ePlus (PLUS) 10-Q 3 Nov 22 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		26,906,709

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 99,531	$ 155,378
Accounts receivable-trade, net	525,176	430,380
Accounts receivable-other, net	44,278	48,673
Inventories	274,863	155,060
Financing receivables-net, current	65,010	61,492
Deferred costs	36,085	32,555
Other current assets	24,970	13,944
Total current assets	1,069,913	897,482
Financing receivables and operating leases-net	75,093	64,292
Deferred tax asset-net	5,058	5,050
Property, equipment, and other assets	55,033	45,586
Goodwill	135,907	126,543
Other intangible assets-net	30,336	27,250
TOTAL ASSETS	1,371,340	1,166,203
Current liabilities:
Accounts payable	192,511	136,161
Accounts payable-floor plan	136,215	145,323
Salaries and commissions payable	34,304	39,602
Deferred revenue	108,004	86,469
Other current liabilities	33,187	28,095
Total current liabilities	607,311	460,036
Other liabilities	45,991	35,529
TOTAL LIABILITIES	665,695	505,465
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; 26,906 outstanding at September 30, 2022 and 26,886 outstanding at March 31, 2022	272	270
Additional paid-in capital	163,211	159,480
Treasury stock, at cost, 258 shares at September 30, 2022 and 130 shares at March 31, 2022	(13,958)	(6,734)
Retained earnings	558,654	507,846
Accumulated other comprehensive income-foreign currency translation adjustment	(2,534)	(124)
Total Stockholders' Equity	705,645	660,738
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,371,340	1,166,203
Recourse [Member]
Current liabilities:
Notes payable-current	92,744	7,316
Notes payable - long-term	1,947	5,792
Non-recourse [Member]
Current liabilities:
Notes payable-current	10,346	17,070
Notes payable - long-term	$ 10,446	$ 4,108

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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)	26,906	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				6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales
Total	$ 493,706		$ 458,017		$ 952,065	$ 874,666
Cost of sales
Total	360,402		335,015		705,238	646,152
Gross profit	133,304		123,002		246,827	228,514
Selling, general, and administrative	84,704		74,504		161,471	143,279
Depreciation and amortization	3,568		3,853		6,778	7,779
Interest and financing costs	925		342		1,288	701
Operating expenses	89,197		78,699		169,537	151,759
Operating income	44,107		44,303		77,290	76,755
Other income (expense)	(3,866)		(325)		(6,019)	(202)
Earnings before tax	40,241		43,978		71,271	76,553
Provision for income taxes	11,772		12,565		20,463	21,622
Net earnings	$ 28,469	$ 22,339	$ 31,413	$ 23,518	$ 50,808	$ 54,931
Net earnings per common share-basic (in dollars per share)	$ 1.07		$ 1.18		$ 1.91	$ 2.06
Net earnings per common share-diluted (in dollars per share)	$ 1.07		$ 1.17		$ 1.91	$ 2.04
Weighted average common shares outstanding-basic (in shares)	26,578		26,664		26,546	26,666
Weighted average common shares outstanding-diluted (in shares)	26,623		26,864		26,671	26,862
Product [Member]
Net sales
Total	$ 428,545		$ 397,160		$ 823,795	$ 758,217
Cost of sales
Total	317,127		297,629		621,337	574,856
Services [Member]
Net sales
Total	65,161		60,857		128,270	116,449
Cost of sales
Total	$ 43,275		$ 37,386		$ 83,901	$ 71,296

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 28,469	$ 31,413	$ 50,808	$ 54,931
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	(1,071)	(506)	(2,410)	(440)
Other comprehensive income (loss)	(1,071)	(506)	(2,410)	(440)
TOTAL COMPREHENSIVE INCOME	$ 27,398	$ 30,907	$ 48,398	$ 54,491

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net earnings	$ 50,808	$ 54,931
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	9,539	12,044
Provision for credit losses	1,739	98
Share-based compensation expense	3,731	3,575
Deferred taxes	0	(1)
Payments from lessees directly to lenders-operating leases	0	(32)
Gain on disposal of property, equipment, and operating lease equipment	(3,052)	(525)
Changes in:
Accounts receivable	(93,103)	(85,463)
Inventories-net	(122,182)	(64,661)
Financing receivables-net	(23,164)	(18,019)
Deferred costs and other assets	(24,711)	(6,115)
Accounts payable-trade	49,626	(43,375)
Salaries and commissions payable, deferred revenue, and other liabilities	31,098	12,539
Net cash used in operating activities	(119,671)	(135,004)
Cash flows from investing activities:
Proceeds from sale of property, equipment, and operating lease equipment	3,114	2,553
Purchases of property, equipment and operating lease equipment	(2,410)	(16,243)
Cash used in acquisitions, net of cash acquired	(12,998)	0
Net cash used in investing activities	(12,294)	(13,690)
Cash flows from financing activities:
Borrowings of non-recourse and recourse notes payable	142,271	64,815
Repayments of non-recourse and recourse notes payable	(54,597)	(29,386)
Repurchase of common stock	(7,224)	(6,874)
Net borrowings (repayments) on floor plan facility	(9,108)	47,227
Net cash provided by financing activities	71,342	75,782
Effect of exchange rate changes on cash	4,776	300
Net decrease in cash and cash equivalents	(55,847)	(72,612)
Cash and cash equivalents, beginning of period	155,378	129,562
Cash and cash equivalents, end of period	99,531	56,950
Supplemental disclosures of cash flow information:
Cash paid for interest	1,111	683
Cash paid for income taxes	28,878	24,511
Cash paid for amounts included in the measurement of lease liabilities	2,300	2,280
Schedule of non-cash investing and financing activities:
Proceeds from sale of property, equipment, and leased equipment	35	100
Purchases of property, equipment, and operating lease equipment	(720)	(2,386)
Consideration for acquisitions	(290)	0
Borrowing of non-recourse and recourse notes payable	15,532	41,195
Repayments of non-recourse and recourse notes payable	0	(32)
Vesting of share-based compensation	9,811	8,398
New operating lease assets obtained in exchange for lease obligations	$ 2,353	$ 1,070

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, 2021	$ 145	152,366	(75,372)	484,616	655	562,410
Balance (in shares) at Mar. 31, 2021	27,006
Net earnings						54,931
Balance at Sep. 30, 2021	$ 146	155,941	(82,246)	539,547	215	613,603
Balance (in shares) at Sep. 30, 2021	27,020
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)			(64)
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	27,020
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
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
Net earnings						$ 50,808
Balance at Sep. 30, 2022	$ 272	163,211	(13,958)	558,654	(2,534)	$ 705,645
Balance (in shares) at Sep. 30, 2022	26,906					26,906
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
Issuance of restricted stock awards	$ 1	0	0	0	0	1
Issuance of restricted stock awards (in shares)	13
Share-based compensation	$ 0	1,958	0	0	0	1,958
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ 0	0	0	0
Repurchase of common stock (in shares)			0
Net earnings	0	0	$ 0	28,469	0	28,469
Foreign currency translation adjustment	0	0	0	0	(1,071)	(1,071)
Balance at Sep. 30, 2022	$ 272	$ 163,211	$ (13,958)	$ 558,654	$ (2,534)	$ 705,645
Balance (in shares) at Sep. 30, 2022	26,906					26,906

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 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 six months ended September 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 six months ended September 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 39% and 40% of our technology segment’s net sales for the three months ended September 30, 2022, and 2021, respectively, and 37% and 41% of our technology segment’s net sales for the six months ended September 30, 2022, and 2021, respectively. 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. SIGNIFICANT ACCOUNTING POLICIES — The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in our Consolidated Financial Statements for the year ended March 31, 2022, except for the changes provided in Note 2

