ePlus (PLUS) 10-Q 3 Aug 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		26,891,568

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 83,488	$ 155,378
Accounts receivable-trade, net	482,166	430,380
Accounts receivable-other, net	47,581	48,673
Inventories	246,873	155,060
Financing receivables-net, current	75,170	61,492
Deferred costs	34,104	32,555
Other current assets	15,961	13,944
Total current assets	985,343	897,482
Financing receivables and operating leases-net	68,719	64,292
Deferred tax asset-net	5,054	5,050
Property, equipment, and other assets	45,888	45,586
Goodwill	126,378	126,543
Other intangible assets-net	24,768	27,250
TOTAL ASSETS	1,256,150	1,166,203
Current liabilities:
Accounts payable	165,793	136,161
Accounts payable-floor plan	138,047	145,323
Salaries and commissions payable	32,490	39,602
Deferred revenue	100,637	86,469
Recourse notes payable-current	47,529	7,316
Non-recourse notes payable-current	19,873	17,070
Other current liabilities	29,603	28,095
Total current liabilities	533,972	460,036
Recourse notes payable - long-term	3,878	5,792
Non-recourse notes payable - long-term	6,569	4,108
Other liabilities	35,443	35,529
TOTAL LIABILITIES	579,862	505,465
COMMITMENTS AND CONTINGENCIES (Note 8)
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; 26,893 outstanding at June 30, 2022 and 26,886 outstanding at March 31, 2022	271	270
Additional paid-in capital	161,253	159,480
Treasury stock, at cost, 258 shares at June 30, 2022 and 130 shares at March 31, 2022	(13,958)	(6,734)
Retained earnings	530,185	507,846
Accumulated other comprehensive income-foreign currency translation adjustment	(1,463)	(124)
Total Stockholders' Equity	676,288	660,738
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,256,150	$ 1,166,203

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Mar. 31, 2022
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)	26,893	26,886
Treasury stock, shares (in shares)	258	130

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net sales
Total	$ 458,359	$ 416,649
Cost of sales
Total	344,836	311,137
Gross profit	113,523	105,512
Selling, general, and administrative	76,767	68,775
Depreciation and amortization	3,210	3,926
Interest and financing costs	363	359
Operating expenses	80,340	73,060
Operating income	33,183	32,452
Other income (expense)	(2,153)	123
Earnings before tax	31,030	32,575
Provision for income taxes	8,691	9,057
Net earnings	$ 22,339	$ 23,518
Net earnings per common share-basic (in dollars per share)	$ 0.84	$ 0.88
Net earnings per common share-diluted (in dollars per share)	$ 0.84	$ 0.87
Weighted average common shares outstanding-basic (in shares)	26,513	26,666
Weighted average common shares outstanding-diluted (in shares)	26,685	26,882
Product [Member]
Net sales
Total	$ 395,250	$ 361,057
Cost of sales
Total	304,210	277,227
Services [Member]
Net sales
Total	63,109	55,592
Cost of sales
Total	$ 40,626	$ 33,910

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 22,339	$ 23,518
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	(1,339)	66
Other comprehensive income (loss)	(1,339)	66
TOTAL COMPREHENSIVE INCOME	$ 21,000	$ 23,584

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net earnings	$ 22,339	$ 23,518
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	4,472	6,082
Provision for credit losses	698	(261)
Share-based compensation expense	1,773	1,735
Payments from lessees directly to lenders-operating leases	0	(32)
Gain on disposal of property, equipment, and operating lease equipment	(224)	(148)
Changes in:
Accounts receivable	(53,556)	(68,641)
Inventories-net	(92,678)	(7,800)
Financing receivables-net	(20,574)	193
Deferred costs and other assets	(4,177)	61
Accounts payable-trade	30,376	(15,393)
Salaries and commissions payable, deferred revenue, and other liabilities	8,608	(4,450)
Net cash used in operating activities	(102,943)	(65,136)
Cash flows from investing activities:
Proceeds from sale of property, equipment, and operating lease equipment	85	843
Purchases of property, equipment and operating lease equipment	(1,777)	(6,994)
Net cash used in investing activities	(1,692)	(6,151)
Cash flows from financing activities:
Borrowings of non-recourse and recourse notes payable	49,256	3,199
Repayments of non-recourse and recourse notes payable	(3,645)	(4,819)
Repurchase of common stock	(7,224)	(3,807)
Net borrowings (repayments) on floor plan facility	(7,276)	40,921
Net cash provided by financing activities	31,111	35,494
Effect of exchange rate changes on cash	1,634	71
Net increase in cash and cash equivalents	(71,890)	(35,722)
Cash and cash equivalents, beginning of period	155,378	129,562
Cash and cash equivalents, end of period	83,488	93,840
Supplemental disclosures of cash flow information:
Cash paid for interest	341	519
Cash paid for income taxes	7,532	7,275
Cash paid for amounts included in the measurement of lease liabilities	1,226	1,182
Schedule of non-cash investing and financing activities:
Proceeds from sale of property, equipment, and leased equipment	183	978
Purchases of property, equipment, and operating lease equipment	(63)	(2,619)
Borrowing of non-recourse and recourse notes payable	7,267	0
Repayments of non-recourse and recourse notes payable	0	(32)
Vesting of share-based compensation	9,215	7,493
Repurchase of common stock	0	(304)
New operating lease assets obtained in exchange for lease obligations	$ 34	$ 0

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Mar. 31, 2021	$ 145	$ 152,366	$ (75,372)	$ 484,616	$ 655	$ 562,410
Balance (in shares) at Mar. 31, 2021	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, 2022	$ 270	159,480	(6,734)	507,846	(124)	$ 660,738
Balance (in shares) at Mar. 31, 2022	26,886					26,886
Issuance of restricted stock awards	$ 1	0	0	0	0	$ 1
Issuance of restricted stock awards (in shares)	135
Share-based compensation	$ 0	1,773	0	0	0	1,773
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (7,224)	0	0	(7,224)
Repurchase of common stock (in shares)			(128)
Net earnings	0	0	$ 0	22,339	0	22,339
Foreign currency translation adjustment	0	0	0	0	(1,339)	(1,339)
Balance at Jun. 30, 2022	$ 271	$ 161,253	$ (13,958)	$ 530,185	$ (1,463)	$ 676,288
Balance (in shares) at Jun. 30, 2022	26,893					26,893

