ePlus (PLUS) 10-Q 7 Nov 19 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
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		13,513,470
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Sep. 30, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 55,832	$ 79,816
Accounts receivable-trade, net	355,178	299,899
Accounts receivable-other, net	38,613	41,328
Inventories	57,198	50,493
Financing receivables-net, current	108,646	63,767
Deferred costs	19,225	17,301
Other current assets	6,867	7,499
Total current assets	641,559	560,103
Financing receivables and operating leases-net	79,512	59,032
Property, equipment and other assets	35,304	17,328
Goodwill	118,097	110,807
Other intangible assets-net	39,794	38,928
TOTAL ASSETS	914,266	786,198
Current liabilities:
Accounts payable	107,336	86,801
Accounts payable-floor plan	129,668	116,083
Salaries and commissions payable	23,679	21,286
Deferred revenue	50,284	47,251
Recourse notes payable-current	0	28
Non-recourse notes payable-current	77,608	38,117
Other current liabilities	32,924	19,285
Total current liabilities	421,499	328,851
Non-recourse notes payable-long term	8,404	10,502
Deferred tax liability-net	4,927	4,915
Other liabilities	29,147	17,677
TOTAL LIABILITIES	463,977	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 September 30, 2019 and 13,611 outstanding at March 31, 2019	144	143
Additional paid-in capital	141,297	137,243
Treasury stock, at cost, 884 shares at September 30, 2019 and 693 shares at March 31, 2019	(67,691)	(53,999)
Retained earnings	377,423	341,137
Accumulated other comprehensive income-foreign currency translation adjustment	(884)	(271)
Total Stockholders' Equity	450,289	424,253
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 914,266	$ 786,198

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 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		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net sales
Total	$ 411,565	$ 345,043	$ 792,937	$ 701,575
Cost of sales
Total	308,534	259,543	597,267	535,372
Gross profit	103,031	85,500	195,670	166,203
Selling, general, and administrative	70,523	57,705	136,310	114,671
Depreciation and amortization	3,557	2,741	7,020	5,531
Interest and financing costs	576	484	1,204	960
Operating expenses	74,656	60,930	144,534	121,162
Operating income	28,375	24,570	51,136	45,041
Other income (expense)	(40)	322	(85)	419
Earnings before tax	28,335	24,892	51,051	45,460
Provision for income taxes	8,237	6,889	14,765	12,184
Net earnings	$ 20,098	$ 18,003	$ 36,286	$ 33,276
Net earnings per common share-basic (in dollars per share)	$ 1.51	$ 1.33	$ 2.72	$ 2.47
Net earnings per common share-diluted (in dollars per share)	$ 1.51	$ 1.33	$ 2.71	$ 2.45
Weighted average common shares outstanding-basic (in shares)	13,312	13,494	13,334	13,464
Weighted average common shares outstanding-diluted (in shares)	13,350	13,586	13,408	13,597
Product [Member]
Net sales
Total	$ 363,497	$ 309,475	$ 699,098	$ 632,292
Cost of sales
Total	278,863	238,134	538,926	493,946
Services [Member]
Net sales
Total	48,068	35,568	93,839	69,283
Cost of sales
Total	$ 29,671	$ 21,409	$ 58,341	$ 41,426

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 20,098	$ 18,003	$ 36,286	$ 33,276
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	(350)	(143)	(613)	(800)
Other comprehensive income (loss)	(350)	(143)	(613)	(800)
TOTAL COMPREHENSIVE INCOME	$ 19,748	$ 17,860	$ 35,673	$ 32,476

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities:
Net earnings	$ 36,286	$ 33,276
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	10,077	8,867
Reserve for credit losses, inventory obsolescence, and sales returns	631	178
Share-based compensation expense	4,054	3,561
Deferred taxes	(3)	0
Payments from lessees directly to lenders-operating leases	(34)	(75)
Gain on disposal of property, equipment, and leased equipment	(436)	(939)
Gain on sale of financing receivables	0	(2,584)
Other	0	2
Changes in:
Accounts receivable	(46,100)	(29,287)
Inventories-net	(5,301)	(16,688)
Financing receivables-net	(76,423)	(5,922)
Deferred costs and other assets	(18,826)	4,920
Accounts payable-trade	15,585	2,375
Salaries and commissions payable, deferred revenue, and other liabilities	26,086	(14,769)
Net cash used in operating activities	(54,404)	(17,085)
Cash Flows From Investing Activities:
Proceeds from sale of property, equipment and leased equipment	653	1,764
Purchases of property, equipment, and operating lease equipment	(4,888)	(6,451)
Purchases of assets to be leased or financed	0	(8,620)
Issuance of financing receivables	0	(88,442)
Repayments of financing receivables	0	33,349
Proceeds from sale of financing receivables	0	30,463
Cash used in acquisitions, net of cash acquired	(13,815)	0
Net cash used in investing activities	(18,050)	(37,937)
Cash Flows From Financing Activities:
Borrowings of non-recourse and recourse notes payable	54,877	27,157
Repayments of non-recourse and recourse notes payable	(5,629)	(11,229)
Repurchase of common stock	(13,692)	(10,135)
Repayments of financing of acquisitions	(785)	(2,134)
Net borrowings (repayments) on floor plan facility	13,585	8,662
Net cash provided by financing activities	48,356	12,321
Effect of exchange rate changes on cash	114	150
Net Decrease in Cash and Cash Equivalents	(23,984)	(42,551)
Cash and Cash Equivalents, Beginning of Period	79,816	118,198
Cash and Cash Equivalents, End of Period	55,832	75,647
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	1,115	945
Cash paid for income taxes	12,471	11,221
Cash paid for amounts included in the measurement of lease liabilities	2,566	0
Schedule of Non-Cash Investing and Financing Activities:
Proceeds from sale of property, equipment, and leased equipment	0	461
Purchases of property, equipment, and operating lease equipment	(396)	(934)
Purchases of assets to be leased or financed	0	1,010
Issuance of financing receivables	0	(36,655)
Proceeds from sale of financing receivables	0	40,265
Financing of acquisitions	(1,464)	0
Borrowing of non-recourse and recourse notes payable	82,462	37,688
Repayments of non-recourse and recourse notes payable	(34)	(63)
Vesting of share-based compensation	8,972	12,769
New operating lease assets obtained in exchange for lease obligations	$ 5,225	$ 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)
Dividends declared	0	0	$ 0	0	0	0
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						33,276
Balance at Sep. 30, 2018	$ 143	133,561	(45,380)	311,221	(268)	399,277
Balance (in shares) at Sep. 30, 2018	13,727
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)
Dividends declared	0	0	$ 0	0	0	0
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
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						$ 36,286
Balance at Sep. 30, 2019	$ 144	141,297	(67,691)	377,423	(884)	$ 450,289
Balance (in shares) at Sep. 30, 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
Issuance of restricted stock awards (in shares)	7
Share-based compensation	$ 0	2,135	0	0	0	2,135
Share-based compensation (in shares)	(3)
Repurchase of common stock	$ 0	0	(237)	0	0	(237)
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					13,513

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019 and 2018 were prepared by us, without audit, and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the six months ended September 30, 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 43% of our technology segment’s net sales for the three months ended September 30, 2019 and 45% for the three months ended September 30, 2018, and 42% and 43% of our technology segment’s net sales for the six months ended September 30, 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 many similar assets being leased to one customer together. 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 recognized 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 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	6 Months Ended
	Sep. 30, 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	6 Months Ended
	Sep. 30, 2019
REVENUES [Abstract]
REVENUES	3. REVENUES Contract balances Accounts receivable – trade represents amounts due from contracts with customers. In addition, we had $22.1 million and $16.2 million of receivables from contracts with customers included within financing receivables as of September 30, 2019 and March 31, 2019, respectively. The following table provides the balance of contract liabilities from contracts with customers (in thousands): Contract liabilities September 30, 2019 March 31, 2019 Current (included in deferred revenue) $ 49,416 $ 46,356 Non-current (included in other liabilities) $ 17,133 $ 13,593 Revenue recognized from the beginning contract liability balance was $13.6 million and $29.4 million for the three and six months ended September 30, 2019 respectively, and $8.1 million and $20.9 million for the three and six months ended September 30, 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 $ 15,118 Year ending March 31, 2021 15,940 Year ending March 31, 2022 7,817 Year ending March 31, 2023 2,124 Year ending March 31, 2024 404 Year ending March 31, 2025 and thereafter 423 Total remaining performance obligations $ 41,826