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Sep. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2021-08, Business combinations (Topic 805): Accounting for contract assets and contract liabilities from contracts with customers Contracts with customers

REVENUES

REVENUES	6 Months Ended
	Sep. 30, 2022
REVENUES [Abstract]
REVENUES	3. 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 September 30 2022, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): September 30, 2022 March 31, 2022 Current (included in deferred revenue) $ 107,802 $ 85,826 Non-current (included in other liabilities) $ 40,119 $ 30,086 Revenue recognized from the beginning contract liability balance was $17.5 million and $42.4 million for the three and six months ended September 30, 2022, respectively, and $14.6 million and $36.1 million for the three and six months ended September 30, 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 $ 33,299 Year ending March 31, 2024 34,681 Year ending March 31, 2025 17,839 Year ending March 31, 2026 5,470 Year ending March 31, 2027 and thereafter 2,354 Total remaining performance obligations $ 93,643 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	6 Months Ended
	Sep. 30, 2022
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
FINANCING RECEIVABLES AND OPERATING LEASES	4. FINANCING RECEIVABLES AND OPERATING LEASES Our financing receivables and operating leases consist primarily of leases of IT and communication equipment and notes receivable from financing customer purchases of -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 six months ended September 30, 2022, and 2021 (in thousands): Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Net sales $ 4,506 $ 5,962 $ 9,489 $ 9,779 Cost of sales 3,769 4,926 7,836 8,291 Gross profit $ 737 $ 1,036 $ 1,653 $ 1,488 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2022, and 2021 (in thousands): Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Interest income on sales-type leases $ 819 $ 1,000 $ 1,680 $ 2,290 Lease income on operating leases $ 4,659 $ 6,634 $ 9,241 $ 11,844 FINANCING RECEIVABLES—NET The following tables provide a disaggregation of our financing receivables – net (in s): Notes Lease Financing September 30 2022 Receivable Receivables Receivables Gross receivables $ 89,717 $ 50,714 $ 140,431 Unguaranteed residual value (1) - 8,385 8,385 Unearned income (5,795 ) (5,104 ) (10,899 ) Allowance for credit losses (2) (976 ) (1,207 ) (2,183 ) Total, net $ 82,946 $ 52,788 $ 135,734 Reported as: Current $ 45,443 $ 19,567 $ 65,010 Long-term 37,503 33,221 70,724 Total, net $ 82,946 $ 52,788 $ 135,734 (1) Includes unguaranteed residual values of $4,830 thousand that we retained after selling the related lease receivable. (2) Refer to Note 7 Notes Lease Financing March 31 2022 Receivable Receivables 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 7 “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): September 30, March 31, 2022 2022 Cost of equipment under operating leases $ 14,121 $ 13,044 Accumulated depreciation (9,752 ) (7,985 ) Investment in operating lease equipment—net (1) $ 4,369 $ 5,059 (1) Amounts include estimated unguaranteed residual values of $1.8 million and $1.7 million as of September 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 September 30, 2022, and March 31, 2022, we had financing receivables of $20.2 million and $21.1 million, respectively, and operating leases of $1.7 million and $2.0 million, respectively, which were collateral for non-recourse notes payable. See Note 8 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 September 30, 2022, and 2021, we recognized net gains of $8.1 million and $10.1 million, respectively, and total proceeds from these sales were $376.4 million and $615.0 million, respectively. For the year to date periods ended September 30, 2022, and 2021, we recognized net gains of $9.9 million and $13.3 million, respectively, and total proceeds from these sales were $428.9 million and $690.3 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 both September 30, 2022, and March 31, 2022, we had deferred revenue of $0.5 million, 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 September 30, 2022, and March 31, 2022, the total potential payments that could result from these indemnities is immaterial.

LESSEE ACCOUNTING

LESSEE ACCOUNTING	6 Months Ended
	Sep. 30, 2022
LESSEE ACCOUNTING [Abstract]
LESSEE ACCOUNTING	5. LESSEE ACCOUNTING We lease office and warehouse space for periods generally between one $1.3 million for the three months ending September 30, 2021, and $2.5 million and $2.6 million for the six months ended September 30, 2022, and 2021, respectively

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the six months ended September 30, 2022 (in s): Six months ended September 30, 2022 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,216 $ (8,673 ) $ 126,543 Acquisitions 9,694 - 9,694 Foreign currency translations (330 ) - (330 ) Ending balance $ 144,580 $ (8,673 ) $ 135,907 Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of September 30, 2022, relates to our technology segment, which we also determined to be reporting uni t. The carrying value of goodwill was $135.9 and $126.5 million as of September 30, 2022, and March 31, 2022, respectively. Our goodwill balance increased by $9.4 million over the six months ended September 30, 2022, due to $9.7 million in goodwill additions from our acquisition of Future Com, Ltd., offset by foreign currency translation of $0.3 million. Please refer to Note 15 “Business Combinations” for details of our acquisition 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 prior year 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 : September 30, 2022 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Purchased intangibles $ 85,218 $ (56,425 ) $ 28,793 $ 77,224 $ (52,087 ) $ 25,137 Capitalized software development 10,516 (8,973 ) 1,543 10,517 (8,404 ) 2,113 Total $ 95,734 $ (65,398 ) $ 30,336 $ 87,741 $ (60,491 ) $ 27,250 Purchased intangibles, consisting mainly of customer relationships intangibles, are generally amortized between to years. Capitalized generally amortized over Total amortization expense for purchased intangibles was $2.5 million for the three months ended September 30, 2022, and $2.7 million for the three months ended September 30, 2021, and $4.7 million and $5.4 million for the six months ended September 30, 2022, and 2021, respectively.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
	Sep. 30, 2022
ALLOWANCE FOR CREDIT LOSSES [Abstract]
ALLOWANCE FOR CREDIT LOSSES	7. ALLOWANCE FOR CREDIT LOSSES The following table provides the activity in our allowance for credit losses for the six months ended September 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 943 269 527 1,739 Write-offs and other (71 ) (1 ) (1 ) (73 ) Balance September 30 2022 $ 3,283 $ 976 $ 1,207 $ 5,466 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses 116 479 (497 ) 98 Write-offs and other (64 ) (4 ) (2 ) (70 ) Balance September 30 2021 $ 2,116 $ 1,687 $ 672 $ 4,475 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 September 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 $ 37,200 $ 14,436 $ 18,494 $ 791 $ 452 $ - $ 71,373 $ (16,450 ) $ 54,923 Average CQR 8,039 2,655 1,220 508 123 4 12,549 (493 ) 12,056 Low CQR - - - - - - - - - Total $ 45,239 $ 17,091 $ 19,714 $ 1,299 $ 575 $ 4 $ 83,922 $ (16,943 ) $ 66,979 Lease receivables: High CQR $ 11,271 $ 5,513 $ 2,879 $ 2,754 $ 317 $ 32 $ 22,766 $ (1,965 ) $ 20,801 Average CQR 16,625 7,802 1,584 330 33 25 26,399 (1,248 ) 25,151 Low CQR - - - - - - - - - Total $ 27,896 $ 13,315 $ 4,463 $ 3,084 $ 350 $ 57 $ 49,165 $ (3,213 ) $ 45,952 Total amortized cost (1) $ 73,135 $ 30,406 $ 24,177 $ 4,383 $ 925 $ 61 $ 133,087 $ (20,156 ) $ 112,931 (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 61-90 Days Past > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Notes receivable $ 268 $ 425 $ 97 $ 790 $ 5,623 $ 6,413 $ 77,509 $ 83,922 Lease receivables 240 154 551 945 905 1,850 47,315 49,165 Total $ 508 $ 579 $ 648 $ 1,735 $ 6,528 $ 8,263 $ 124,824 $ 133,087 The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past 61-90 Days Past > 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 September 30, 2022, and March 31, 2022.