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2022
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 three months ended June 30, 2022, and 2021, 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 three months ended June 30, 2022, and 2021, are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ended March 31, 2023, 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, 2022 (“2022 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 35% of our technology segment’s net sales for the three months ended June 30, 2022, and 42% for the three months ended June 30, 2021. 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	3 Months Ended
	Jun. 30, 2022
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 June 30 2022, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): June 30, 2022 March 31, 2022 Current (included in deferred revenue) $ 100,092 $ 85,826 Non-current (included in other liabilities) $ 30,574 $ 30,086 Revenue recognized from the beginning contract liability balance was $24.9 million and $21.5 million for the three months ended June 30, 2022, and 2021, 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, 2023 $ 43,194 Year ending March 31, 2024 24,954 Year ending March 31, 2025 9,466 Year ending March 31, 2026 2,510 Year ending March 31, 2027 and thereafter 986 Total remaining performance obligations $ 81,110 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	3 Months Ended
	Jun. 30, 2022
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 months ended June 30, 2022, and 2021 (in thousands): Three months ended June 30, 2022 2021 Net sales $ 4,983 $ 3,817 Cost of sales 4,067 3,365 Gross profit $ 916 $ 452 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three months ended June 30, 2022, and 2021 (in thousands): Three months ended June 30, 2022 2021 Interest income on sales-type leases $ 861 $ 1,290 Lease income on operating leases $ 4,582 $ 5,210 FINANCING RECEIVABLES—NET The following tables provide a disaggregation of our financing receivables – net (in s): June 30 2022 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 88,178 $ 51,103 $ 139,281 Unguaranteed residual value (1) - 9,233 9,233 Unearned income (3,346 ) (4,996 ) (8,342 ) Allowance for credit losses (2) (792 ) (913 ) (1,705 ) Total, net $ 84,040 $ 54,427 $ 138,467 Reported as: Current $ 52,547 $ 22,623 $ 75,170 Long-term 31,493 31,804 63,297 Total, net $ 84,040 $ 54,427 $ 138,467 (1) Includes unguaranteed residual values of $5,607 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6 March 31 2022 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 80,517 $ 38,788 $ 119,305 Unguaranteed residual value (1) - 9,141 9,141 Unearned income (2,728 ) (3,604 ) (6,332 ) Allowance for credit losses (2) (708 ) (681 ) (1,389 ) Total, net $ 77,081 $ 43,644 $ 120,725 Reported as: Current $ 45,415 $ 16,077 $ 61,492 Long-term 31,666 27,567 59,233 Total, net $ 77,081 $ 43,644 $ 120,725 (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): June 30, 2022 March 31, 2022 Cost of equipment under operating leases $ 14,322 $ 13,044 Accumulated depreciation (8,900 ) (7,985 ) Investment in operating lease equipment—net (1) $ 5,422 $ 5,059 (1) Amounts include estimated unguaranteed residual values of $1.8 million and $1.7 million as of June 30, 2022, and March 31, 2022, 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 June 30, 2022, and March 31, 2022, we had financing receivables of $29.0 million and $21.1 million, respectively, and operating leases of $1.8 million and $2.0 million, respectively, which were collateral for non-recourse notes payable. See Note 7 “ ” For transfers accounted for as a sale, 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 June 30, 2022, and 2021, we recognized net gains of $1.8 million and $3.2 million, respectively, and total proceeds from these sales were $52.5 million and $75.3 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 June 30, 2022, and March 31, 2022, we had deferred revenue of $0.4 million and $0.5 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 June 30, 2022, and March 31, 2022, the total potential payments that could result from these indemnities is immaterial.

LESSEE ACCOUNTING

LESSEE ACCOUNTING	3 Months Ended
	Jun. 30, 2022
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 $1.3 million for both the three months ended June 30, 2022, and June 30, 2021.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Jun. 30, 2022
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 three months ended June 30, 2022 (in s): Three months ended June 30, 2022 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,216 $ (8,673 ) $ 126,543 Foreign currency translations (165 ) - (165 ) Ending balance $ 135,051 $ (8,673 ) $ 126,378 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 June 30, 2022, relates to our technology segment, which we also determined The change in our goodwill balance during the three months ended June 30, 2022, is due solely to foreign currency translation. We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following on June 30, 2022, and March 31, 2022 June 30, 2022 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,041 $ (54,101 ) $ 22,940 $ 77,224 $ (52,087 ) $ 25,137 Capitalized software development 10,517 (8,689 ) 1,828 10,517 (8,404 ) 2,113 Total $ 87,558 $ (62,790 ) $ 24,768 $ 87,741 $ (60,491 ) $ 27,250 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 $ million for the three months ended June 30, 2022, and June 30, 2021, respectively

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	3 Months Ended
	Jun. 30, 2022
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 three months ended June 30, 2022, and 2021 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2022 $ 2,411 $ 708 $ 681 $ 3,800 Provision for credit losses 382 84 232 698 Write-offs and other (65 ) - - (65 ) Balance June 30 2022 $ 2,728 $ 792 $ 913 $ 4,433 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses (40 ) 77 (298 ) (261 ) Write-offs and other (22 ) - - (22 ) Balance June 30 2021 $ 2,002 $ 1,289 $ 873 $ 4,164 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 June 30, 2022 (in thousands): Amortized cost basis by origination year ending March 31, 2023 2022 2021 2020 2019 2018 Total Non-recourse debt (2) Net credit exposure Notes receivable: High CQR $ 22,785 $ 18,879 $ 24,314 $ 969 $ 158 $ 3 $ 67,108 $ (24,331 ) $ 42,777 Average CQR 7,471 6,784 2,671 746 52 - 17,724 (8,280 ) 9,444 Low CQR - - - - - - - - - Total $ 30,256 $ 25,663 $ 26,985 $ 1,715 $ 210 $ 3 $ 84,832 $ (32,611 ) $ 52,221 Lease receivables: High CQR $ 14,828 $ 9,539 $ 4,209 $ 1,809 $ 731 $ 44 $ 31,160 $ (3,531 ) $ 27,629 Average CQR 6,654 9,029 2,334 473 39 44 18,573 (188 ) 18,385 Low CQR - - - - - - - - - Total $ 21,482 $ 18,568 $ 6,543 $ 2,282 $ 770 $ 88 $ 49,733 $ (3,719 ) $ 46,014 Total amortized cost (1) $ 51,738 $ 44,231 $ 33,528 $ 3,997 $ 980 $ 91 $ 134,565 $ (36,330 ) $ 98,235 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis. The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2022 (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 $ 35,264 $ 28,005 $ 1,297 $ 345 $ 2 $ 4 $ 64,917 $ (30,274 ) $ 34,643 Average CQR 8,922 2,976 758 213 3 - 12,872 (4,763 ) 8,109 Low CQR - - - - - - - - - Total $ 44,186 $ 30,981 $ 2,055 $ 558 $ 5 $ 4 $ 77,789 $ (35,037 ) $ 42,752 Lease receivables: High CQR $ 14,549 $ 5,002 $ 2,499 $ 902 $ 50 $ 11 $ 23,013 $ (3,385 ) $ 19,628 Average CQR 10,936 3,092 741 47 72 - 14,888 (347 ) 14,541 Low CQR - - - - - - - - - Total $ 25,485 $ 8,094 $ 3,240 $ 949 $ 122 $ 11 $ 37,901 $ (3,732 ) $ 34,169 Total amortized cost (1) $ 69,671 $ 39,075 $ 5,295 $ 1,507 $ 127 $ 15 $ 115,690 $ (38,769 ) $ 76,921 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is 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 $ 268 $ 425 $ 97 $ 790 $ 5,623 $ 6,413 $ 78,419 $ 84,832 Lease receivables 240 154 551 945 905 1,850 47,883 49,733 Total $ 508 $ 579 $ 648 $ 1,735 $ 6,528 $ 8,263 $ 126,302 $ 134,565 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 $ 187 $ 37 $ 23 $ 247 $ 5,307 $ 5,554 $ 72,235 $ 77,789 Lease receivables 115 325 430 870 639 1,509 36,392 37,901 Total $ 302 $ 362 $ 453 $ 1,117 $ 5,946 $ 7,063 $ 108,627 $ 115,690 Our financial assets on nonaccrual status were not significant as of June 30, 2022, and March 31, 2022.

