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ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended
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Jun. 30, 2023
ALLOWANCE FOR CREDIT LOSSES [Abstract] |
Activity in Reserves for Credit Losses | The following table provides the activity in our allowance for credit losses for the three months ended June 30, 2023, and 2022 (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance April 1, 2023 |  | $ | 2,572 |  |  | $ | 801 |  |  | $ | 981 |  |  | $ | 4,354 |
Provision for credit losses |  |  | 629 |  |  |  | (106 | ) |  |  | (45 | ) |  |  | 478 |
Write-offs and other |  |  | (13 | ) |  |  | 1 |  |  |  | - |  |  |  | (12 | )
Balance June 30, 2023 |  | $ | 3,188 |  |  | $ | 696 |  |  | $ | 936 |  |  | $ | 4,820 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance April 1, 2022 |  | $ | 2,411 |  |  | $ | 708 |  |  | $ | 681 |  |  | $ | 3,800 |
Provision for credit losses |  |  | 382 |  |  |  | 84 |  |  |  | 232 |  |  |  | 698 |
Write-offs and other |  |  | (65 | ) |  |  | - |  |  |  | - |  |  |  | (65 | )
Balance June 30, 2022 |  | $ | 2,728 |  |  | $ | 792 |  |  | $ | 913 |  |  | $ | 4,433 |
Amortized Cost Basis of Financing Receivables by Credit Quality Rating and Credit Origination Year | The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of June 30, 2023 (in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 and prior |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 67,836 |  |  | $ | 36,270 |  |  | $ | 13,539 |  |  | $ | 3,428 |  |  | $ | 142 |  |  | $ | 1 |  |  | $ | 121,216 |  |  | $ | (14,619 | ) |  | $ | 106,597 |
Average CQR |  |  | 4,871 |  |  |  | 9,695 |  |  |  | 1,096 |  |  |  | 96 |  |  |  | 58 |  |  |  | 26 |  |  |  | 15,842 |  |  |  | (2,068 | ) |  |  | 13,774 |
Total |  | $ | 72,707 |  |  | $ | 45,965 |  |  | $ | 14,635 |  |  | $ | 3,524 |  |  | $ | 200 |  |  | $ | 27 |  |  | $ | 137,058 |  |  | $ | (16,687 | ) |  | $ | 120,371 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 7,378 |  |  | $ | 16,566 |  |  | $ | 3,595 |  |  | $ | 1,775 |  |  | $ | 432 |  |  | $ | 133 |  |  | $ | 29,879 |  |  | $ | (1,665 | ) |  | $ | 28,214 |
Average CQR |  |  | 6,218 |  |  |  | 16,547 |  |  |  | 3,316 |  |  |  | 572 |  |  |  | 63 |  |  |  | - |  |  |  | 26,716 |  |  |  | (4,049 | ) |  |  | 22,667 |
Total |  | $ | 13,596 |  |  | $ | 33,113 |  |  | $ | 6,911 |  |  | $ | 2,347 |  |  | $ | 495 |  |  | $ | 133 |  |  | $ | 56,595 |  |  | $ | (5,714 | ) |  | $ | 50,881 |
Total amortized cost (1) |  | $ | 86,303 |  |  | $ | 79,078 |  |  | $ | 21,546 |  |  | $ | 5,871 |  |  | $ | 695 |  |  | $ | 160 |  |  | $ | 193,653 |  |  | $ | (22,401 | ) |  | $ | 171,252 |
(1) | Excludes unguaranteed residual values of $4,488 thousand that we retained after selling the related lease receivable.
(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, 2023 (in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 and prior |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 72,155 |  |  | $ | 11,378 |  |  | $ | 11,267 |  |  | $ | 370 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 95,200 |  |  | $ | (28,115 | ) |  | $ | 67,085 |
Average CQR |  |  | 12,793 |  |  |  | 2,675 |  |  |  | 213 |  |  |  | 115 |  |  |  | 61 |  |  |  | 1 |  |  |  | 15,858 |  |  |  | (1,432 | ) |  |  | 14,426 |
Total |  | $ | 84,948 |  |  | $ | 14,053 |  |  | $ | 11,480 |  |  | $ | 485 |  |  | $ | 91 |  |  | $ | 1 |  |  | $ | 111,058 |  |  | $ | (29,547 | ) |  | $ | 81,511 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 21,629 |  |  | $ | 3,842 |  |  | $ | 1,916 |  |  | $ | 565 |  |  | $ | 51 |  |  | $ | 9 |  |  | $ | 28,012 |  |  | $ | (1,437 | ) |  | $ | 26,575 |
Average CQR |  |  | 23,796 |  |  |  | 3,430 |  |  |  | 770 |  |  |  | 35 |  |  |  | 3 |  |  |  | - |  |  |  | 28,034 |  |  |  | (1,594 | ) |  |  | 26,440 |
Total |  | $ | 45,425 |  |  | $ | 7,272 |  |  | $ | 2,686 |  |  | $ | 600 |  |  | $ | 54 |  |  | $ | 9 |  |  | $ | 56,046 |  |  | $ | (3,031 | ) |  | $ | 53,015 |
Total amortized cost (1) |  | $ | 130,373 |  |  | $ | 21,325 |  |  | $ | 14,166 |  |  | $ | 1,085 |  |  | $ | 145 |  |  | $ | 10 |  |  | $ | 167,104 |  |  | $ | (32,578 | ) |  | $ | 134,526 |
(1) | Excludes unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable.
| (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 June 30, 2023 (in thousands):
|  | 31-60 Days Past Due |  |  | 61-90 Days Past Due |  |  | > 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Billed |  |  | Unbilled |  |  | Amortized Cost |
Notes receivable |  | $ | 748 |  |  | $ | 113 |  |  | $ | 1,093 |  |  | $ | 1,954 |  |  | $ | 7,750 |  |  | $ | 9,704 |  |  | $ | 127,354 |  |  | $ | 137,058 |
Lease receivables |  |  | 250 |  |  |  | 367 |  |  |  | 902 |  |  |  | 1,519 |  |  |  | 3,771 |  |  |  | 5,290 |  |  |  | 51,305 |  |  |  | 56,595 |
Total |  | $ | 998 |  |  | $ | 480 |  |  | $ | 1,995 |  |  | $ | 3,473 |  |  | $ | 11,521 |  |  | $ | 14,994 |  |  | $ | 178,659 |  |  | $ | 193,653 |
The following table provides an aging analysis of our financing receivables as of March 31, 2023 (in thousands):
|  | 31-60 Days Past Due |  |  | 61-90 Days Past Due |  |  | > 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Billed |  |  | Unbilled |  |  | Amortized Cost |
Notes receivable |  | $ | 1,020 |  |  | $ | 862 |  |  | $ | 473 |  |  | $ | 2,355 |  |  | $ | 7,703 |  |  | $ | 10,058 |  |  | $ | 101,000 |  |  | $ | 111,058 |
Lease receivables |  |  | 1,068 |  |  |  | 463 |  |  |  | 864 |  |  |  | 2,395 |  |  |  | 5,413 |  |  |  | 7,808 |  |  |  | 48,238 |  |  |  | 56,046 |
Total |  | $ | 2,088 |  |  | $ | 1,325 |  |  | $ | 1,337 |  |  | $ | 4,750 |  |  | $ | 13,116 |  |  | $ | 17,866 |  |  | $ | 149,238 |  |  | $ | 167,104 |

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