ePlus (PLUS) 10-Q 4 Feb 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2021	Feb. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-34167
Entity Registrant Name	ePlus inc.
Entity Central Index Key	0001022408
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1817218
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,887,216

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 105,566	$ 129,562
Accounts receivable-trade, net	520,629	391,567
Accounts receivable-other, net	40,818	41,053
Inventories	147,739	69,963
Financing receivables-net, current	98,183	106,272
Deferred costs	34,684	28,201
Other current assets	12,932	10,976
Total current assets	960,551	777,594
Financing receivables and operating leases-net	90,026	90,165
Deferred tax asset-net	1,972	1,468
Property, equipment and other assets	46,215	42,289
Goodwill	126,604	126,645
Other intangible assets-net	29,778	38,614
TOTAL ASSETS	1,255,146	1,076,775
Current liabilities:
Accounts payable	162,670	165,162
Accounts payable-floor plan	157,667	98,653
Salaries and commissions payable	39,184	36,839
Deferred revenue	93,319	72,802
Recourse notes payable-current	51,104	5,450
Non-recourse notes payable-current	37,245	50,397
Other current liabilities	26,224	30,061
Total current liabilities	567,413	459,364
Recourse notes payable - long-term	7,689	12,658
Non-recourse notes payable - long-term	6,340	5,664
Other liabilities	34,408	36,679
TOTAL LIABILITIES	615,850	514,365
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 per share par value; 2,000 shares authorized; none outstanding	0	0
Common stock, $0.01 per share par value; 50,000 shares authorized; 26,966 outstanding at December 31, 2021 and 27,006 outstanding at March 31, 2021	270	145
Additional paid-in capital	157,721	152,366
Treasury stock, at cost, 50 shares at December 31, 2021 and 1,987 shares at March 31, 2021	(2,592)	(75,372)
Retained earnings	483,601	484,616
Accumulated other comprehensive income-foreign currency translation adjustment	296	655
Total Stockholders' Equity	639,296	562,410
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,255,146	$ 1,076,775

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2021	Mar. 31, 2021
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)	50,000	50,000
Common stock, shares outstanding (in shares)	26,966	27,006
Treasury stock, shares (in shares)	50	1,987

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Net sales
Total	$ 494,834			$ 427,604			$ 1,369,500	$ 1,215,716
Cost of sales
Total	377,717			329,453			1,023,869	920,046
Gross profit	117,117			98,151			345,631	295,670
Selling, general, and administrative	76,874			65,390			220,153	201,746
Depreciation and amortization	3,597			3,143			11,376	10,000
Interest and financing costs	561			355			1,262	1,179
Operating expenses	81,032			68,888			232,791	212,925
Operating income	36,085			29,263			112,840	82,745
Other income (expense)	(175)			813			(377)	1,095
Earnings before tax	35,910			30,076			112,463	83,840
Provision for income taxes	9,486			8,438			31,108	24,996
Net earnings	$ 26,424	$ 31,413	$ 23,518	$ 21,638	$ 19,846	$ 17,360	$ 81,355	$ 58,844
Net earnings per common share-basic (in dollars per share)	$ 0.99			$ 0.81			$ 3.05	$ 2.21
Net earnings per common share-diluted (in dollars per share)	$ 0.98			$ 0.81			$ 3.03	$ 2.20
Weighted average common shares outstanding-basic (in shares)	26,668			26,664			26,666	26,684
Weighted average common shares outstanding-diluted (in shares)	26,930			26,756			26,887	26,804
Product [Member]
Net sales
Total	$ 432,307			$ 375,512			$ 1,190,524	$ 1,066,408
Cost of sales
Total	339,810			297,514			914,666	827,111
Services [Member]
Net sales
Total	62,527			52,092			178,976	149,308
Cost of sales
Total	$ 37,907			$ 31,939			$ 109,203	$ 92,935

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 26,424	$ 21,638	$ 81,355	$ 58,844
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	81	983	(359)	1,540
Other comprehensive income (loss)	81	983	(359)	1,540
TOTAL COMPREHENSIVE INCOME	$ 26,505	$ 22,621	$ 80,996	$ 60,384

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings	$ 81,355	$ 58,844
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	18,620	13,762
Provision for credit losses	77	1,920
Share-based compensation expense	5,355	5,427
Deferred taxes	(504)	1,033
Payments from lessees directly to lenders-operating leases	(32)	(25)
Gain on disposal of property, equipment, and operating lease equipment	(855)	(408)
Changes in:
Accounts receivable	(132,228)	(67,989)
Inventories-net	(77,921)	(28,340)
Financing receivables-net	(20,296)	(67,112)
Deferred costs and other assets	(12,432)	(15,865)
Accounts payable-trade	526	70,726
Salaries and commissions payable, deferred revenue, and other liabilities	16,793	33,271
Net cash provided by (used in) operating activities	(121,542)	5,244
Cash flows from investing activities:
Proceeds from sale of property, equipment, and operating lease equipment	2,927	670
Purchases of property, equipment and operating lease equipment	(21,375)	(4,227)
Cash used in acquisitions, net of cash acquired	0	(27,102)
Net cash used in investing activities	(18,448)	(30,659)
Cash flows from financing activities:
Borrowings of non-recourse and recourse notes payable	98,547	31,698
Repayments of non-recourse and recourse notes payable	(32,099)	(41,870)
Repurchase of common stock	(9,466)	(6,948)
Repayments of financing of acquisitions	0	(556)
Net borrowings on floor plan facility	59,014	44,058
Net cash provided by financing activities	115,996	26,382
Effect of exchange rate changes on cash	(2)	(735)
Net increase (decrease) in cash and cash equivalents	(23,996)	232
Cash and cash equivalents, beginning of period	129,562	86,231
Cash and cash equivalents, end of period	105,566	86,463
Supplemental disclosures of cash flow information:
Cash paid for interest	1,182	929
Cash paid for income taxes	35,676	21,257
Cash paid for amounts included in the measurement of lease liabilities	3,420	4,460
Schedule of non-cash investing and financing activities:
Proceeds from sale of property, equipment, and leased equipment	87	0
Purchases of property, equipment, and operating lease equipment	(16)	(221)
Borrowing of non-recourse and recourse notes payable	56,240	77,289
Repayments of non-recourse and recourse notes payable	(32)	(25)
Vesting of share-based compensation	8,439	7,926
New operating lease assets obtained in exchange for lease obligations	$ 2,489	$ 1,097

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, 2020	$ 144	$ 145,197	$ (68,424)	$ 410,219	$ (991)	$ 486,145
Balance (in shares) at Mar. 31, 2020	27,000
Issuance of restricted stock awards	$ 1	0	0	0	0	1
Issuance of restricted stock awards (in shares)	182
Share-based compensation	$ 0	1,885	0	0	0	1,885
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (2,703)	0	0	(2,703)
Repurchase of common stock (in shares)			(76)
Net earnings	0	0	$ 0	17,360	0	17,360
Foreign currency translation adjustment	0	0	0	0	37	37
Balance at Jun. 30, 2020	$ 145	147,082	(71,127)	427,579	(954)	502,725
Balance (in shares) at Jun. 30, 2020	27,106
Balance at Mar. 31, 2020	$ 144	145,197	(68,424)	410,219	(991)	486,145
Balance (in shares) at Mar. 31, 2020	27,000
Net earnings						58,844
Balance at Dec. 31, 2020	$ 145	150,624	(75,372)	469,063	549	545,009
Balance (in shares) at Dec. 31, 2020	27,006
Balance at Jun. 30, 2020	$ 145	147,082	(71,127)	427,579	(954)	502,725
Balance (in shares) at Jun. 30, 2020	27,106
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	16
Share-based compensation	$ 0	1,763	0	0	0	1,763
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (1,784)	0	0	(1,784)
Repurchase of common stock (in shares)			(48)
Net earnings	0	0	$ 0	19,846	0	19,846
Foreign currency translation adjustment	0	0	0	0	520	520
Balance at Sep. 30, 2020	$ 145	148,845	(72,911)	447,425	(434)	523,070
Balance (in shares) at Sep. 30, 2020	27,074
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	2
Share-based compensation	$ 0	1,779	0	0	0	1,779
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (2,461)	0	0	(2,461)
Repurchase of common stock (in shares)			(70)
Net earnings	0	0	$ 0	21,638	0	21,638
Foreign currency translation adjustment	0	0	0	0	983	983
Balance at Dec. 31, 2020	$ 145	150,624	(75,372)	469,063	549	545,009
Balance (in shares) at Dec. 31, 2020	27,006
Balance at Mar. 31, 2021	$ 145	152,366	(75,372)	484,616	655	$ 562,410
Balance (in shares) at Mar. 31, 2021	27,006					27,006
Issuance of restricted stock awards	$ 1	0	0	0	0	$ 1
Issuance of restricted stock awards (in shares)	156
Share-based compensation	$ 0	1,735	0	0	0	1,735
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (4,111)	0	0	(4,111)
Repurchase of common stock (in shares)			(90)
Net earnings	0	0	$ 0	23,518	0	23,518
Foreign currency translation adjustment	0	0	0	0	66	66
Balance at Jun. 30, 2021	$ 146	154,101	(79,483)	508,134	721	583,619
Balance (in shares) at Jun. 30, 2021	27,072
Balance at Mar. 31, 2021	$ 145	152,366	(75,372)	484,616	655	$ 562,410
Balance (in shares) at Mar. 31, 2021	27,006					27,006
Net earnings						$ 81,355
Balance at Dec. 31, 2021	$ 270	157,721	(2,592)	483,601	296	$ 639,296
Balance (in shares) at Dec. 31, 2021	26,966					26,966
Balance at Jun. 30, 2021	$ 146	154,101	(79,483)	508,134	721	$ 583,619
Balance (in shares) at Jun. 30, 2021	27,072
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	12
Share-based compensation	$ 0	1,840	0	0	0	1,840
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (2,763)	0	0	(2,763)
Repurchase of common stock (in shares)			(63)
Net earnings	0	0	$ 0	31,413	0	31,413
Foreign currency translation adjustment	0	0	0	0	(506)	(506)
Balance at Sep. 30, 2021	$ 146	155,941	(82,246)	539,547	215	613,603
Balance (in shares) at Sep. 30, 2021	27,021
Issuance of restricted stock awards	$ 0	0	0	0	0	0
Issuance of restricted stock awards (in shares)	(5)
Share-based compensation	$ 0	1,780	0	0	0	1,780
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (2,592)	0	0	(2,592)
Repurchase of common stock (in shares)			(50)
Stock split effected in the form of a dividend	135	0	$ 0	(135)	0	0
Retirement of treasury stock	(11)	0	82,246	(82,235)	0	0
Net earnings	0	0	0	26,424	0	26,424
Foreign currency translation adjustment	0	0	0	0	81	81
Balance at Dec. 31, 2021	$ 270	$ 157,721	$ (2,592)	$ 483,601	$ 296	$ 639,296
Balance (in shares) at Dec. 31, 2021	26,966					26,966