CREDIT FACILITY AND NOTES PAYAB

CREDIT FACILITY AND NOTES PAYABLE	3 Months Ended
	Jun. 30, 2022
CREDIT FACILITY AND NOTES PAYABLE [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	7. 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 $138.0 million and $145.3 million as of June 30, 2022, and March 31, 2022, 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 $40.0 million outstanding as of June 30, 2022, and no balance outstanding as of March 31, 2022. 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 June 30, 2022, and March 31, 2022. 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 June 30, 2022, we had $51.4 million in recourse borrowings consisting of $40.0 million outstanding under our revolving WFCDF credit facility, and $11.4 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 June 30, 2022, and March 31, 2022. 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 June 30, 2022, and March 31, 2022, we had $26.4 million and $21.2 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 3.78% and 3.59%, as of June 30, 2022, and March 31, 2022, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	8. 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. As of June 30, 2022, we do not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these proceedings and matters, if any, has been incurred. 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	3 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	9. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our unaudited consolidated statements of operations for the three months ended June 30, 2022, and 2021, respectively Three Months Ended June 30, 2022 2021 Net earnings attributable to common shareholders - basic and diluted $ 22,339 $ 23,518 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 26,513 26,666 Effect of dilutive shares 172 216 Weighted average shares common outstanding — diluted 26,685 26,882 Earnings per common share - basic $ 0.84 $ 0.88 Earnings per common share - diluted $ 0.84 $ 0.87

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2022
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY SHARE REPURCHASE PLAN On March 24, 2022, our board of directors authorized the repurchase of up to 1,000,000 shares of our outstanding common stock, over a 12-month period beginning May 28, 2022 During the three months ended June 30, 2022, we purchased 70,473 shares of our outstanding common stock at a value of $3.9 million under the share repurchase plan; we also purchased 58,080 shares of common stock at a value of $3.3 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the three months ended June 30, 2021, we purchased 35,258 shares of our outstanding common stock at a value of $1.6 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.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2022
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	11. SHARE-BASED COMPENSATION SHARE-BASED PLANS As of June 30, 2022, we had share-based awards outstanding under the following plans: (1) the 2017 Non-Employee Director Long-Term Incentive Plan (“2017 Director LTIP”), (2) the 2012 Employee Long-Term Incentive Plan (“2012 Employee LTIP”), and (3) the 2021 Employee Long-Term Incentive Plan (“2021 Employee LTIP”) The 2021 Employee LTIP was approved by our shareholders on September 16, 2021, and became effective October 1, 2021. The 2021 Employee LTIP replaced the 2012 Employee LTIP that had previously been approved by our stockholders on September 13, 2012. Beginning September 16, 2021, we permanently ceased issuing any additional shares under the 2012 Employee LTIP 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 three months ended June 30, 2022, we granted 774 shares under the 2017 Director LTIP, and 138,643 restricted shares under the 2021 Employee LTIP. For the three months ended June 30, 2021, we granted 828 shares under the 2017 Director LTIP, and 155,722 restricted shares under the 2012 Employee LTIP. A summary of our restricted stock activity Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2022 343,806 $ 41.01 Granted 139,417 $ 58.51 Vested (163,034 ) $ 39.25 Forfeited (4,382 ) $ 40.77 Nonvested June 30 2022 315,807 $ 49.65 COMPENSATION EXPENSE We recognize compensation cost for awards of restricted stock with graded vesting on a straight-line basis over the requisite service period. There are no additional conditions for vesting other than service conditions. During the three months ended June 30, 2022, and 2021, we recognized $1.8 million and $1.7 million of total share-based compensation expense, respectively. Unrecognized compensation expense related to unvested restricted stock was $14.9 million as of June 30, 2022, which will be fully recognized over the next 36 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 to the plan for the three months ended June 30, 2022, and 2021, was $ million and $ million,

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2022
INCOME TAXES [Abstract]
INCOME TAXES	12. INCOME TAXES Our provision for income tax expense was $8.7 million for the three months ended June 30, 2022, as compared to $9.1 million for the same period in the prior year. Our effective income tax rate for the three months ended June 30, 2022, was 28.0%, comparable to 27.8% for the same period in the prior year. The effective tax rate for the three months ended June 30, 2022, and June 30, 2021, differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes and non-deductible executive compensation

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jun. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	13. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the fair value hierarchy of our financial instruments as of June 30, 2022, and March 31, 2022 (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) June 30 , 2022 Assets: Money market funds $ 23,193 $ 23,193 $ - $ - March 31 , 2022 Assets: Money market funds $ 18,138 $ 18,138 $ - $ -

