31, 2019 and 2018, we recognized $6.0 million and $5.4 million of total share-based compensation expense, respectively. Unrecognized compensation expense related to non-vested restricted stock was $10.1 million as of December 31, 2019, which will be fully recognized over the next 30 months. We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are fully vested at all times. For the three months ended December 31, 2019 and 2018, our estimated contribution expense for the plan was $0.8 million and $0.7 million, respectively. For the nine months ended December 31, 2019 and 2018, our estimated contribution expense for the plan was $2.2 million and $1.8 million, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2019
INCOME TAXES [Abstract]
INCOME TAXES	14. 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 December 31, 2019 and 2018. We had no additions or reductions to our gross unrecognized tax benefits during the three and nine months ended December 31, 2019. 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	9 Months Ended
	Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	15. FAIR VALUE OF FINANCIAL INSTRUMENTS We account for the fair values of our assets and liabilities in accordance with Codification Topic 820, Fair Value Measurement and Disclosure. The following table summarizes the fair value hierarchy of our financial instruments as of December 31, 2019 and March 31, 2019 (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) December 31, 2019 Assets: Money market funds $ 127 $ 127 $ - $ - Liabilities: Contingent consideration $ 283 $ - $ - $ 283 March 31, 2019 Assets: Money market funds $ 50 $ 50 $ - $ - Liabilities: Contingent consideration $ 8,942 $ - $ - $ 8,942 For the nine months ended December 31, 2019, we recorded adjustments to operating expenses that increased the fair value of our liability for contingent consideration by $ million. There were adjustments to operating expenses for the three months ended December 31, 2019. In September 2019, we reached a settlement in full of one of our contingent consideration arrangements in the amount of $ million, which was paid in October 2019. Additionally, in September 2019, we paid $ million to satisfy certain current obligations in another of these arrangements. For the three and nine months ended December 31, 2018, we recorded adjustments to operating expenses that increased the fair value of our liability for contingent consideration by $ million and $ million, respectively. For the three and nine months ended December 31, 2018, we made payments of $ million and $ million, respectively, to satisfy the current obligations of the contingent consideration arrangements.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Dec. 31, 2019
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	16. ABS Technology On August 23, 2019, our subsidiary, ePlus Technology, inc., acquired certain assets and liabilities of ABS Technology, a Virginia Beach, Virginia- headquartered solutions provider with deep expertise in managed services, networking, collaboration, and security solutions. ABS Technology will enhance ePlus’ existing solutions portfolio and market position in Richmond and southern Virginia. Our preliminary sum of consideration transferred is $ million consisting of $ million paid in cash at closing plus $ million that is being paid primarily upon the collection of certain accounts receivable, of which $ million was paid by December 31, 2019, and less $ million that was repaid to us in December 2019 due to a working capital adjustment. Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 9,208 Other assets 743 Identified intangible assets 5,720 Accounts payable and other current liabilities (6,715 ) Performance obligation (1,140 ) Total identifiable net assets 7,816 Goodwill 7,461 Total purchase consideration $ 15,277 As of our filing date the initial accounting for the business combination is incomplete in respect to our determination of accounts receivable and of the consideration transferred. The identified intangible assets of $5.7 million consist of customer relationships with an estimated useful life of 7 years. The fair value of acquired receivables equals the gross contractual amounts receivable. We expect to collect all acquired receivables. We recognized goodwill related to this transaction of $7.5 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the current reporting period as though the acquisition date had been April 1, 2019, is not material. SLAIT Consulting, LLC On January 18, 2019, our subsidiary, e Plus Technology, inc., acquired 100% of the stock of SLAIT, an IT consulting and solutions provider with a focus on security advisory and managed services, managed help desk, specialized IT, staffing, and data center solutions. SLAIT is headquartered in Virginia Beach, Virginia and has locations in Richmond, Virginia, and Charlotte, North Carolina. SLAIT provides consultative services in governance, risk management and compliance; bespoke help desk and managed services solutions; and has relationships with fast-growing emerging vendors and related sales and engineering capabilities. Our sum of consideration transferred is $50.0 million consisting of $50.7 million paid in cash at closing, less $1.0 million cash acquired, and plus a working capital adjustment of $0.3 million that we paid in May 2019. Our allocation of the final purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 10,209 Other assets 1,050 Identified intangible assets 18,190 Accounts payable and other current liabilities (8,611 ) Performance obligation (5,110 ) Total identifiable net assets 15,728 Goodwill 34,301 Total purchase consideration $ 50,029 The identified intangible assets of $18.2 million consist of customer relationships with an estimated useful life of 10 years. The fair value of acquired receivables equals the gross contractual amounts receivable. We collected all acquired receivables. We recognized goodwill related to this transaction of $34.3 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the reporting period ending March 31, 2019 as though the acquisition date had been April 1, 2018, is not material. The amounts above reflect a measurement period adjustment recorded in our quarter ended December 31, 2019 that increased the purchase consideration related to a working capital adjustment by $8 thousand, increased identifiable net assets by $59 thousand and decreased goodwill by $51 thousand.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Dec. 31, 2019
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	17. SEGMENT REPORTING Our operations are conducted through two operating segments that are also both reportable segments. Our technology segment includes sales of IT products, third-party software, third-party maintenance, advanced professional and managed services, and our proprietary software to commercial enterprises, state and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software, and related services to commercial enterprises, state and local governments, and government contractors. We measure the performance of the segments based on operating income. Our reportable segment information was as follows (in thousands): Three Months Ended December 31, 2019 December 31, 2018 Technology Financing Total Technology Financing Total Sales Product $ 360,206 $ 18,363 $ 378,569 $ 299,490 $ 10,953 $ 310,443 Service 50,422 - 50,422 35,221 - 35,221 Net sales $ 410,628 $ 18,363 $ 428,991 $ 334,711 $ 10,953 $ 345,664 Cost of Sales Product 290,980 2,229 293,209 239,843 2,013 241,856 Service 32,086 - 32,086 20,895 - 20,895 Total cost of sales 323,066 2,229 325,295 260,738 2,013 262,751 Gross Profit 87,562 16,134 103,696 73,973 8,940 82,913 Selling, general, and administrative 67,759 5,331 73,090 56,607 3,121 59,728 Depreciation and amortization 3,619 28 3,647 2,714 5 2,719 Interest and financing costs - 694 694 - 443 443 Operating expenses 71,378 6,053 77,431 59,321 3,569 62,890 Operating income 16,184 10,081 26,265 14,652 5,371 20,023 Other income 997 721 Earnings before tax $ 27,262 $ 20,744 Net Sales Contracts with customers $ 404,918 $ 1,689 $ 406,607 $ 329,635 $ 813 $ 330,448 Financing and other 5,710 16,674 22,384 5,076 10,140 15,216 Net Sales $ 410,628 $ 18,363 $ 428,991 $ 334,711 $ 10,953 $ 345,664 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,691 $ 1,449 $ 5,140 $ 2,910 $ 1,564 $ 4,474 Purchases of property, equipment and operating lease equipment $ 786 $ 1,535 $ 2,321 $ 1,496 $ 545 $ 2,041 Selected Financial Data - Balance Sheet Total assets $ 733,174 $ 219,434 $ 952,608 $ 613,494 $ 184,695 $ 798,189 Nine Months Ended December 31, 2019 December 31, 2018 Technology Financing Total Technology Financing Total Sales Product $ 1,032,620 $ 45,047 $ 1,077,667 $ 911,839 $ 30,896 $ 942,735 Service 144,261 - 144,261 104,504 - 104,504 Net sales 1,176,881 45,047 1,221,928 1,016,343 30,896 1,047,239 Cost of Sales Product 825,509 6,626 832,135 730,311 5,491 735,802 Service 90,427 - 90,427 62,321 - 62,321 Cost of sales 915,936 6,626 922,562 792,632 5,491 798,123 Gross Profit 260,945 38,421 299,366 223,711 25,405 249,116 Selling, general, and administrative 197,615 11,785 209,400 166,199 8,200 174,399 Depreciation and amortization 10,555 112 10,667 8,243 7 8,250 Interest and financing costs - 1,898 1,898 - 1,403 1,403 Operating expenses 208,170 13,795 221,965 174,442 9,610 184,052 Operating income 52,775 24,626 77,401 49,269 15,795 65,064 Other income 912 1,140 Earnings before tax $ 78,313 $ 66,204 Net Sales Contracts with customers $ 1,163,184 $ 3,889 $ 1,167,073 $ 1,000,776 $ 2,469 $ 1,003,245 Financing and other 13,697 41,158 54,855 15,567 28,427 43,994 Net sales $ 1,176,881 $ 45,047 $ 1,221,928 $ 1,016,343 $ 30,896 $ 1,047,239 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 10,974 $ 4,243 $ 15,217 $ 8,895 $ 4,446 $ 13,341 Purchases of property, equipment and operating lease equipment $ 3,461 $ 3,748 $ 7,209 $ 4,472 $ 4,020 $ 8,492 Selected Financial Data - Balance Sheet Total assets $ 733,174 $ 219,434 $ 952,608 $ 613,494 $ 184,695 $ 798,189 Technology Segment Disaggregation of Revenue We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Customer end market: Technology $ 77,841 $ 61,549 $ 251,523 $ 219,783 Telecom, Media & Entertainment 84,707 58,377 218,217 144,657 Financial Services 56,395 54,411 149,241 147,048 SLED 55,908 43,846 198,964 173,442 Healthcare 60,275 48,121 176,202 145,652 All others 75,502 68,407 182,734 185,761 Net sales 410,628 334,711 1,176,881 1,016,343 Financing and other (5,710 ) (5,076 ) (13,697 ) (15,567 ) Revenue from contracts with customers $ 404,918 $ 329,635 $ 1,163,184 $ 1,000,776 Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Vendor Cisco Systems $ 169,265 $ 131,949 $ 488,051 $ 423,249 NetApp 15,799 12,408 38,997 37,447 HP Inc. & HPE 15,853 22,042 57,952 59,020 Dell EMC 12,025 17,201 38,300 49,599 Arista Networks 12,862 13,668 60,578 44,139 Juniper Networks 27,419 18,681 58,843 40,341 All others 157,405 118,762 434,160 362,548 Net sales 410,628 334,711 1,176,881 1,016,343 Financing and other (5,710 ) (5,076 ) (13,697 ) (15,567 ) Revenue from contracts with customers $ 404,918 $ 329,635 $ 1,163,184 $ 1,000,776 Financing Segment Disaggregation of Revenue We analyze our revenues within our financing segment based on the nature of the arrangement, and our revenues from contracts with customers consist of proceeds from the sale of off-lease equipment.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2019
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION — The unaudited consolidated financial statements include the accounts of e Plus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounts of businesses acquired are included in the unaudited consolidated financial statements from the dates of acquisition.
INTERIM FINANCIAL STATEMENTS	INTERIM FINANCIAL STATEMENTS — The unaudited consolidated financial statements for the three and nine months ended December 31, 2019, and 2018, were prepared by us and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the nine months ended December 31, 2019, and 2018 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2020 or any other future period. These unaudited consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“US GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2019 (“2019 Annual Report”), which should be read in conjunction with these interim consolidated financial statements.
USE OF ESTIMATES	USE OF ESTIMATES — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of 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 intangible assets, 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.
CONCENTRATIONS OF RISK	CONCENTRATIONS OF RISK — A substantial portion of our sales are products from Cisco Systems, which were 41 % of our technology segment’s net sales for the three months ended December 31, 2019, and 40 % for the three months ended December 31, 2018, and 41 % and 42 % of our technology segment’s net sales for the nine months ended December 31, 2019, and 2018, respectively.
FINANCING REVENUE	FINANCING REVENUE — We account for leases to customers in accordance with Codification Topic 842. We utilize a portfolio approach by grouping together many similar assets being leased to a single customer. We classify our leases as either sales-type leases or operating leases. We classify leases as sales-type leases if any one of five criteria are met, each of which indicate that the lease transfers control of the underlying asset to the lessee. We classify our other leases as operating leases. For sales-type leases, upon lease commencement, we recognize the present value of the lease payments and the residual asset discounted using the rate implicit in the lease. When we are financing equipment provided by another dealer, we typically do not have any selling profit or loss arising from the lease. When we are the dealer of the equipment being leased, we typically recognize revenue in the amount of the lease receivable and cost of sales in the amount of the carrying value of the underlying asset minus the unguaranteed residual asset. After the commencement date, we recognize interest income as part of net sales using the effective interest method. For operating leases, we recognize the underlying asset as an operating lease asset. We depreciate the asset on a straight-line basis to its estimated residual value over its estimated useful life. We recognize the lease payments over the lease term on a straight-line basis as part of net sales. In all our leases, we recognize variable lease payments, primarily reimbursement for property taxes associated with the leased asset, as part of net sales in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. We exclude from revenues and expenses any sales taxes reimbursed by the lessee. We also finance third-party software and third-party services for our customers, which we classify as notes-receivable. We recognize interest income on our notes-receivable using the effective interest method. We account for transfers of our financial assets, including our lease receivables and notes receivable, under Codification Topic 860 Transfers and Servicing (“Codification Topic 860”). When a transfer meets all the requirements for sale accounting, we derecognize the financial asset and record a net gain or loss that is included in net sales.
LESSEE ACCOUNTING	LESSEE ACCOUNTING — We lease office space over initial terms typically between 3 and 6 years . At the lease commencement date, we recognize operating lease liabilities based on the present value of the future minimum lease payments. In determining the present value of future minimum lease payments, we use our incremental borrowing rate based on the information available at the commencement date. When the future minimum payments encompass non-lease components, we account for the lease and non-lease components as a single lease component. We elected not to recognize right-of-use assets and lease liabilities for leases with an initial term of 12 months or less. We recognize lease expense on a straight-line basis over the lease term beginning on the commencement date.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Dec. 31, 2019
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — We adopted ASU 2016-02 in our quarter ended June 30, 2019 using a transition option that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transition option, we do not update the financial information and disclosures for comparative periods. Additionally, we elected a package of practical expedients to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for any existing leases. As a result of our adoption, we recorded an initial impact to our consolidated balance sheets of establishing right-of-use assets of $ million and lease liabilities of $ million and a reduction in prepaid assets of $ million at the beginning of our quarter ending June 30, 2019. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Dec. 31, 2019
REVENUES [Abstract]
Balance of Receivables, Contract Assets, and Contract Liabilities	The following table provides the balance of contract liabilities from contracts with customers (in thousands): Contract liabilities December 31, 2019 March 31, 2019 Current (included in deferred revenue) $ 54,482 $ 46,356 Non-current (included in other liabilities) $ 16,874 $ 13,593
Remaining Performance Obligations	The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for ePlus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period, in thousands. The table does not include the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where we recognize revenue at the amount that we have the right to invoice for services performed. Remainder of Year ending March 31, 2020 $ 9,439 Year ending March 31, 2021 20,100 Year ending March 31, 2022 9,589 Year ending March 31, 2023 2,935 Year ending March 31, 2024 467 Year ending March 31, 2025 and thereafter 443 Total remaining performance obligations $ 42,973