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2021
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 e e e the United Kingdom (“UK”), and other European countries. BASIS OF PRESENTATION — The e acquisition. INTERIM FINANCIAL STATEMENTS — The unaudited consolidated financial statements for the nine months ended December 31, 2021, and 2020, were prepared by us and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the nine months ended December 31, 2021, and 2020, are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ended March 31, 2022, 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, 2021 (“2021 Annual Report”), which should be read in conjunction with these interim consolidated financial statements. USE OF ESTIMATES — The estimates. CONCENTRATIONS OF RISK — A substantial portion of our sales are products from Cisco Systems, which were 38% and 32% of our technology segment’s net sales for the three months ended December 31, 2021, and 2020, respectively, and 40% and 37% of our technology segment’s net sales for the nine months ended December 31, 2021, and 2020, 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 . STOCK SPLIT — On December 13, 2021, we completed a two-for-one stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the accompanying financial statements and disclosures have been retroactively adjusted for this stock split.

REVENUES

REVENUES	9 Months Ended
	Dec. 31, 2021
REVENUES [Abstract]
REVENUES	2. REVENUES CONTRACT BALANCES Accounts receivable – trade consists entirely of amounts due from contracts with customers. In addition, we had $ million and $ million of receivables from contracts with customers included within financing receivables as of December 31 2021, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): December 31, 2021 March 31, 2021 Current (included in deferred revenue) $ 92,662 $ 72,299 Non-current (included in other liabilities) $ 28,335 $ 26,042 Revenue recognized from the beginning contract liability balance was $11.7 million and $47.9 million for the three and nine months ended December 31, 2021, respectively, and $9.6 million and $36.5 million for the three and nine months ended December 31, 2020, respectively. PERFORMANCE OBLIGATIONS The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for e Plus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in s): Remainder of the year ending March 31, 2022 $ 17,884 Year ending March 31, 2023 34,059 Year ending March 31, 2024 15,388 Year ending March 31, 2025 4,626 Year ending March 31, 2026 and thereafter 1,742 Total remaining performance obligations $ 73,699 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.

FINANCING RECEIVABLES AND OPERA

FINANCING RECEIVABLES AND OPERATING LEASES	9 Months Ended
	Dec. 31, 2021
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
FINANCING RECEIVABLES AND OPERATING LEASES	3. 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 -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. Often, our leases provide the lessee a bargain purchase option. The following table provides the profit recognized for sales-type leases at their commencement date, including modifications that are recognized on a net basis, for the three and nine months ended December 31, 2021, and 2020 (in thousands): Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Net sales $ 3,212 $ 4,182 $ 12,991 $ 22,000 Cost of sales 2,645 3,362 10,936 14,091 Gross profit $ 567 $ 820 $ 2,055 $ 7,909 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and nine months ended December 31, 2021, and 2020 (in thousands): Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Interest income on sales-type leases $ 786 $ 1,956 $ 3,076 $ 6,059 Lease income on operating leases $ 7,356 $ 3,623 $ 19,200 $ 11,361 FINANCING RECEIVABLES—NET The following tables provide a disaggregation of our financing receivables – net (in s): December 31 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 115,446 $ 46,509 $ 161,955 Unguaranteed residual value (1) - 11,522 11,522 Initial direct costs, net of amortization 234 - 234 Unearned income - (5,988 ) (5,988 ) Allowance for credit losses (2) (1,160 ) (646 ) (1,806 ) Total, net $ 114,520 $ 51,397 $ 165,917 Reported as: Current $ 78,426 $ 19,757 $ 98,183 Long-term 36,094 31,640 67,734 Total, net $ 114,520 $ 51,397 $ 165,917 (1) Includes unguaranteed residual values of $7,176 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6, “Allowance for Credit Losses” for details. March 31 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 112,641 $ 68,393 $ 181,034 Unguaranteed residual value (1) - 14,876 14,876 Initial direct costs, net of amortization 425 - 425 Unearned income - (8,393 ) (8,393 ) Allowance for credit losses (2) (1,212 ) (1,171 ) (2,383 ) Total, net $ 111,854 $ 73,705 $ 185,559 Reported as: Current $ 73,175 $ 33,097 $ 106,272 Long-term 38,679 40,608 79,287 Total, net $ 111,854 $ 73,705 $ 185,559 (1) Includes unguaranteed residual values of that we retained after selling the related lease receivable. (2) Refer to Note 6 “Allowance for Credit Losses” for details. OPERATING LEASES—NET Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands): December 31, 2021 March 31, 2021 Cost of equipment under operating leases $ 34,893 $ 18,748 Accumulated depreciation (12,601 ) (7,870 ) Investment in operating lease equipment—net (1) $ 22,292 $ 10,878 (1) Amounts include estimated unguaranteed residual values of $5.0 million and $2.5 million as of December 31, 2021, and March 31, 2021, respectively. TRANSFERS OF FINANCIAL ASSETS We enter into arrangements to transfer the contractual payments due under financing receivables and operating lease agreements, which are accounted for as sales or secured borrowings. For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of December 31, 2021, and March 31, 2021, we had financing receivables of $33.3 million and $60.5 million, respectively, and operating leases of $8.6 million and $3.3 million, respectively, which were collateral for non-recourse notes payable. See Note 8, ‘‘Credit Facility and Notes Payable.’’ For transfers accounted for as sales, we derecognize the carrying value of the asset transferred plus any liability and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. During the three months ended December 31, 2021, and 2020, we recognized net gains of $2.3 million and $3.0 million, respectively, and total proceeds from these sales were $63.5 million and $67.5 million, respectively. For the year to date periods ended December 31, 2021, and 2020, we recognized net gains of $15.6 million and $10.1 million, respectively, and total proceeds from these sales were $753.9 million and $259.2 million, respectively. When we retain servicing obligations in transfers accounted for as sales, we allocate a portion of the proceeds to deferred revenue, which is recognized as we perform the services. As of December 31, 2021, and March 31, 2021, we had deferred revenue of $0.5 million and $0.3 million, respectively, for servicing obligations. In a limited number of transfers accounted for as sales, we indemnified the assignee if the lessee elects to early terminate the lease. As of December 31, 2021, and March 31, 2021, the total potential payments that could result from these indemnities is immaterial.

LESSEE ACCOUNTING

LESSEE ACCOUNTING	9 Months Ended
	Dec. 31, 2021
LESSEE ACCOUNTING [Abstract]
LESSEE ACCOUNTING	4. LESSEE ACCOUNTING We lease office space for periods up to six years. 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 as part of selling, general and administrative expenses. We recognized rent expense of $1.4 million and $1.5 million for the three months ended December 31, 2021, and 2020, respectively. We recognized rent expense of $4.0 million and $4.6 million for the nine months ended December 31, 2021, and 2020, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	5. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the nine months ended December 31, 2021 (in s): Nine months ended December 31, 2021 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,318 $ (8,673 ) $ 126,645 Foreign currency translations (41 ) - (41 ) Ending balance $ 135,277 $ (8,673 ) $ 126,604 Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of December 31, 2021, relates to our technology segment, which we also determined to be reporting unit. The change in our goodwill balance during the nine months ended December 31, 2021, is due solely to We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our annual test as of October 1, 2021, we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value . OTHER INTANGIBLE ASSETS O : December 31, 2021 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,290 $ (49,929 ) $ 27,361 $ 77,335 $ (42,115 ) $ 35,220 Capitalized software development 10,515 (8,098 ) 2,417 10,553 (7,159 ) 3,394 Total $ 87,805 $ (58,027 ) $ 29,778 $ 87,888 $ (49,274 ) $ 38,614 Customer relationships and other intangibles are generally amortized between to years. Capitalized generally amortized over Total amortization expense for customer relationships and other intangible assets was $2.8 million and $2.3 million for the three months ended December 31, 2021, and December 31, 2020, respectively, and $8.8 million and $7.3 million for the nine months ended December 31, 2021, and December 31, 2020, respectively.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	9 Months Ended
	Dec. 31, 2021
ALLOWANCE FOR CREDIT LOSSES [Abstract]
ALLOWANCE FOR CREDIT LOSSES	6. ALLOWANCE FOR CREDIT LOSSES The following table provides the activity in our allowance for credit losses for the nine months ended December 31, 2021, and 2020 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses 330 60 (313 ) 77 Write-offs and other (129 ) (112 ) (212 ) (453 ) Balance December 31 2021 $ 2,265 $ 1,160 $ 646 $ 4,071 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2020 $ 1,781 $ 798 $ 610 $ 3,189 Provision for credit losses 866 570 484 1,920 Write-offs and other (46 ) (88 ) (6 ) (140 ) Balance December 31 2020 $ 2,601 $ 1,280 $ 1,088 $ 4,969 We evaluate our customers using an internally assigned credit quality rating “CQR”. The CQR categories of our financing receivables are: • High CQR: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. Loss rates in this category are generally less than . • Average CQR: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Loss rates in this category are generally in the range of to . • Low CQR: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. The loss rates in this category in the normal course are generally in the range of to . The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of December 31, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2022 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 57,295 $ 32,657 $ 1,952 $ 285 $ 110 $ 6 $ 92,305 $ (46,939 ) $ 45,366 Average CQR 17,762 3,724 1,337 316 2 - 23,141 (10,759 ) 12,382 Low CQR - - - - - - - - - Total $ 75,057 $ 36,381 $ 3,289 $ 601 $ 112 $ 6 $ 115,446 $ (57,698 ) $ 57,748 Lease receivables: High CQR $ 16,273 $ 5,671 $ 3,047 $ 1,241 $ 103 $ 14 $ 26,349 $ (3,194 ) $ 23,155 Average CQR 10,250 5,579 1,330 124 110 10 17,403 (2,234 ) 15,169 Low CQR 267 848 - - - - 1,115 - 1,115 Total $ 26,790 $ 12,098 $ 4,377 $ 1,365 $ 213 $ 24 $ 44,867 $ (5,428 ) $ 39,439 Total amortized cost (1) $ 101,847 $ 48,479 $ 7,666 $ 1,966 $ 325 $ 30 $ 160,313 $ (63,126 ) $ 97,187 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 93,793 $ 6,250 $ 769 $ 771 $ 19 $ 101,602 $ (63,471 ) $ 38,131 Average CQR 7,689 2,468 550 8 - 10,715 (2,896 ) 7,819 Low CQR - - 324 - - 324 - 324 Total $ 101,482 $ 8,718 $ 1,643 $ 779 $ 19 $ 112,641 $ (66,367 ) $ 46,274 Lease receivables: High CQR $ 28,898 $ 5,885 $ 1,798 $ 463 $ 125 $ 37,169 $ (7,468 ) $ 29,701 Average CQR 23,445 3,482 1,017 270 40 28,254 (4,592 ) 23,662 Low CQR - - - - - - - - Total $ 52,343 $ 9,367 $ 2,815 $ 733 $ 165 $ 65,423 $ (12,060 ) $ 53,363 Total amortized cost (1) $ 153,825 $ 18,085 $ 4,458 $ 1,512 $ 184 $ 178,064 $ (78,427 ) $ 99,637 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 945 $ 87 $ 866 $ 1,898 $ 6,112 $ 8,010 $ 107,436 $ 115,446 Lease receivables 256 208 482 946 2,578 3,524 41,343 44,867 Total $ 1,201 $ 295 $ 1,348 $ 2,844 $ 8,690 $ 11,534 $ 148,779 $ 160,313 The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 648 $ 910 $ 673 $ 2,231 $ 3,240 $ 5,471 $ 107,170 $ 112,641 Lease receivables 804 132 643 1,579 2,566 4,145 61,278 65,423 Total $ 1,452 $ 1,042 $ 1,316 $ 3,810 $ 5,806 $ 9,616 $ 168,448 $ 178,064 Our financial assets on nonaccrual status were not significant as of December 31, 2021, and March 31, 2021.