CREDIT FACILITY AND NOTES PAYAB

CREDIT FACILITY AND NOTES PAYABLE	6 Months Ended
	Sep. 30, 2022
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 an accounts payable floor plan facility component and a revolving credit facility component. On October 13, 2021, the Borrowers amended, restated, and replaced in entirety their then-existing credit agreements with WFCDF. Under this agreement, the credit facility is provided 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 $375.0 million, together with a sublimit for a revolving credit facility for up to $100.0 million (collectively, the “WFCDF Credit Facility”). Under the accounts payable floor plan facility, we had an outstanding balance of $136.2 million and $145.3 million as of September 30, 2022, and March 31, 2022, respectively. On our balance sheet, our liability under the accounts payable floor plan facility is presented as accounts payable – floor plan Under the revolving credit facility, we had $85.0 million outstanding as of September 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 September 30, 2022, and March 31, 2022. 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 WFCDF Credit Facility are secured by the assets of the Borrowers. Additionally, the WFCDF Credit Facility requires a guaranty of $10.5 million by e Under the WFCDF Credit Facility, the Borrowers are restricted in their ability to pay dividends to e The WFCDF 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. On October 31, 2022, the Borrowers executed an amendment to the WFCDF Credit Facility that increased the limit on the aggregate principal amount to $425.0 million and increased the sublimit on the revolving credit facility up to $150.0 million. Additionally, this . RECOURSE NOTES PAYABLE Recourse notes payable consist of borrowings that the lender has recourse against us. As of September 30, 2022, we had $94.7 million in recourse notes payable consisting of $85.0 million outstanding under the revolving credit facility component of our WFCDF Credit Facility, and $9.7 million arising from one installment payment arrangement within our technology segment. As of March 31, 2022, we had $13.1 million in recourse notes payable arising entirely 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 September 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 September 30, 2022, and March 31, 2022, we had $20.8 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 4.09% and 3.59%, as of September 30, 2022, and March 31, 2022, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2022
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. As of September 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	6 Months Ended
	Sep. 30, 2022
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 six months ended September 30, 2022, and 2021, respectively (in thousands, except per share data) Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Net earnings attributable to common shareholders - basic and diluted $ 28,469 $ 31,413 $ 50,808 $ 54,931 Basic and diluted common shares outstanding Weighted average common shares outstanding — basic 26,578 26,664 26,546 26,666 Effect of dilutive shares 45 200 125 196 Weighted average shares common outstanding — diluted 26,623 26,864 26,671 26,862 Earnings per common share - basic $ 1.07 $ 1.18 $ 1.91 $ 2.06 Earnings per common share - diluted $ 1.07 $ 1.17 $ 1.91 $ 2.04

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. 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 six months ended September 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 six months ended September 30, 2021, we purchased 98,056 shares of our outstanding common stock at a value of $4.3 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	6 Months Ended
	Sep. 30, 2022
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	12. SHARE-BASED COMPENSATION SHARE-BASED PLANS As of September 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 six months ended September 30, 2022, we granted 15,954 shares of our stock under the 2017 Director LTIP, and 138,643 restricted shares of our stock under the 2021 Employee LTIP. For the six months ended September 30, 2021, we granted 12,786 shares of our stock under the 2017 Director LTIP, and 155,722 restricted shares of our stock 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 154,597 $ 56.82 Vested (177,360 ) $ 39.44 Forfeited (6,399 ) $ 41.51 Nonvested September 30 2022 314,644 $ 49.58 EMPLOYEE STOCK PURCHASE PLAN On September 15, 2022, our shareholders approved the 2022 Employee Stock Purchase Plan (“2022 ESPP”) through which eligible employees may purchase shares of our stock at a discounted purchase price of up to 85% of the lesser of the closing price on the offering date or closing price on the purchase date. As of September 30, 2022, we have not had any offerings under the 2022 ESPP. COMPENSATION EXPENSE We recognize compensation cost for awards of restricted stock with graded vesting on a straight-line basis over the requisite service period. There are no additional conditions for vesting other than service conditions. During the three months ended September 30, 2022, and 2021, we recognized $2.0 million and $1.8 million of total share-based compensation expense, respectively. During the six months ended September 30, 2022, and 2021, we recognized $3.7 million and $3.6 million of total share-based compensation expense, respectively. Unrecognized compensation expense related to unvested restricted stock was $13.5 million as of September 30, 2022, which will be fully recognized over the next 33 months. We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are always fully vested. Our estimated contribution expense to the plan was $1.0 million for both the three months ended September 30, 2022, and 2021. For the six months ended September 30, 2022, and 2021, our estimated contribution expense for the plan was $2.0 million and $ million,

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2022
INCOME TAXES [Abstract]
INCOME TAXES	13. INCOME TAXES Our provision for income tax expense was $11.8 million and $20.5 million for the three and six months ended September 30, 2022, as compared to $12.6 million and $21.6 for the same period in the prior year. Our effective tax rate for the three and six months ended September 30, 2022, was 29.3% and 28.7% respectively, compared with 28.6% and 28.2%, respectively, for the same periods in the prior year. The effective tax rate for the three and six months ended September 30, 2022, and September 30, 2021, differed from the US federal statutory rate of 21.0% primarily due to state and local income tax es . Our effective income tax rate for the three and months ended September was higher compared to the same periods in the prior year primarily due to foreign currency losses incurred in lower tax jurisdictions

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Sep. 30, 2022
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 September 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 Significant Unobservable Inputs(Level 3) September 30 , 2022 Assets: Money market funds $ 10,204 $ 10,204 $ - $ - March 31 , 2022 Assets: Money market funds $ 18,138 $ 18,138 $ - $ -