FINANCING RECEIVABLES AND OPE_2

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	9 Months Ended
	Dec. 31, 2019
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
Sales-type Leases	The following table provides the profit recognized for sales-type leases at their commencement date for the three and nine months ended December 31, 2019 (in thousands): Three months ended December 31, 2019 Nine months ended December 31, 2019 Net sales $ 5,710 $ 13,697 Cost of sales 4,807 11,459 Gross Profit $ 903 $ 2,238 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and nine months ended December 31, 2019 (in thousands): Three months ended December 31, 2019 Nine months ended December 31, 2019 Interest Income on sales-type leases $ 1,272 $ 4,862 Lease income on operating leases $ 4,489 $ 14,908
Notes Receivable Net and Investments in Leases	Our financing receivables - net consist of the following (in thousands): December 31, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 60,234 $ 81,450 $ 141,684 Estimated unguaranteed residual value (1) - 21,073 21,073 Initial direct costs, net of amortization (2) 297 319 616 Unearned income - (11,937 ) (11,937 ) Reserve for credit losses (3) (788 ) (642 ) (1,430 ) Total, net $ 59,743 $ 90,263 $ 150,006 Reported as: Current $ 41,350 $ 47,879 $ 89,229 Long-term 18,393 42,384 60,777 Total, net $ 59,743 $ 90,263 $ 150,006 (1) Includes estimated unguaranteed residual values of $15,883 thousand for sales type leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $299 thousand. (3) For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.” March 31, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 40,563 $ 64,201 $ 104,764 Estimated unguaranteed residual value (1) - 14,639 14,639 Initial direct costs, net of amortization (2) 377 332 709 Unearned income - (7,671 ) (7,671 ) Reserve for credit losses (3) (505 ) (530 ) (1,035 ) Total, net $ 40,435 $ 70,971 $ 111,406 Reported as: Current $ 30,852 $ 32,914 $ 63,766 Long-term 9,583 38,057 47,640 Total, net $ 40,435 $ 70,971 $ 111,406 (1) Includes $8,996 thousand for the estimated residual values of sales type leases and direct financing leases for which we sold the financing assets. (2) Initial direct costs are shown net of amortization of $275 thousand. (3) For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.”
Future Scheduled Minimum Lease Payments	Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2019 are as follows (in thousands): Remainder of year ending March 31, 2020 $ 36,224 Year ending March 31, 2021 23,059 Year ending March 31, 2022 13,728 Year ending March 31, 2023 5,946 Year ending March 31, 2024 and thereafter 2,492 Total $ 81,449
Investment in Operating Lease Equipment - Net	Operating leases - net represents leases that do not qualify as sales-type leases. The components of the operating leases - net are as follows (in thousands): December 31, 2019 March 31, 2019 Cost of equipment under operating leases $ 24,692 $ 21,532 Accumulated depreciation (11,963 ) (10,139 ) Investment in operating lease equipment—net (1) $ 12,729 $ 11,393 (1) These totals include estimated unguaranteed residual values of $3.2 million and $2.9 million as of December 31, 2019 and March 31, 2019, respectively.
Future Minimum Rental Payments for Operating Leases	Future scheduled minimum lease rental payments as of December 31, 2019 are as follows (in thousands): Remainder of year ending March 31, 2020 $ 1,476 Year ending March 31, 2021 4,380 Year ending March 31, 2022 2,961 Year ending March 31, 2023 1,626 Year ending March 31, 2024 and thereafter 443 Total $ 10,886

LESSEE ACCOUNTING (Tables)

LESSEE ACCOUNTING (Tables)	9 Months Ended
	Dec. 31, 2019
LESSEE ACCOUNTING [Abstract]
Supplemental Information of Remaining Lease Terms and Discount Rates	Supplemental information about the remaining lease terms and discount rates applied as of December 31, 2019: Lease term and Discount Rate December 31, 2019 Weighted average remaining lease term (months) 40 Weighted average discount rate 4.0 %
Future Lease Payments Under Operating Leases	Future lease payments under our operating leases as of December 31, 2019 (in thousands): December 31, 2019 Remainder of year ending March 31, 2020 $ 1,084 Year ending March 31, 2021 5,460 Year ending March 31, 2022 4,020 Year ending March 31, 2023 3,049 Year ending March 31, 2024 1,206 Thereafter 762 Total lease payments $ 15,581 Less: Interest (965 ) Present value of lease liabilities $ 14,616

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Changes in Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the nine months ended December 31, 2019 (in thousands): Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance March 31, 2019 $ 119,480 $ (8,673 ) $ 110,807 Acquisitions 7,410 - 7,410 Foreign currency translations 8 - 8 Ending balance December 31, 2019 $ 126,898 $ (8,673 ) $ 118,225
Other Intangible Assets	Our other intangible assets consist of the following at December 31, 2019 and March 31, 2019 (in thousands): December 31, 2019 March 31, 2019 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Customer relationships & other intangibles $ 63,141 $ (30,836 ) $ 32,305 $ 57,407 $ (23,865 ) $ 33,542 Capitalized software development 10,193 (5,628 ) 4,565 10,188 (4,802 ) 5,386 Total $ 73,334 $ (36,464 ) $ 36,870 $ 67,595 $ (28,667 ) $ 38,928

RESERVES FOR CREDIT LOSSES (Tab

RESERVES FOR CREDIT LOSSES (Tables)	9 Months Ended
	Dec. 31, 2019
RESERVES FOR CREDIT LOSSES [Abstract]
Activity in Reserves for Credit Losses	Activity in our reserves for credit losses for the nine months ended December 31, 2019 and 2018 were as follows Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Provision for credit losses 107 283 114 504 Write-offs and other (304 ) - (2 ) (306 ) Balance December 31, 2019 $ 1,382 $ 788 $ 642 $ 2,812 Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Provision for credit losses 275 50 (131 ) 194 Write-offs and other (246 ) - - (246 ) Balance December 31, 2018 $ 1,567 $ 536 $ 509 $ 2,612
Reserve for Credit Losses and Minimum Lease Payments Associated with Notes Receivable and Investment in Direct Financing and Sales-type Lease Balances Disaggregated Based on Our Impairment Method	Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated based on our impairment method were as follows (in thousands): December 31, 2019 March 31, 2019 Notes Receivable Lease- Related Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 726 $ 642 $ 443 $ 530 Ending balance: individually evaluated for impairment 62 - 62 - Ending balance $ 788 $ 642 $ 505 $ 530 Minimum payments: Ending balance: collectively evaluated for impairment $ 60,145 $ 81,450 $ 40,501 $ 64,201 Ending balance: individually evaluated for impairment 89 - 62 - Ending balance $ 60,234 $ 81,450 $ 40,563 $ 64,201
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 December 31, 2019 and March 31, 2019 (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 December 31 , 2019 High CQR $ 695 $ 322 $ 252 $ 1,269 $ 390 $ 49,887 $ 51,546 $ (4,890 ) $ (31,698 ) $ 14,958 Average CQR 315 18 74 407 716 28,781 29,904 (2,111 ) (13,472 ) 14,321 Low CQR - - - - - - - - - - Total $ 1,010 $ 340 $ 326 $ 1,676 $ 1,106 $ 78,668 $ 81,450 $ (7,001 ) $ (45,170 ) $ 29,279 March 31 , 2019 High CQR $ 325 $ 41 $ 10 $ 376 $ 543 $ 29,503 $ 30,422 $ (2,799 ) $ (11,044 ) $ 16,579 Average CQR 22 54 15 91 125 33,563 33,779 (2,508 ) (20,848 ) 10,423 Low CQR - - - - - - - - - - Total $ 347 $ 95 $ 25 $ 467 $ 668 $ 63,066 $ 64,201 $ (5,307 ) $ (31,892 ) $ 27,002
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 of December 31, 2019 and March 31, 2019 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure December 31 , 2019 High CQR $ 578 $ 49 $ 240 $ 867 $ 1,422 $ 42,648 $ 44,937 $ (20,323 ) $ 24,614 Average CQR 118 29 125 272 246 14,690 15,208 (6,307 ) 8,901 Low CQR 90 - 29 119 352 (382 ) 89 - 89 Total $ 786 $ 78 $ 394 $ 1,258 $ 2,020 $ 56,956 $ 60,234 $ (26,630 ) $ 33,604 March 31 , 2019 High CQR $ 990 $ 40 $ 30 $ 1,060 $ 3,813 $ 28,113 $ 32,986 $ (18,245 ) $ 14,741 Average CQR 105 34 7 146 137 7,232 7,515 (1,507 ) 6,008 Low CQR - - 62 62 - - 62 - 62 Total $ 1,095 $ 74 $ 99 $ 1,268 $ 3,950 $ 35,345 $ 40,563 $ (19,752 ) $ 20,811