PROPERTY, EQUIPMENT, OTHER ASSE

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	9 Months Ended
	Dec. 31, 2021
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	7. PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES Our property, equipment, other assets and liabilities consist of the following (in thousands): December 31, 2021 March 31, 2021 Other current assets: Deposits & funds held in escrow $ 459 $ 759 Prepaid assets 12,063 9,939 Other 410 278 Total $ 12,932 $ 10,976 Property, equipment and other assets Property and equipment, net $ 7,644 $ 7,388 Deferred costs - non-current 19,734 19,063 Right-of-use assets 7,935 8,763 Other 10,902 7,075 Total $ 46,215 $ 42,289 Other current liabilities : Accrued expenses $ 13,663 $ 13,598 Accrued income taxes payable 905 4,439 Short-term lease liability 4,114 3,934 Other 7,542 8,090 Total $ 26,224 $ 30,061 Other liabilities : Deferred revenue - non-current $ 28,691 $ 26,309 Long-term lease liability 3,833 5,040 Other 1,884 5,330 Total $ 34,408 $ 36,679 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.

CREDIT FACILITY AND NOTES PAYAB

CREDIT FACILITY AND NOTES PAYABLE	9 Months Ended
	Dec. 31, 2021
CREDIT FACILITY AND NOTES PAYABLE [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	8. CREDIT FACILITY AND NOTES PAYABLE CREDIT FACILITY We finance the operations of our subsidiaries ePlus Technology, inc., ePlus Technology Services, inc., and SLAIT Consulting, LLC (collectively, the “Borrowers”) in our technology segment through a credit facility with Wells Fargo Commercial Distribution Finance, LLC (“WFCDF”). The WFCDF credit facility has a floor plan facility and a revolving credit facility. Under the floor plan facility, we had an outstanding balance of $157.7 million and $98.7 million as of December 31, 2021, and March 31, 2021, respectively. On our balance sheet, our liability under the floor plan facility is presented as accounts payable – floor plan Under the revolving credit facility, we had $44.0 million outstanding as of December 31, 2021, and no balance outstanding as of March 31, 2021. On our balance sheet, our liability under the revolving credit facility is presented as part of recourse notes payable – current. The fair value of the outstanding balances under the WFCDF credit facility were approximately equal to their carrying value as of December 31, 2021, and March 31, 2021. On October 13, 2021, the Borrowers amended, restated, and replaced in entirety their then-existing credit agreements with WFCDF. The new credit facility is established by a syndicate of banks for which WFCDF acts as administrative agent and consists of a discretionary senior secured floorplan facility in favor of the Borrowers in the aggregate principal amount of up to $375 million, an increase from $275 million, together with a sublimit for a revolving credit facility for up to $100 million (collectively, the “2021 Credit Facility”). The amount of principal available is subject to a borrowing base determined by, among other things, the Borrowers’ accounts receivable and inventory, each pursuant to a formula and subject to certain reserves. Loans accrue interest at a rate per annum equal to LIBOR plus 1.75%. The LIBOR rate is based upon one-month, three-month, six-month and 12-month LIBOR periods, as selected by the Borrowers, and subject to a floor of 0.00%. Our borrowings under the 2021 Credit Facility are secured by the assets of the Borrowers. Additionally, the 2021 Credit Facility requires a guaranty of $10.5 million by e Under the 2021 Credit Facility, and under the predecessor WFCDF credit facility, the Borrowers are restricted in their ability to pay dividends to e The 2021 Credit Facility has an initial one-year term, which automatically renews for successive one-year terms thereafter. However, either the Borrowers or WFCDF may terminate by providing a written termination notice to the other party no less than 90 days prior to such termination. RECOURSE NOTES PAYABLE Recourse notes payable consist of borrowings that, in the event of default, the lender has recourse against us. As of December 31, 2021, we had $58.8 million in recourse borrowings consisting of $44.0 million outstanding under our revolving WFCDF credit facility, and $14.8 million arising from one installment payment arrangement within our technology segment. Our payments under this installment agreement are due quarterly in amounts that are correlated to the payments due to us from a customer under a related notes receivable. We discounted our payments due under this installment agreement to calculate our payable balance using an interest rate of 3.50% as of both December 31, 2021, and March 31, 2021. NON-RECOURSE NOTES PAYABLE Non-recourse notes payable consists of borrowings that, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. As of December 31, 2021, and March 31, 2021, we had $43.6 million and $56.1 million, respectively, of non-recourse borrowings that were collateralized by investments in notes and leases. Principal and interest payments are generally due 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 3.68% and 3.35%, as of December 31, 2021, and March 31, 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES LEGAL PROCEEDINGS We are subject to various legal proceedings, as well as demands, claims and threatened litigation, that arise in the normal course of our business and have not been fully resolved. The ultimate outcome of any litigation or any other legal dispute is uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, we accrue our best estimate for the ultimate resolution of the matter. If one or more legal matters are resolved against us in a reporting period for amounts above management’s expectations, our financial condition and operating results for that period could be adversely affected. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against the us in the future, and these matters could relate to prior, current or future transactions or events

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our unaudited consolidated statements of operations for the three and nine months ended December 31, 2021, and 2020, respectively (in thousands, except per share data). The numbers of shares and per share amounts for the prior periods presented in the table have been retroactively restated to reflect the stock split. See Note 1 “Organization and Summary of Significant Accounting Policies” and Note 11 “Stockholders’ Equity” in the consolidated financial statements included elsewhere in this report for additional information on the stock split. Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net earnings attributable to common shareholders - basic and diluted $ 26,424 $ 21,638 $ 81,355 $ 58,844 Basic and diluted common shares outstanding Weighted average common shares outstanding — basic 26,668 26,664 26,666 26,684 Effect of dilutive shares 262 92 221 120 Weighted average shares common outstanding — diluted 26,930 26,756 26,887 26,804 Earnings per common share - basic $ 0.99 $ 0.81 $ 3.05 $ 2.21 Earnings per common share - diluted $ 0.98 $ 0.81 $ 3.03 $ 2.20

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY STOCK SPLIT AND TREASURY STOCK On November 9, 2021, our Board of Directors (“Board”) approved a two-for-one stock split of our common stock in the form of a stock dividend paid on December 13, 2021, to shareholders of record as of close of business on November 29, 2021. All share and per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly issued shares was recorded with the offset to additional paid-in capital. On November 10, 2021, we retired 2,139,918 shares of treasury stock, adjusted for the stock split, with a carrying value of $82.2 million, which was deducted from common stock, for the par value of the retired shares, and from retained earnings, for the excess of cost over the par value. SHARE REPURCHASE PLAN On March 18, 2021, our board of directors authorized the repurchase of up to 1,000,000 shares of our outstanding common stock, adjusted for the stock split, over a 12-month period beginning May 28, 2021. On May 20, 2020, our board of directors authorized the repurchase of up to 1,000,000 shares of our outstanding common stock, retroactively restated for the split, over a 12-month period beginning May 28, 2020. Under both authorized programs, purchases may be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. During the nine months ended December 31, 2021, we purchased 147,999 shares of our outstanding common stock at a value of $6.9 million under the share repurchase plan; we also purchased 55,430 shares of common stock at a value of $2.6 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the nine months ended December 31, 2020, we purchased 118,202 shares of our outstanding common stock at a value of $4.2 million under the share repurchase plan; we also purchased 75,280 shares of common stock at a value of $2.7 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2021
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	12. SHARE-BASED COMPENSATION SHARE-BASED PLANS e As of December 31, 2021, we had share-based awards outstanding under the following These share-based plans define fair market value as the closing sales price of a share of common stock as quoted on any established stock exchange for such date or the most recent trading day preceding such date if there were no trades on such date. RESTRICTED STOCK ACTIVITY For the nine months ended December 31, 2021, adjusted for the stock split, we granted 13,562 shares under the 2017 Director LTIP, and 155,722 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2020, retroactively restated for the stock split, we granted 19,742 shares under the 2017 Director LTIP, and 179,746 restricted shares under the 2012 Employee LTIP. A summary of our restricted stock activity, reflecting the stock split, is as follows: Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2021 366,756 $ 37.49 Granted 169,284 $ 46.52 Vested (184,962 ) $ 39.12 Forfeited (6,106 ) $ 40.57 Nonvested December 31 2021 344,972 Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2012 Employee LTIP, we purchased enough shares due to participants to satisfy the minimum tax withholding requirements on employee stock awards. For the nine months ended December 31, 2021, adjusted for the stock split, we withheld 55,430 shares of common stock at a value of $2.6 million, which was included in treasury stock and retired on November 10, 2021. 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. Share-based compensation expense for both the three and nine months ended December 31, 2021, and 2020, were $1.8 million and $5.4 million, respectively. Unrecognized compensation expense related to unvested restricted stock was $10.4 million as of December 31, 2021, which will be fully recognized over the next 30 months. We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are always fully vested. Our estimated contribution expense for the plan for the three months ended December 31, 2021, and 2020, was $ million and $ million, respectively. For the nine months ended December 31, 2021, and 2020, ur estimated contribution expense for the plan was $ million