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Jun. 30, 2022
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	14. BUSINESS COMBINATIONS FUTURE COM On July 15, 2022, our subsidiary, ePlus Technology, inc., acquired certain assets and liabilities of Future Com, Ltd., a Texas-based provider of cyber security solutions, cloud security and security consulting services throughout the US. Our acquisition provides access to enhanced engineering, sales, and services delivery capabilities in the South-Central US region, as well as bolstering the skills and expertise surrounding ePlus’ growing cyber security practice. Our preliminary total consideration transferred was $13.0 million, which was paid in cash at closing. As of our filing date, our initial accounting for the business combination is incomplete.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jun. 30, 2022
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	15. 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 month periods ended June 30, 2022, and 2021 are summarized in the following table (in thousands): Three Months Ended June 30, 2022 June 30, 2021 Technology Financing Total Technology Financing Total Net Sales Product $ 385,676 $ 9,574 $ 395,250 $ 344,766 $ 16,291 $ 361,057 Service 63,109 - 63,109 55,592 - 55,592 Total 448,785 9,574 458,359 400,358 16,291 416,649 Cost of Sales Product 302,508 1,702 304,210 271,015 6,212 277,227 Service 40,626 - 40,626 33,910 - 33,910 Total 343,134 1,702 344,836 304,925 6,212 311,137 Gross Profit 105,651 7,872 113,523 95,433 10,079 105,512 Selling, general, and administrative 73,112 3,655 76,767 66,153 2,622 68,775 Depreciation and amortization 3,182 28 3,210 3,898 28 3,926 Interest and financing costs 138 225 363 159 200 359 Operating expenses 76,432 3,908 80,340 70,210 2,850 73,060 Operating income 29,219 3,964 33,183 25,223 7,229 32,452 Other income (expense) (2,153 ) 123 Earnings before tax $ 31,030 $ 32,575 Net Sales Contracts with customers $ 443,802 $ 945 $ 444,747 $ 396,541 $ 5,418 $ 401,959 Financing and other 4,983 8,629 13,612 3,817 10,873 14,690 Total $ 448,785 $ 9,574 $ 458,359 $ 400,358 $ 16,291 $ 416,649 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,515 $ 957 $ 4,472 $ 4,103 $ 1,979 $ 6,082 Purchases of property, equipment and operating lease equipment $ 1,286 $ 491 $ 1,777 $ 1,307 $ 5,687 $ 6,994 Selected Financial Data - Balance Sheet Total assets $ 1,007,898 $ 248,252 $ 1,256,150 $ 868,276 $ 209,140 $ 1,077,416 TECHNOLOGY SEGMENT DISAGGREGATION OF REVENUE We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Three Months Ended June 30, 2022 2021 Customer end market: Telecom, Media & Entertainment $ 128,277 $ 112,192 Technology 69,862 69,140 Healthcare 68,512 54,688 State and local government and educational institutions 64,602 65,415 Financial Services 33,299 30,011 All others 84,233 68,912 Net sales 448,785 400,358 Less: Revenue from financing and other (4,983 ) (3,817 ) Revenue from contracts with customers $ 443,802 $ 396,541 Three Months Ended June 30, 2022 2021 Vendor: Cisco Systems $ 156,878 $ 166,902 Dell EMC 61,873 26,340 Juniper Networks 22,509 24,714 NetApp 13,985 10,457 Arista Networks 11,172 11,498 All others 182,368 160,447 Net sales 448,785 400,358 Less: Revenue from financing and other (4,983 ) (3,817 ) Revenue from contracts with customers $ 443,802 $ 396,541 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

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2022
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 three months ended June 30, 2022, and 2021, 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 three months ended June 30, 2022, and 2021, are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ended March 31, 2023, 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, 2022 (“2022 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 35% of our technology segment’s net sales for the three months ended June 30, 2022, and 42% for the three months ended June 30, 2021.
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)	3 Months Ended
	Jun. 30, 2022
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 June 30 2022, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): June 30, 2022 March 31, 2022 Current (included in deferred revenue) $ 100,092 $ 85,826 Non-current (included in other liabilities) $ 30,574 $ 30,086
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, 2023 $ 43,194 Year ending March 31, 2024 24,954 Year ending March 31, 2025 9,466 Year ending March 31, 2026 2,510 Year ending March 31, 2027 and thereafter 986 Total remaining performance obligations $ 81,110

FINANCING RECEIVABLES AND OPE_2

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	3 Months Ended
	Jun. 30, 2022
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 months ended June 30, 2022, and 2021 (in thousands): Three months ended June 30, 2022 2021 Net sales $ 4,983 $ 3,817 Cost of sales 4,067 3,365 Gross profit $ 916 $ 452 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three months ended June 30, 2022, and 2021 (in thousands): Three months ended June 30, 2022 2021 Interest income on sales-type leases $ 861 $ 1,290 Lease income on operating leases $ 4,582 $ 5,210
Notes Receivable Net and Investments in Leases	The following tables provide a disaggregation of our financing receivables – net (in s): June 30 2022 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 88,178 $ 51,103 $ 139,281 Unguaranteed residual value (1) - 9,233 9,233 Unearned income (3,346 ) (4,996 ) (8,342 ) Allowance for credit losses (2) (792 ) (913 ) (1,705 ) Total, net $ 84,040 $ 54,427 $ 138,467 Reported as: Current $ 52,547 $ 22,623 $ 75,170 Long-term 31,493 31,804 63,297 Total, net $ 84,040 $ 54,427 $ 138,467 (1) Includes unguaranteed residual values of $5,607 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6 March 31 2022 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 80,517 $ 38,788 $ 119,305 Unguaranteed residual value (1) - 9,141 9,141 Unearned income (2,728 ) (3,604 ) (6,332 ) Allowance for credit losses (2) (708 ) (681 ) (1,389 ) Total, net $ 77,081 $ 43,644 $ 120,725 Reported as: Current $ 45,415 $ 16,077 $ 61,492 Long-term 31,666 27,567 59,233 Total, net $ 77,081 $ 43,644 $ 120,725 (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): June 30, 2022 March 31, 2022 Cost of equipment under operating leases $ 14,322 $ 13,044 Accumulated depreciation (8,900 ) (7,985 ) Investment in operating lease equipment—net (1) $ 5,422 $ 5,059 (1) Amounts include estimated unguaranteed residual values of $1.8 million and $1.7 million as of June 30, 2022, and March 31, 2022, respectively.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Changes in Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the three months ended June 30, 2022 (in s): Three months ended June 30, 2022 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,216 $ (8,673 ) $ 126,543 Foreign currency translations (165 ) - (165 ) Ending balance $ 135,051 $ (8,673 ) $ 126,378
Other Intangible Assets	Our other intangible assets consist of the following on June 30, 2022, and March 31, 2022 June 30, 2022 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,041 $ (54,101 ) $ 22,940 $ 77,224 $ (52,087 ) $ 25,137 Capitalized software development 10,517 (8,689 ) 1,828 10,517 (8,404 ) 2,113 Total $ 87,558 $ (62,790 ) $ 24,768 $ 87,741 $ (60,491 ) $ 27,250