PROPERTY, EQUIPMENT, OTHER AS_2

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2019
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): December 31, 2019 March 31, 2019 Other current assets: Deposits & funds held in escrow $ 2,438 $ 438 Prepaid assets 6,324 6,425 Other 47 636 Total other current assets $ 8,809 $ 7,499 Property, equipment and other assets Property and equipment, net $ 7,078 $ 7,314 Deferred costs - non-current 11,338 8,856 Right-of-use assets 14,577 - Other 1,007 1,158 Total other assets - long term $ 34,000 $ 17,328 Other current liabilities: Accrued expenses $ 9,639 $ 7,813 Accrued income taxes payable 1,424 181 Contingent consideration - current 283 5,162 Short-term lease liability 5,231 - Other 8,418 6,129 Total other current liabilities $ 24,995 $ 19,285 Other liabilities: Deferred revenue $ 17,076 $ 13,789 Contingent consideration - long-term - 3,780 Long-term lease liability 9,385 - Other 2,127 108 Total other liabilities - long term $ 28,588 $ 17,677

NOTES PAYABLE AND CREDIT FACI_2

NOTES PAYABLE AND CREDIT FACILITY (Tables)	9 Months Ended
	Dec. 31, 2019
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
Non-recourse and Recourse Obligations	Non-recourse and recourse obligations consist of the following (in thousands): December 31, 2019 March 31, 2019 Recourse notes payable with interest rates at as of and as of Current $ 2,239 $ 28 Non-recourse notes payable secured by certain financing receivables and investments in operating leases with interest rates ranging from 2.90% to 8.45% as of December 31, 2019 and 3.23% to 8.45% as of March 31, 2019. Current $ 59,015 $ 38,117 Long-term 7,120 10,502 Total non-recourse notes payable $ 66,135 $ 48,619

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE [Abstract]
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share	The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our unaudited consolidated statements of operations for the three and nine months ended December 31, 2019 and 2018, respectively (in thousands, except per share data). Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net earnings attributable to common shareholders - basic and diluted $ 19,550 $ 14,864 $ 55,836 $ 48,140 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,320 13,471 13,329 13,467 Effect of dilutive shares 58 73 81 125 Weighted average shares common outstanding — diluted 13,378 13,544 13,410 13,592 Earnings per common share - basic $ 1.47 $ 1.10 $ 4.19 $ 3.57 Earnings per common share - diluted $ 1.46 $ 1.10 $ 4.16 $ 3.54

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION [Abstract]
Summary of Non-vested Restricted Shares	For the nine months ended December 31, 2019, we granted 8,646 restricted shares under the 2017 Director LTIP, and 85,132 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2018, we granted 8,531 restricted shares under the 2017 Director LTIP, and 69,847 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, 2019 224,000 $ 67.70 Granted 93,778 $ 72.90 Vested (123,250 ) $ 62.07 Forfeited (1,189 ) $ 81.84 Nonvested December 31, 2019 193,339 $ 73.73

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and March 31, 2019 (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) December 31, 2019 Assets: Money market funds $ 127 $ 127 $ - $ - Liabilities: Contingent consideration $ 283 $ - $ - $ 283 March 31, 2019 Assets: Money market funds $ 50 $ 50 $ - $ - Liabilities: Contingent consideration $ 8,942 $ - $ - $ 8,942

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Dec. 31, 2019
ABS Technology [Member]
Business Acquisition [Line Items]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our preliminary sum of consideration transferred is $ million consisting of $ million paid in cash at closing plus $ million that is being paid primarily upon the collection of certain accounts receivable, of which $ million was paid by December 31, 2019, and less $ million that was repaid to us in December 2019 due to a working capital adjustment. Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 9,208 Other assets 743 Identified intangible assets 5,720 Accounts payable and other current liabilities (6,715 ) Performance obligation (1,140 ) Total identifiable net assets 7,816 Goodwill 7,461 Total purchase consideration $ 15,277
SLAIT Consulting, LLC [Member]
Business Acquisition [Line Items]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our sum of consideration transferred is $50.0 million consisting of $50.7 million paid in cash at closing, less $1.0 million cash acquired, and plus a working capital adjustment of $0.3 million that we paid in May 2019. Our allocation of the final purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 10,209 Other assets 1,050 Identified intangible assets 18,190 Accounts payable and other current liabilities (8,611 ) Performance obligation (5,110 ) Total identifiable net assets 15,728 Goodwill 34,301 Total purchase consideration $ 50,029

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Dec. 31, 2019
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information was as follows (in thousands): Three Months Ended December 31, 2019 December 31, 2018 Technology Financing Total Technology Financing Total Sales Product $ 360,206 $ 18,363 $ 378,569 $ 299,490 $ 10,953 $ 310,443 Service 50,422 - 50,422 35,221 - 35,221 Net sales $ 410,628 $ 18,363 $ 428,991 $ 334,711 $ 10,953 $ 345,664 Cost of Sales Product 290,980 2,229 293,209 239,843 2,013 241,856 Service 32,086 - 32,086 20,895 - 20,895 Total cost of sales 323,066 2,229 325,295 260,738 2,013 262,751 Gross Profit 87,562 16,134 103,696 73,973 8,940 82,913 Selling, general, and administrative 67,759 5,331 73,090 56,607 3,121 59,728 Depreciation and amortization 3,619 28 3,647 2,714 5 2,719 Interest and financing costs - 694 694 - 443 443 Operating expenses 71,378 6,053 77,431 59,321 3,569 62,890 Operating income 16,184 10,081 26,265 14,652 5,371 20,023 Other income 997 721 Earnings before tax $ 27,262 $ 20,744 Net Sales Contracts with customers $ 404,918 $ 1,689 $ 406,607 $ 329,635 $ 813 $ 330,448 Financing and other 5,710 16,674 22,384 5,076 10,140 15,216 Net Sales $ 410,628 $ 18,363 $ 428,991 $ 334,711 $ 10,953 $ 345,664 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,691 $ 1,449 $ 5,140 $ 2,910 $ 1,564 $ 4,474 Purchases of property, equipment and operating lease equipment $ 786 $ 1,535 $ 2,321 $ 1,496 $ 545 $ 2,041 Selected Financial Data - Balance Sheet Total assets $ 733,174 $ 219,434 $ 952,608 $ 613,494 $ 184,695 $ 798,189 Nine Months Ended December 31, 2019 December 31, 2018 Technology Financing Total Technology Financing Total Sales Product $ 1,032,620 $ 45,047 $ 1,077,667 $ 911,839 $ 30,896 $ 942,735 Service 144,261 - 144,261 104,504 - 104,504 Net sales 1,176,881 45,047 1,221,928 1,016,343 30,896 1,047,239 Cost of Sales Product 825,509 6,626 832,135 730,311 5,491 735,802 Service 90,427 - 90,427 62,321 - 62,321 Cost of sales 915,936 6,626 922,562 792,632 5,491 798,123 Gross Profit 260,945 38,421 299,366 223,711 25,405 249,116 Selling, general, and administrative 197,615 11,785 209,400 166,199 8,200 174,399 Depreciation and amortization 10,555 112 10,667 8,243 7 8,250 Interest and financing costs - 1,898 1,898 - 1,403 1,403 Operating expenses 208,170 13,795 221,965 174,442 9,610 184,052 Operating income 52,775 24,626 77,401 49,269 15,795 65,064 Other income 912 1,140 Earnings before tax $ 78,313 $ 66,204 Net Sales Contracts with customers $ 1,163,184 $ 3,889 $ 1,167,073 $ 1,000,776 $ 2,469 $ 1,003,245 Financing and other 13,697 41,158 54,855 15,567 28,427 43,994 Net sales $ 1,176,881 $ 45,047 $ 1,221,928 $ 1,016,343 $ 30,896 $ 1,047,239 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 10,974 $ 4,243 $ 15,217 $ 8,895 $ 4,446 $ 13,341 Purchases of property, equipment and operating lease equipment $ 3,461 $ 3,748 $ 7,209 $ 4,472 $ 4,020 $ 8,492 Selected Financial Data - Balance Sheet Total assets $ 733,174 $ 219,434 $ 952,608 $ 613,494 $ 184,695 $ 798,189
Technology Segment Disaggregation of Revenue	We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Customer end market: Technology $ 77,841 $ 61,549 $ 251,523 $ 219,783 Telecom, Media & Entertainment 84,707 58,377 218,217 144,657 Financial Services 56,395 54,411 149,241 147,048 SLED 55,908 43,846 198,964 173,442 Healthcare 60,275 48,121 176,202 145,652 All others 75,502 68,407 182,734 185,761 Net sales 410,628 334,711 1,176,881 1,016,343 Financing and other (5,710 ) (5,076 ) (13,697 ) (15,567 ) Revenue from contracts with customers $ 404,918 $ 329,635 $ 1,163,184 $ 1,000,776 Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Vendor Cisco Systems $ 169,265 $ 131,949 $ 488,051 $ 423,249 NetApp 15,799 12,408 38,997 37,447 HP Inc. & HPE 15,853 22,042 57,952 59,020 Dell EMC 12,025 17,201 38,300 49,599 Arista Networks 12,862 13,668 60,578 44,139 Juniper Networks 27,419 18,681 58,843 40,341 All others 157,405 118,762 434,160 362,548 Net sales 410,628 334,711 1,176,881 1,016,343 Financing and other (5,710 ) (5,076 ) (13,697 ) (15,567 ) Revenue from contracts with customers $ 404,918 $ 329,635 $ 1,163,184 $ 1,000,776