FINANCING RECEIVABLES AND OPERA

FINANCING RECEIVABLES AND OPERATING LEASES	6 Months Ended
	Sep. 30, 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 leases 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 six months ended September 30, 2019 (in thousands): Three months ended September 30, 2019 Six months ended September 30, 2019 Net sales $ 3,133 $ 7,987 Cost of sales 2,702 6,652 Gross Profit $ 431 $ 1,335 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2019 (in thousands): Three months ended September 30, 2019 Six months ended September 30, 2019 Interest income on sales-type leases $ 1,495 $ 3,590 Lease income on operating leases $ 5,059 $ 10,418 FINANCING RECEIVABLES—NET Our financing receivables-net consist of the following (in thousands): September 30, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 78,483 $ 87,989 $ 166,472 Estimated unguaranteed residual value (1) - 20,640 20,640 Initial direct costs, net of amortization (2) 644 284 928 Unearned income - (11,327 ) (11,327 ) Reserve for credit losses (3) (520 ) (500 ) (1,020 ) Total, net $ 78,607 $ 97,086 $ 175,693 Reported as: Current $ 59,603 $ 49,043 $ 108,646 Long-term 19,004 48,043 67,047 Total, net $ 78,607 $ 97,086 $ 175,693 (1) Includes estimated unguaranteed residual values of $14,211 thousand for sales type leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $393 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 September 30, 2019 are as follows (in thousands): Remainder of Year ending March 31, 2020 $ 43,732 Year ending March 31, 2021 22,787 Year ending March 31, 2022 14,038 Year ending March 31, 2023 4,979 Year ending March 31, 2024 and thereafter 2,453 Total $ 87,989 OPERATING LEASES—NET Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands): September 30, 2019 March 31, 2019 Cost of equipment under operating leases $ 23,927 $ 21,532 Accumulated depreciation (11,462 ) (10,139 ) Investment in operating lease equipment—net (1) $ 12,465 $ 11,393 (1) These totals include estimated unguaranteed residual values of $3,006 thousand and $2,906 thousand as of September 30, 2019 and March 31, 2019, respectively. Future scheduled minimum lease rental payments as of September 30, 2019 are as follows (in thousands): Remainder of Year ending March 31, 2020 $ 2,507 Year ending March 31, 2021 3,815 Year ending March 31, 2022 2,555 Year ending March 31, 2023 1,455 Year ending March 31, 2024 and thereafter 443 Total $ 10,775 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 September 30, 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 September 30, 2019 and 2018, we recognized net gains of $4.1 million and $1.2 million, and total proceeds from these sales were $95.1 million and $47.2 million, respectively. For the year to date periods ended September 30, 2019 and 2018, we recognized net gains of $7.5 million and $2.5 million, respectively, and total proceeds from these sales were $172.0 million and $94.0 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 September 30, 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 September 30, 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	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019. Supplemental information about the remaining lease terms and discount rates applied as of September 30, 2019: Lease term and Discount Rate September 30, 2019 Weighted average remaining lease term (months) 41 Weighted average discount rate 4.0 % Future lease payments under our operating leases as of September 30, 2019 (in thousands): September 30, 2019 Remainder of year ending March 31, 2020 $ 2,609 Year ending March 31, 2021 5,341 Year ending March 31, 2022 3,783 Year ending March 31, 2023 2,804 Year ending March 31, 2024 1,053 Thereafter 632 Total lease payments $ 16,221 Less: Interest (1,035 ) Present value of lease liabilities $ 15,186 As of September 30, 2019, the Company has additional office lease in Limerick, PA that had not yet commenced with a total commitment of $ thousand.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019 (in thousands): September 30, 2019 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 119,480 $ (8,673 ) $ 110,807 Acquisitions 7,412 - 7,412 Foreign currency translations (122 ) - (122 ) Ending balance $ 126,770 $ (8,673 ) $ 118,097 Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of September 30, 2019 relates to our technology reportable segment, which we also determined to be reporting unit. The change in our goodwill balance during the six months ended September 30, 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. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following at September 30, 2019 and March 31, 2019 (in thousands): September 30, 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 $ 62,989 $ (28,308 ) $ 34,681 $ 57,407 $ (23,865 ) $ 33,542 Capitalized software development 10,474 (5,361 ) 5,113 10,188 (4,802 ) 5,386 Total $ 73,463 $ (33,669 ) $ 39,794 $ 67,595 $ (28,667 ) $ 38,928 Customer relationships and other intangibles are generally amortized between to years. Capitalized generally amortized over Total amortization expense for other intangible assets was $2.5 million and $1.8 million for the three months and $4.9 million and $3.1 million for the six months ended September 30, 2019 and 2018, respectively. The change in the gross carrying amount of other intangible assets is due to the acquisition of ABS Technology of $5.7 million.

RESERVES FOR CREDIT LOSSES

RESERVES FOR CREDIT LOSSES	6 Months Ended
	Sep. 30, 2019
RESERVES FOR CREDIT LOSSES [Abstract]
RESERVES FOR CREDIT LOSSES	7. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the six months ended September 30, 2019 and 2018 were as follows (in thousands): Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Provision for credit losses 311 15 (27 ) 299 Write-offs and other (42 ) - (3 ) (45 ) Balance September 30, 2019 $ 1,848 $ 520 $ 500 $ 2,868 Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Provision for credit losses 127 (3 ) (42 ) 82 Write-offs and other (1 ) - - (1 ) Balance September 30, 2018 $ 1,664 $ 483 $ 598 $ 2,745 Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated based on of our impairment method were as follows (in thousands): September 30, 2019 March 31, 2019 Notes Receivable Lease- Related Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 455 $ 500 $ 443 $ 530 Ending balance: individually evaluated for impairment 65 - 62 - Ending balance $ 520 $ 500 $ 505 $ 530 Minimum payments: Ending balance: collectively evaluated for impairment $ 78,394 $ 87,989 $ 40,501 $ 64,201 Ending balance: individually evaluated for impairment 89 - 62 - Ending balance $ 78,483 $ 87,989 $ 40,563 $ 64,201 W e place receivables on non-accrual status when events, such as a customer’s declaring bankruptcy, occur that indicate a receivable will not be collectable. We charge off uncollectable financing receivables when we stop pursuing collection. 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 September 30, 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 September 30 , 2019 High CQR $ 213 $ 354 $ 126 $ 693 $ 190 $ 56,065 $ 56,948 $ (5,285 ) $ (24,765 ) $ 26,898 Average CQR 65 36 41 142 283 30,616 31,041 (2,368 ) (9,839 ) 18,834 Low CQR - - - - - - - - - - Total $ 278 $ 390 $ 167 $ 835 $ 473 $ 86,681 $ 87,989 $ (7,653 ) $ (34,604 ) $ 45,732 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 September 30, 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 Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure September 30 , 2019 High CQR $ 105 $ 1,367 $ 152 $ 1,624 $ 2,066 $ 65,225 $ 68,915 $ (44,447 ) $ 24,468 Average CQR 70 38 11 119 684 8,676 9,479 (684 ) 8,795 Low CQR - - 89 89 - - 89 - 89 Total $ 175 $ 1,405 $ 252 $ 1,832 $ 2,750 $ 73,901 $ 78,483 $ (45,131 ) $ 33,352 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	6 Months Ended
	Sep. 30, 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): September 30, 2019 March 31, 2019 Other current assets: Deposits & funds held in escrow $ 211 $ 438 Prepaid assets 6,285 6,425 Other 371 636 Total other current assets $ 6,867 $ 7,499 Property, equipment and other assets Property and equipment, net $ 7,236 $ 7,314 Deferred costs - non-current 11,303 8,856 Right-of-use assets 15,141 - Other 1,624 1,158 Total other assets - long term $ 35,304 $ 17,328 Other current liabilities: Accrued expenses $ 8,846 $ 7,813 Accrued income taxes payable 216 181 Contingent consideration - current 283 5,162 Short-term lease liability 5,396 - Other 18,183 6,129 Total other current liabilities $ 32,924 $ 19,285 Other liabilities: Deferred revenue $ 17,333 $ 13,789 Contingent consideration - long-term - 3,780 Long-term lease liability 9,790 - Other 2,024 108 Total other liabilities - long term $ 29,147 $ 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, that was paid in October 2019. This settlement is the primary factor behind the decrease in short-term and long-term contingent consideration and the increase in the other category in other current liabilities.

