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FINANCING RECEIVABLES AND OPERATING LEASES | 12 Months Ended
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Mar. 31, 2023
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] |
FINANCING RECEIVABLES AND OPERATING LEASES | 4. FINANCING RECEIVABLES AND OPERATING LEASES Our financing receivables and operating leases consist primarily of leases of IT and communication equipment and notes receivable from financing customer purchases of third-party software, maintenance, and services. Our leases often include elections for the lessee to purchase the underlying asset at the end of the lease term. Occasionally, our leases provide the lessee a bargain purchase option. 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 years ended March 31, 2023, and 2022 (in thousands):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |
Net sales |  | $ | 22,677 |  |  | $ | 14,943 |
Cost of sales |  |  | 19,009 |  |  |  | 12,478 |
Gross profit |  | $ | 3,668 |  |  | $ | 2,465 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the years ended March 31, 2023, and 2022 (in thousands):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |
Interest income on sales-type leases |  | $ | 3,943 |  |  | $ | 3,904 |
Lease income on operating leases |  | $ | 17,421 |  |  | $ | 24,711 |
FINANCING RECEIVABLES—NET The following tables provide a disaggregation of our financing receivables - net (in thousands):
|  | Notes |  |  | Lease |  |  | Financing |
March 31, 2023 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 117,008 |  |  | $ | 60,157 |  |  | $ | 177,165 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 8,161 |  |  |  | 8,161 |
Unearned income |  |  | (5,950 | ) |  |  | (8,050 | ) |  |  | (14,000 | )
Allowance for credit losses (2) |  |  | (801 | ) |  |  | (981 | ) |  |  | (1,782 | )
Total, net |  | $ | 110,257 |  |  | $ | 59,287 |  |  | $ | 169,544 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 65,738 |  |  | $ | 24,091 |  |  | $ | 89,829 |
Long-term |  |  | 44,519 |  |  |  | 35,196 |  |  |  | 79,715 |
Total, net |  | $ | 110,257 |  |  | $ | 59,287 |  |  | $ | 169,544 |
| (1) | Includes unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable.
| (2) | Refer to Note 7, “Allowance for Credit Losses” for details.
|  | 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 $6,424 thousand that we retained after selling the related lease receivable.
| (2) | Refer to Note 7, “Allowance for Credit Losses” for details.
The following table provides the future scheduled minimum lease payments for investments in sales-type leases as of March 31, 2023 (in thousands):
Year ending March 31, 2024 |  | $ | 28,478 |
2025 |  |  | 17,216 |
2026 |  |  | 9,662 |
2027 |  |  | 3,547 |
2028 and thereafter |  |  | 1,254 |
Total |  | $ | 60,157 |
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):
|  | March 31, 2023 |  |  | March 31, 2022 |
Cost of equipment under operating leases |  | $ | 15,301 |  |  | $ | 13,044 |
Accumulated depreciation |  |  | (10,599 | ) |  |  | (7,985 | )
Investment in operating lease equipment—net (1) |  | $ | 4,702 |  |  | $ | 5,059 |
| (1) | Amounts include estimated unguaranteed residual values of $1,717 thousand as of both March 31, 2023, and 2022.
The following table provides the future scheduled minimum lease rental payments for operating leases as of March 31, 2023 (in thousands):
Year ending March 31, 2024 |  | $ | 1,618 |
2025 |  |  | 829 |
2026 |  |  | 269 |
2027 |  |  | 38 |
Total |  | $ | 2,754 |
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 secured borrowings. For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of March 31, 2023, and March 31, 2022, we had financing receivables of $35.7 million and $21.1 million, respectively, and operating leases of $2.5 million and $2.0 million, respectively which were collateral for non-recourse notes payable. See Note 9, “Notes Payable and Credit Facility.” For transfers accounted for as sales, we derecognize the carrying value of the asset transferred plus any liability and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. For the years ended March 31, 2023, 2022, and 2021, we recognized net gains of $16.1 million, $18.2 million, and $14.5 million, respectively, and total proceeds from these sales were $706.0 million, $855.1 million, and $364.0 million, respectively. When we retain servicing obligations in transfers accounted for as sales, we allocate a portion of the proceeds to deferred revenues, which is recognized as we perform the services. As of both March 31, 2023, 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 in the event that the lessee elects to early terminate the lease. As of March 31, 2023, our total potential liability that could result from these indemnities is immaterial.

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