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Minimum [Member]
Lessee Accounting [Abstract]
Operating lease term	3 years		3 years
Maximum [Member]
Lessee Accounting [Abstract]
Operating lease term	6 years		6 years
Net Sales [Member] | Cisco Systems [Member] | Technology Segment [Member]
Concentration of risk [Abstract]
Percentage of concentration risk	41.00%	40.00%	41.00%	42.00%

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Right-of-use assets	$ 14,577	$ 0
Lease liabilities	14,616
Prepaid assets	$ 6,324	6,425
ASU 2016-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Right-of-use assets		12,700
Lease liabilities		12,300
Prepaid assets		$ (400)

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable - trade	$ 18,500		$ 18,500		$ 16,200
Current (included in deferred revenue)	54,482		54,482		46,356
Non-current (included in other liabilities)	16,874		16,874		$ 13,593
Revenue recognized from the beginning contract liability	15,900	$ 7,300	45,300	$ 28,200
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	42,973		42,973
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 9,439		$ 9,439
Expected timing of satisfaction, period	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 20,100		$ 20,100
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 9,589		$ 9,589
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 2,935		$ 2,935
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 467		$ 467
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 443		$ 443
Expected timing of satisfaction, period	1 year		1 year

FINANCING RECEIVABLES AND OPE_3

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2019		Dec. 31, 2018	Mar. 31, 2019		Mar. 31, 2018
Profit Recognized for Sales-type Leases [Abstract]
Net sales		$ 5,710			$ 13,697
Cost of sales		4,807			11,459
Gross Profit		903			2,238
Interest Income on Sales-type Leases [Abstract]
Interest Income on sales-type leases		1,272			4,862
Lease income on operating leases		4,489			14,908
Financing Receivables [Abstract]
Reserve for credit losses		(2,812)		$ (2,612)	(2,812)		$ (2,612)	$ (2,614)		$ (2,664)
Reported as [Abstract]
Current		89,229			89,229			63,767
Future scheduled minimum lease payments [Abstract]
Remainder of year ending March 31, 2020		36,224			36,224
Year ending March 31, 2021		23,059			23,059
Year ending March 31, 2022		13,728			13,728
Year ending March 31, 2023		5,946			5,946
Year ending March 31, 2024 and thereafter		2,492			2,492
Total		81,449			81,449
Estimated unguaranteed residual values for direct financing lease		15,883			15,883			8,996
Accumulated amortization of initial direct cost		299			299			275
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating leases		24,692			24,692			21,532
Accumulated depreciation		(11,963)			(11,963)			(10,139)
Investment in operating lease equipment - net	[1]	12,729			12,729			11,393
Unguaranteed residual value of operating lease equipment net		3,200			3,200			2,900
Future scheduled minimum lease rental payments [Abstract]
Remainder of year ending March 31, 2020		1,476			1,476
Year ending March 31, 2021		4,380			4,380
Year ending March 31, 2022		2,961			2,961
Year ending March 31, 2023		1,626			1,626
Year ending March 31, 2024 and thereafter		443			443
Total		10,886			10,886
Collateral for non-recourse notes payable - Finance receivables		62,500			62,500			50,200
Collateral for non-recourse notes payable - Operating leases		8,500			8,500			7,800
Gain on sale of financing receivables		9,500		2,400	17,000		5,000
Proceeds from sale of financing receivables		246,000		95,200	414,600		189,200
Contract liabilities - servicing of financial assets		400			400			400
Maximum potential future payments related guarantees		300			300
Notes Receivables [Member]
Financing Receivables [Abstract]
Minimum payments		60,234			60,234			40,563
Estimated unguaranteed residual value		0	[2]		0	[2]		0	[3]
Initial direct costs, net of amortization		297	[4]		297	[4]		377	[5]
Unearned income		0			0			0
Reserve for credit losses		(788)	[6]	(536)	(788)	[6]	(536)	(505)	[6]	(486)
Total, net		59,743			59,743			40,435
Reported as [Abstract]
Current		41,350			41,350			30,852
Long-term		18,393			18,393			9,583
Total, net		59,743			59,743			40,435
Lease-Related Receivables [Member]
Financing Receivables [Abstract]
Minimum payments		81,450			81,450			64,201
Estimated unguaranteed residual value		21,073	[2]		21,073	[2]		14,639	[3]
Initial direct costs, net of amortization		319	[4]		319	[4]		332	[5]
Unearned income		(11,937)			(11,937)			(7,671)
Reserve for credit losses		(642)	[6]	$ (509)	(642)	[6]	$ (509)	(530)	[6]	$ (640)
Total, net		90,263			90,263			70,971
Reported as [Abstract]
Current		47,879			47,879			32,914
Long-term		42,384			42,384			38,057
Total, net		90,263			90,263			70,971
Financing Receivables [Member]
Financing Receivables [Abstract]
Minimum payments		141,684			141,684			104,764
Estimated unguaranteed residual value		21,073	[2]		21,073	[2]		14,639	[3]
Initial direct costs, net of amortization		616	[4]		616	[4]		709	[5]
Unearned income		(11,937)			(11,937)			(7,671)
Reserve for credit losses	[6]	(1,430)			(1,430)			(1,035)
Total, net		150,006			150,006			111,406
Reported as [Abstract]
Current		89,229			89,229			63,766
Long-term		60,777			60,777			47,640
Total, net		$ 150,006			$ 150,006			$ 111,406
[1]	These totals include estimated unguaranteed residual values of $3.2 million and $2.9 million as of December 31, 2019 and March 31, 2019, respectively.
[2]	Includes estimated unguaranteed residual values of $15,883 thousand for sales type leases, which have been sold and accounted for as sales.
[3]	Includes $8,996 thousand for the estimated residual values of sales type leases and direct financing leases for which we sold the financing assets.
[4]	Initial direct costs are shown net of amortization of $299 thousand.
[5]	Initial direct costs are shown net of amortization of $275 thousand.
[6]	For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.”