NOTES PAYABLE AND CREDIT FACILI

NOTES PAYABLE AND CREDIT FACILITY	6 Months Ended
	Sep. 30, 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): September 30, 2019 March 31, 2019 Recourse notes payable with interest rates of 4.00% at March 31, 2019. Current $ - $ 28 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.90% to 8.45% as of September 30, 2019 and 3.23% to 8.45% as of March 31, 2019. Current $ 77,608 $ 38,117 Long-term 8,404 10,502 Total non-recourse notes payable $ 86,012 $ 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 3.98% and 4.68%, as of September 30, 2019 and March 31, 2019, respectively. The weighted average interest rate for our recourse notes payable was 4.00% as of March 31, 2019. and we had no recourse notes payable as of September 30, 2019. Under recourse financing, if a customer defaults, the lender has recourse to the customer, the assets serving as collateral, and us. Under non-recourse financing, if a customer defaults, the lender generally only has recourse against the customer and the assets serving as collateral, but not us. Our technology segment, through our subsidiary e and $ million as As of September 30, 2019, the facility had an aggregate limit of $325 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 September 30, 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	6 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019 and 2018, respectively (in thousands, except per share data). Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net earnings attributable to common shareholders - basic and diluted $ 20,098 $ 18,003 $ 36,286 $ 33,276 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,312 13,494 13,334 13,464 Effect of dilutive shares 38 92 74 133 Weighted average shares common outstanding — diluted 13,350 13,586 13,408 13,597 Earnings per common share - basic $ 1.51 $ 1.33 $ 2.72 $ 2.47 Earnings per common share - diluted $ 1.51 $ 1.33 $ 2.71 $ 2.45

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Sep. 30, 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 six months ended September 30, 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 six months ended September 30, 2018, we purchased 70,445 shares of our outstanding common stock at a value of $5.5 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	6 Months Ended
	Sep. 30, 2019
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	13. SHARE-BASED COMPENSATION Share-Based Plans As of September 30, 2019, we had share-based awards outstanding under the following Restricted Stock Activity For the six months ended September 30, 2019, we granted 8,132 restricted shares under the 2017 Director LTIP, and 85,132 restricted shares under the 2012 Employee LTIP. For the six months ended September 30, 2018, we granted 8,322 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 93,264 $ 72.89 Vested (123,011 ) $ 62.04 Forfeited (293 ) $ 87.18 Nonvested September 30, 2019 193,960 $ 70.98 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 six months ended September 30, 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 September 30, 2019 and 2018, we recognized $2.1 million and $1.9 million, respectively, of total share-based compensation expense. During the six months ended September 30, 2019 and 2018, we recognized $4.1 million and $3.6 million of total share-based compensation expense, respectively. Unrecognized compensation expense related to non-vested restricted stock was $12.0 million as of September 30, 2019, which will be fully recognized over the next 33 months. We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are fully vested at all times. For the three months ended September 30, 2019 and 2018, our estimated contribution expense for the plan was $0.7 million and $0.5 million, respectively. For the six months ended September 30, 2019 and 2018, our estimated contribution expense for the plan was $1.4 million and $1.0 million, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2019
INCOME TAXES [Abstract]
INCOME TAXES	14. INCOME TAXES We account for our tax positions in accordance with Codification Topic 740, Income Taxes Our total gross unrecognized tax benefits recorded for uncertain income tax, and interest and penalties thereon, were negligible as of September 30, 2019 and September 30, 2018. We had no additions or reductions to our gross unrecognized tax benefits during the six months ended September 30, 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	6 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 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 three and six months ended September 30, 2019, we recorded adjustments to operating expenses of $ million and $ million, respectively, that increased our liability for contingent consideration arising from our past business combinations. In September 2019, we reached a settlement in full of one of our contingent consideration arrangements in the amount of $ million, that 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 six months ended September 30, 2018, we recorded adjustments to operating expenses that increased the fair value of our liability for contingent consideration by $ million and $ million, respectively. For both the three and six months ended September 30, 2018, we made payments of $ million to satisfy the current obligations of the contingent consideration arrangements.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Sep. 30, 2019
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	16. BUSINESS COMBINATIONS ABS Technology On August 23, 2019, our subsidiary, ePlus Technology, inc., acquired certain assets and liabilities of ABS Technology, a Virginia Beach-headquartered solutions provider with deep expertise in managed services, networking, collaboration, and security solutions, will provide a strong strategic enhancement to ePlus’ existing solutions portfolio, which includes cloud, data center, security and Artificial Intelligence (“AI”)/emerging solutions, along with a comprehensive set of managed, professional and staffing services. Our preliminary sum of consideration transferred is $ 15.3 million consisting of $ 13.8 million paid in cash at closing plus a $ 1.7 million payable that is being held back and will be released primarily upon the collection of certain accounts receivable and less $ 0.2 million that is receivable from 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 7,463 Total purchase consideration $ 15,279 As of our filing date the initial accounting for the business combination is incomplete in respect to determining the final consideration transferred and the amount of assets acquired, and liabilities assumed. 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 expect to collect 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 September 30, 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	6 Months Ended
	Sep. 30, 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 September 30, 2019 September 30, 2018 Technology Financing Total Technology Financing Total Sales Product $ 349,650 $ 13,847 $ 363,497 $ 299,200 $ 10,275 $ 309,475 Service 48,068 - 48,068 35,568 - 35,568 Net sales $ 397,718 $ 13,847 $ 411,565 $ 334,768 $ 10,275 $ 345,043 Cost of Sales Product 276,475 2,388 278,863 236,404 1,730 238,134 Service 29,671 - 29,671 21,409 - 21,409 Total cost of sales 306,146 2,388 308,534 257,813 1,730 259,543 Gross Profit 91,572 11,459 103,031 76,955 8,545 85,500 Selling, general, and administrative 67,189 3,334 70,523 55,138 2,567 57,705 Depreciation and amortization 3,529 28 3,557 2,740 1 2,741 Interest and financing costs - 576 576 - 484 484 Operating expenses 70,718 3,938 74,656 57,878 3,052 60,930 Operating income 20,854 7,521 28,375 19,077 5,493 24,570 Other income (expense) (40 ) 322 Earnings before tax $ 28,335 $ 24,892 Net Sales Contracts with customers $ 394,585 $ 1,411 $ 395,996 $ 329,682 $ 1,060 $ 330,742 Financing and other 3,133 12,436 15,569 5,086 9,215 14,301 Net Sales $ 397,718 $ 13,847 $ 411,565 $ 334,768 $ 10,275 $ 345,043 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,658 $ 1,455 $ 5,113 $ 2,970 $ 1,397 $ 4,367 Purchases of property, equipment and operating lease equipment $ 1,426 $ 1,944 $ 3,370 $ 1,796 $ 3,025 $ 4,821 Selected Financial Data - Balance Sheet Total assets $ 690,648 $ 223,618 $ 914,266 $ 565,771 $ 209,425 $ 775,196 Six Months Ended September 30, 2019 September 30, 2018 Technology Financing Total Technology Financing Total Sales Product $ 672,414 $ 26,684 $ 699,098 $ 612,349 $ 19,943 $ 632,292 Service 93,839 - 93,839 69,283 - 69,283 Net sales 766,253 26,684 792,937 681,632 19,943 701,575 Cost of Sales Product 534,529 4,397 538,926 490,468 3,478 493,946 Service 58,341 - 58,341 41,426 - 41,426 Cost of sales 592,870 4,397 597,267 531,894 3,478 535,372 Gross Profit 173,383 22,287 195,670 149,738 16,465 166,203 Selling, general, and administrative 129,856 6,454 136,310 109,592 5,079 114,671 Depreciation and amortization 6,936 84 7,020 5,529 2 5,531 Interest and financing costs - 1,204 1,204 - 960 960 Operating expenses 136,792 7,742 144,534 115,121 6,041 121,162 Operating income 36,591 14,545 51,136 34,617 10,424 45,041 Other income (expense) (85 ) 419 Earnings before tax $ 51,051 $ 45,460 Net Sales Contracts with customers $ 758,266 $ 2,200 $ 760,466 $ 671,141 $ 1,656 $ 672,797 Financing and other 7,987 24,484 32,471 10,491 18,287 28,778 Net sales $ 766,253 $ 26,684 $ 792,937 $ 681,632 $ 19,943 $ 701,575 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 7,283 $ 2,794 $ 10,077 $ 5,985 $ 2,882 $ 8,867 Purchases of property, equipment and operating lease equipment $ 2,675 $ 2,213 $ 4,888 $ 2,976 $ 3,475 $ 6,451 Selected Financial Data - Balance Sheet Total assets $ 690,648 $ 223,618 $ 914,266 $ 565,771 $ 209,425 $ 775,196 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 September 30, Six Months Ended September 30, 2019 2018 2019 2018 Customer end market: Technology $ 97,502 $ 75,417 $ 173,682 $ 158,234 Telecom, Media & Entertainment 71,044 39,412 133,510 86,280 Financial Services 44,605 47,412 92,847 92,638 SLED 71,866 61,391 143,057 129,596 Healthcare 59,818 51,081 115,926 97,531 All others 52,883 60,055 107,231 117,353 Net sales 397,718 334,768 766,253 681,632 Financing and other (3,133 ) (5,086 ) (7,987 ) (10,491 ) Revenue from contracts with customers $ 394,585 $ 329,682 $ 758,266 $ 671,141 Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Vendor Cisco Systems $ 172,605 $ 152,063 $ 318,786 $ 291,300 NetApp 9,771 9,477 23,198 25,039 HP Inc. & HPE 18,986 16,658 42,099 36,977 Dell EMC 12,494 19,895 26,275 32,398 Arista Networks 26,766 10,673 47,716 30,471 Juniper Networks 24,370 11,262 31,424 21,660 All others 132,726 114,740 276,755 243,787 Net sales 397,718 334,768 766,253 681,632 Financing and other (3,133 ) (5,086 ) (7,987 ) (10,491 ) Revenue from contracts with customers $ 394,585 $ 329,682 $ 758,266 $ 671,141 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)	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019 and 2018 were prepared by us, without audit, and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the six months ended September 30, 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 43% of our technology segment’s net sales for the three months ended September 30, 2019 and 45% for the three months ended September 30, 2018, and 42% and 43% of our technology segment’s net sales for the six months ended September 30, 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 many similar assets being leased to one customer together. 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. 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
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)	6 Months Ended
	Sep. 30, 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)	6 Months Ended
	Sep. 30, 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 September 30, 2019 March 31, 2019 Current (included in deferred revenue) $ 49,416 $ 46,356 Non-current (included in other liabilities) $ 17,133 $ 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 $ 15,118 Year ending March 31, 2021 15,940 Year ending March 31, 2022 7,817 Year ending March 31, 2023 2,124 Year ending March 31, 2024 404 Year ending March 31, 2025 and thereafter 423 Total remaining performance obligations $ 41,826