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2021
INCOME TAXES [Abstract]
INCOME TAXES	13. INCOME TAXES Our provision for income tax expense was $9.5 million and $31.1 million for the three and nine months ended December 31, 2021, as compared to $8.4 million and $25.0 million for the same periods in the prior year. Our effective income tax rate for the three and nine months ended December 31, 2021, was 26.4% and 27.7%, compared to 28.1% and 29.8% for the three and nine months ended December 31, 2020. The change in our effective income tax rate for the nine months ended December 31, 2021 compared to the same period in the prior year was primarily due to a prior year unfavorable adjustment to the federal benefit from state taxes.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	14. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the fair value hierarchy of our financial instruments as of December 31, 2021, and March 31, 2021 (in thousands): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31 , 2021 Assets: Money market funds $ 5,136 $ 5,136 $ - $ - March 31 , 2021 Assets: Money market funds $ 45,134 $ 45,134 $ - $ -

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	15. BUSINESS COMBINATIONS SYSTEMS MANAGEMENT PLANNING, INC. (“SMP”) On December 31, 2020, our subsidiary, e e e Our sum of consideration transferred was $27.0 million consisting of $29.0 million paid in cash at closing less $2.0 million that was paid back to us in our quarter ended March 31, 2021, related to a working capital adjustment. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 14,526 Other assets 3,344 Identified intangible assets 14,280 Accounts payable and other current liabilities (11,424 ) Performance obligations (2,020 ) Total identifiable net assets 18,706 Goodwill 8,328 Total purchase consideration $ 27,034 The identified intangible assets of $14.3 million consists of customer relationships with an estimated useful life of seven 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 $8.3 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 current reporting period as though the acquisition date had been April 1, 2020, is not material.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	16. 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 for the three-and nine-month periods ended December 31, 2021, and 2020 are summarized in the following table (in thousands): Three Months Ended December 31, 2021 December 31, 2020 Technology Financing Total Technology Financing Total Net Sales Product $ 414,448 $ 17,859 $ 432,307 $ 363,478 $ 12,034 $ 375,512 Service 62,527 - 62,527 52,092 - 52,092 Total 476,975 17,859 494,834 415,570 12,034 427,604 Cost of Sales Product 334,585 5,225 339,810 295,310 2,204 297,514 Service 37,907 - 37,907 31,939 - 31,939 Total 372,492 5,225 377,717 327,249 2,204 329,453 Gross Profit 104,483 12,634 117,117 88,321 9,830 98,151 Selling, general, and administrative 73,413 3,461 76,874 62,377 3,013 65,390 Depreciation and amortization 3,569 28 3,597 3,115 28 3,143 Interest and financing costs 335 226 561 - 355 355 Operating expenses 77,317 3,715 81,032 65,492 3,396 68,888 Operating income 27,166 8,919 36,085 22,829 6,434 29,263 Other income (expense) (175 ) 813 Earnings before tax $ 35,910 $ 30,076 Net Sales Contracts with customers $ 473,763 $ 5,840 $ 479,603 $ 411,175 $ 1,904 $ 413,079 Financing and other 3,212 12,019 15,231 4,395 10,130 14,525 Total $ 476,975 $ 17,859 $ 494,834 $ 415,570 $ 12,034 $ 427,604 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,846 $ 2,730 $ 6,576 $ 3,311 $ 991 $ 4,302 Purchases of property, equipment and operating lease equipment $ 1,339 $ 3,793 $ 5,132 $ 959 $ 1 $ 960 Selected Financial Data - Balance Sheet Total assets $ 998,594 $ 256,552 $ 1,255,146 $ 887,684 $ 238,270 $ 1,125,954 Nine Months Ended December 31, 2021 December 31, 2020 Technology Financing Total Technology Financing Total Net Sales Product $ 1,134,658 $ 55,866 $ 1,190,524 $ 1,026,845 $ 39,563 $ 1,066,408 Service 178,976 - 178,976 149,308 - 149,308 Total 1,313,634 55,866 1,369,500 1,176,153 39,563 1,215,716 Cost of Sales Product 899,437 15,229 914,666 820,859 6,252 827,111 Service 109,203 - 109,203 92,935 - 92,935 Total 1,008,640 15,229 1,023,869 913,794 6,252 920,046 Gross Profit 304,994 40,637 345,631 262,359 33,311 295,670 Selling, general, and administrative 210,369 9,784 220,153 190,519 11,227 201,746 Depreciation and amortization 11,292 84 11,376 9,916 84 10,000 Interest and financing costs 693 569 1,262 266 913 1,179 Operating expenses 222,354 10,437 232,791 200,701 12,224 212,925 Operating income 82,640 30,200 112,840 61,658 21,087 82,745 Other income (expense) (377 ) 1,095 Earnings before tax $ 112,463 $ 83,840 Net Sales Contracts with customers $ 1,300,643 $ 13,034 $ 1,313,677 $ 1,157,519 $ 3,892 $ 1,161,411 Financing and other 12,991 42,832 55,823 18,634 35,671 54,305 Total $ 1,313,634 $ 55,866 $ 1,369,500 $ 1,176,153 $ 39,563 $ 1,215,716 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 12,023 $ 6,597 $ 18,620 $ 10,444 $ 3,318 $ 13,762 Purchases of property, equipment and operating lease equipment $ 3,594 $ 17,781 $ 21,375 $ 4,060 $ 167 $ 4,227 Selected Financial Data - Balance Sheet Total assets $ 998,594 $ 256,552 $ 1,255,146 $ 887,684 $ 238,270 $ 1,125,954 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 for the three and nine month periods ended December 31, 2021, and 2020 in the tables below (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Customer end market: Telecom, Media & Entertainment $ 152,584 $ 123,441 $ 380,560 $ 277,020 Technology 67,959 57,346 190,851 203,634 State and local government and educational institutions 59,449 50,703 193,526 197,758 Healthcare 64,775 44,706 207,700 150,494 Financial Services 39,182 60,610 106,229 154,763 All others 93,026 78,764 234,768 192,484 Net sales 476,975 415,570 1,313,634 1,176,153 Less: Revenue from financing and other (3,212 ) (4,395 ) (12,991 ) (18,634 ) Revenue from contracts with customers $ 473,763 $ 411,175 $ 1,300,643 $ 1,157,519 Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Vendor Cisco Systems $ 183,195 $ 132,290 $ 524,169 $ 433,388 Dell / EMC 40,254 34,027 110,092 80,457 Juniper Networks 28,792 29,781 71,944 68,076 HP Inc. & HPE 12,568 14,100 43,808 47,533 Arista Networks 13,484 22,157 33,029 42,420 NetApp 30,261 13,861 70,254 39,196 All others 168,421 169,354 460,338 465,083 Net sales 476,975 415,570 1,313,634 1,176,153 Less: Revenue from financing and other (3,212 ) (4,395 ) (12,991 ) (18,634 ) Revenue from contracts with customers $ 473,763 $ 411,175 $ 1,300,643 $ 1,157,519 FINANCING SEGMENT DISAGGREGATION OF REVENUE We analyze our revenues within our financing segment based on the nature of the arrangement. Our financing revenue generally consists of portfolio income, transactional gains, and post-contract earnings including month-to-month rents and the sales of off-lease equipment. All of our revenues from contracts with customers within our financing segment is from the sales of off-lease equipment.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION — The e acquisition.
INTERIM FINANCIAL STATEMENTS	INTERIM FINANCIAL STATEMENTS — The unaudited consolidated financial statements for the nine months ended December 31, 2021, and 2020, were prepared by us and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income, and cash flows for such periods. Operating results for the nine months ended December 31, 2021, and 2020, are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ended March 31, 2022, 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, 2021 (“2021 Annual Report”), which should be read in conjunction with these interim consolidated financial statements.
USE OF ESTIMATES	USE OF ESTIMATES — The estimates.
CONCENTRATIONS OF RISK	CONCENTRATIONS OF RISK — A substantial portion of our sales are products from Cisco Systems, which were 38% and 32% of our technology segment’s net sales for the three months ended December 31, 2021, and 2020, respectively, and 40% and 37% of our technology segment’s net sales for the nine months ended December 31, 2021, and 2020, respectively.
STOCK SPLIT	STOCK SPLIT — On December 13, 2021, we completed a two-for-one stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the accompanying financial statements and disclosures have been retroactively adjusted for this stock split.