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	3 Months Ended
	Jun. 30, 2022
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 three months ended June 30, 2022, and 2021 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2022 $ 2,411 $ 708 $ 681 $ 3,800 Provision for credit losses 382 84 232 698 Write-offs and other (65 ) - - (65 ) Balance June 30 2022 $ 2,728 $ 792 $ 913 $ 4,433 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses (40 ) 77 (298 ) (261 ) Write-offs and other (22 ) - - (22 ) Balance June 30 2021 $ 2,002 $ 1,289 $ 873 $ 4,164
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 June 30, 2022 (in thousands): Amortized cost basis by origination year ending March 31, 2023 2022 2021 2020 2019 2018 Total Non-recourse debt (2) Net credit exposure Notes receivable: High CQR $ 22,785 $ 18,879 $ 24,314 $ 969 $ 158 $ 3 $ 67,108 $ (24,331 ) $ 42,777 Average CQR 7,471 6,784 2,671 746 52 - 17,724 (8,280 ) 9,444 Low CQR - - - - - - - - - Total $ 30,256 $ 25,663 $ 26,985 $ 1,715 $ 210 $ 3 $ 84,832 $ (32,611 ) $ 52,221 Lease receivables: High CQR $ 14,828 $ 9,539 $ 4,209 $ 1,809 $ 731 $ 44 $ 31,160 $ (3,531 ) $ 27,629 Average CQR 6,654 9,029 2,334 473 39 44 18,573 (188 ) 18,385 Low CQR - - - - - - - - - Total $ 21,482 $ 18,568 $ 6,543 $ 2,282 $ 770 $ 88 $ 49,733 $ (3,719 ) $ 46,014 Total amortized cost (1) $ 51,738 $ 44,231 $ 33,528 $ 3,997 $ 980 $ 91 $ 134,565 $ (36,330 ) $ 98,235 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is excluded from amortized cost. (2) Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis. The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2022 (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 $ 35,264 $ 28,005 $ 1,297 $ 345 $ 2 $ 4 $ 64,917 $ (30,274 ) $ 34,643 Average CQR 8,922 2,976 758 213 3 - 12,872 (4,763 ) 8,109 Low CQR - - - - - - - - - Total $ 44,186 $ 30,981 $ 2,055 $ 558 $ 5 $ 4 $ 77,789 $ (35,037 ) $ 42,752 Lease receivables: High CQR $ 14,549 $ 5,002 $ 2,499 $ 902 $ 50 $ 11 $ 23,013 $ (3,385 ) $ 19,628 Average CQR 10,936 3,092 741 47 72 - 14,888 (347 ) 14,541 Low CQR - - - - - - - - - Total $ 25,485 $ 8,094 $ 3,240 $ 949 $ 122 $ 11 $ 37,901 $ (3,732 ) $ 34,169 Total amortized cost (1) $ 69,671 $ 39,075 $ 5,295 $ 1,507 $ 127 $ 15 $ 115,690 $ (38,769 ) $ 76,921 (1) Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is 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 $ 268 $ 425 $ 97 $ 790 $ 5,623 $ 6,413 $ 78,419 $ 84,832 Lease receivables 240 154 551 945 905 1,850 47,883 49,733 Total $ 508 $ 579 $ 648 $ 1,735 $ 6,528 $ 8,263 $ 126,302 $ 134,565 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 $ 187 $ 37 $ 23 $ 247 $ 5,307 $ 5,554 $ 72,235 $ 77,789 Lease receivables 115 325 430 870 639 1,509 36,392 37,901 Total $ 302 $ 362 $ 453 $ 1,117 $ 5,946 $ 7,063 $ 108,627 $ 115,690

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2022
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 months ended June 30, 2022, and 2021, respectively Three Months Ended June 30, 2022 2021 Net earnings attributable to common shareholders - basic and diluted $ 22,339 $ 23,518 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 26,513 26,666 Effect of dilutive shares 172 216 Weighted average shares common outstanding — diluted 26,685 26,882 Earnings per common share - basic $ 0.84 $ 0.88 Earnings per common share - diluted $ 0.84 $ 0.87

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2022
SHARE-BASED COMPENSATION [Abstract]
Summary of Grants	For the three months ended June 30, 2022, we granted 774 shares under the 2017 Director LTIP, and 138,643 restricted shares under the 2021 Employee LTIP. For the three months ended June 30, 2021, we granted 828 shares under the 2017 Director LTIP, and 155,722 restricted shares under the 2012 Employee LTIP. A summary of our restricted stock activity Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2022 343,806 $ 41.01 Granted 139,417 $ 58.51 Vested (163,034 ) $ 39.25 Forfeited (4,382 ) $ 40.77 Nonvested June 30 2022 315,807 $ 49.65

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Fair Value Hierarchy of Financial Instruments	The following table summarizes the fair value hierarchy of our financial instruments as of June 30, 2022, and March 31, 2022 (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) June 30 , 2022 Assets: Money market funds $ 23,193 $ 23,193 $ - $ - March 31 , 2022 Assets: Money market funds $ 18,138 $ 18,138 $ - $ -

