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SEGMENT REPORTING (Tables) | 12 Months Ended
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Mar. 31, 2024
SEGMENT REPORTING [Abstract] |
Segment Reporting Information, by Reportable Segment | The following table provides reportable segment information (in thousands):
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net Sales |  |  |  |  |  |  |  |  |
Product |  | $ | 1,883,809 |  |  | $ | 1,750,802 |  |  | $ | 1,492,411 |
Professional services |  |  | 154,549 |  |  |  | 151,785 |  |  |  | 146,747 |
Managed services |  |  | 137,528 |  |  |  | 112,658 |  |  |  | 93,878 |
Financing |  |  | 49,416 |  |  |  | 52,473 |  |  |  | 87,983 |
Total |  |  | 2,225,302 |  |  |  | 2,067,718 |  |  |  | 1,821,019 |
Gross Profit |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  | 397,618 |  |  |  | 380,741 |  |  |  | 316,622 |
Professional services |  |  | 68,194 |  |  |  | 61,594 |  |  |  | 63,384 |
Managed services |  |  | 42,667 |  |  |  | 32,155 |  |  |  | 28,147 |
Financing |  |  | 42,314 |  |  |  | 43,034 |  |  |  | 52,829 |
Total |  |  | 550,793 |  |  |  | 517,524 |  |  |  | 460,982 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 375,919 |  |  |  | 334,380 |  |  |  | 299,153 |
Financing |  |  | 16,617 |  |  |  | 16,982 |  |  |  | 14,513 |
Total |  |  | 392,536 |  |  |  | 351,362 |  |  |  | 313,666 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 132,560 |  |  |  | 140,110 |  |  |  | 109,000 |
Financing |  |  | 25,697 |  |  |  | 26,052 |  |  |  | 38,316 |
Total |  |  | 158,257 |  |  |  | 166,162 |  |  |  | 147,316 |
Other income (expense), net |  |  | 2,836 |  |  |  | (3,188 | ) |  |  | (432 | )
Earnings before tax |  | $ | 161,093 |  |  | $ | 162,974 |  |  | $ | 146,884 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 20,951 |  |  | $ | 13,598 |  |  | $ | 14,535 |
Financing |  |  | 74 |  |  |  | 111 |  |  |  | 111 |
Total |  | $ | 21,025 |  |  | $ | 13,709 |  |  | $ | 14,646 |
Interest and financing costs |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 1,428 |  |  | $ | 2,897 |  |  | $ | 928 |
Financing |  |  | 2,349 |  |  |  | 1,236 |  |  |  | 975 |
Total |  | $ | 3,777 |  |  | $ | 4,133 |  |  | $ | 1,903 |
Selected Financial Data - Statement of Cash Flow |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, equipment, and operating lease equipment: |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 7,454 |  |  | $ | 7,693 |  |  | $ | 4,951 |
Financing |  |  | 1,049 |  |  |  | 1,687 |  |  |  | 18,231 |
Total |  | $ | 8,503 |  |  | $ | 9,380 |  |  | $ | 23,182 |
Disaggregation of Net Sales and Revenue Recognized from Contracts with Customers | The following tables provide a disaggregation of net sales by source and further disaggregate our revenue recognized from contracts with customers by timing and our position as principal or agent (in thousands):
|  | Year ended March 31, 2024 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,862,231 |  |  | $ | 154,549 |  |  | $ | 137,528 |  |  | $ | 5,926 |  |  | $ | 2,160,234 |
Financing and other |  |  | 21,578 |  |  |  | - |  |  |  | - |  |  |  | 43,490 |  |  |  | 65,068 |
Total |  | $ | 1,883,809 |  |  | $ | 154,549 |  |  | $ | 137,528 |  |  | $ | 49,416 |  |  | $ | 2,225,302 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,687,639 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,926 |  |  | $ | 1,693,565 |
Transferred at a point in time as agent |  |  | 174,592 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 174,592 |
Transferred over time as principal |  |  | - |  |  |  | 154,549 |  |  |  | 137,528 |  |  |  | - |  |  |  | 292,077 |
Total revenue from contracts with customers |  | $ | 1,862,231 |  |  | $ | 154,549 |  |  | $ | 137,528 |  |  | $ | 5,926 |  |  | $ | 2,160,234 |
|  | Year ended March 31, 2023 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,728,125 |  |  | $ | 151,785 |  |  | $ | 112,658 |  |  | $ | 9,304 |  |  | $ | 2,001,872 |