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Sep. 30, 2022
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	15. 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 cybersecurity 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 region of the United States, as well as bolstering the skills and expertise surrounding ePlus’ growing cybersecurity practice. Our preliminary sum for consideration transferred is $13.3 million consisting of $13.0 million paid in cash at closing plus an additional $0.3 million that is owed to the sellers based on adjustments to our determination of the total net assets delivered. Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 4,033 Other assets 129 Identified intangible assets 8,360 Accounts payable and other current liabilities (8,714 ) Contract liabilities (214 ) Total identifiable net assets 3,594 Goodwill 9,694 Total purchase consideration $ 13,288 The identified intangible assets of $8.4 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 $9.7 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, 2022, is not material. As of our filing date, our accounting for this business combination is incomplete in respect to determining the final consideration transferred and the fair value of assets acquired, and liabilities assumed.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Sep. 30, 2022
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 six-month periods ended September 30, 2022, and 2021 are summarized in the following table (in thousands): Three Months Ended September 30, 2022 September 30, 2021 Technology Financing Total Technology Financing Total Net Sales Product $ 406,317 $ 22,228 $ 428,545 $ 375,444 $ 21,716 $ 397,160 Service 65,161 - 65,161 60,857 - 60,857 Total 471,478 22,228 493,706 436,301 21,716 458,017 Cost of Sales Product 311,928 5,199 317,127 293,837 3,792 297,629 Service 43,275 - 43,275 37,386 - 37,386 Total 355,203 5,199 360,402 331,223 3,792 335,015 Gross Profit 116,275 17,029 133,304 105,078 17,924 123,002 Selling, general, and administrative 80,161 4,543 84,704 70,803 3,701 74,504 Depreciation and amortization 3,540 28 3,568 3,825 28 3,853 Interest and financing costs 671 254 925 199 143 342 Operating expenses 84,372 4,825 89,197 74,827 3,872 78,699 Operating income 31,903 12,204 44,107 30,251 14,052 44,303 Other income (expense) (3,866 ) (325 ) Earnings before tax $ 40,241 $ 43,978 Net Sales Contracts with customers $ 466,972 $ 6,923 $ 473,895 $ 430,339 $ 1,776 $ 432,115 Financing and other 4,506 15,305 19,811 5,962 19,940 25,902 Total $ 471,478 $ 22,228 $ 493,706 $ 436,301 $ 21,716 $ 458,017 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,871 $ 1,196 $ 5,067 $ 4,074 $ 1,888 $ 5,962 Purchases of property, equipment and operating lease equipment $ 611 $ 22 $ 633 $ 948 $ 8,301 $ 9,249 Selected Financial Data - Balance Sheet Total assets $ 1,167,532 $ 203,808 $ 1,371,340 $ 902,070 $ 237,875 $ 1,139,945 Six Months Ended September 30, 2022 September 30, 2021 Technology Financing Total Technology Financing Total Net Sales Product $ 791,993 $ 31,802 $ 823,795 $ 720,210 $ 38,007 $ 758,217 Service 128,270 - 128,270 116,449 - 116,449 Total 920,263 31,802 952,065 836,659 38,007 874,666 Cost of Sales Product 614,436 6,901 621,337 564,852 10,004 574,856 Service 83,901 - 83,901 71,296 - 71,296 Total 698,337 6,901 705,238 636,148 10,004 646,152 Gross Profit 221,926 24,901 246,827 200,511 28,003 228,514 Selling, general, and administrative 153,273 8,198 161,471 136,956 6,323 143,279 Depreciation and amortization 6,722 56 6,778 7,723 56 7,779 Interest and financing costs 809 479 1,288 358 343 701 Operating expenses 160,804 8,733 169,537 145,037 6,722 151,759 Operating income 61,122 16,168 77,290 55,474 21,281 76,755 Other income (expense) (6,019 ) (202 ) Earnings before tax $ 71,271 $ 76,553 Net Sales Contracts with customers $ 910,774 $ 7,868 $ 918,642 $ 826,880 $ 7,194 $ 834,074 Financing and other 9,489 23,934 33,423 9,779 30,813 40,592 Total $ 920,263 $ 31,802 $ 952,065 $ 836,659 $ 38,007 $ 874,666 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 7,386 $ 2,153 $ 9,539 $ 8,177 $ 3,867 $ 12,044 Purchases of property, equipment and operating lease equipment $ 1,897 $ 513 $ 2,410 $ 2,255 $ 13,988 $ 16,243 Selected Financial Data - Balance Sheet Total assets $ 1,167,532 $ 203,808 $ 1,371,340 $ 902,070 $ 237,875 $ 1,139,945 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 six-month periods ended September 30, 2022, and 2021 in the tables below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Customer end market: Telecom, media & entertainment $ 118,454 $ 115,784 $ 246,731 $ 227,976 Technology 96,160 53,752 166,021 122,892 Healthcare 66,959 88,237 135,471 142,925 State and local government and educational institutions 70,491 68,662 135,092 134,077 Financial services 37,611 37,036 70,910 67,047 All others 81,803 72,830 166,038 141,742 Net sales 471,478 436,301 920,263 836,659 Less: Revenue from financing and other (4,506 ) (5,962 ) (9,489 ) (9,779 ) Revenue from contracts with customers $ 466,972 $ 430,339 $ 910,774 $ 826,880 Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Vendor: Cisco systems $ 185,318 $ 174,072 $ 342,196 $ 340,974 Juniper networks 39,580 18,438 62,089 43,152 HPE 32,330 8,965 39,129 21,301 NetApp 16,710 29,536 30,695 39,993 Dell EMC 15,221 43,498 77,094 69,838 Arista networks 8,933 8,047 20,105 19,545 All others 173,386 153,745 348,955 301,856 Net sales 471,478 436,301 920,263 836,659 Less: Revenue from financing and other (4,506 ) (5,962 ) (9,489 ) (9,779 ) Revenue from contracts with customers $ 466,972 $ 430,339 $ 910,774 $ 826,880 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)	6 Months Ended
	Sep. 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 six months ended September 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 six months ended September 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 39% and 40% of our technology segment’s net sales for the three months ended September 30, 2022, and 2021, respectively, and 37% and 41% of our technology segment’s net sales for the six months ended September 30, 2022, and 2021, 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.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Sep. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recently Adopted Accounting Pronouncements	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2021-08, Business combinations (Topic 805): Accounting for contract assets and contract liabilities from contracts with customers Contracts with customers

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Sep. 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 September 30 2022, and March respectively. The following table provides the balance of contract liabilities from contracts with customers (in s): September 30, 2022 March 31, 2022 Current (included in deferred revenue) $ 107,802 $ 85,826 Non-current (included in other liabilities) $ 40,119 $ 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 $ 33,299 Year ending March 31, 2024 34,681 Year ending March 31, 2025 17,839 Year ending March 31, 2026 5,470 Year ending March 31, 2027 and thereafter 2,354 Total remaining performance obligations $ 93,643

FINANCING RECEIVABLES AND OPE_2

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	6 Months Ended
	Sep. 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 and six months ended September 30, 2022, and 2021 (in thousands): Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Net sales $ 4,506 $ 5,962 $ 9,489 $ 9,779 Cost of sales 3,769 4,926 7,836 8,291 Gross profit $ 737 $ 1,036 $ 1,653 $ 1,488 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2022, and 2021 (in thousands): Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Interest income on sales-type leases $ 819 $ 1,000 $ 1,680 $ 2,290 Lease income on operating leases $ 4,659 $ 6,634 $ 9,241 $ 11,844
Notes Receivable Net and Investments in Leases	The following tables provide a disaggregation of our financing receivables – net (in s): Notes Lease Financing September 30 2022 Receivable Receivables Receivables Gross receivables $ 89,717 $ 50,714 $ 140,431 Unguaranteed residual value (1) - 8,385 8,385 Unearned income (5,795 ) (5,104 ) (10,899 ) Allowance for credit losses (2) (976 ) (1,207 ) (2,183 ) Total, net $ 82,946 $ 52,788 $ 135,734 Reported as: Current $ 45,443 $ 19,567 $ 65,010 Long-term 37,503 33,221 70,724 Total, net $ 82,946 $ 52,788 $ 135,734 (1) Includes unguaranteed residual values of $4,830 thousand that we retained after selling the related lease receivable. (2) Refer to Note 7 Notes Lease Financing March 31 2022 Receivable Receivables 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 7 “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): September 30, March 31, 2022 2022 Cost of equipment under operating leases $ 14,121 $ 13,044 Accumulated depreciation (9,752 ) (7,985 ) Investment in operating lease equipment—net (1) $ 4,369 $ 5,059 (1) Amounts include estimated unguaranteed residual values of $1.8 million and $1.7 million as of September 30, 2022, and March 31, 2022, respectively.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Sep. 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 six months ended September 30, 2022 (in s): Six months ended September 30, 2022 Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,216 $ (8,673 ) $ 126,543 Acquisitions 9,694 - 9,694 Foreign currency translations (330 ) - (330 ) Ending balance $ 144,580 $ (8,673 ) $ 135,907
Other Intangible Assets	O : September 30, 2022 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Purchased intangibles $ 85,218 $ (56,425 ) $ 28,793 $ 77,224 $ (52,087 ) $ 25,137 Capitalized software development 10,516 (8,973 ) 1,543 10,517 (8,404 ) 2,113 Total $ 95,734 $ (65,398 ) $ 30,336 $ 87,741 $ (60,491 ) $ 27,250