LESSEE ACCOUNTING (Details)

LESSEE ACCOUNTING (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019USD ($)Office	Dec. 31, 2019USD ($)Office
Lessee, Operating Lease [Abstract]
Rent expense	$ 1,600	$ 4,700
Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term (months)	40 months	40 months
Weighted average discount rate	4.00%	4.00%
Future Lease Payments under Operating Leases [Abstract]
Remainder of year ending March 31, 2020	$ 1,084	$ 1,084
Year ending March 31, 2021	5,460	5,460
Year ending March 31, 2022	4,020	4,020
Year ending March 31, 2023	3,049	3,049
Year ending March 31, 2024	1,206	1,206
Thereafter	762	762
Total lease payments	15,581	15,581
Less: Interest	(965)	(965)
Present value of lease liabilities	$ 14,616	$ 14,616
Maximum [Member]
Lessee, Operating Lease [Abstract]
Operating lease term	6 years	6 years
Additional Office Space [Member]
Future Lease Payments under Operating Leases [Abstract]
Number of committed office leases | Office	1	1
Total lease commitment	$ 200	$ 200

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)Unit
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 119,480
Goodwill, Impairment Loss, Beginning Balance	(8,673)
Goodwill, Net Carrying Amount, Beginning Balance	110,807
Acquisitions	7,410
Foreign currency translations	8
Goodwill, Ending Balance	126,898
Goodwill, Impairment Loss, Ending Balance	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 118,225
Number of reporting units | Unit	1
Percentage change in the fair value	10.00%

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Other Intangible Assets [Abstract]
Intangibles assets, Gross carrying amount	$ 73,334		$ 73,334		$ 67,595
Intangibles Assets, Accumulated amortization / Impairment Loss	(36,464)		(36,464)		(28,667)
Intangible assets, Net Carrying Amount	36,870		36,870		38,928
Total amortization expense for other intangible assets	2,600	$ 1,700	7,500	$ 5,300
ABS Technology [Member]
Other Intangible Assets [Abstract]
Intangible assets acquired			5,700
Customer Relationships and Other Intangibles [Member]
Other Intangible Assets [Abstract]
Intangibles assets, Gross carrying amount	63,141		63,141		57,407
Intangibles Assets, Accumulated amortization / Impairment Loss	(30,836)		(30,836)		(23,865)
Intangible assets, Net Carrying Amount	32,305		$ 32,305		33,542
Customer Relationships and Other Intangibles [Member] | Minimum [Member]
Other Intangible Assets [Abstract]
Estimated useful life			5 years
Customer Relationships and Other Intangibles [Member] | Maximum [Member]
Other Intangible Assets [Abstract]
Estimated useful life			10 years
Capitalized Software Development [Member]
Other Intangible Assets [Abstract]
Intangibles assets, Gross carrying amount	10,193		$ 10,193		10,188
Intangibles Assets, Accumulated amortization / Impairment Loss	(5,628)		(5,628)		(4,802)
Intangible assets, Net Carrying Amount	$ 4,565		$ 4,565		$ 5,386
Estimated useful life			5 years

RESERVES FOR CREDIT LOSSES, Act

RESERVES FOR CREDIT LOSSES, Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019		Dec. 31, 2018
Activity in reserves for credit losses [Roll Forward]
Balance	$ 2,614		$ 2,664
Provision for credit losses	504		194
Write-offs and other	(306)		(246)
Balance	2,812		2,612
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,579		1,538
Provision for credit losses	107		275
Write-offs and other	(304)		(246)
Balance	1,382		1,567
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	505	[1]	486
Provision for credit losses	283		50
Write-offs and other	0		0
Balance	788	[1]	536
Lease-Related Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	530	[1]	640
Provision for credit losses	114		(131)
Write-offs and other	(2)		0
Balance	$ 642	[1]	$ 509
[1]	For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.”

RESERVES FOR CREDIT LOSSES, Dis

RESERVES FOR CREDIT LOSSES, Disaggregated Based on Impairment (Details) - USD ($) $ in Thousands	Dec. 31, 2019		Mar. 31, 2019		Dec. 31, 2018	Mar. 31, 2018
Reserve for credit losses [Abstract]
Ending balance	$ 2,812		$ 2,614		$ 2,612	$ 2,664
Accounts Receivable [Member]
Reserve for credit losses [Abstract]
Ending balance	1,382		1,579		1,567	1,538
Notes Receivable [Member]
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment	726		443
Ending balance: individually evaluated for impairment	62		62
Ending balance	788	[1]	505	[1]	536	486
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment	60,145		40,501
Ending balance: individually evaluated for impairment	89		62
Ending balance	60,234		40,563
Lease-Related Receivables [Member]
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment	642		530
Ending balance: individually evaluated for impairment	0		0
Ending balance	642	[1]	530	[1]	$ 509	$ 640
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment	81,450		64,201
Ending balance: individually evaluated for impairment	0		0
Ending balance	$ 81,450		$ 64,201
[1]	For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.”

RESERVES FOR CREDIT LOSSES, CQR

RESERVES FOR CREDIT LOSSES, CQR (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	$ 1,676	$ 467
Current	1,106	668
Unbilled minimum lease payments	78,668	63,066
Total minimum lease payments	81,450	64,201
Unearned income	(7,001)	(5,307)
Non-recourse notes payable	(45,170)	(31,892)
Net credit exposure	29,279	27,002
Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	1,258	1,268
Current	2,020	3,950
Unbilled minimum lease payments	56,956	35,345
Total minimum lease payments	60,234	40,563
Non-recourse notes payable	(26,630)	(19,752)
Net credit exposure	$ 33,604	20,811
High CQR [Member] | Minimum [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Losses on net credit exposure	0.00%
High CQR [Member] | Maximum [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Losses on net credit exposure	5.00%
High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	$ 1,269	376
Current	390	543
Unbilled minimum lease payments	49,887	29,503
Total minimum lease payments	51,546	30,422
Unearned income	(4,890)	(2,799)
Non-recourse notes payable	(31,698)	(11,044)
Net credit exposure	14,958	16,579
High CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	867	1,060
Current	1,422	3,813
Unbilled minimum lease payments	42,648	28,113
Total minimum lease payments	44,937	32,986
Non-recourse notes payable	(20,323)	(18,245)
Net credit exposure	$ 24,614	14,741
Average CQR [Member] | Minimum [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Losses on net credit exposure	2.00%
Average CQR [Member] | Maximum [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Losses on net credit exposure	15.00%
Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	$ 407	91
Current	716	125
Unbilled minimum lease payments	28,781	33,563
Total minimum lease payments	29,904	33,779
Unearned income	(2,111)	(2,508)
Non-recourse notes payable	(13,472)	(20,848)
Net credit exposure	14,321	10,423
Average CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	272	146
Current	246	137
Unbilled minimum lease payments	14,690	7,232
Total minimum lease payments	15,208	7,515
Non-recourse notes payable	(6,307)	(1,507)
Net credit exposure	$ 8,901	6,008
Low CQR [Member] | Minimum [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Losses on net credit exposure	15.00%
Low CQR [Member] | Maximum [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Losses on net credit exposure	100.00%
Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	$ 0	0
Current	0	0
Unbilled minimum lease payments	0	0
Total minimum lease payments	0	0
Unearned income	0	0
Non-recourse notes payable	0	0
Net credit exposure	0	0
Low CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	119	62
Current	352	0
Unbilled minimum lease payments	(382)	0
Total minimum lease payments	89	62
Non-recourse notes payable	0	0
Net credit exposure	89	62
31 to 60 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	1,010	347
31 to 60 Days Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	786	1,095
31 to 60 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	695	325
31 to 60 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	578	990
31 to 60 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	315	22
31 to 60 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	118	105
31 to 60 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	0	0
31 to 60 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	90	0
61 to 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	340	95
61 to 90 Days Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	78	74
61 to 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	322	41
61 to 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	49	40
61 to 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	18	54
61 to 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	29	34
61 to 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	0	0
61 to 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	0	0
Greater than 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	326	25
Greater than 90 Days Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	394	99
Greater than 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	252	10
Greater than 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	240	30
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	74	15
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	125	7
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	0	0
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	$ 29	$ 62