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Dec. 31, 2021
REVENUES [Abstract]
Balance of Receivables, Contract Assets, and Contract Liabilities	Accounts receivable – trade consists entirely of amounts due from contracts with customers. In addition, we had $ million and $ million of receivables from contracts with customers included within financing receivables as of December 31 2021, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): December 31, 2021 March 31, 2021 Current (included in deferred revenue) $ 92,662 $ 72,299 Non-current (included in other liabilities) $ 28,335 $ 26,042
Remaining Performance Obligations	The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for e Plus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in s): Remainder of the year ending March 31, 2022 $ 17,884 Year ending March 31, 2023 34,059 Year ending March 31, 2024 15,388 Year ending March 31, 2025 4,626 Year ending March 31, 2026 and thereafter 1,742 Total remaining performance obligations $ 73,699

FINANCING RECEIVABLES AND OPE_2

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	9 Months Ended
	Dec. 31, 2021
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
Sales-type Leases	The following table provides the profit recognized for sales-type leases at their commencement date, including modifications that are recognized on a net basis, for the three and nine months ended December 31, 2021, and 2020 (in thousands): Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Net sales $ 3,212 $ 4,182 $ 12,991 $ 22,000 Cost of sales 2,645 3,362 10,936 14,091 Gross profit $ 567 $ 820 $ 2,055 $ 7,909 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and nine months ended December 31, 2021, and 2020 (in thousands): Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Interest income on sales-type leases $ 786 $ 1,956 $ 3,076 $ 6,059 Lease income on operating leases $ 7,356 $ 3,623 $ 19,200 $ 11,361
Notes Receivable Net and Investments in Leases	The following tables provide a disaggregation of our financing receivables – net (in s): December 31 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 115,446 $ 46,509 $ 161,955 Unguaranteed residual value (1) - 11,522 11,522 Initial direct costs, net of amortization 234 - 234 Unearned income - (5,988 ) (5,988 ) Allowance for credit losses (2) (1,160 ) (646 ) (1,806 ) Total, net $ 114,520 $ 51,397 $ 165,917 Reported as: Current $ 78,426 $ 19,757 $ 98,183 Long-term 36,094 31,640 67,734 Total, net $ 114,520 $ 51,397 $ 165,917 (1) Includes unguaranteed residual values of $7,176 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6, “Allowance for Credit Losses” for details. March 31 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 112,641 $ 68,393 $ 181,034 Unguaranteed residual value (1) - 14,876 14,876 Initial direct costs, net of amortization 425 - 425 Unearned income - (8,393 ) (8,393 ) Allowance for credit losses (2) (1,212 ) (1,171 ) (2,383 ) Total, net $ 111,854 $ 73,705 $ 185,559 Reported as: Current $ 73,175 $ 33,097 $ 106,272 Long-term 38,679 40,608 79,287 Total, net $ 111,854 $ 73,705 $ 185,559 (1) Includes unguaranteed residual values of that we retained after selling the related lease receivable. (2) Refer to Note 6 “Allowance for Credit Losses” for details.
Investment in Operating Lease Equipment - Net	Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands): December 31, 2021 March 31, 2021 Cost of equipment under operating leases $ 34,893 $ 18,748 Accumulated depreciation (12,601 ) (7,870 ) Investment in operating lease equipment—net (1) $ 22,292 $ 10,878 (1) Amounts include estimated unguaranteed residual values of $5.0 million and $2.5 million as of December 31, 2021, and March 31, 2021, respectively.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Changes in Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the nine months ended December 31, 2021 (in s): Nine months ended December 31, 2021 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,318 $ (8,673 ) $ 126,645 Foreign currency translations (41 ) - (41 ) Ending balance $ 135,277 $ (8,673 ) $ 126,604
Other Intangible Assets	O : December 31, 2021 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,290 $ (49,929 ) $ 27,361 $ 77,335 $ (42,115 ) $ 35,220 Capitalized software development 10,515 (8,098 ) 2,417 10,553 (7,159 ) 3,394 Total $ 87,805 $ (58,027 ) $ 29,778 $ 87,888 $ (49,274 ) $ 38,614

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	9 Months Ended
	Dec. 31, 2021
ALLOWANCE FOR CREDIT LOSSES [Abstract]
Activity in Reserves for Credit Losses	The following table provides the activity in our allowance for credit losses for the nine months ended December 31, 2021, and 2020 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses 330 60 (313 ) 77 Write-offs and other (129 ) (112 ) (212 ) (453 ) Balance December 31 2021 $ 2,265 $ 1,160 $ 646 $ 4,071 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2020 $ 1,781 $ 798 $ 610 $ 3,189 Provision for credit losses 866 570 484 1,920 Write-offs and other (46 ) (88 ) (6 ) (140 ) Balance December 31 2020 $ 2,601 $ 1,280 $ 1,088 $ 4,969
Amortized Cost Basis of Financing Receivables by Credit Quality Rating and Credit Origination Year	The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of December 31, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2022 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 57,295 $ 32,657 $ 1,952 $ 285 $ 110 $ 6 $ 92,305 $ (46,939 ) $ 45,366 Average CQR 17,762 3,724 1,337 316 2 - 23,141 (10,759 ) 12,382 Low CQR - - - - - - - - - Total $ 75,057 $ 36,381 $ 3,289 $ 601 $ 112 $ 6 $ 115,446 $ (57,698 ) $ 57,748 Lease receivables: High CQR $ 16,273 $ 5,671 $ 3,047 $ 1,241 $ 103 $ 14 $ 26,349 $ (3,194 ) $ 23,155 Average CQR 10,250 5,579 1,330 124 110 10 17,403 (2,234 ) 15,169 Low CQR 267 848 - - - - 1,115 - 1,115 Total $ 26,790 $ 12,098 $ 4,377 $ 1,365 $ 213 $ 24 $ 44,867 $ (5,428 ) $ 39,439 Total amortized cost (1) $ 101,847 $ 48,479 $ 7,666 $ 1,966 $ 325 $ 30 $ 160,313 $ (63,126 ) $ 97,187 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions. The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands): Amortized cost basis by origination year ending March 31, 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 93,793 $ 6,250 $ 769 $ 771 $ 19 $ 101,602 $ (63,471 ) $ 38,131 Average CQR 7,689 2,468 550 8 - 10,715 (2,896 ) 7,819 Low CQR - - 324 - - 324 - 324 Total $ 101,482 $ 8,718 $ 1,643 $ 779 $ 19 $ 112,641 $ (66,367 ) $ 46,274 Lease receivables: High CQR $ 28,898 $ 5,885 $ 1,798 $ 463 $ 125 $ 37,169 $ (7,468 ) $ 29,701 Average CQR 23,445 3,482 1,017 270 40 28,254 (4,592 ) 23,662 Low CQR - - - - - - - - Total $ 52,343 $ 9,367 $ 2,815 $ 733 $ 165 $ 65,423 $ (12,060 ) $ 53,363 Total amortized cost (1) $ 153,825 $ 18,085 $ 4,458 $ 1,512 $ 184 $ 178,064 $ (78,427 ) $ 99,637 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions.
Aging Analysis of Financing Receivables	The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 945 $ 87 $ 866 $ 1,898 $ 6,112 $ 8,010 $ 107,436 $ 115,446 Lease receivables 256 208 482 946 2,578 3,524 41,343 44,867 Total $ 1,201 $ 295 $ 1,348 $ 2,844 $ 8,690 $ 11,534 $ 148,779 $ 160,313 The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past Due 61-90 Days Past Due > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 648 $ 910 $ 673 $ 2,231 $ 3,240 $ 5,471 $ 107,170 $ 112,641 Lease receivables 804 132 643 1,579 2,566 4,145 61,278 65,423 Total $ 1,452 $ 1,042 $ 1,316 $ 3,810 $ 5,806 $ 9,616 $ 168,448 $ 178,064

PROPERTY, EQUIPMENT, OTHER AS_2

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2021
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
Property, Equipment, Other Assets and Liabilities	Our property, equipment, other assets and liabilities consist of the following (in thousands): December 31, 2021 March 31, 2021 Other current assets: Deposits & funds held in escrow $ 459 $ 759 Prepaid assets 12,063 9,939 Other 410 278 Total $ 12,932 $ 10,976 Property, equipment and other assets Property and equipment, net $ 7,644 $ 7,388 Deferred costs - non-current 19,734 19,063 Right-of-use assets 7,935 8,763 Other 10,902 7,075 Total $ 46,215 $ 42,289 Other current liabilities : Accrued expenses $ 13,663 $ 13,598 Accrued income taxes payable 905 4,439 Short-term lease liability 4,114 3,934 Other 7,542 8,090 Total $ 26,224 $ 30,061 Other liabilities : Deferred revenue - non-current $ 28,691 $ 26,309 Long-term lease liability 3,833 5,040 Other 1,884 5,330 Total $ 34,408 $ 36,679

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE [Abstract]
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share	The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our unaudited consolidated statements of operations for the three and nine months ended December 31, 2021, and 2020, respectively (in thousands, except per share data). The numbers of shares and per share amounts for the prior periods presented in the table have been retroactively restated to reflect the stock split. See Note 1 “Organization and Summary of Significant Accounting Policies” and Note 11 “Stockholders’ Equity” in the consolidated financial statements included elsewhere in this report for additional information on the stock split. Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net earnings attributable to common shareholders - basic and diluted $ 26,424 $ 21,638 $ 81,355 $ 58,844 Basic and diluted common shares outstanding Weighted average common shares outstanding — basic 26,668 26,664 26,666 26,684 Effect of dilutive shares 262 92 221 120 Weighted average shares common outstanding — diluted 26,930 26,756 26,887 26,804 Earnings per common share - basic $ 0.99 $ 0.81 $ 3.05 $ 2.21 Earnings per common share - diluted $ 0.98 $ 0.81 $ 3.03 $ 2.20

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2021
SHARE-BASED COMPENSATION [Abstract]
Summary of Grants	For the nine months ended December 31, 2021, adjusted for the stock split, we granted 13,562 shares under the 2017 Director LTIP, and 155,722 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2020, retroactively restated for the stock split, we granted 19,742 shares under the 2017 Director LTIP, and 179,746 restricted shares under the 2012 Employee LTIP. A summary of our restricted stock activity, reflecting the stock split, is as follows: Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2021 366,756 $ 37.49 Granted 169,284 $ 46.52 Vested (184,962 ) $ 39.12 Forfeited (6,106 ) $ 40.57 Nonvested December 31 2021 344,972

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Fair Value Hierarchy of Financial Instruments	The following table summarizes the fair value hierarchy of our financial instruments as of December 31, 2021, and March 31, 2021 (in thousands): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31 , 2021 Assets: Money market funds $ 5,136 $ 5,136 $ - $ - March 31 , 2021 Assets: Money market funds $ 45,134 $ 45,134 $ - $ -

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATIONS [Abstract]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our sum of consideration transferred was $27.0 million consisting of $29.0 million paid in cash at closing less $2.0 million that was paid back to us in our quarter ended March 31, 2021, related to a working capital adjustment. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 14,526 Other assets 3,344 Identified intangible assets 14,280 Accounts payable and other current liabilities (11,424 ) Performance obligations (2,020 ) Total identifiable net assets 18,706 Goodwill 8,328 Total purchase consideration $ 27,034