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jun. 30, 2022
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information for the three month periods ended June 30, 2022, and 2021 are summarized in the following table (in thousands): Three Months Ended June 30, 2022 June 30, 2021 Technology Financing Total Technology Financing Total Net Sales Product $ 385,676 $ 9,574 $ 395,250 $ 344,766 $ 16,291 $ 361,057 Service 63,109 - 63,109 55,592 - 55,592 Total 448,785 9,574 458,359 400,358 16,291 416,649 Cost of Sales Product 302,508 1,702 304,210 271,015 6,212 277,227 Service 40,626 - 40,626 33,910 - 33,910 Total 343,134 1,702 344,836 304,925 6,212 311,137 Gross Profit 105,651 7,872 113,523 95,433 10,079 105,512 Selling, general, and administrative 73,112 3,655 76,767 66,153 2,622 68,775 Depreciation and amortization 3,182 28 3,210 3,898 28 3,926 Interest and financing costs 138 225 363 159 200 359 Operating expenses 76,432 3,908 80,340 70,210 2,850 73,060 Operating income 29,219 3,964 33,183 25,223 7,229 32,452 Other income (expense) (2,153 ) 123 Earnings before tax $ 31,030 $ 32,575 Net Sales Contracts with customers $ 443,802 $ 945 $ 444,747 $ 396,541 $ 5,418 $ 401,959 Financing and other 4,983 8,629 13,612 3,817 10,873 14,690 Total $ 448,785 $ 9,574 $ 458,359 $ 400,358 $ 16,291 $ 416,649 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,515 $ 957 $ 4,472 $ 4,103 $ 1,979 $ 6,082 Purchases of property, equipment and operating lease equipment $ 1,286 $ 491 $ 1,777 $ 1,307 $ 5,687 $ 6,994 Selected Financial Data - Balance Sheet Total assets $ 1,007,898 $ 248,252 $ 1,256,150 $ 868,276 $ 209,140 $ 1,077,416
Technology Segment Disaggregation of Revenue	We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Three Months Ended June 30, 2022 2021 Customer end market: Telecom, Media & Entertainment $ 128,277 $ 112,192 Technology 69,862 69,140 Healthcare 68,512 54,688 State and local government and educational institutions 64,602 65,415 Financial Services 33,299 30,011 All others 84,233 68,912 Net sales 448,785 400,358 Less: Revenue from financing and other (4,983 ) (3,817 ) Revenue from contracts with customers $ 443,802 $ 396,541 Three Months Ended June 30, 2022 2021 Vendor: Cisco Systems $ 156,878 $ 166,902 Dell EMC 61,873 26,340 Juniper Networks 22,509 24,714 NetApp 13,985 10,457 Arista Networks 11,172 11,498 All others 182,368 160,447 Net sales 448,785 400,358 Less: Revenue from financing and other (4,983 ) (3,817 ) Revenue from contracts with customers $ 443,802 $ 396,541

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		3 Months Ended
	Dec. 13, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Split [Abstract]
Stock split, conversion ratio	2
Net Sales [Member] | Product Concentration Risk [Member] | Cisco Systems [Member] | Technology Segment [Member]
Concentration of risk [Abstract]
Percentage of concentration risk		35%	42%

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable - trade	$ 57,100		$ 47,500
Current (included in deferred revenue)	100,092		85,826
Non-current (included in other liabilities)	30,574		$ 30,086
Revenue recognized from the beginning contract liability	24,900	$ 21,500
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	81,110
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 43,194
Expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 24,954
Expected timing of satisfaction, period	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	$ 9,466
Expected timing of satisfaction, period	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	$ 2,510
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 986
Expected timing of satisfaction, period

FINANCING RECEIVABLES AND OPE_3

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2022		Jun. 30, 2021	Mar. 31, 2022		Mar. 31, 2021
Profit Recognized for Sales-type Leases [Abstract]
Net sales		$ 4,983		$ 3,817
Cost of sales		4,067		3,365
Gross profit		916		452
Interest Income on Sales-type Leases [Abstract]
Interest income on sales-type leases		861		1,290
Lease income on operating leases		4,582		5,210
Financing Receivables [Abstract]
Unguaranteed residual value		5,607			$ 6,424
Allowance for credit losses		(4,433)		(4,164)	(3,800)		$ (4,447)
Reported as [Abstract]
Current		75,170			61,492
Unguaranteed residual value for sales-type leases		5,607			6,424
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating leases		14,322			13,044
Accumulated depreciation		(8,900)			(7,985)
Investment in operating lease equipment - net	[1]	5,422			5,059
Unguaranteed residual value of operating lease equipment net		1,800			1,700
Collateral for non-recourse notes payable - Finance receivables		29,000			21,100
Operating leases		1,800			2,000
Gain on sale of financing receivables		1,800		3,200
Proceeds from sale of financing receivables		52,500		75,300
Contract liabilities - servicing of financial assets		400			500
Notes Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		88,178			80,517
Unguaranteed residual value		0	[2]		0	[3]
Unearned income		(3,346)			(2,728)
Allowance for credit losses		(792)	[4]	(1,289)	(708)	[4]	(1,212)
Total, net		84,040			77,081
Reported as [Abstract]
Current		52,547			45,415
Long-term		31,493			31,666
Total, net		84,040			77,081
Lease Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		51,103			38,788
Unguaranteed residual value		9,233	[2]		9,141	[3]
Unearned income		(4,996)			(3,604)
Allowance for credit losses		(913)	[4]	$ (873)	(681)	[4]	$ (1,171)
Total, net		54,427			43,644
Reported as [Abstract]
Current		22,623			16,077
Long-term		31,804			27,567
Total, net		54,427			43,644
Financing Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		139,281			119,305
Unguaranteed residual value		9,233	[2]		9,141	[3]
Unearned income		(8,342)			(6,332)
Allowance for credit losses	[4]	(1,705)			(1,389)
Total, net		138,467			120,725
Reported as [Abstract]
Current		75,170			61,492
Long-term		63,297			59,233
Total, net		$ 138,467			$ 120,725
[1]Amounts include estimated unguaranteed residual values of $1.8 million and $1.7 million as of June 30, 2022, and March 31, 2022, respectively.[2]Includes unguaranteed residual values of $5,607 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. Refer to Note 6 “Allowance for Credit Losses” for details.

LESSEE ACCOUNTING (Details)