PROPERTY, EQUIPMENT, OTHER AS_3

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019	Mar. 31, 2019
Other current assets [Abstract]
Deposits & funds held in escrow					$ 2,438	$ 438
Prepaid assets					6,324	6,425
Other					47	636
Total other current assets					8,809	7,499
Property, equipment and other assets [Abstract]
Property and equipment, net					7,078	7,314
Deferred costs - non-current					11,338	8,856
Right-of-use assets					14,577	0
Other					1,007	1,158
Total other assets - long term					34,000	17,328
Other current liabilities [Abstract]
Accrued expenses					9,639	7,813
Accrued income taxes payable					1,424	181
Contingent consideration - current					283	5,162
Short-term lease liability					5,231	0
Other					8,418	6,129
Total other current liabilities					24,995	19,285
Other liabilities [Abstract]
Deferred revenue					17,076	13,789
Contingent consideration long-term					0	3,780
Long-term lease liability					9,385	0
Other					2,127	108
Total other liabilities - long term					$ 28,588	$ 17,677
Contingent Consideration Arrangements [Abstract]
Payments of contingent consideration	$ 9,600	$ 500	$ 5,000	$ 6,100

NOTES PAYABLE AND CREDIT FACI_3

NOTES PAYABLE AND CREDIT FACILITY (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)Component	Jul. 31, 2019USD ($)	Jul. 30, 2019USD ($)	Mar. 31, 2019USD ($)
Recourse Notes Payable [Abstract]
Current	$ 2,239			$ 28
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Current	59,015			38,117
Long-term	7,120			10,502
Guarantor obligations for credit facility, maximum	300
Recourse Note Payable [Member]
Recourse Notes Payable [Abstract]
Current	$ 2,239			$ 28
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Interest rates of notes	2.55%			4.00%
Weighted average interest rate of notes	2.55%			4.00%
Non-Recourse Note Payable [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Current	$ 59,015			$ 38,117
Long-term	7,120			10,502
Total non-recourse notes payable	$ 66,135			$ 48,619
Weighted average interest rate of notes	3.69%			4.68%
Non-Recourse Note Payable [Member] | Minimum [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Interest rates of notes	2.90%			3.23%
Non-Recourse Note Payable [Member] | Maximum [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Interest rates of notes	8.45%			8.45%
WFCDF [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Number of components under credit facility | Component	2
Maximum borrowing capacity under credit facility	$ 250,000	$ 325,000	$ 250,000
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
WFCDF [Member] | Floor Plan Component [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Amount outstanding under credit facility	144,500			$ 116,100
WFCDF [Member] | Account Receivable Component [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Amount outstanding under credit facility	0			$ 0
Maximum borrowing capacity under credit facility	$ 50,000
WFCDF [Member] | Account Receivable Component [Member] | LIBOR [Member]
Non-recourse Notes Payable Secured by Certain Financing Receivables and Investment in Operating Leases [Abstract]
Debt instrument term of variable rate	1 month
Basis spread on reference rate	2.50%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Legal Proceedings [Abstract]
Claim settlement received	$ 0.8	$ 1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 19,550	$ 20,098	$ 16,188	$ 14,864	$ 18,003	$ 15,273	$ 55,836	$ 48,140
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	13,320			13,471			13,329	13,467
Effect of dilutive shares (in shares)	58			73			81	125
Weighted average shares common outstanding - diluted (in shares)	13,378			13,544			13,410	13,592
Earnings per common share - basic (in dollars per share)	$ 1.47			$ 1.10			$ 4.19	$ 3.57
Earnings per common share - diluted (in dollars per share)	$ 1.46			$ 1.10			$ 4.16	$ 3.54

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	May 24, 2019	Apr. 26, 2018
STOCKHOLDERS' EQUITY [Abstract]
Authorized number of shares under stock repurchase program (in shares)			500,000	500,000
Common stock repurchased during the period (in shares)	149,044	156,087
Common stock repurchased during the period	$ 10.7	$ 12
Shares repurchased to satisfy tax withholding obligation (in shares)	41,817	40,092
Value of shares repurchased to satisfy tax withholding obligation	$ 3	$ 3.9

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)			41,817	40,092
Vested share-based awards withheld to satisfy income tax obligations			$ 3,000	$ 3,900
Compensation Expense [Abstract]
Share-based compensation expense	$ 2,000	$ 1,900	6,019	5,418
401(k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	$ 800	$ 700	$ 2,200	$ 1,800
Restricted Stock [Member]
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)			224,000
Granted (in shares)			93,778
Vested (in shares)			(123,250)
Forfeited (in shares)			(1,189)
Nonvested at end of period (in shares)	193,339		193,339
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period (in dollars per share)			$ 67.70
Granted (in dollars per share)			72.90
Vested (in dollars per share)			62.07
Forfeited (in dollars per share)			81.84
Nonvested at end of period (in dollars per share)	$ 73.73		$ 73.73
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 10,100		$ 10,100
Unrecognized compensation expense, period for recognition			30 months
2017 Director LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)			8,646	8,531
2012 Employee LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)			85,132	69,847
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)			41,817
Vested share-based awards withheld to satisfy income tax obligations			$ 3,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
INCOME TAXES [Abstract]
Additions or reductions to gross unrecognized tax benefits	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Assets [Abstract]
Money market funds			$ 127		$ 127		$ 50
Liabilities [Abstract]
Contingent consideration			283		283		8,942
Adjustment to fair value of contingent consideration			0	$ 700	1,500	$ 1,900
Payments of contingent consideration	$ 9,600	$ 500		$ 5,000		$ 6,100
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds			127		127		50
Liabilities [Abstract]
Contingent consideration			0		0		0
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Money market funds			0		0		0
Liabilities [Abstract]
Contingent consideration			0		0		0
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Money market funds			0		0		0
Liabilities [Abstract]
Contingent consideration			$ 283		$ 283		$ 8,942

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Aug. 23, 2019	Jan. 18, 2019	Dec. 31, 2019	Dec. 31, 2019	Mar. 31, 2019
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill			$ 118,225	$ 118,225	$ 110,807
ABS Technology [Member]
Business Combination [Abstract]
Cash portion of the acquisition	$ 13,800
Contingent consideration payable	1,700
Payment for accounts receivable			600
Repayment from acquiree			200
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable	9,208
Other assets	743
Identified intangible assets	5,720
Accounts payable and other current liabilities	(6,715)
Performance obligation	(1,140)
Total identifiable net assets	7,816
Goodwill	7,461
Total purchase consideration	$ 15,277
ABS Technology [Member] | Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Estimated useful lives				7 years
SLAIT Consulting, LLC [Member]
Business Combination [Abstract]
Percentage of stock acquired		100.00%
Cash portion of the acquisition		$ 50,700
Cash acquired from acquisition		1,000
Liability from working capital adjustment		300	8	$ 8
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable		10,209
Other assets		1,050
Identified intangible assets		18,190	59	59
Accounts payable and other current liabilities		(8,611)
Performance obligation		(5,110)
Total identifiable net assets		15,728
Goodwill		34,301	$ (51)	$ (51)
Total purchase consideration		$ 50,029
SLAIT Consulting, LLC [Member] | Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Estimated useful lives				10 years