FINANCING RECEIVABLES AND OPE_2

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019 (in thousands): Three months ended September 30, 2019 Six months ended September 30, 2019 Net sales $ 3,133 $ 7,987 Cost of sales 2,702 6,652 Gross Profit $ 431 $ 1,335 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2019 (in thousands): Three months ended September 30, 2019 Six months ended September 30, 2019 Interest income on sales-type leases $ 1,495 $ 3,590 Lease income on operating leases $ 5,059 $ 10,418
Notes Receivable Net and Investments in Leases	Our financing receivables-net consist of the following (in thousands): September 30, 2019 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 78,483 $ 87,989 $ 166,472 Estimated unguaranteed residual value (1) - 20,640 20,640 Initial direct costs, net of amortization (2) 644 284 928 Unearned income - (11,327 ) (11,327 ) Reserve for credit losses (3) (520 ) (500 ) (1,020 ) Total, net $ 78,607 $ 97,086 $ 175,693 Reported as: Current $ 59,603 $ 49,043 $ 108,646 Long-term 19,004 48,043 67,047 Total, net $ 78,607 $ 97,086 $ 175,693 (1) Includes estimated unguaranteed residual values of $14,211 thousand for sales type leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $393 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 September 30, 2019 are as follows (in thousands): Remainder of Year ending March 31, 2020 $ 43,732 Year ending March 31, 2021 22,787 Year ending March 31, 2022 14,038 Year ending March 31, 2023 4,979 Year ending March 31, 2024 and thereafter 2,453 Total $ 87,989
Investment in Operating Lease Equipment - Net	Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands): September 30, 2019 March 31, 2019 Cost of equipment under operating leases $ 23,927 $ 21,532 Accumulated depreciation (11,462 ) (10,139 ) Investment in operating lease equipment—net (1) $ 12,465 $ 11,393 (1) These totals include estimated unguaranteed residual values of $3,006 thousand and $2,906 thousand as of September 30, 2019 and March 31, 2019, respectively.
Future Minimum Rental Payments for Operating Leases	Future scheduled minimum lease rental payments as of September 30, 2019 are as follows (in thousands): Remainder of Year ending March 31, 2020 $ 2,507 Year ending March 31, 2021 3,815 Year ending March 31, 2022 2,555 Year ending March 31, 2023 1,455 Year ending March 31, 2024 and thereafter 443 Total $ 10,775

LESSEE ACCOUNTING (Tables)

LESSEE ACCOUNTING (Tables)	6 Months Ended
	Sep. 30, 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 September 30, 2019: Lease term and Discount Rate September 30, 2019 Weighted average remaining lease term (months) 41 Weighted average discount rate 4.0 %
Future Lease Payments Under Operating Leases	Future lease payments under our operating leases as of September 30, 2019 (in thousands): September 30, 2019 Remainder of year ending March 31, 2020 $ 2,609 Year ending March 31, 2021 5,341 Year ending March 31, 2022 3,783 Year ending March 31, 2023 2,804 Year ending March 31, 2024 1,053 Thereafter 632 Total lease payments $ 16,221 Less: Interest (1,035 ) Present value of lease liabilities $ 15,186

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Sep. 30, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Changes in Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the six months ended September 30, 2019 (in thousands): September 30, 2019 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 119,480 $ (8,673 ) $ 110,807 Acquisitions 7,412 - 7,412 Foreign currency translations (122 ) - (122 ) Ending balance $ 126,770 $ (8,673 ) $ 118,097
Other Intangible Assets	Our other intangible assets consist of the following at September 30, 2019 and March 31, 2019 (in thousands): September 30, 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 $ 62,989 $ (28,308 ) $ 34,681 $ 57,407 $ (23,865 ) $ 33,542 Capitalized software development 10,474 (5,361 ) 5,113 10,188 (4,802 ) 5,386 Total $ 73,463 $ (33,669 ) $ 39,794 $ 67,595 $ (28,667 ) $ 38,928