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
	Sep. 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 six months ended September 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 943 269 527 1,739 Write-offs and other (71 ) (1 ) (1 ) (73 ) Balance September 30 2022 $ 3,283 $ 976 $ 1,207 $ 5,466 Accounts Receivable Notes Receivable Lease Receivables Total Balance April 1, 2021 $ 2,064 $ 1,212 $ 1,171 $ 4,447 Provision for credit losses 116 479 (497 ) 98 Write-offs and other (64 ) (4 ) (2 ) (70 ) Balance September 30 2021 $ 2,116 $ 1,687 $ 672 $ 4,475
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 September 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 $ 37,200 $ 14,436 $ 18,494 $ 791 $ 452 $ - $ 71,373 $ (16,450 ) $ 54,923 Average CQR 8,039 2,655 1,220 508 123 4 12,549 (493 ) 12,056 Low CQR - - - - - - - - - Total $ 45,239 $ 17,091 $ 19,714 $ 1,299 $ 575 $ 4 $ 83,922 $ (16,943 ) $ 66,979 Lease receivables: High CQR $ 11,271 $ 5,513 $ 2,879 $ 2,754 $ 317 $ 32 $ 22,766 $ (1,965 ) $ 20,801 Average CQR 16,625 7,802 1,584 330 33 25 26,399 (1,248 ) 25,151 Low CQR - - - - - - - - - Total $ 27,896 $ 13,315 $ 4,463 $ 3,084 $ 350 $ 57 $ 49,165 $ (3,213 ) $ 45,952 Total amortized cost (1) $ 73,135 $ 30,406 $ 24,177 $ 4,383 $ 925 $ 61 $ 133,087 $ (20,156 ) $ 112,931 (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 61-90 Days Past > 90 Days Past Due Total Past Due Current Total Billed Unbilled Amortized Notes receivable $ 268 $ 425 $ 97 $ 790 $ 5,623 $ 6,413 $ 77,509 $ 83,922 Lease receivables 240 154 551 945 905 1,850 47,315 49,165 Total $ 508 $ 579 $ 648 $ 1,735 $ 6,528 $ 8,263 $ 124,824 $ 133,087 The following table provides an aging analysis of our financing receivables as of , (in thousands): 31-60 Days Past 61-90 Days Past > 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)	6 Months Ended
	Sep. 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 and six months ended September 30, 2022, and 2021, respectively (in thousands, except per share data) Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Net earnings attributable to common shareholders - basic and diluted $ 28,469 $ 31,413 $ 50,808 $ 54,931 Basic and diluted common shares outstanding Weighted average common shares outstanding — basic 26,578 26,664 26,546 26,666 Effect of dilutive shares 45 200 125 196 Weighted average shares common outstanding — diluted 26,623 26,864 26,671 26,862 Earnings per common share - basic $ 1.07 $ 1.18 $ 1.91 $ 2.06 Earnings per common share - diluted $ 1.07 $ 1.17 $ 1.91 $ 2.04

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2022
SHARE-BASED COMPENSATION [Abstract]
Summary of Grants	For the six months ended September 30, 2022, we granted 15,954 shares of our stock under the 2017 Director LTIP, and 138,643 restricted shares of our stock under the 2021 Employee LTIP. For the six months ended September 30, 2021, we granted 12,786 shares of our stock under the 2017 Director LTIP, and 155,722 restricted shares of our stock 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 154,597 $ 56.82 Vested (177,360 ) $ 39.44 Forfeited (6,399 ) $ 41.51 Nonvested September 30 2022 314,644 $ 49.58

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 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 September 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 Significant Unobservable Inputs(Level 3) September 30 , 2022 Assets: Money market funds $ 10,204 $ 10,204 $ - $ - March 31 , 2022 Assets: Money market funds $ 18,138 $ 18,138 $ - $ -

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Sep. 30, 2022
BUSINESS COMBINATIONS [Abstract]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 4,033 Other assets 129 Identified intangible assets 8,360 Accounts payable and other current liabilities (8,714 ) Contract liabilities (214 ) Total identifiable net assets 3,594 Goodwill 9,694 Total purchase consideration $ 13,288

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Sep. 30, 2022
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information for the three-and six-month periods ended September 30, 2022, and 2021 are summarized in the following table (in thousands): Three Months Ended September 30, 2022 September 30, 2021 Technology Financing Total Technology Financing Total Net Sales Product $ 406,317 $ 22,228 $ 428,545 $ 375,444 $ 21,716 $ 397,160 Service 65,161 - 65,161 60,857 - 60,857 Total 471,478 22,228 493,706 436,301 21,716 458,017 Cost of Sales Product 311,928 5,199 317,127 293,837 3,792 297,629 Service 43,275 - 43,275 37,386 - 37,386 Total 355,203 5,199 360,402 331,223 3,792 335,015 Gross Profit 116,275 17,029 133,304 105,078 17,924 123,002 Selling, general, and administrative 80,161 4,543 84,704 70,803 3,701 74,504 Depreciation and amortization 3,540 28 3,568 3,825 28 3,853 Interest and financing costs 671 254 925 199 143 342 Operating expenses 84,372 4,825 89,197 74,827 3,872 78,699 Operating income 31,903 12,204 44,107 30,251 14,052 44,303 Other income (expense) (3,866 ) (325 ) Earnings before tax $ 40,241 $ 43,978 Net Sales Contracts with customers $ 466,972 $ 6,923 $ 473,895 $ 430,339 $ 1,776 $ 432,115 Financing and other 4,506 15,305 19,811 5,962 19,940 25,902 Total $ 471,478 $ 22,228 $ 493,706 $ 436,301 $ 21,716 $ 458,017 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 3,871 $ 1,196 $ 5,067 $ 4,074 $ 1,888 $ 5,962 Purchases of property, equipment and operating lease equipment $ 611 $ 22 $ 633 $ 948 $ 8,301 $ 9,249 Selected Financial Data - Balance Sheet Total assets $ 1,167,532 $ 203,808 $ 1,371,340 $ 902,070 $ 237,875 $ 1,139,945 Six Months Ended September 30, 2022 September 30, 2021 Technology Financing Total Technology Financing Total Net Sales Product $ 791,993 $ 31,802 $ 823,795 $ 720,210 $ 38,007 $ 758,217 Service 128,270 - 128,270 116,449 - 116,449 Total 920,263 31,802 952,065 836,659 38,007 874,666 Cost of Sales Product 614,436 6,901 621,337 564,852 10,004 574,856 Service 83,901 - 83,901 71,296 - 71,296 Total 698,337 6,901 705,238 636,148 10,004 646,152 Gross Profit 221,926 24,901 246,827 200,511 28,003 228,514 Selling, general, and administrative 153,273 8,198 161,471 136,956 6,323 143,279 Depreciation and amortization 6,722 56 6,778 7,723 56 7,779 Interest and financing costs 809 479 1,288 358 343 701 Operating expenses 160,804 8,733 169,537 145,037 6,722 151,759 Operating income 61,122 16,168 77,290 55,474 21,281 76,755 Other income (expense) (6,019 ) (202 ) Earnings before tax $ 71,271 $ 76,553 Net Sales Contracts with customers $ 910,774 $ 7,868 $ 918,642 $ 826,880 $ 7,194 $ 834,074 Financing and other 9,489 23,934 33,423 9,779 30,813 40,592 Total $ 920,263 $ 31,802 $ 952,065 $ 836,659 $ 38,007 $ 874,666 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 7,386 $ 2,153 $ 9,539 $ 8,177 $ 3,867 $ 12,044 Purchases of property, equipment and operating lease equipment $ 1,897 $ 513 $ 2,410 $ 2,255 $ 13,988 $ 16,243 Selected Financial Data - Balance Sheet Total assets $ 1,167,532 $ 203,808 $ 1,371,340 $ 902,070 $ 237,875 $ 1,139,945
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 six-month periods ended September 30, 2022, and 2021 in the tables below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Customer end market: Telecom, media & entertainment $ 118,454 $ 115,784 $ 246,731 $ 227,976 Technology 96,160 53,752 166,021 122,892 Healthcare 66,959 88,237 135,471 142,925 State and local government and educational institutions 70,491 68,662 135,092 134,077 Financial services 37,611 37,036 70,910 67,047 All others 81,803 72,830 166,038 141,742 Net sales 471,478 436,301 920,263 836,659 Less: Revenue from financing and other (4,506 ) (5,962 ) (9,489 ) (9,779 ) Revenue from contracts with customers $ 466,972 $ 430,339 $ 910,774 $ 826,880 Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Vendor: Cisco systems $ 185,318 $ 174,072 $ 342,196 $ 340,974 Juniper networks 39,580 18,438 62,089 43,152 HPE 32,330 8,965 39,129 21,301 NetApp 16,710 29,536 30,695 39,993 Dell EMC 15,221 43,498 77,094 69,838 Arista networks 8,933 8,047 20,105 19,545 All others 173,386 153,745 348,955 301,856 Net sales 471,478 436,301 920,263 836,659 Less: Revenue from financing and other (4,506 ) (5,962 ) (9,489 ) (9,779 ) Revenue from contracts with customers $ 466,972 $ 430,339 $ 910,774 $ 826,880