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information for the three-and nine-month periods ended December 31, 2021, and 2020 are summarized in the following table (in thousands): Three Months Ended December 31, 2021 December 31, 2020 Technology Financing Total Technology Financing Total Net Sales Product $ 414,448 $ 17,859 $ 432,307 $ 363,478 $ 12,034 $ 375,512 Service 62,527 - 62,527 52,092 - 52,092 Total 476,975 17,859 494,834 415,570 12,034 427,604 Cost of Sales Product 334,585 5,225 339,810 295,310 2,204 297,514 Service 37,907 - 37,907 31,939 - 31,939 Total 372,492 5,225 377,717 327,249 2,204 329,453 Gross Profit 104,483 12,634 117,117 88,321 9,830 98,151 Selling, general, and administrative 73,413 3,461 76,874 62,377 3,013 65,390 Depreciation and amortization 3,569 28 3,597 3,115 28 3,143 Interest and financing costs 335 226 561 - 355 355 Operating expenses 77,317 3,715 81,032 65,492 3,396 68,888 Operating income 27,166 8,919 36,085 22,829 6,434 29,263 Other income (expense) (175 ) 813 Earnings before tax $ 35,910 $ 30,076 Net Sales Contracts with customers $ 473,763 $ 5,840 $ 479,603 $ 411,175 $ 1,904 $ 413,079 Financing and other 3,212 12,019 15,231 4,395 10,130 14,525 Total $ 476,975 $ 17,859 $ 494,834 $ 415,570 $ 12,034 $ 427,604 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,846 $ 2,730 $ 6,576 $ 3,311 $ 991 $ 4,302 Purchases of property, equipment and operating lease equipment $ 1,339 $ 3,793 $ 5,132 $ 959 $ 1 $ 960 Selected Financial Data - Balance Sheet Total assets $ 998,594 $ 256,552 $ 1,255,146 $ 887,684 $ 238,270 $ 1,125,954 Nine Months Ended December 31, 2021 December 31, 2020 Technology Financing Total Technology Financing Total Net Sales Product $ 1,134,658 $ 55,866 $ 1,190,524 $ 1,026,845 $ 39,563 $ 1,066,408 Service 178,976 - 178,976 149,308 - 149,308 Total 1,313,634 55,866 1,369,500 1,176,153 39,563 1,215,716 Cost of Sales Product 899,437 15,229 914,666 820,859 6,252 827,111 Service 109,203 - 109,203 92,935 - 92,935 Total 1,008,640 15,229 1,023,869 913,794 6,252 920,046 Gross Profit 304,994 40,637 345,631 262,359 33,311 295,670 Selling, general, and administrative 210,369 9,784 220,153 190,519 11,227 201,746 Depreciation and amortization 11,292 84 11,376 9,916 84 10,000 Interest and financing costs 693 569 1,262 266 913 1,179 Operating expenses 222,354 10,437 232,791 200,701 12,224 212,925 Operating income 82,640 30,200 112,840 61,658 21,087 82,745 Other income (expense) (377 ) 1,095 Earnings before tax $ 112,463 $ 83,840 Net Sales Contracts with customers $ 1,300,643 $ 13,034 $ 1,313,677 $ 1,157,519 $ 3,892 $ 1,161,411 Financing and other 12,991 42,832 55,823 18,634 35,671 54,305 Total $ 1,313,634 $ 55,866 $ 1,369,500 $ 1,176,153 $ 39,563 $ 1,215,716 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 12,023 $ 6,597 $ 18,620 $ 10,444 $ 3,318 $ 13,762 Purchases of property, equipment and operating lease equipment $ 3,594 $ 17,781 $ 21,375 $ 4,060 $ 167 $ 4,227 Selected Financial Data - Balance Sheet Total assets $ 998,594 $ 256,552 $ 1,255,146 $ 887,684 $ 238,270 $ 1,125,954
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 for the three and nine month periods ended December 31, 2021, and 2020 in the tables below (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Customer end market: Telecom, Media & Entertainment $ 152,584 $ 123,441 $ 380,560 $ 277,020 Technology 67,959 57,346 190,851 203,634 State and local government and educational institutions 59,449 50,703 193,526 197,758 Healthcare 64,775 44,706 207,700 150,494 Financial Services 39,182 60,610 106,229 154,763 All others 93,026 78,764 234,768 192,484 Net sales 476,975 415,570 1,313,634 1,176,153 Less: Revenue from financing and other (3,212 ) (4,395 ) (12,991 ) (18,634 ) Revenue from contracts with customers $ 473,763 $ 411,175 $ 1,300,643 $ 1,157,519 Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Vendor Cisco Systems $ 183,195 $ 132,290 $ 524,169 $ 433,388 Dell / EMC 40,254 34,027 110,092 80,457 Juniper Networks 28,792 29,781 71,944 68,076 HP Inc. & HPE 12,568 14,100 43,808 47,533 Arista Networks 13,484 22,157 33,029 42,420 NetApp 30,261 13,861 70,254 39,196 All others 168,421 169,354 460,338 465,083 Net sales 476,975 415,570 1,313,634 1,176,153 Less: Revenue from financing and other (3,212 ) (4,395 ) (12,991 ) (18,634 ) Revenue from contracts with customers $ 473,763 $ 411,175 $ 1,300,643 $ 1,157,519

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 13, 2021	Nov. 09, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock Split [Abstract]
Stock split, conversion ratio	2	2
Net Sales [Member] | Product Concentration Risk [Member] | Cisco Systems [Member] | Technology Segment [Member]
Concentration of risk [Abstract]
Percentage of concentration risk			38.00%	32.00%	40.00%	37.00%

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable - trade	$ 62,700		$ 62,700		$ 54,600
Current (included in deferred revenue)	92,662		92,662		72,299
Non-current (included in other liabilities)	28,335		28,335		$ 26,042
Revenue recognized from the beginning contract liability	11,700	$ 9,600	47,900	$ 36,500
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	73,699		73,699
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 17,884		$ 17,884
Expected timing of satisfaction, period	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 34,059		$ 34,059
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	$ 15,388		$ 15,388
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	$ 4,626		$ 4,626
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	$ 1,742		$ 1,742
Expected timing of satisfaction, period

FINANCING RECEIVABLES AND OPE_3

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2021		Dec. 31, 2020	Mar. 31, 2021		Mar. 31, 2020
Profit Recognized for Sales-type Leases [Abstract]
Net sales		$ 3,212		$ 4,182	$ 12,991		$ 22,000
Cost of sales		2,645		3,362	10,936		14,091
Gross Profit		567		820	2,055		7,909
Interest Income on Sales-type Leases [Abstract]
Interest Income on sales-type leases		786		1,956	3,076		6,059
Lease income on operating leases		7,356		3,623	19,200		11,361
Financing Receivables [Abstract]
Unguaranteed residual value		7,176			7,176			$ 9,453
Initial direct costs, net of amortization		234			234			425
Allowance for credit losses		(4,071)		(4,969)	(4,071)		(4,969)	(4,447)		$ (3,189)
Reported as [Abstract]
Current		98,183			98,183			106,272
Future scheduled minimum lease payments [Abstract]
Unguaranteed residual value for sales-type leases		7,176			7,176			9,453
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating leases		34,893			34,893			18,748
Accumulated depreciation		(12,601)			(12,601)			(7,870)
Investment in operating lease equipment - net	[1]	22,292			22,292			10,878
Unguaranteed residual value of operating lease equipment net		5,000			5,000			2,500
Future scheduled minimum lease rental payments [Abstract]
Collateral for non-recourse notes payable - Finance receivables		33,300			33,300			60,500
Collateral for non-recourse notes payable - Operating leases		8,600			8,600			3,300
Gain on sale of financing receivables		2,300		3,000	15,600		10,100
Proceeds from sale of financing receivables		63,500		67,500	753,900		259,200
Contract liabilities - servicing of financial assets		500			500			300
Notes Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		115,446			115,446			112,641
Unguaranteed residual value		0	[2]		0	[2]		0	[3]
Initial direct costs, net of amortization		234			234			425
Unearned income		0			0			0
Allowance for credit losses		(1,160)	[4]	(1,280)	(1,160)	[4]	(1,280)	(1,212)	[4]	(798)
Total, net		114,520			114,520			111,854
Reported as [Abstract]
Current		78,426			78,426			73,175
Long-term		36,094			36,094			38,679
Total, net		114,520			114,520			111,854
Lease Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		46,509			46,509			68,393
Unguaranteed residual value		11,522	[2]		11,522	[2]		14,876	[3]
Initial direct costs, net of amortization		0			0			0
Unearned income		(5,988)			(5,988)			(8,393)
Allowance for credit losses		(646)	[4]	$ (1,088)	(646)	[4]	$ (1,088)	(1,171)	[4]	$ (610)
Total, net		51,397			51,397			73,705
Reported as [Abstract]
Current		19,757			19,757			33,097
Long-term		31,640			31,640			40,608
Total, net		51,397			51,397			73,705
Financing Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		161,955			161,955			181,034
Unguaranteed residual value		11,522	[2]		11,522	[2]		14,876	[3]
Initial direct costs, net of amortization		234			234			425
Unearned income		(5,988)			(5,988)			(8,393)
Allowance for credit losses	[4]	(1,806)			(1,806)			(2,383)
Total, net		165,917			165,917			185,559
Reported as [Abstract]
Current		98,183			98,183			106,272
Long-term		67,734			67,734			79,287
Total, net		$ 165,917			$ 165,917			$ 185,559
[1]	Amounts include estimated unguaranteed residual values of $5.0 million and $2.5 million as of December 31, 2021, and March 31, 2021, respectively.
[2]	Includes unguaranteed residual values of $7,176 thousand that we retained after selling the related lease receivable.
[3]	Includes unguaranteed residual values of that we retained after selling the related lease receivable.
[4]	Refer to Note 6, “Allowance for Credit Losses” for details.