RESERVES FOR CREDIT LOSSES (Tab

RESERVES FOR CREDIT LOSSES (Tables)	6 Months Ended
	Sep. 30, 2019
RESERVES FOR CREDIT LOSSES [Abstract]
Activity in Reserves for Credit Losses	Activity in our reserves for credit losses for the six months ended September 30, 2019 and 2018 were as follows (in thousands): Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Provision for credit losses 311 15 (27 ) 299 Write-offs and other (42 ) - (3 ) (45 ) Balance September 30, 2019 $ 1,848 $ 520 $ 500 $ 2,868 Accounts Receivable Notes Receivable Lease- Related Receivables Total Balance April 1, 2018 $ 1,538 $ 486 $ 640 $ 2,664 Provision for credit losses 127 (3 ) (42 ) 82 Write-offs and other (1 ) - - (1 ) Balance September 30, 2018 $ 1,664 $ 483 $ 598 $ 2,745
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 of our impairment method were as follows (in thousands): September 30, 2019 March 31, 2019 Notes Receivable Lease- Related Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 455 $ 500 $ 443 $ 530 Ending balance: individually evaluated for impairment 65 - 62 - Ending balance $ 520 $ 500 $ 505 $ 530 Minimum payments: Ending balance: collectively evaluated for impairment $ 78,394 $ 87,989 $ 40,501 $ 64,201 Ending balance: individually evaluated for impairment 89 - 62 - Ending balance $ 78,483 $ 87,989 $ 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 September 30, 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 September 30 , 2019 High CQR $ 213 $ 354 $ 126 $ 693 $ 190 $ 56,065 $ 56,948 $ (5,285 ) $ (24,765 ) $ 26,898 Average CQR 65 36 41 142 283 30,616 31,041 (2,368 ) (9,839 ) 18,834 Low CQR - - - - - - - - - - Total $ 278 $ 390 $ 167 $ 835 $ 473 $ 86,681 $ 87,989 $ (7,653 ) $ (34,604 ) $ 45,732 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 September 30, 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 Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure September 30 , 2019 High CQR $ 105 $ 1,367 $ 152 $ 1,624 $ 2,066 $ 65,225 $ 68,915 $ (44,447 ) $ 24,468 Average CQR 70 38 11 119 684 8,676 9,479 (684 ) 8,795 Low CQR - - 89 89 - - 89 - 89 Total $ 175 $ 1,405 $ 252 $ 1,832 $ 2,750 $ 73,901 $ 78,483 $ (45,131 ) $ 33,352 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)	6 Months Ended
	Sep. 30, 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): September 30, 2019 March 31, 2019 Other current assets: Deposits & funds held in escrow $ 211 $ 438 Prepaid assets 6,285 6,425 Other 371 636 Total other current assets $ 6,867 $ 7,499 Property, equipment and other assets Property and equipment, net $ 7,236 $ 7,314 Deferred costs - non-current 11,303 8,856 Right-of-use assets 15,141 - Other 1,624 1,158 Total other assets - long term $ 35,304 $ 17,328 Other current liabilities: Accrued expenses $ 8,846 $ 7,813 Accrued income taxes payable 216 181 Contingent consideration - current 283 5,162 Short-term lease liability 5,396 - Other 18,183 6,129 Total other current liabilities $ 32,924 $ 19,285 Other liabilities: Deferred revenue $ 17,333 $ 13,789 Contingent consideration - long-term - 3,780 Long-term lease liability 9,790 - Other 2,024 108 Total other liabilities - long term $ 29,147 $ 17,677

NOTES PAYABLE AND CREDIT FACI_2

NOTES PAYABLE AND CREDIT FACILITY (Tables)	6 Months Ended
	Sep. 30, 2019
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
Non-recourse and Recourse Obligations	Non-recourse and recourse obligations consist of the following (in thousands): September 30, 2019 March 31, 2019 Recourse notes payable with interest rates of 4.00% at March 31, 2019. Current $ - $ 28 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.90% to 8.45% as of September 30, 2019 and 3.23% to 8.45% as of March 31, 2019. Current $ 77,608 $ 38,117 Long-term 8,404 10,502 Total non-recourse notes payable $ 86,012 $ 48,619

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Sep. 30, 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 six months ended September 30, 2019 and 2018, respectively (in thousands, except per share data). Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net earnings attributable to common shareholders - basic and diluted $ 20,098 $ 18,003 $ 36,286 $ 33,276 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 13,312 13,494 13,334 13,464 Effect of dilutive shares 38 92 74 133 Weighted average shares common outstanding — diluted 13,350 13,586 13,408 13,597 Earnings per common share - basic $ 1.51 $ 1.33 $ 2.72 $ 2.47 Earnings per common share - diluted $ 1.51 $ 1.33 $ 2.71 $ 2.45

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2019
SHARE-BASED COMPENSATION [Abstract]
Summary of Non-vested Restricted Shares	For the six months ended September 30, 2019, we granted 8,132 restricted shares under the 2017 Director LTIP, and 85,132 restricted shares under the 2012 Employee LTIP. For the six months ended September 30, 2018, we granted 8,322 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 93,264 $ 72.89 Vested (123,011 ) $ 62.04 Forfeited (293 ) $ 87.18 Nonvested September 30, 2019 193,960 $ 70.98

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 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)	6 Months Ended
	Sep. 30, 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 $ 15.3 million consisting of $ 13.8 million paid in cash at closing plus a $ 1.7 million payable that is being held back and will be released primarily upon the collection of certain accounts receivable and less $ 0.2 million that is receivable from 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 7,463 Total purchase consideration $ 15,279
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)	6 Months Ended
	Sep. 30, 2019
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information was as follows (in thousands): Three Months Ended September 30, 2019 September 30, 2018 Technology Financing Total Technology Financing Total Sales Product $ 349,650 $ 13,847 $ 363,497 $ 299,200 $ 10,275 $ 309,475 Service 48,068 - 48,068 35,568 - 35,568 Net sales $ 397,718 $ 13,847 $ 411,565 $ 334,768 $ 10,275 $ 345,043 Cost of Sales Product 276,475 2,388 278,863 236,404 1,730 238,134 Service 29,671 - 29,671 21,409 - 21,409 Total cost of sales 306,146 2,388 308,534 257,813 1,730 259,543 Gross Profit 91,572 11,459 103,031 76,955 8,545 85,500 Selling, general, and administrative 67,189 3,334 70,523 55,138 2,567 57,705 Depreciation and amortization 3,529 28 3,557 2,740 1 2,741 Interest and financing costs - 576 576 - 484 484 Operating expenses 70,718 3,938 74,656 57,878 3,052 60,930 Operating income 20,854 7,521 28,375 19,077 5,493 24,570 Other income (expense) (40 ) 322 Earnings before tax $ 28,335 $ 24,892 Net Sales Contracts with customers $ 394,585 $ 1,411 $ 395,996 $ 329,682 $ 1,060 $ 330,742 Financing and other 3,133 12,436 15,569 5,086 9,215 14,301 Net Sales $ 397,718 $ 13,847 $ 411,565 $ 334,768 $ 10,275 $ 345,043 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,658 $ 1,455 $ 5,113 $ 2,970 $ 1,397 $ 4,367 Purchases of property, equipment and operating lease equipment $ 1,426 $ 1,944 $ 3,370 $ 1,796 $ 3,025 $ 4,821 Selected Financial Data - Balance Sheet Total assets $ 690,648 $ 223,618 $ 914,266 $ 565,771 $ 209,425 $ 775,196 Six Months Ended September 30, 2019 September 30, 2018 Technology Financing Total Technology Financing Total Sales Product $ 672,414 $ 26,684 $ 699,098 $ 612,349 $ 19,943 $ 632,292 Service 93,839 - 93,839 69,283 - 69,283 Net sales 766,253 26,684 792,937 681,632 19,943 701,575 Cost of Sales Product 534,529 4,397 538,926 490,468 3,478 493,946 Service 58,341 - 58,341 41,426 - 41,426 Cost of sales 592,870 4,397 597,267 531,894 3,478 535,372 Gross Profit 173,383 22,287 195,670 149,738 16,465 166,203 Selling, general, and administrative 129,856 6,454 136,310 109,592 5,079 114,671 Depreciation and amortization 6,936 84 7,020 5,529 2 5,531 Interest and financing costs - 1,204 1,204 - 960 960 Operating expenses 136,792 7,742 144,534 115,121 6,041 121,162 Operating income 36,591 14,545 51,136 34,617 10,424 45,041 Other income (expense) (85 ) 419 Earnings before tax $ 51,051 $ 45,460 Net Sales Contracts with customers $ 758,266 $ 2,200 $ 760,466 $ 671,141 $ 1,656 $ 672,797 Financing and other 7,987 24,484 32,471 10,491 18,287 28,778 Net sales $ 766,253 $ 26,684 $ 792,937 $ 681,632 $ 19,943 $ 701,575 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 7,283 $ 2,794 $ 10,077 $ 5,985 $ 2,882 $ 8,867 Purchases of property, equipment and operating lease equipment $ 2,675 $ 2,213 $ 4,888 $ 2,976 $ 3,475 $ 6,451 Selected Financial Data - Balance Sheet Total assets $ 690,648 $ 223,618 $ 914,266 $ 565,771 $ 209,425 $ 775,196
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 September 30, Six Months Ended September 30, 2019 2018 2019 2018 Customer end market: Technology $ 97,502 $ 75,417 $ 173,682 $ 158,234 Telecom, Media & Entertainment 71,044 39,412 133,510 86,280 Financial Services 44,605 47,412 92,847 92,638 SLED 71,866 61,391 143,057 129,596 Healthcare 59,818 51,081 115,926 97,531 All others 52,883 60,055 107,231 117,353 Net sales 397,718 334,768 766,253 681,632 Financing and other (3,133 ) (5,086 ) (7,987 ) (10,491 ) Revenue from contracts with customers $ 394,585 $ 329,682 $ 758,266 $ 671,141 Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Vendor Cisco Systems $ 172,605 $ 152,063 $ 318,786 $ 291,300 NetApp 9,771 9,477 23,198 25,039 HP Inc. & HPE 18,986 16,658 42,099 36,977 Dell EMC 12,494 19,895 26,275 32,398 Arista Networks 26,766 10,673 47,716 30,471 Juniper Networks 24,370 11,262 31,424 21,660 All others 132,726 114,740 276,755 243,787 Net sales 397,718 334,768 766,253 681,632 Financing and other (3,133 ) (5,086 ) (7,987 ) (10,491 ) Revenue from contracts with customers $ 394,585 $ 329,682 $ 758,266 $ 671,141