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		3 Months Ended		6 Months Ended
	Dec. 13, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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		39%	40%	37%	41%

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable - trade	$ 62,300		$ 62,300		$ 47,500
Current (included in deferred revenue)	107,802		107,802		85,826
Non-current (included in other liabilities)	40,119		40,119		$ 30,086
Revenue recognized from the beginning contract liability	17,500	$ 14,600	42,400	$ 36,100
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	93,643		93,643
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 33,299		$ 33,299
Expected timing of satisfaction, period	6 months		6 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	$ 34,681		$ 34,681
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	$ 17,839		$ 17,839
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	$ 5,470		$ 5,470
Expected timing of satisfaction, period	1 year		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	$ 2,354		$ 2,354
Expected timing of satisfaction, period

FINANCING RECEIVABLES AND OPE_3

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Sep. 30, 2022		Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021	Mar. 31, 2022		Mar. 31, 2021
Profit Recognized for Sales-type Leases [Abstract]
Net sales		$ 4,506		$ 5,962	$ 9,489		$ 9,779
Cost of sales		3,769		4,926	7,836		8,291
Gross profit		737		1,036	1,653		1,488
Interest Income on Sales-type Leases [Abstract]
Interest income on sales-type leases		819		1,000	1,680		2,290
Lease income on operating leases		4,659		6,634	9,241		11,844
Financing Receivables [Abstract]
Unguaranteed residual value		4,830			4,830			$ 6,424
Allowance for credit losses		(5,466)		(4,475)	(5,466)		(4,475)	(3,800)		$ (4,447)
Reported as [Abstract]
Current		65,010			65,010			61,492
Unguaranteed residual value for sales-type leases		4,830			4,830			6,424
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating leases		14,121			14,121			13,044
Accumulated depreciation		(9,752)			(9,752)			(7,985)
Investment in operating lease equipment - net	[1]	4,369			4,369			5,059
Unguaranteed residual value of operating lease equipment net		1,800			1,800			1,700
Collateral for non-recourse notes payable - Finance receivables		20,200			20,200			21,100
Operating leases		1,700			1,700			2,000
Gain on sale of financing receivables		8,100		10,100	9,900		13,300
Proceeds from sale of financing receivables		376,400		615,000	428,900		690,300
Contract liabilities - servicing of financial assets		500			500			500
Notes Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		89,717			89,717			80,517
Unguaranteed residual value		0	[2]		0	[2]		0	[3]
Unearned income		(5,795)			(5,795)			(2,728)
Allowance for credit losses		(976)	[4]	(1,687)	(976)	[4]	(1,687)	(708)	[4]	(1,212)
Total, net		82,946			82,946			77,081
Reported as [Abstract]
Current		45,443			45,443			45,415
Long-term		37,503			37,503			31,666
Total, net		82,946			82,946			77,081
Lease Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		50,714			50,714			38,788
Unguaranteed residual value		8,385	[2]		8,385	[2]		9,141	[3]
Unearned income		(5,104)			(5,104)			(3,604)
Allowance for credit losses		(1,207)	[4]	$ (672)	(1,207)	[4]	$ (672)	(681)	[4]	$ (1,171)
Total, net		52,788			52,788			43,644
Reported as [Abstract]
Current		19,567			19,567			16,077
Long-term		33,221			33,221			27,567
Total, net		52,788			52,788			43,644
Financing Receivables [Member]
Financing Receivables [Abstract]
Gross receivables		140,431			140,431			119,305
Unguaranteed residual value		8,385	[2]		8,385	[2]		9,141	[3]
Unearned income		(10,899)			(10,899)			(6,332)
Allowance for credit losses	[4]	(2,183)			(2,183)			(1,389)
Total, net		135,734			135,734			120,725
Reported as [Abstract]
Current		65,010			65,010			61,492
Long-term		70,724			70,724			59,233
Total, net		$ 135,734			$ 135,734			$ 120,725
[1] Amounts include estimated unguaranteed residual values of $1.8 million and $1.7 million as of September 30, 2022, and March 31, 2022, respectively. Includes unguaranteed residual values of $4,830 thousand that we retained after selling the related lease receivable. Includes unguaranteed residual values of that we retained after selling the related lease receivable. Refer to Note 7 “Allowance for Credit Losses” for details.

LESSEE ACCOUNTING (Details)

LESSEE ACCOUNTING (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Minimum [Member]
Lessee, Operating Lease [Abstract]
Operating lease term	1 year		1 year
Maximum [Member]
Lessee, Operating Lease [Abstract]
Operating lease term	5 years		5 years
Operating lease term for longer periods			10 years
Selling, General and Administrative Expenses [Member]
Lessee, Operating Lease [Abstract]
Rent expense	$ 1.2	$ 1.3	$ 2.5	$ 2.6

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 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
Acquisitions	9,694
Foreign currency translations	(330)
Goodwill, Ending Balance	144,580
Goodwill, Impairment Loss, Ending Balance	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 135,907
Number of reporting units | Unit	1
Increase in goodwill	$ 9,400

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Other Intangible Assets [Abstract]
Gross carrying amount	$ 95,734		$ 95,734		$ 87,741
Accumulated amortization	(65,398)		(65,398)		(60,491)
Net carrying amount	30,336		30,336		27,250
Purchased Intangibles [Member]
Other Intangible Assets [Abstract]
Gross carrying amount	85,218		85,218		77,224
Accumulated amortization	(56,425)		(56,425)		(52,087)
Net carrying amount	28,793		28,793		25,137
Total amortization expense	2,500	$ 2,700	$ 4,700	$ 5,400
Purchased Intangibles [Member] | Minimum [Member]
Other Intangible Assets [Abstract]
Estimated useful life			5 years
Purchased Intangibles [Member] | Maximum [Member]
Other Intangible Assets [Abstract]
Estimated useful life			10 years
Capitalized Software Development [Member]
Other Intangible Assets [Abstract]
Gross carrying amount	10,516		$ 10,516		10,517
Accumulated amortization	(8,973)		(8,973)		(8,404)
Net carrying amount	$ 1,543		$ 1,543		$ 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	6 Months Ended
	Sep. 30, 2022		Sep. 30, 2021
Activity in reserves for credit losses [Roll Forward]
Balance	$ 3,800		$ 4,447
Provision for credit losses	1,739		98
Write-offs and other	(73)		(70)
Balance	5,466		4,475
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	2,411		2,064
Provision for credit losses	943		116
Write-offs and other	(71)		(64)
Balance	3,283		2,116
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	708	[1]	1,212
Provision for credit losses	269		479
Write-offs and other	(1)		(4)
Balance	976	[1]	1,687
Lease Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	681	[1]	1,171
Provision for credit losses	527		(497)
Write-offs and other	(1)		(2)
Balance	$ 1,207	[1]	$ 672
[1] Refer to Note 7 “Allowance for Credit Losses” for details.