SEGMENT REPORTING, Reportable S

SEGMENT REPORTING, Reportable Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment			2
Reportable Segment Information [Abstract]
Net sales	$ 428,991	$ 345,664	$ 1,221,928	$ 1,047,239
Cost of Sales [Abstract]
Cost of sales	325,295	262,751	922,562	798,123
Gross profit	103,696	82,913	299,366	249,116
Selling, general, and administrative	73,090	59,728	209,400	174,399
Depreciation and amortization	3,647	2,719	10,667	8,250
Interest and financing costs	694	443	1,898	1,403
Operating expenses	77,431	62,890	221,965	184,052
Operating income	26,265	20,023	77,401	65,064
Other income	997	721	912	1,140
Earnings before tax	27,262	20,744	78,313	66,204
Net Sales [Abstract]
Contracts with customers	404,918	329,635	1,163,184	1,000,776
Financing and other	5,710	5,076	13,697	15,567
Net sales	428,991	345,664	1,221,928	1,047,239
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	5,140	4,474	15,217	13,341
Purchases of property, equipment and operating lease equipment	2,321	2,041	7,209	8,492
Selected Financial Data - Balance Sheet [Abstract]
Total assets	952,608	798,189	952,608	798,189	$ 786,198
Product [Member]
Reportable Segment Information [Abstract]
Net sales	378,569	310,443	1,077,667	942,735
Cost of Sales [Abstract]
Cost of sales	293,209	241,856	832,135	735,802
Net Sales [Abstract]
Net sales	378,569	310,443	1,077,667	942,735
Service [Member]
Reportable Segment Information [Abstract]
Net sales	50,422	35,221	144,261	104,504
Cost of Sales [Abstract]
Cost of sales	32,086	20,895	90,427	62,321
Net Sales [Abstract]
Net sales	50,422	35,221	144,261	104,504
Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	410,628	334,711	1,176,881	1,016,343
Net Sales [Abstract]
Contracts with customers	404,918	329,635	1,163,184	1,000,776
Financing and other	5,710	5,076	13,697	15,567
Net sales	410,628	334,711	1,176,881	1,016,343
Operating Segments [Member]
Reportable Segment Information [Abstract]
Net sales	428,991	345,664	1,221,928	1,047,239
Net Sales [Abstract]
Contracts with customers	406,607	330,448	1,167,073	1,003,245
Financing and other	22,384	15,216	54,855	43,994
Net sales	428,991	345,664	1,221,928	1,047,239
Operating Segments [Member] | Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	410,628	334,711	1,176,881	1,016,343
Cost of Sales [Abstract]
Cost of sales	323,066	260,738	915,936	792,632
Gross profit	87,562	73,973	260,945	223,711
Selling, general, and administrative	67,759	56,607	197,615	166,199
Depreciation and amortization	3,619	2,714	10,555	8,243
Interest and financing costs	0	0	0	0
Operating expenses	71,378	59,321	208,170	174,442
Operating income	16,184	14,652	52,775	49,269
Net Sales [Abstract]
Contracts with customers	404,918	329,635	1,163,184	1,000,776
Financing and other	5,710	5,076	13,697	15,567
Net sales	410,628	334,711	1,176,881	1,016,343
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	3,691	2,910	10,974	8,895
Purchases of property, equipment and operating lease equipment	786	1,496	3,461	4,472
Selected Financial Data - Balance Sheet [Abstract]
Total assets	733,174	613,494	733,174	613,494
Operating Segments [Member] | Technology Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	360,206	299,490	1,032,620	911,839
Cost of Sales [Abstract]
Cost of sales	290,980	239,843	825,509	730,311
Net Sales [Abstract]
Net sales	360,206	299,490	1,032,620	911,839
Operating Segments [Member] | Technology Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	50,422	35,221	144,261	104,504
Cost of Sales [Abstract]
Cost of sales	32,086	20,895	90,427	62,321
Net Sales [Abstract]
Net sales	50,422	35,221	144,261	104,504
Operating Segments [Member] | Financing Segment [Member]
Reportable Segment Information [Abstract]
Net sales	18,363	10,953	45,047	30,896
Cost of Sales [Abstract]
Cost of sales	2,229	2,013	6,626	5,491
Gross profit	16,134	8,940	38,421	25,405
Selling, general, and administrative	5,331	3,121	11,785	8,200
Depreciation and amortization	28	5	112	7
Interest and financing costs	694	443	1,898	1,403
Operating expenses	6,053	3,569	13,795	9,610
Operating income	10,081	5,371	24,626	15,795
Net Sales [Abstract]
Contracts with customers	1,689	813	3,889	2,469
Financing and other	16,674	10,140	41,158	28,427
Net sales	18,363	10,953	45,047	30,896
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	1,449	1,564	4,243	4,446
Purchases of property, equipment and operating lease equipment	1,535	545	3,748	4,020
Selected Financial Data - Balance Sheet [Abstract]
Total assets	219,434	184,695	219,434	184,695
Operating Segments [Member] | Financing Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	18,363	10,953	45,047	30,896
Cost of Sales [Abstract]
Cost of sales	2,229	2,013	6,626	5,491
Net Sales [Abstract]
Net sales	18,363	10,953	45,047	30,896
Operating Segments [Member] | Financing Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	0	0	0	0
Cost of Sales [Abstract]
Cost of sales	0	0	0	0
Net Sales [Abstract]
Net sales	$ 0	$ 0	$ 0	$ 0

SEGMENT REPORTING, Technology S

SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Abstract]
Net sales	$ 428,991	$ 345,664	$ 1,221,928	$ 1,047,239
Financing and other	(5,710)	(5,076)	(13,697)	(15,567)
Revenue from contracts with customers	404,918	329,635	1,163,184	1,000,776
Technology Segment [Member]
Disaggregation of Revenue [Abstract]
Net sales	410,628	334,711	1,176,881	1,016,343
Financing and other	(5,710)	(5,076)	(13,697)	(15,567)
Revenue from contracts with customers	404,918	329,635	1,163,184	1,000,776
Technology Segment [Member] | Technology [Member]
Disaggregation of Revenue [Abstract]
Net sales	77,841	61,549	251,523	219,783
Technology Segment [Member] | Telecom, Media & Entertainment [Member]
Disaggregation of Revenue [Abstract]
Net sales	84,707	58,377	218,217	144,657
Technology Segment [Member] | Financial Services [Member]
Disaggregation of Revenue [Abstract]
Net sales	56,395	54,411	149,241	147,048
Technology Segment [Member] | SLED [Member]
Disaggregation of Revenue [Abstract]
Net sales	55,908	43,846	198,964	173,442
Technology Segment [Member] | Health Care [Member]
Disaggregation of Revenue [Abstract]
Net sales	60,275	48,121	176,202	145,652
Technology Segment [Member] | All others [Member]
Disaggregation of Revenue [Abstract]
Net sales	75,502	68,407	182,734	185,761
Technology Segment [Member] | Cisco Systems [Member]
Disaggregation of Revenue [Abstract]
Net sales	169,265	131,949	488,051	423,249
Technology Segment [Member] | NetApp [Member]
Disaggregation of Revenue [Abstract]
Net sales	15,799	12,408	38,997	37,447
Technology Segment [Member] | HP Inc. & HPE [Member]
Disaggregation of Revenue [Abstract]
Net sales	15,853	22,042	57,952	59,020
Technology Segment [Member] | Dell / EMC [Member]
Disaggregation of Revenue [Abstract]
Net sales	12,025	17,201	38,300	49,599
Technology Segment [Member] | Arista Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	12,862	13,668	60,578	44,139
Technology Segment [Member] | Juniper Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	27,419	18,681	58,843	40,341
Technology Segment [Member] | All others [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 157,405	$ 118,762	$ 434,160	$ 362,548