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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	43.00%	45.00%	42.00%	43.00%

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Right-of-use assets	$ 15,141		$ 0
Lease liabilities	15,186
Prepaid assets	$ 6,285		$ 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		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable - trade	$ 22,100		$ 22,100		$ 16,200
Current (included in deferred revenue)	49,416		49,416		46,356
Non-current (included in other liabilities)	17,133		17,133		$ 13,593
Revenue recognized from the beginning contract liability	13,600	$ 8,100	29,400	$ 20,900
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	41,826		41,826
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 15,118		$ 15,118
Expected timing of satisfaction, period	6 months		6 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	$ 15,940		$ 15,940
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	$ 7,817		$ 7,817
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	$ 2,124		$ 2,124
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	$ 404		$ 404
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	$ 423		$ 423
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			6 Months Ended
		Sep. 30, 2019		Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018	Mar. 31, 2019		Mar. 31, 2018
Profit Recognized for Sales-type Leases [Abstract]
Net sales		$ 3,133			$ 7,987
Cost of sales		2,702			6,652
Gross Profit		431			1,335
Interest Income on Sales-type Leases [Abstract]
Interest Income on sales-type leases		1,495			3,590
Lease income on operating leases		5,059			10,418
Financing Receivables [Abstract]
Reserve for credit losses		(2,868)		$ (2,745)	(2,868)		$ (2,745)	$ (2,614)		$ (2,664)
Reported as [Abstract]
Current		108,646			108,646			63,767
Future scheduled minimum lease payments [Abstract]
Remainder of Year ending March 31, 2020		43,732			43,732
Year ending March 31, 2021		22,787			22,787
Year ending March 31, 2022		14,038			14,038
Year ending March 31, 2023		4,979			4,979
Year ending March 31, 2024 and thereafter		2,453			2,453
Total		87,989			87,989
Estimated unguaranteed residual values for direct financing lease		14,211			14,211			8,996
Accumulated amortization of initial direct cost		393			393			275
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating leases		23,927			23,927			21,532
Accumulated depreciation		(11,462)			(11,462)			(10,139)
Investment in operating lease equipment - net	[1]	12,465			12,465			11,393
Unguaranteed residual value of operating lease equipment net		3,006			3,006			2,906
Future scheduled minimum lease rental payments [Abstract]
Remainder of Year ending March 31, 2020		2,507			2,507
Year ending March 31, 2021		3,815			3,815
Year ending March 31, 2022		2,555			2,555
Year ending March 31, 2023		1,455			1,455
Year ending March 31, 2024 and thereafter		443			443
Total		10,775			10,775
Collateral for non-recourse notes payable - Finance receivables		85,200			85,200			50,200
Collateral for non-recourse notes payable - Operating leases		8,400			8,400			7,800
Gain on sale of financing receivables		4,100		1,200	7,500		2,500
Proceeds from sale of financing receivables		95,100		47,200	172,000		94,000
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		78,483			78,483			40,563
Estimated unguaranteed residual value		0	[2]		0	[2]		0	[3]
Initial direct costs, net of amortization		644	[4]		644	[4]		377	[5]
Unearned income		0			0			0
Reserve for credit losses		(520)	[6]	(483)	(520)	[6]	(483)	(505)	[6]	(486)
Total, net		78,607			78,607			40,435
Reported as [Abstract]
Current		59,603			59,603			30,852
Long-term		19,004			19,004			9,583
Total, net		78,607			78,607			40,435
Lease-Related Receivables [Member]
Financing Receivables [Abstract]
Minimum payments		87,989			87,989			64,201
Estimated unguaranteed residual value		20,640	[2]		20,640	[2]		14,639	[3]
Initial direct costs, net of amortization		284	[4]		284	[4]		332	[5]
Unearned income		(11,327)			(11,327)			(7,671)
Reserve for credit losses		(500)	[6]	$ (598)	(500)	[6]	$ (598)	(530)	[6]	$ (640)
Total, net		97,086			97,086			70,971
Reported as [Abstract]
Current		49,043			49,043			32,914
Long-term		48,043			48,043			38,057
Total, net		97,086			97,086			70,971
Financing Receivables [Member]
Financing Receivables [Abstract]
Minimum payments		166,472			166,472			104,764
Estimated unguaranteed residual value		20,640	[2]		20,640	[2]		14,639	[3]
Initial direct costs, net of amortization		928	[4]		928	[4]		709	[5]
Unearned income		(11,327)			(11,327)			(7,671)
Reserve for credit losses	[6]	(1,020)			(1,020)			(1,035)
Total, net		175,693			175,693			111,406
Reported as [Abstract]
Current		108,646			108,646			63,766
Long-term		67,047			67,047			47,640
Total, net		$ 175,693			$ 175,693			$ 111,406
[1]	These totals include estimated unguaranteed residual values of $3,006 thousand and $2,906 thousand as of September 30, 2019 and March 31, 2019, respectively.
[2]	Includes estimated unguaranteed residual values of $14,211 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 $393 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	6 Months Ended
	Sep. 30, 2019USD ($)Office	Sep. 30, 2019USD ($)Office
Lessee, Operating Lease [Abstract]
Rent expense	$ 1,500	$ 3,100
Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term (months)	41 months	41 months
Weighted average discount rate	4.00%	4.00%
Future Lease Payments under Operating Leases [Abstract]
Remainder of year ending March 31, 2020	$ 2,609	$ 2,609
Year ending March 31, 2021	5,341	5,341
Year ending March 31, 2022	3,783	3,783
Year ending March 31, 2023	2,804	2,804
Year ending March 31, 2024	1,053	1,053
Thereafter	632	632
Total lease payments	16,221	16,221
Less: Interest	(1,035)	(1,035)
Present value of lease liabilities	$ 15,186	$ 15,186
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 additional office leases | Office	1	1
Total lease commitment	$ 592	$ 592

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2019USD ($)Unit
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Number of reporting units | Unit	1
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 119,480
Goodwill, Impairment Loss, Beginning Balance	(8,673)
Goodwill, Net Carrying Amount, Beginning Balance	110,807
Acquisitions	7,412
Foreign currency translations	(122)
Goodwill, Ending Balance	126,770
Goodwill, Impairment Loss, Ending Balance	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 118,097

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Other Intangible Assets [Abstract]
Intangibles assets, Gross carrying amount	$ 73,463		$ 73,463		$ 67,595
Intangibles Assets, Accumulated amortization / Impairment Loss	(33,669)		(33,669)		(28,667)
Intangible assets, Net Carrying Amount	39,794		39,794		38,928
Total amortization expense for other intangible assets	2,500	$ 1,800	$ 4,900	$ 3,100
ABS Technology [Member]
Other Intangible Assets [Abstract]
Estimated useful life			7 years
Intangible assets acquired			$ 5,700
Customer Relationships and Other Intangibles [Member]
Other Intangible Assets [Abstract]
Intangibles assets, Gross carrying amount	62,989		62,989		57,407
Intangibles Assets, Accumulated amortization / Impairment Loss	(28,308)		(28,308)		(23,865)
Intangible assets, Net Carrying Amount	34,681		$ 34,681		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	10,474		$ 10,474		10,188
Intangibles Assets, Accumulated amortization / Impairment Loss	(5,361)		(5,361)		(4,802)
Intangible assets, Net Carrying Amount	$ 5,113		$ 5,113		$ 5,386
Estimated useful life			5 years