ALLOWANCE FOR CREDIT LOSSES, Am

ALLOWANCE FOR CREDIT LOSSES, Amortized Cost Basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022		Mar. 31, 2022
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	$ 73,135	[1]	$ 69,671	[2]
2022/2021	30,406	[1]	39,075	[2]
2021/2020	24,177	[1]	5,295	[2]
2020/2019	4,383	[1]	1,507	[2]
2019/2018	925	[1]	127	[2]
2018/2017	61	[1]	15	[2]
Total	133,087	[1]	115,690	[2]
Transfers	(20,156)	[1],[3]	(38,769)	[2],[4]
Net credit exposure	112,931	[1]	76,921
Unguaranteed residual value	4,830		6,424
Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	45,239		44,186
2022/2021	17,091		30,981
2021/2020	19,714		2,055
2020/2019	1,299		558
2019/2018	575		5
2018/2017	4		4
Total	83,922		77,789
Transfers	(16,943)	[3]	(35,037)	[4]
Net credit exposure	66,979		42,752
Unguaranteed residual value	0	[5]	0	[6]
Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	27,896		25,485
2022/2021	13,315		8,094
2021/2020	4,463		3,240
2020/2019	3,084		949
2019/2018	350		122
2018/2017	57		11
Total	49,165		37,901
Transfers	(3,213)	[3]	(3,732)	[4]
Net credit exposure	45,952		34,169
Unguaranteed residual value	$ 8,385	[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	$ 37,200		35,264
2022/2021	14,436		28,005
2021/2020	18,494		1,297
2020/2019	791		345
2019/2018	452		2
2018/2017	0		4
Total	71,373		64,917
Transfers	(16,450)	[3]	(30,274)	[4]
Net credit exposure	54,923		34,643
High CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	11,271		14,549
2022/2021	5,513		5,002
2021/2020	2,879		2,499
2020/2019	2,754		902
2019/2018	317		50
2018/2017	32		11
Total	22,766		23,013
Transfers	(1,965)	[3]	(3,385)	[4]
Net credit exposure	$ 20,801		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	$ 8,039		8,922
2022/2021	2,655		2,976
2021/2020	1,220		758
2020/2019	508		213
2019/2018	123		3
2018/2017	4		0
Total	12,549		12,872
Transfers	(493)	[3]	(4,763)	[4]
Net credit exposure	12,056		8,109
Average CQR [Member] | Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2023/2022	16,625		10,936
2022/2021	7,802		3,092
2021/2020	1,584		741
2020/2019	330		47
2019/2018	33		72
2018/2017	25		0
Total	26,399		14,888
Transfers	(1,248)	[3]	(347)	[4]
Net credit exposure	$ 25,151		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. Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis. 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. Includes unguaranteed residual values of $4,830 thousand that we retained after selling the related lease receivable. 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	Sep. 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	124,824		108,627
Total	133,087	[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	77,509		72,235
Total	83,922		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	47,315		36,392
Total	49,165		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) - WFCDF [Member] - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2022	Oct. 31, 2022	Mar. 31, 2022	Oct. 13, 2021
WFCDF Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility				$ 375
Guarantor obligations for credit facility, maximum	$ 10.5
Initial term	1 year
Renewal term	1 year
Period of notice required to terminate credit facility at year end	90 days
WFCDF Credit Facility [Member] | Subsequent Event [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility		$ 425
WFCDF 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%
Notes Payable [Member] | Recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 94.7
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	$ 9.7		$ 13.1
Notes Payable [Member] | Non-recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 20.8		$ 21.2
Weighted average interest rate of notes	4.09%		3.59%
Accounts Payable Floor Plan Facility [Member] | WFCDF Credit Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 136.2		$ 145.3
Revolving Credit Facility [Member] | WFCDF Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility				$ 100
Amount outstanding under credit facility	85		$ 0
Revolving Credit Facility [Member] | WFCDF Credit Facility [Member] | Subsequent Event [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility		$ 150
Revolving Credit Facility [Member] | Notes Payable [Member] | Recourse [Member]
Notes Payable [Abstract]
Long-term Debt	$ 85

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 28,469	$ 22,339	$ 31,413	$ 23,518	$ 50,808	$ 54,931
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	26,578		26,664		26,546	26,666
Effect of dilutive shares (in shares)	45		200		125	196
Weighted average shares common outstanding - diluted (in shares)	26,623		26,864		26,671	26,862
Earnings per common share - basic (in dollars per share)	$ 1.07		$ 1.18		$ 1.91	$ 2.06
Earnings per common share - diluted (in dollars per share)	$ 1.07		$ 1.17		$ 1.91	$ 2.04

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 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	98,056
Common stock repurchased during the period	$ 3.9	$ 4.3
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	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)	343,806
Granted (in shares)	154,597
Vested (in shares)	(177,360)
Forfeited (in shares)	(6,399)
Nonvested at end of period (in shares)	314,644
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period (in dollars per share)	$ 41.01
Granted (in dollars per share)	56.82
Vested (in dollars per share)	39.44
Forfeited (in dollars per share)	41.51
Nonvested at end of period (in dollars per share)	$ 49.58
2017 Director LTIP [Member]
Number of Shares [Roll Forward]
Granted (in shares)	15,954	12,786
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, Emplo

SHARE-BASED COMPENSATION, Employee Stock Purchase Plan (Details)	Sep. 15, 2022
2022 Employee Stock Purchase Plan [Member] | Maximum [Member]
Employee Stock Purchase Plan [Abstract]
Percentage of discounted purchase price	85%

SHARE-BASED COMPENSATION, Compe

SHARE-BASED COMPENSATION, Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Compensation Expense [Abstract]
Total share-based compensation expense	$ 2,000	$ 1,800	$ 3,731	$ 3,575
401(k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	1,000	$ 1,000	2,000	$ 1,800
Restricted Stock [Member]
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 13,500		$ 13,500
Unrecognized compensation expense, period for recognition			33 months