LESSEE ACCOUNTING (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Lessee, Operating Lease [Abstract]
Rent expense	$ 1.3	$ 1.3
Maximum [Member]
Lessee, Operating Lease [Abstract]
Operating lease term	6 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) Unit
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 135,216
Goodwill, Impairment Loss, Beginning Balance	(8,673)
Goodwill, Net Carrying Amount, Beginning Balance	126,543
Foreign currency translations	(165)
Goodwill, Ending Balance	135,051
Goodwill, Impairment Loss, Ending Balance	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 126,378
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
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Other Intangible Assets [Abstract]
Gross carrying amount	$ 87,558		$ 87,741
Accumulated amortization	(62,790)		(60,491)
Net carrying amount	24,768		27,250
Customer Relationships and Other Intangibles [Member]
Other Intangible Assets [Abstract]
Gross carrying amount	77,041		77,224
Accumulated amortization	(54,101)		(52,087)
Net carrying amount	22,940		25,137
Total amortization expense	$ 2,200	$ 2,700
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	$ 10,517		10,517
Accumulated amortization	(8,689)		(8,404)
Net carrying amount	$ 1,828		$ 2,113
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	3 Months Ended
	Jun. 30, 2022		Jun. 30, 2021
Activity in reserves for credit losses [Roll Forward]
Balance	$ 3,800		$ 4,447
Provision for credit losses	698		(261)
Write-offs and other	(65)		(22)
Balance	4,433		4,164
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	2,411		2,064
Provision for credit losses	382		(40)
Write-offs and other	(65)		(22)
Balance	2,728		2,002
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	708	[1]	1,212
Provision for credit losses	84		77
Write-offs and other	0		0
Balance	792	[1]	1,289
Lease Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	681	[1]	1,171
Provision for credit losses	232		(298)
Write-offs and other	0		0
Balance	$ 913	[1]	$ 873
[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	3 Months Ended
	Jun. 30, 2022		Mar. 31, 2022
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	$ 51,738	[1]	$ 69,671	[2]
2022/2021	44,231	[1]	39,075	[2]
2021/2020	33,528	[1]	5,295	[2]
2020/2019	3,997	[1]	1,507	[2]
2019/2018	980	[1]	127	[2]
2018/2017	91	[1]	15	[2]
Total	134,565	[1]	115,690	[2]
Transfers	(36,330)	[1],[3]	(38,769)	[2],[4]
Net credit exposure	98,235	[1]	76,921
Unguaranteed residual value	5,607		6,424
Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	30,256		44,186
2022/2021	25,663		30,981
2021/2020	26,985		2,055
2020/2019	1,715		558
2019/2018	210		5
2018/2017	3		4
Total	84,832		77,789
Transfers	(32,611)	[3]	(35,037)	[4]
Net credit exposure	52,221		42,752
Unguaranteed residual value	0	[5]	0	[6]
Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	21,482		25,485
2022/2021	18,568		8,094
2021/2020	6,543		3,240
2020/2019	2,282		949
2019/2018	770		122
2018/2017	88		11
Total	49,733		37,901
Transfers	(3,719)	[3]	(3,732)	[4]
Net credit exposure	46,014		34,169
Unguaranteed residual value	$ 9,233	[5]	9,141	[6]
High CQR [Member] | Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	1%
High CQR [Member] | Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	$ 22,785		35,264
2022/2021	18,879		28,005
2021/2020	24,314		1,297
2020/2019	969		345
2019/2018	158		2
2018/2017	3		4
Total	67,108		64,917
Transfers	(24,331)	[3]	(30,274)	[4]
Net credit exposure	42,777		34,643
High CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	14,828		14,549
2022/2021	9,539		5,002
2021/2020	4,209		2,499
2020/2019	1,809		902
2019/2018	731		50
2018/2017	44		11
Total	31,160		23,013
Transfers	(3,531)	[3]	(3,385)	[4]
Net credit exposure	$ 27,629		19,628
Average CQR [Member] | Minimum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	2%
Average CQR [Member] | Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	10%
Average CQR [Member] | Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	$ 7,471		8,922
2022/2021	6,784		2,976
2021/2020	2,671		758
2020/2019	746		213
2019/2018	52		3
2018/2017	0		0
Total	17,724		12,872
Transfers	(8,280)	[3]	(4,763)	[4]
Net credit exposure	9,444		8,109
Average CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	6,654		10,936
2022/2021	9,029		3,092
2021/2020	2,334		741
2020/2019	473		47
2019/2018	39		72
2018/2017	44		0
Total	18,573		14,888
Transfers	(188)	[3]	(347)	[4]
Net credit exposure	$ 18,385		14,541
Low CQR [Member] | Minimum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	10%
Low CQR [Member] | Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	100%
Low CQR [Member] | Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	$ 0		0
2022/2021	0		0
2021/2020	0		0
2020/2019	0		0
2019/2018	0		0
2018/2017	0		0
Total	0		0
Transfers	0	[3]	0	[4]
Net credit exposure	0		0
Low CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	0		0
2022/2021	0		0
2021/2020	0		0
2020/2019	0		0
2019/2018	0		0
2018/2017	0		0
Total	0		0
Transfers	0	[3]	0	[4]
Net credit exposure	$ 0		$ 0
[1] Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is excluded from amortized cost. Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is excluded from amortized cost. 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	Jun. 30, 2022		Mar. 31, 2022
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	$ 8,263		$ 7,063
Unbilled	126,302		108,627
Total	134,565	[1]	115,690	[2]
Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	6,413		5,554
Unbilled	78,419		72,235
Total	84,832		77,789
Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	1,850		1,509
Unbilled	47,883		36,392
Total	49,733		37,901
Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	1,735		1,117
Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	790		247
Past Due [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	945		870
31 to 60 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	508		302
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	268		187
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	240		115
61 to 90 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	579		362
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	425		37
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	154		325
> 90 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	648		453
> 90 Days Past Due [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	97		23
> 90 Days Past Due [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	551		430
Current [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	6,528		5,946
Current [Member] | Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	5,623		5,307
Current [Member] | Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	$ 905		$ 639
[1] Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is excluded from amortized cost. Unguaranteed residual values of $ thousand that we retained after selling the related lease receivable is excluded from amortized cost.

CREDIT FACILITY AND NOTES PAY_2

CREDIT FACILITY AND NOTES PAYABLE (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Oct. 13, 2021	Sep. 30, 2021
Notes Payable [Member] | Recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 51.4
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	$ 11.4
Notes Payable [Member] | Non-recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 26.4	$ 21.2
Weighted average interest rate of notes	3.78%	3.59%
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	$ 40
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%
WFCDF [Member] | Floor Plan Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 138	$ 145.3
WFCDF [Member] | Revolving Credit Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 40	$ 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 (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 22,339	$ 23,518
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	26,513	26,666
Effect of dilutive shares (in shares)	172	216
Weighted average shares common outstanding - diluted (in shares)	26,685	26,882
Earnings per common share - basic (in dollars per share)	$ 0.84	$ 0.88
Earnings per common share - diluted (in dollars per share)	$ 0.84	$ 0.87

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 24, 2022	Mar. 18, 2021
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)	70,473	35,258
Common stock repurchased during the period	$ 3.9	$ 1.6
Shares repurchased to satisfy tax withholding obligation (in shares)	58,080	55,430
Value of shares repurchased to satisfy tax withholding obligation	$ 3.3	$ 2.6

SHARE-BASED COMPENSATION, Restr

SHARE-BASED COMPENSATION, Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)	343,806
Granted (in shares)	139,417
Vested (in shares)	(163,034)
Forfeited (in shares)	(4,382)
Nonvested at end of period (in shares)	315,807
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period (in dollars per share)	$ 41.01
Granted (in dollars per share)	58.51
Vested (in dollars per share)	39.25
Forfeited (in dollars per share)	40.77
Nonvested at end of period (in dollars per share)	$ 49.65
2017 Director LTIP [Member]
Number of Shares [Roll Forward]
Granted (in shares)	774	828
2021 Employee LTIP [Member]
Number of Shares [Roll Forward]
Granted (in shares)	138,643
2012 Employee LTIP [Member]
Number of Shares [Roll Forward]
Granted (in shares)		155,722