LESSEE ACCOUNTING (Details)

LESSEE ACCOUNTING (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease [Abstract]
Rent expense	$ 1.4	$ 1.5	$ 4	$ 4.6
Maximum [Member]
Lessee, Operating Lease [Abstract]
Operating lease term	6 years		6 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2021USD ($)Unit
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 135,318
Goodwill, Impairment Loss, Beginning Balance	(8,673)
Goodwill, Net Carrying Amount, Beginning Balance	126,645
Foreign currency translations	(41)
Goodwill, Ending Balance	135,277
Goodwill, Impairment Loss, Ending Balance	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 126,604
Number of reporting units | Unit	1

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Other Intangible Assets [Abstract]
Gross carrying amount	$ 87,805		$ 87,805		$ 87,888
Accumulated amortization	(58,027)		(58,027)		(49,274)
Net carrying amount	29,778		29,778		38,614
Customer Relationships and Other Intangibles [Member]
Other Intangible Assets [Abstract]
Gross carrying amount	77,290		77,290		77,335
Accumulated amortization	(49,929)		(49,929)		(42,115)
Net carrying amount	27,361		27,361		35,220
Total amortization expense	2,800	$ 2,300	$ 8,800	$ 7,300
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]
Gross carrying amount	10,515		$ 10,515		10,553
Accumulated amortization	(8,098)		(8,098)		(7,159)
Net carrying amount	$ 2,417		$ 2,417		$ 3,394
Capitalized Software Development [Member] | Minimum [Member]
Other Intangible Assets [Abstract]
Estimated useful life			5 years

ALLOWANCE FOR CREDIT LOSSES, Ac

ALLOWANCE FOR CREDIT LOSSES, Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021		Dec. 31, 2020
Activity in reserves for credit losses [Roll Forward]
Balance	$ 4,447		$ 3,189
Provision for credit losses	77		1,920
Write-offs and other	(453)		(140)
Balance	4,071		4,969
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	2,064		1,781
Provision for credit losses	330		866
Write-offs and other	(129)		(46)
Balance	2,265		2,601
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,212	[1]	798
Provision for credit losses	60		570
Write-offs and other	(112)		(88)
Balance	1,160	[1]	1,280
Lease Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,171	[1]	610
Provision for credit losses	(313)		484
Write-offs and other	(212)		(6)
Balance	$ 646	[1]	$ 1,088
[1]	Refer to Note 6, “Allowance for Credit Losses” for details.

ALLOWANCE FOR CREDIT LOSSES, Am

ALLOWANCE FOR CREDIT LOSSES, Amortized Cost Basis (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2021		Mar. 31, 2021
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		$ 101,847	[1]	$ 153,825	[2]
2021/2020		48,479	[1]	18,085	[2]
2020/2019		7,666	[1]	4,458	[2]
2019/2018		1,966	[1]	1,512	[2]
2018/2017		325	[1]	184	[2]
2017	[1]	30
Total		160,313	[1]	178,064	[2]
Transfers	[3]	(63,126)	[1]	(78,427)	[2]
Net credit exposure		97,187	[1]	99,637	[2]
Unguaranteed residual value		7,176		9,453
Lease receivable and initial direct costs of notes receivable, net of amortization		234		425
Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		75,057		101,482
2021/2020		36,381		8,718
2020/2019		3,289		1,643
2019/2018		601		779
2018/2017		112		19
2017		6
Total		115,446		112,641
Transfers	[3]	(57,698)		(66,367)
Net credit exposure		57,748		46,274
Unguaranteed residual value		0	[4]	0	[5]
Lease receivable and initial direct costs of notes receivable, net of amortization		234		425
Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		26,790		52,343
2021/2020		12,098		9,367
2020/2019		4,377		2,815
2019/2018		1,365		733
2018/2017		213		165
2017		24
Total		44,867		65,423
Transfers	[3]	(5,428)		(12,060)
Net credit exposure		39,439		53,363
Unguaranteed residual value		11,522	[4]	14,876	[5]
Lease receivable and initial direct costs of notes receivable, net of amortization		$ 0		0
High CQR [Member] | Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating		1.00%
High CQR [Member] | Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		$ 57,295		93,793
2021/2020		32,657		6,250
2020/2019		1,952		769
2019/2018		285		771
2018/2017		110		19
2017		6
Total		92,305		101,602
Transfers	[3]	(46,939)		(63,471)
Net credit exposure		45,366		38,131
High CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		16,273		28,898
2021/2020		5,671		5,885
2020/2019		3,047		1,798
2019/2018		1,241		463
2018/2017		103		125
2017		14
Total		26,349		37,169
Transfers	[3]	(3,194)		(7,468)
Net credit exposure		$ 23,155		29,701
Average CQR [Member] | Minimum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating		2.00%
Average CQR [Member] | Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating		10.00%
Average CQR [Member] | Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		$ 17,762		7,689
2021/2020		3,724		2,468
2020/2019		1,337		550
2019/2018		316		8
2018/2017		2		0
2017		0
Total		23,141		10,715
Transfers	[3]	(10,759)		(2,896)
Net credit exposure		12,382		7,819
Average CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		10,250		23,445
2021/2020		5,579		3,482
2020/2019		1,330		1,017
2019/2018		124		270
2018/2017		110		40
2017		10
Total		17,403		28,254
Transfers	[3]	(2,234)		(4,592)
Net credit exposure		$ 15,169		23,662
Low CQR [Member] | Minimum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating		10.00%
Low CQR [Member] | Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating		100.00%
Low CQR [Member] | Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		$ 0		0
2021/2020		0		0
2020/2019		0		324
2019/2018		0		0
2018/2017		0		0
2017		0
Total		0		324
Transfers	[3]	0		0
Net credit exposure		0		324
Low CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021		267		0
2021/2020		848		0
2020/2019		0		0
2019/2018		0		0
2018/2017		0		0
2017		0
Total		1,115		0
Transfers	[3]	0		0
Net credit exposure		$ 1,115		$ 0
[1]	Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost.
[2]	Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost.
[3]	Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions.
[4]	Includes unguaranteed residual values of $7,176 thousand that we retained after selling the related lease receivable.
[5]	Includes unguaranteed residual values of that we retained after selling the related lease receivable.

ALLOWANCE FOR CREDIT LOSSES, Ag

ALLOWANCE FOR CREDIT LOSSES, Aging Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2021		Mar. 31, 2021
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	$ 11,534		$ 9,616
Unbilled	148,779		168,448
Total	160,313	[1]	178,064	[2]
Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	8,010		5,471
Unbilled	107,436		107,170
Total	115,446		112,641
Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	3,524		4,145
Unbilled	41,343		61,278
Total	44,867		65,423
Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	2,844		3,810
Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	1,898		2,231
Past Due [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	946		1,579
31 to 60 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	1,201		1,452
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	945		648
31 to 60 Days Past Due [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	256		804
61 to 90 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	295		1,042
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	87		910
61 to 90 Days Past Due [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	208		132
> 90 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	1,348		1,316
> 90 Days Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	866		673
> 90 Days Past Due [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	482		643
Current [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	8,690		5,806
Current [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	6,112		3,240
Current [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	$ 2,578		$ 2,566
[1]	Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost.
[2]	Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $ thousand are excluded from amortized cost.

PROPERTY, EQUIPMENT, OTHER AS_3

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Other current assets [Abstract]
Deposits & funds held in escrow	$ 459	$ 759
Prepaid assets	12,063	9,939
Other	410	278
Total	12,932	10,976
Property, equipment and other assets [Abstract]
Property and equipment, net	7,644	7,388
Deferred costs - non-current	19,734	19,063
Right-of-use assets	7,935	8,763
Other	10,902	7,075
Total	$ 46,215	$ 42,289
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total
Other current liabilities [Abstract]
Accrued expenses	$ 13,663	$ 13,598
Accrued income taxes payable	905	4,439
Short-term lease liability	4,114	3,934
Other	7,542	8,090
Total	$ 26,224	$ 30,061
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Other liabilities [Abstract]
Deferred revenue - non-current	$ 28,691	$ 26,309
Long-term lease liability	3,833	5,040
Other	1,884	5,330
Total	$ 34,408	$ 36,679
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total	Total

CREDIT FACILITY AND NOTES PAY_2

CREDIT FACILITY AND NOTES PAYABLE (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Oct. 13, 2021	Sep. 30, 2021	Mar. 31, 2021
Notes Payable [Member] | Recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 58.8
Weighted average interest rate of notes	3.50%			3.50%
Notes Payable [Member] | Recourse [Member] | Note Payable One Installment Arrangement [Member]
Notes Payable [Abstract]
Long-term Debt	$ 14.8
Notes Payable [Member] | Non-recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 43.6			$ 56.1
Weighted average interest rate of notes	3.68%			3.35%
Revolving Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility		$ 100
Revolving Credit Facility [Member] | Notes Payable [Member] | Recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 44
2021 Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility		$ 375
Guarantor obligations for credit facility, maximum	$ 10.5
2021 Credit Facility [Member] | LIBOR [Member]
Credit Facility [Abstract]
Basis spread on reference rate	1.75%
Debt instrument term of variable rate	one-month, three-month, six-month and 12-month
Debt instrument floor rate	0.00%
WFCDF [Member] | Floor Plan Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 157.7			$ 98.7
WFCDF [Member] | Revolving Credit Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 44			$ 0
WFCDF [Member] | 2021 Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility			$ 275
Initial term	1 year
Renewal term	1 year
Period of notice required to terminate credit facility at year end	90 days

EARNINGS PER SHARE, Calculation

EARNINGS PER SHARE, Calculation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 26,424	$ 31,413	$ 23,518	$ 21,638	$ 19,846	$ 17,360	$ 81,355	$ 58,844
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	26,668			26,664			26,666	26,684
Effect of dilutive shares (in shares)	262			92			221	120
Weighted average shares common outstanding - diluted (in shares)	26,930			26,756			26,887	26,804
Earnings per common share - basic (in dollars per share)	$ 0.99			$ 0.81			$ 3.05	$ 2.21
Earnings per common share - diluted (in dollars per share)	$ 0.98			$ 0.81			$ 3.03	$ 2.20

STOCKHOLDERS' EQUITY, Stock Spl

STOCKHOLDERS' EQUITY, Stock Split and Treasury Stock (Details) $ in Thousands	Dec. 13, 2021	Nov. 10, 2021USD ($)shares	Nov. 09, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2021
Stock Split and Treasury Stock [Abstract]
Stock split, conversion ratio	2		2
Dividend payable, date to be paid					Dec. 13, 2021
Dividend payable, date of record					Nov. 29, 2021
Retirement of treasury stock				$ 0
Treasury Stock [Member]
Stock Split and Treasury Stock [Abstract]
Treasury stock shares retired (in shares) | shares		2,139,918
Retirement of treasury stock				$ (82,246)
Common Stock and Retained Earnings [Member]
Stock Split and Treasury Stock [Abstract]
Retirement of treasury stock		$ 82,200