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES [Abstract]
Provision for income tax expense	$ 11,772	$ 12,565	$ 20,463	$ 21,622
Effective income tax rate	29.30%	28.60%	28.70%	28.20%
U.S. federal statutory rate	21%	21%	21%	21%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Assets [Abstract]
Money market funds	$ 10,204	$ 18,138
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds	10,204	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) - USD ($) $ in Thousands		6 Months Ended
	Jul. 15, 2022	Sep. 30, 2022	Mar. 31, 2022
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill		$ 135,907	$ 126,543
Future Com [Member]
Business Combination [Abstract]
Cash portion of the acquisition	$ 13,000
Consideration payable	300
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable	4,033
Other assets	129
Identified intangible assets	8,360
Accounts payable and other current liabilities	(8,714)
Contract liabilities	(214)
Total identifiable net assets	3,594
Goodwill	9,694
Total purchase consideration	$ 13,288
Future Com [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		6 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment			2
Reportable Segment Information [Abstract]
Net sales	$ 493,706	$ 458,017	$ 952,065	$ 874,666
Cost of Sales [Abstract]
Cost of sales	360,402	335,015	705,238	646,152
Gross profit	133,304	123,002	246,827	228,514
Selling, general, and administrative	84,704	74,504	161,471	143,279
Depreciation and amortization	3,568	3,853	6,778	7,779
Interest and financing costs	925	342	1,288	701
Operating expenses	89,197	78,699	169,537	151,759
Operating income	44,107	44,303	77,290	76,755
Other income (expense)	(3,866)	(325)	(6,019)	(202)
Earnings before tax	40,241	43,978	71,271	76,553
Net Sales [Abstract]
Contracts with customers	473,895	432,115	918,642	834,074
Financing and other	19,811	25,902	33,423	40,592
Net sales	493,706	458,017	952,065	874,666
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	5,067	5,962	9,539	12,044
Purchases of property, equipment and operating lease equipment	633	9,249	2,410	16,243
Selected Financial Data - Balance Sheet [Abstract]
Total assets	1,371,340	1,139,945	1,371,340	1,139,945	$ 1,166,203
Product [Member]
Reportable Segment Information [Abstract]
Net sales	428,545	397,160	823,795	758,217
Cost of Sales [Abstract]
Cost of sales	317,127	297,629	621,337	574,856
Net Sales [Abstract]
Net sales	428,545	397,160	823,795	758,217
Service [Member]
Reportable Segment Information [Abstract]
Net sales	65,161	60,857	128,270	116,449
Cost of Sales [Abstract]
Cost of sales	43,275	37,386	83,901	71,296
Net Sales [Abstract]
Net sales	65,161	60,857	128,270	116,449
Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	471,478	436,301	920,263	836,659
Net Sales [Abstract]
Contracts with customers	466,972	430,339	910,774	826,880
Financing and other	4,506	5,962	9,489	9,779
Net sales	471,478	436,301	920,263	836,659
Operating Segments [Member] | Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	471,478	436,301	920,263	836,659
Cost of Sales [Abstract]
Cost of sales	355,203	331,223	698,337	636,148
Gross profit	116,275	105,078	221,926	200,511
Selling, general, and administrative	80,161	70,803	153,273	136,956
Depreciation and amortization	3,540	3,825	6,722	7,723
Interest and financing costs	671	199	809	358
Operating expenses	84,372	74,827	160,804	145,037
Operating income	31,903	30,251	61,122	55,474
Net Sales [Abstract]
Contracts with customers	466,972	430,339	910,774	826,880
Financing and other	4,506	5,962	9,489	9,779
Net sales	471,478	436,301	920,263	836,659
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	3,871	4,074	7,386	8,177
Purchases of property, equipment and operating lease equipment	611	948	1,897	2,255
Selected Financial Data - Balance Sheet [Abstract]
Total assets	1,167,532	902,070	1,167,532	902,070
Operating Segments [Member] | Technology Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	406,317	375,444	791,993	720,210
Cost of Sales [Abstract]
Cost of sales	311,928	293,837	614,436	564,852
Net Sales [Abstract]
Net sales	406,317	375,444	791,993	720,210
Operating Segments [Member] | Technology Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	65,161	60,857	128,270	116,449
Cost of Sales [Abstract]
Cost of sales	43,275	37,386	83,901	71,296
Net Sales [Abstract]
Net sales	65,161	60,857	128,270	116,449
Operating Segments [Member] | Financing Segment [Member]
Reportable Segment Information [Abstract]
Net sales	22,228	21,716	31,802	38,007
Cost of Sales [Abstract]
Cost of sales	5,199	3,792	6,901	10,004
Gross profit	17,029	17,924	24,901	28,003
Selling, general, and administrative	4,543	3,701	8,198	6,323
Depreciation and amortization	28	28	56	56
Interest and financing costs	254	143	479	343
Operating expenses	4,825	3,872	8,733	6,722
Operating income	12,204	14,052	16,168	21,281
Net Sales [Abstract]
Contracts with customers	6,923	1,776	7,868	7,194
Financing and other	15,305	19,940	23,934	30,813
Net sales	22,228	21,716	31,802	38,007
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	1,196	1,888	2,153	3,867
Purchases of property, equipment and operating lease equipment	22	8,301	513	13,988
Selected Financial Data - Balance Sheet [Abstract]
Total assets	203,808	237,875	203,808	237,875
Operating Segments [Member] | Financing Segment [Member] | Product [Member]
Reportable Segment Information [Abstract]
Net sales	22,228	21,716	31,802	38,007
Cost of Sales [Abstract]
Cost of sales	5,199	3,792	6,901	10,004
Net Sales [Abstract]
Net sales	22,228	21,716	31,802	38,007
Operating Segments [Member] | Financing Segment [Member] | Service [Member]
Reportable Segment Information [Abstract]
Net sales	0	0	0	0
Cost of Sales [Abstract]
Cost of sales	0	0	0	0
Net Sales [Abstract]
Net sales	$ 0	$ 0	$ 0	$ 0

SEGMENT REPORTING, Technology S

SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Abstract]
Net sales	$ 493,706	$ 458,017	$ 952,065	$ 874,666
Less: Revenue from financing and other	(19,811)	(25,902)	(33,423)	(40,592)
Revenue from contracts with customers	473,895	432,115	918,642	834,074
Technology Segment [Member]
Disaggregation of Revenue [Abstract]
Net sales	471,478	436,301	920,263	836,659
Less: Revenue from financing and other	(4,506)	(5,962)	(9,489)	(9,779)
Revenue from contracts with customers	466,972	430,339	910,774	826,880
Technology Segment [Member] | Telecom, Media & Entertainment [Member]
Disaggregation of Revenue [Abstract]
Net sales	118,454	115,784	246,731	227,976
Technology Segment [Member] | Technology [Member]
Disaggregation of Revenue [Abstract]
Net sales	96,160	53,752	166,021	122,892
Technology Segment [Member] | Health Care [Member]
Disaggregation of Revenue [Abstract]
Net sales	66,959	88,237	135,471	142,925
Technology Segment [Member] | State and Local Government and Educational Institutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	70,491	68,662	135,092	134,077
Technology Segment [Member] | Financial Services [Member]
Disaggregation of Revenue [Abstract]
Net sales	37,611	37,036	70,910	67,047
Technology Segment [Member] | All Others [Member]
Disaggregation of Revenue [Abstract]
Net sales	81,803	72,830	166,038	141,742
Technology Segment [Member] | Cisco Systems [Member]
Disaggregation of Revenue [Abstract]
Net sales	185,318	174,072	342,196	340,974
Technology Segment [Member] | Juniper Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	39,580	18,438	62,089	43,152
Technology Segment [Member] | HPE [Member]
Disaggregation of Revenue [Abstract]
Net sales	32,330	8,965	39,129	21,301
Technology Segment [Member] | NetApp [Member]
Disaggregation of Revenue [Abstract]
Net sales	16,710	29,536	30,695	39,993
Technology Segment [Member] | Dell EMC [Member]
Disaggregation of Revenue [Abstract]
Net sales	15,221	43,498	77,094	69,838
Technology Segment [Member] | Arista Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	8,933	8,047	20,105	19,545
Technology Segment [Member] | All Others [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 173,386	$ 153,745	$ 348,955	$ 301,856