RESERVES FOR CREDIT LOSSES, Act

RESERVES FOR CREDIT LOSSES, Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2019		Sep. 30, 2018
Activity in reserves for credit losses [Roll Forward]
Balance	$ 2,614		$ 2,664
Provision for credit losses	299		82
Write-offs and other	(45)		(1)
Balance	2,868		2,745
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,579		1,538
Provision for credit losses	311		127
Write-offs and other	(42)		(1)
Balance	1,848		1,664
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	505	[1]	486
Provision for credit losses	15		(3)
Write-offs and other	0		0
Balance	520	[1]	483
Lease-Related Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	530	[1]	640
Provision for credit losses	(27)		(42)
Write-offs and other	(3)		0
Balance	$ 500	[1]	$ 598
[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	Sep. 30, 2019		Mar. 31, 2019		Sep. 30, 2018	Mar. 31, 2018
Reserve for credit losses [Abstract]
Ending balance	$ 2,868		$ 2,614		$ 2,745	$ 2,664
Accounts Receivable [Member]
Reserve for credit losses [Abstract]
Ending balance	1,848		1,579		1,664	1,538
Notes Receivable [Member]
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment	455		443
Ending balance: individually evaluated for impairment	65		62
Ending balance	520	[1]	505	[1]	483	486
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment	78,394		40,501
Ending balance: individually evaluated for impairment	89		62
Ending balance	78,483		40,563
Lease-Related Receivables [Member]
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment	500		530
Ending balance: individually evaluated for impairment	0		0
Ending balance	500	[1]	530	[1]	$ 598	$ 640
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment	87,989		64,201
Ending balance: individually evaluated for impairment	0		0
Ending balance	$ 87,989		$ 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	Sep. 30, 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	$ 835	$ 467
Current	473	668
Unbilled minimum lease payments	86,681	63,066
Total minimum lease payments	87,989	64,201
Unearned income	(7,653)	(5,307)
Non-recourse notes payable	(34,604)	(31,892)
Net credit exposure	45,732	27,002
Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total past due	1,832	1,268
Current	2,750	3,950
Unbilled minimum lease payments	73,901	35,345
Total minimum lease payments	78,483	40,563
Non-recourse notes payable	(45,131)	(19,752)
Net credit exposure	$ 33,352	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	$ 693	376
Current	190	543
Unbilled minimum lease payments	56,065	29,503
Total minimum lease payments	56,948	30,422
Unearned income	(5,285)	(2,799)
Non-recourse notes payable	(24,765)	(11,044)
Net credit exposure	26,898	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	1,624	1,060
Current	2,066	3,813
Unbilled minimum lease payments	65,225	28,113
Total minimum lease payments	68,915	32,986
Non-recourse notes payable	(44,447)	(18,245)
Net credit exposure	$ 24,468	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	$ 142	91
Current	283	125
Unbilled minimum lease payments	30,616	33,563
Total minimum lease payments	31,041	33,779
Unearned income	(2,368)	(2,508)
Non-recourse notes payable	(9,839)	(20,848)
Net credit exposure	18,834	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	119	146
Current	684	137
Unbilled minimum lease payments	8,676	7,232
Total minimum lease payments	9,479	7,515
Non-recourse notes payable	(684)	(1,507)
Net credit exposure	$ 8,795	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	89	62
Current	0	0
Unbilled minimum lease payments	0	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	278	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	175	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	213	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	105	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	65	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	70	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	0	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	390	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	1,405	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	354	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	1,367	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	36	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	38	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	167	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	252	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	126	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	152	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	41	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	11	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	$ 89	$ 62

PROPERTY, EQUIPMENT, OTHER AS_3

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2018	Mar. 31, 2019
Other current assets [Abstract]
Deposits & funds held in escrow		$ 211			$ 438
Prepaid assets		6,285			6,425
Other		371			636
Total other current assets		6,867			7,499
Property, equipment and other assets [Abstract]
Property and equipment, net		7,236			7,314
Deferred costs - non-current		11,303			8,856
Right-of-use assets		15,141			0
Other		1,624			1,158
Total other assets - long term		35,304			17,328
Other current liabilities [Abstract]
Accrued expenses		8,846			7,813
Accrued income taxes payable		216			181
Contingent consideration - current		283			5,162
Short-term lease liability		5,396			0
Other		18,183			6,129
Total other current liabilities		32,924			19,285
Other liabilities [Abstract]
Deferred revenue		17,333			13,789
Contingent consideration long-term		0			3,780
Long-term lease liability		9,790			0
Other		2,024			108
Total other liabilities - long term		29,147			$ 17,677
Contingent Consideration Arrangements [Abstract]
Payments of contingent consideration		$ 500	$ 1,100	$ 1,100
Subsequent Event [Member]
Contingent Consideration Arrangements [Abstract]
Payments of contingent consideration	$ 9,600

NOTES PAYABLE AND CREDIT FACI_3

NOTES PAYABLE AND CREDIT FACILITY (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2019USD ($)Component	Jul. 31, 2019USD ($)	Jul. 30, 2019USD ($)	Mar. 31, 2019USD ($)
Recourse Notes Payable [Abstract]
Current	$ 0			$ 28
Non-recourse Notes Payable Secured by Financing Receivables and Investment in Operating Leases [Abstract]
Current	77,608			38,117
Long-term	8,404			10,502
Guarantor obligations for credit facility, maximum	300
Recourse Note Payable [Member]
Recourse Notes Payable [Abstract]
Current	0			$ 28
Non-recourse Notes Payable Secured by Financing Receivables and Investment in Operating Leases [Abstract]
Interest rates of notes				4.00%
Weighted average interest rate of notes				4.00%
Non-Recourse Note Payable [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investment in Operating Leases [Abstract]
Current	77,608			$ 38,117
Long-term	8,404			10,502
Total non-recourse notes payable	$ 86,012			$ 48,619
Weighted average interest rate of notes	3.98%			4.68%
Non-Recourse Note Payable [Member] | Minimum [Member]
Non-recourse Notes Payable Secured by 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 Financing Receivables and Investment in Operating Leases [Abstract]
Interest rates of notes	8.45%			8.45%
WFCDF [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investment in Operating Leases [Abstract]
Number of components under credit facility | Component	2
Maximum borrowing capacity under credit facility	$ 325,000	$ 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 Financing Receivables and Investment in Operating Leases [Abstract]
Amount outstanding under credit facility	129,700			$ 116,100
WFCDF [Member] | Account Receivable Component [Member]
Non-recourse Notes Payable Secured by 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 Financing Receivables and Investment in Operating Leases [Abstract]
Debt instrument term of variable rate	1 month
Basis spread on reference rate	2.50%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 20,098	$ 16,188	$ 18,003	$ 15,273	$ 36,286	$ 33,276
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	13,312		13,494		13,334	13,464
Effect of dilutive shares (in shares)	38		92		74	133
Weighted average shares common outstanding - diluted (in shares)	13,350		13,586		13,408	13,597
Earnings per common share - basic (in dollars per share)	$ 1.51		$ 1.33		$ 2.72	$ 2.47
Earnings per common share - diluted (in dollars per share)	$ 1.51		$ 1.33		$ 2.71	$ 2.45

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	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	70,445
Common stock repurchased during the period	$ 10.7	$ 5.5
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		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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	$ 2,100	$ 1,900	4,054	3,561
401(k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	$ 700	$ 500	$ 1,400	$ 1,000
Restricted Stock [Member]
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)			224,000
Granted (in shares)			93,264
Vested (in shares)			(123,011)
Forfeited (in shares)			(293)
Nonvested at end of period (in shares)	193,960		193,960
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period (in dollars per share)			$ 67.70
Granted (in dollars per share)			72.89
Vested (in dollars per share)			62.04
Forfeited (in dollars per share)			87.18
Nonvested at end of period (in dollars per share)	$ 70.98		$ 70.98
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 12,000		$ 12,000
Unrecognized compensation expense, period for recognition			33 months
2017 Director LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)			8,132	8,322
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) $ in Thousands	6 Months Ended
	Sep. 30, 2019USD ($)
INCOME TAXES [Abstract]
Additions or reductions to gross unrecognized tax benefits	$ 0