SHARE-BASED COMPENSATION, Compe

SHARE-BASED COMPENSATION, Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Compensation Expense [Abstract]
Total share-based compensation expense	$ 1,773	$ 1,735
401(k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	1,100	$ 800
Restricted Stock [Member]
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 14,900
Unrecognized compensation expense, period for recognition	36 months

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES [Abstract]
Provision for income tax expense	$ 8,691	$ 9,057
Effective income tax rate	28%	27.80%
U.S. federal statutory rate	21%	21%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Assets [Abstract]
Money market funds	$ 23,193	$ 18,138
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds	23,193	18,138
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) $ in Millions	Jul. 15, 2022 USD ($)
Future Com [Member] | Subsequent Event [Member]
Business Combination [Abstract]
Consideration transferred	$ 13

SEGMENT REPORTING, Reportable S

SEGMENT REPORTING, Reportable Segment Information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment	2
Reportable Segment Information [Abstract]
Net sales	$ 458,359	$ 416,649
Cost of Sales [Abstract]
Cost of sales	344,836	311,137
Gross profit	113,523	105,512
Selling, general, and administrative	76,767	68,775
Depreciation and amortization	3,210	3,926
Interest and financing costs	363	359
Operating expenses	80,340	73,060
Operating income	33,183	32,452
Other income (expense)	(2,153)	123
Earnings before tax	31,030	32,575
Net Sales [Abstract]
Contracts with customers	444,747	401,959
Financing and other	13,612	14,690
Net sales	458,359	416,649
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	4,472	6,082
Purchases of property, equipment and operating lease equipment	1,777	6,994
Selected Financial Data - Balance Sheet [Abstract]
Total assets	1,256,150	1,077,416	$ 1,166,203
Product [Member]
Reportable Segment Information [Abstract]
Net sales	395,250	361,057
Cost of Sales [Abstract]
Cost of sales	304,210	277,227
Net Sales [Abstract]
Net sales	395,250	361,057
Service [Member]
Reportable Segment Information [Abstract]
Net sales	63,109	55,592
Cost of Sales [Abstract]
Cost of sales	40,626	33,910
Net Sales [Abstract]
Net sales	63,109	55,592
Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	448,785	400,358
Net Sales [Abstract]
Contracts with customers	443,802	396,541
Financing and other	4,983	3,817
Net sales	448,785	400,358
Operating Segments [Member] | Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	448,785	400,358
Cost of Sales [Abstract]
Cost of sales	343,134	304,925
Gross profit	105,651	95,433
Selling, general, and administrative	73,112	66,153
Depreciation and amortization	3,182	3,898
Interest and financing costs	138	159
Operating expenses	76,432	70,210
Operating income	29,219	25,223
Net Sales [Abstract]
Contracts with customers	443,802	396,541
Financing and other	4,983	3,817
Net sales	448,785	400,358
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	3,515	4,103
Purchases of property, equipment and operating lease equipment	1,286	1,307
Selected Financial Data - Balance Sheet [Abstract]
Total assets	1,007,898	868,276
Operating Segments [Member] | Technology Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	385,676	344,766
Cost of Sales [Abstract]
Cost of sales	302,508	271,015
Net Sales [Abstract]
Net sales	385,676	344,766
Operating Segments [Member] | Technology Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	63,109	55,592
Cost of Sales [Abstract]
Cost of sales	40,626	33,910
Net Sales [Abstract]
Net sales	63,109	55,592
Operating Segments [Member] | Financing Segment [Member]
Reportable Segment Information [Abstract]
Net sales	9,574	16,291
Cost of Sales [Abstract]
Cost of sales	1,702	6,212
Gross profit	7,872	10,079
Selling, general, and administrative	3,655	2,622
Depreciation and amortization	28	28
Interest and financing costs	225	200
Operating expenses	3,908	2,850
Operating income	3,964	7,229
Net Sales [Abstract]
Contracts with customers	945	5,418
Financing and other	8,629	10,873
Net sales	9,574	16,291
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	957	1,979
Purchases of property, equipment and operating lease equipment	491	5,687
Selected Financial Data - Balance Sheet [Abstract]
Total assets	248,252	209,140
Operating Segments [Member] | Financing Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	9,574	16,291
Cost of Sales [Abstract]
Cost of sales	1,702	6,212
Net Sales [Abstract]
Net sales	9,574	16,291
Operating Segments [Member] | Financing Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	0	0
Cost of Sales [Abstract]
Cost of sales	0	0
Net Sales [Abstract]
Net sales	$ 0	$ 0

SEGMENT REPORTING, Technology S

SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Abstract]
Net sales	$ 458,359	$ 416,649
Less: Revenue from financing and other	(13,612)	(14,690)
Revenue from contracts with customers	444,747	401,959
Technology Segment [Member]
Disaggregation of Revenue [Abstract]
Net sales	448,785	400,358
Less: Revenue from financing and other	(4,983)	(3,817)
Revenue from contracts with customers	443,802	396,541
Technology Segment [Member] | Telecom, Media & Entertainment [Member]
Disaggregation of Revenue [Abstract]
Net sales	128,277	112,192
Technology Segment [Member] | Technology [Member]
Disaggregation of Revenue [Abstract]
Net sales	69,862	69,140
Technology Segment [Member] | State and Local Government and Educational Institutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	64,602	65,415
Technology Segment [Member] | Health Care [Member]
Disaggregation of Revenue [Abstract]
Net sales	68,512	54,688
Technology Segment [Member] | Financial Services [Member]
Disaggregation of Revenue [Abstract]
Net sales	33,299	30,011
Technology Segment [Member] | All Others [Member]
Disaggregation of Revenue [Abstract]
Net sales	84,233	68,912
Technology Segment [Member] | Cisco Systems [Member]
Disaggregation of Revenue [Abstract]
Net sales	156,878	166,902
Technology Segment [Member] | Dell EMC [Member]
Disaggregation of Revenue [Abstract]
Net sales	61,873	26,340
Technology Segment [Member] | Juniper Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	22,509	24,714
Technology Segment [Member] | NetApp [Member]
Disaggregation of Revenue [Abstract]
Net sales	13,985	10,457
Technology Segment [Member] | Arista Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	11,172	11,498
Technology Segment [Member] | All Others [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 182,368	$ 160,447