STOCKHOLDERS' EQUITY, Share Rep

STOCKHOLDERS' EQUITY, Share Repurchase Plan (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 18, 2021	May 20, 2020
Share Repurchase Plan [Abstract]
Authorized number of shares under stock repurchase program (in shares)			1,000,000	1,000,000
Common stock repurchased during the period (in shares)	147,999	118,202
Common stock repurchased during the period	$ 6.9	$ 4.2
Shares repurchased to satisfy tax withholding obligation (in shares)	55,430	75,280
Value of shares repurchased to satisfy tax withholding obligation	$ 2.6	$ 2.7

SHARE-BASED COMPENSATION, Restr

SHARE-BASED COMPENSATION, Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)	55,430	75,280
Vested share-based awards withheld to satisfy income tax obligations	$ 2.6	$ 2.7
Restricted Stock [Member]
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)	366,756
Granted (in shares)	169,284
Vested (in shares)	(184,962)
Forfeited (in shares)	(6,106)
Nonvested at end of period (in shares)	344,972
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period (in dollars per share)	$ 37.49
Granted (in dollars per share)	46.52
Vested (in dollars per share)	39.12
Forfeited (in dollars per share)	$ 40.57
2017 Director LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	13,562	19,742
2012 Employee LTIP [Member] | Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	155,722	179,746

SHARE-BASED COMPENSATION, Compe

SHARE-BASED COMPENSATION, Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Compensation Expense [Abstract]
Total share-based compensation expense	$ 1,800	$ 1,800	$ 5,355	$ 5,427
401(k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	800	$ 900	2,600	$ 2,200
Restricted Stock [Member]
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 10,400		$ 10,400
Unrecognized compensation expense, period for recognition			30 months

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES [Abstract]
Provision for income tax expense	$ 9,486	$ 8,438	$ 31,108	$ 24,996
Effective income tax rate	26.40%	28.10%	27.70%	29.80%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Assets [Abstract]
Money market funds	$ 5,136	$ 45,134
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds	5,136	45,134
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Money market funds	0	0
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Money market funds	$ 0	$ 0

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2021	Dec. 31, 2021
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill		$ 126,645	$ 126,604
Systems Management Planning, Inc. (SMP) [Member]
Business Combination [Abstract]
Cash portion of the acquisition	$ 29,000
Amount received related to working capital adjustment		$ 2,000
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable	14,526
Other assets	3,344
Identified intangible assets	14,280
Accounts payable and other current liabilities	(11,424)
Performance obligation	(2,020)
Total identifiable net assets	18,706
Goodwill	8,328
Total purchase consideration	$ 27,034
Systems Management Planning, Inc. (SMP) [Member] | Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Estimated useful lives			7 years

SEGMENT REPORTING, Reportable S

SEGMENT REPORTING, Reportable Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment			2
Reportable Segment Information [Abstract]
Net sales	$ 494,834	$ 427,604	$ 1,369,500	$ 1,215,716
Cost of Sales [Abstract]
Cost of sales	377,717	329,453	1,023,869	920,046
Gross profit	117,117	98,151	345,631	295,670
Selling, general, and administrative	76,874	65,390	220,153	201,746
Depreciation and amortization	3,597	3,143	11,376	10,000
Interest and financing costs	561	355	1,262	1,179
Operating expenses	81,032	68,888	232,791	212,925
Operating income	36,085	29,263	112,840	82,745
Other income (expense)	(175)	813	(377)	1,095
Earnings before tax	35,910	30,076	112,463	83,840
Net Sales [Abstract]
Contracts with customers	479,603	413,079	1,313,677	1,161,411
Financing and other	15,231	14,525	55,823	54,305
Net sales	494,834	427,604	1,369,500	1,215,716
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	6,576	4,302	18,620	13,762
Purchases of property, equipment and operating lease equipment	5,132	960	21,375	4,227
Selected Financial Data - Balance Sheet [Abstract]
Total assets	1,255,146	1,125,954	1,255,146	1,125,954	$ 1,076,775
Product [Member]
Reportable Segment Information [Abstract]
Net sales	432,307	375,512	1,190,524	1,066,408
Cost of Sales [Abstract]
Cost of sales	339,810	297,514	914,666	827,111
Net Sales [Abstract]
Net sales	432,307	375,512	1,190,524	1,066,408
Service [Member]
Reportable Segment Information [Abstract]
Net sales	62,527	52,092	178,976	149,308
Cost of Sales [Abstract]
Cost of sales	37,907	31,939	109,203	92,935
Net Sales [Abstract]
Net sales	62,527	52,092	178,976	149,308
Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	476,975	415,570	1,313,634	1,176,153
Net Sales [Abstract]
Contracts with customers	473,763	411,175	1,300,643	1,157,519
Financing and other	3,212	4,395	12,991	18,634
Net sales	476,975	415,570	1,313,634	1,176,153
Operating Segments [Member] | Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	476,975	415,570	1,313,634	1,176,153
Cost of Sales [Abstract]
Cost of sales	372,492	327,249	1,008,640	913,794
Gross profit	104,483	88,321	304,994	262,359
Selling, general, and administrative	73,413	62,377	210,369	190,519
Depreciation and amortization	3,569	3,115	11,292	9,916
Interest and financing costs	335	0	693	266
Operating expenses	77,317	65,492	222,354	200,701
Operating income	27,166	22,829	82,640	61,658
Net Sales [Abstract]
Contracts with customers	473,763	411,175	1,300,643	1,157,519
Financing and other	3,212	4,395	12,991	18,634
Net sales	476,975	415,570	1,313,634	1,176,153
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	3,846	3,311	12,023	10,444
Purchases of property, equipment and operating lease equipment	1,339	959	3,594	4,060
Selected Financial Data - Balance Sheet [Abstract]
Total assets	998,594	887,684	998,594	887,684
Operating Segments [Member] | Technology Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	414,448	363,478	1,134,658	1,026,845
Cost of Sales [Abstract]
Cost of sales	334,585	295,310	899,437	820,859
Net Sales [Abstract]
Net sales	414,448	363,478	1,134,658	1,026,845
Operating Segments [Member] | Technology Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	62,527	52,092	178,976	149,308
Cost of Sales [Abstract]
Cost of sales	37,907	31,939	109,203	92,935
Net Sales [Abstract]
Net sales	62,527	52,092	178,976	149,308
Operating Segments [Member] | Financing Segment [Member]
Reportable Segment Information [Abstract]
Net sales	17,859	12,034	55,866	39,563
Cost of Sales [Abstract]
Cost of sales	5,225	2,204	15,229	6,252
Gross profit	12,634	9,830	40,637	33,311
Selling, general, and administrative	3,461	3,013	9,784	11,227
Depreciation and amortization	28	28	84	84
Interest and financing costs	226	355	569	913
Operating expenses	3,715	3,396	10,437	12,224
Operating income	8,919	6,434	30,200	21,087
Net Sales [Abstract]
Contracts with customers	5,840	1,904	13,034	3,892
Financing and other	12,019	10,130	42,832	35,671
Net sales	17,859	12,034	55,866	39,563
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	2,730	991	6,597	3,318
Purchases of property, equipment and operating lease equipment	3,793	1	17,781	167
Selected Financial Data - Balance Sheet [Abstract]
Total assets	256,552	238,270	256,552	238,270
Operating Segments [Member] | Financing Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	17,859	12,034	55,866	39,563
Cost of Sales [Abstract]
Cost of sales	5,225	2,204	15,229	6,252
Net Sales [Abstract]
Net sales	17,859	12,034	55,866	39,563
Operating Segments [Member] | Financing Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	0	0	0	0
Cost of Sales [Abstract]
Cost of sales	0	0	0	0
Net Sales [Abstract]
Net sales	$ 0	$ 0	$ 0	$ 0

SEGMENT REPORTING, Technology S

SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Abstract]
Net sales	$ 494,834	$ 427,604	$ 1,369,500	$ 1,215,716
Less: Revenue from financing and other	(15,231)	(14,525)	(55,823)	(54,305)
Revenue from contracts with customers	479,603	413,079	1,313,677	1,161,411
Technology Segment [Member]
Disaggregation of Revenue [Abstract]
Net sales	476,975	415,570	1,313,634	1,176,153
Less: Revenue from financing and other	(3,212)	(4,395)	(12,991)	(18,634)
Revenue from contracts with customers	473,763	411,175	1,300,643	1,157,519
Technology Segment [Member] | Telecom, Media & Entertainment [Member]
Disaggregation of Revenue [Abstract]
Net sales	152,584	123,441	380,560	277,020
Technology Segment [Member] | Technology [Member]
Disaggregation of Revenue [Abstract]
Net sales	67,959	57,346	190,851	203,634
Technology Segment [Member] | State and Local Government and Educational Institutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	59,449	50,703	193,526	197,758
Technology Segment [Member] | Health Care [Member]
Disaggregation of Revenue [Abstract]
Net sales	64,775	44,706	207,700	150,494
Technology Segment [Member] | Financial Services [Member]
Disaggregation of Revenue [Abstract]
Net sales	39,182	60,610	106,229	154,763
Technology Segment [Member] | All Others [Member]
Disaggregation of Revenue [Abstract]
Net sales	93,026	78,764	234,768	192,484
Technology Segment [Member] | Cisco Systems [Member]
Disaggregation of Revenue [Abstract]
Net sales	183,195	132,290	524,169	433,388
Technology Segment [Member] | Dell / EMC [Member]
Disaggregation of Revenue [Abstract]
Net sales	40,254	34,027	110,092	80,457
Technology Segment [Member] | Juniper Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	28,792	29,781	71,944	68,076
Technology Segment [Member] | HP Inc. & HPE [Member]
Disaggregation of Revenue [Abstract]
Net sales	12,568	14,100	43,808	47,533
Technology Segment [Member] | Arista Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	13,484	22,157	33,029	42,420
Technology Segment [Member] | NetApp [Member]
Disaggregation of Revenue [Abstract]
Net sales	30,261	13,861	70,254	39,196
Technology Segment [Member] | All Others [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 168,421	$ 169,354	$ 460,338	$ 465,083