FAIR VALUE OF FINANCIAL INSTR_3

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

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Aug. 23, 2019	Jan. 18, 2019	Sep. 30, 2019	Mar. 31, 2019
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill			$ 118,097	$ 110,807
ABS Technology [Member]
Business Combination [Abstract]
Cash portion of the acquisition	$ 13,800
Contingent consideration payable	1,700
Liability from working capital adjustment	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	7,463
Total purchase consideration	$ 15,279
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
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
Accounts payable and other current liabilities		(8,611)
Performance obligation		(5,110)
Total identifiable net assets		15,728
Goodwill		34,301	$ (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		6 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Segment	Sep. 30, 2018USD ($)	Mar. 31, 2019USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment			2
Reportable Segment Information [Abstract]
Net sales	$ 411,565	$ 345,043	$ 792,937	$ 701,575
Cost of Sales [Abstract]
Cost of sales	308,534	259,543	597,267	535,372
Gross profit	103,031	85,500	195,670	166,203
Selling, general, and administrative	70,523	57,705	136,310	114,671
Depreciation and amortization	3,557	2,741	7,020	5,531
Interest and financing costs	576	484	1,204	960
Operating expenses	74,656	60,930	144,534	121,162
Operating income	28,375	24,570	51,136	45,041
Other income (expense)	(40)	322	(85)	419
Earnings before tax	28,335	24,892	51,051	45,460
Net Sales [Abstract]
Contracts with customers	394,585	329,682	758,266	671,141
Financing and other	3,133	5,086	7,987	10,491
Net sales	411,565	345,043	792,937	701,575
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	5,113	4,367	10,077	8,867
Purchases of property, equipment and operating lease equipment	3,370	4,821	4,888	6,451
Selected Financial Data - Balance Sheet [Abstract]
Total assets	914,266	775,196	914,266	775,196	$ 786,198
Product [Member]
Reportable Segment Information [Abstract]
Net sales	363,497	309,475	699,098	632,292
Cost of Sales [Abstract]
Cost of sales	278,863	238,134	538,926	493,946
Net Sales [Abstract]
Net sales	363,497	309,475	699,098	632,292
Service [Member]
Reportable Segment Information [Abstract]
Net sales	48,068	35,568	93,839	69,283
Cost of Sales [Abstract]
Cost of sales	29,671	21,409	58,341	41,426
Net Sales [Abstract]
Net sales	48,068	35,568	93,839	69,283
Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	397,718	334,768	766,253	681,632
Net Sales [Abstract]
Contracts with customers	394,585	329,682	758,266	671,141
Financing and other	3,133	5,086	7,987	10,491
Net sales	397,718	334,768	766,253	681,632
Operating Segments [Member]
Reportable Segment Information [Abstract]
Net sales	411,565	345,043	792,937	701,575
Net Sales [Abstract]
Contracts with customers	395,996	330,742	760,466	672,797
Financing and other	15,569	14,301	32,471	28,778
Net sales	411,565	345,043	792,937	701,575
Operating Segments [Member] | Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	397,718	334,768	766,253	681,632
Cost of Sales [Abstract]
Cost of sales	306,146	257,813	592,870	531,894
Gross profit	91,572	76,955	173,383	149,738
Selling, general, and administrative	67,189	55,138	129,856	109,592
Depreciation and amortization	3,529	2,740	6,936	5,529
Interest and financing costs	0	0	0	0
Operating expenses	70,718	57,878	136,792	115,121
Operating income	20,854	19,077	36,591	34,617
Net Sales [Abstract]
Contracts with customers	394,585	329,682	758,266	671,141
Financing and other	3,133	5,086	7,987	10,491
Net sales	397,718	334,768	766,253	681,632
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	3,658	2,970	7,283	5,985
Purchases of property, equipment and operating lease equipment	1,426	1,796	2,675	2,976
Selected Financial Data - Balance Sheet [Abstract]
Total assets	690,648	565,771	690,648	565,771
Operating Segments [Member] | Technology Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	349,650	299,200	672,414	612,349
Cost of Sales [Abstract]
Cost of sales	276,475	236,404	534,529	490,468
Net Sales [Abstract]
Net sales	349,650	299,200	672,414	612,349
Operating Segments [Member] | Technology Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	48,068	35,568	93,839	69,283
Cost of Sales [Abstract]
Cost of sales	29,671	21,409	58,341	41,426
Net Sales [Abstract]
Net sales	48,068	35,568	93,839	69,283
Operating Segments [Member] | Financing Segment [Member]
Reportable Segment Information [Abstract]
Net sales	13,847	10,275	26,684	19,943
Cost of Sales [Abstract]
Cost of sales	2,388	1,730	4,397	3,478
Gross profit	11,459	8,545	22,287	16,465
Selling, general, and administrative	3,334	2,567	6,454	5,079
Depreciation and amortization	28	1	84	2
Interest and financing costs	576	484	1,204	960
Operating expenses	3,938	3,052	7,742	6,041
Operating income	7,521	5,493	14,545	10,424
Net Sales [Abstract]
Contracts with customers	1,411	1,060	2,200	1,656
Financing and other	12,436	9,215	24,484	18,287
Net sales	13,847	10,275	26,684	19,943
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	1,455	1,397	2,794	2,882
Purchases of property, equipment and operating lease equipment	1,944	3,025	2,213	3,475
Selected Financial Data - Balance Sheet [Abstract]
Total assets	223,618	209,425	223,618	209,425
Operating Segments [Member] | Financing Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	13,847	10,275	26,684	19,943
Cost of Sales [Abstract]
Cost of sales	2,388	1,730	4,397	3,478
Net Sales [Abstract]
Net sales	13,847	10,275	26,684	19,943
Operating Segments [Member] | Financing Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	0	0	0	0
Cost of Sales [Abstract]
Cost of sales	0	0	0	0
Net Sales [Abstract]
Net sales	$ 0	$ 0	$ 0	$ 0

SEGMENT REPORTING, Technology S

SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Abstract]
Net sales	$ 411,565	$ 345,043	$ 792,937	$ 701,575
Financing and other	(3,133)	(5,086)	(7,987)	(10,491)
Revenue from contracts with customers	394,585	329,682	758,266	671,141
Technology Segment [Member]
Disaggregation of Revenue [Abstract]
Net sales	397,718	334,768	766,253	681,632
Financing and other	(3,133)	(5,086)	(7,987)	(10,491)
Revenue from contracts with customers	394,585	329,682	758,266	671,141
Technology Segment [Member] | Technology [Member]
Disaggregation of Revenue [Abstract]
Net sales	97,502	75,417	173,682	158,234
Technology Segment [Member] | Telecom, Media & Entertainment [Member]
Disaggregation of Revenue [Abstract]
Net sales	71,044	39,412	133,510	86,280
Technology Segment [Member] | Financial Services [Member]
Disaggregation of Revenue [Abstract]
Net sales	44,605	47,412	92,847	92,638
Technology Segment [Member] | SLED [Member]
Disaggregation of Revenue [Abstract]
Net sales	71,866	61,391	143,057	129,596
Technology Segment [Member] | Health Care [Member]
Disaggregation of Revenue [Abstract]
Net sales	59,818	51,081	115,926	97,531
Technology Segment [Member] | All others [Member]
Disaggregation of Revenue [Abstract]
Net sales	52,883	60,055	107,231	117,353
Technology Segment [Member] | Cisco Systems [Member]
Disaggregation of Revenue [Abstract]
Net sales	172,605	152,063	318,786	291,300
Technology Segment [Member] | NetApp [Member]
Disaggregation of Revenue [Abstract]
Net sales	9,771	9,477	23,198	25,039
Technology Segment [Member] | HP Inc. & HPE [Member]
Disaggregation of Revenue [Abstract]
Net sales	18,986	16,658	42,099	36,977
Technology Segment [Member] | Dell / EMC [Member]
Disaggregation of Revenue [Abstract]
Net sales	12,494	19,895	26,275	32,398
Technology Segment [Member] | Arista Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	26,766	10,673	47,716	30,471
Technology Segment [Member] | Juniper Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	24,370	11,262	31,424	21,660
Technology Segment [Member] | All others [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 132,726	$ 114,740	$ 276,755	$ 243,787