Financing and other |  |  | 22,677 |  |  |  | - |  |  |  | - |  |  |  | 43,169 |  |  |  | 65,846 |
Total |  | $ | 1,750,802 |  |  | $ | 151,785 |  |  | $ | 112,658 |  |  | $ | 52,473 |  |  | $ | 2,067,718 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,566,760 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,304 |  |  | $ | 1,576,064 |
Transferred at a point in time as agent |  |  | 161,365 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 161,365 |
Transferred over time as principal |  |  | - |  |  |  | 151,785 |  |  |  | 112,658 |  |  |  | - |  |  |  | 264,443 |
Total revenue from contracts with customers |  | $ | 1,728,125 |  |  | $ | 151,785 |  |  | $ | 112,658 |  |  | $ | 9,304 |  |  | $ | 2,001,872 |
|  | Year ended March 31, 2022 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,477,468 |  |  | $ | 146,747 |  |  | $ | 93,878 |  |  | $ | 34,842 |  |  | $ | 1,752,935 |
Financing and other |  |  | 14,943 |  |  |  | - |  |  |  | - |  |  |  | 53,141 |  |  |  | 68,084 |
Total |  | $ | 1,492,411 |  |  | $ | 146,747 |  |  | $ | 93,878 |  |  | $ | 87,983 |  |  | $ | 1,821,019 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,342,769 |  |  | $ | - |  |  | $ | - |  |  | $ | 34,842 |  |  | $ | 1,377,611 |
Transferred at a point in time as agent |  |  | 134,699 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 134,699 |
Transferred over time as principal |  |  | - |  |  |  | 146,747 |  |  |  | 93,878 |  |  |  | - |  |  |  | 240,625 |
Total revenue from contracts with customers |  | $ | 1,477,468 |  |  | $ | 146,747 |  |  | $ | 93,878 |  |  | $ | 34,842 |  |  | $ | 1,752,935 |
Technology Segment Disaggregation of Revenue | The following table provides a disaggregation of our revenue from contracts with customers for our technology business by customer end market and by type (in thousands):
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Customer end market: |  |  |  |  |  |  |  |  |
Telecom, media & entertainment |  | $ | 547,525 |  |  | $ | 532,921 |  |  | $ | 502,408 |
Technology |  |  | 379,720 |  |  |  | 393,594 |  |  |  | 250,485 |
SLED |  |  | 329,617 |  |  |  | 290,624 |  |  |  | 241,769 |
Healthcare |  |  | 278,893 |  |  |  | 274,936 |  |  |  | 270,481 |
Financial services |  |  | 243,630 |  |  |  | 156,257 |  |  |  | 155,160 |
All others |  |  | 396,501 |  |  |  | 366,913 |  |  |  | 312,733 |
Net sales |  |  | 2,175,886 |  |  |  | 2,015,245 |  |  |  | 1,733,036 |
Less: revenue from financing and other |  |  | (21,578 | ) |  |  | (22,677 | ) |  |  | (14,943 | )
Total revenue from contracts with customers |  | $ | 2,154,308 |  |  | $ | 1,992,568 |  |  | $ | 1,718,093 |
Type: |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  |  |  |  |  |  |  |  |  |  |
Networking |  | $ | 1,005,679 |  |  | $ | 803,678 |  |  | $ | 611,488 |
Cloud |  |  | 546,341 |  |  |  | 587,097 |  |  |  | 581,113 |
Security |  |  | 193,956 |  |  |  | 214,459 |  |  |  | 158,927 |
Collaboration |  |  | 65,714 |  |  |  | 57,472 |  |  |  | 57,244 |
Other |  |  | 72,119 |  |  |  | 88,096 |  |  |  | 83,639 |
Total product |  |  | 1,883,809 |  |  |  | 1,750,802 |  |  |  | 1,492,411 |
Professional services |  |  | 154,549 |  |  |  | 151,785 |  |  |  | 146,747 |
Managed services |  |  | 137,528 |  |  |  | 112,658 |  |  |  | 93,878 |
Net sales |  |  | 2,175,886 |  |  |  | 2,015,245 |  |  |  | 1,733,036 |
Less: revenue from financing and other |  |  | (21,578 | ) |  |  | (22,677 | ) |  |  | (14,943 | )
Total revenue from contracts with customers |  | $ | 2,154,308 |  |  | $ | 1,992,568 |  |  | $ | 1,718,093 |
Geographical Information | The geographic information for the years ended March 31, 2024, 2023, and 2022 was as follows (in thousands):
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales: |  |  |  |  |  |  |  |  |
US |  | $ | 2,127,695 |  |  | $ | 1,953,465 |  |  | $ | 1,716,525 |
Non-US |  |  | 97,607 |  |  |  | 114,253 |  |  |  | 104,494 |
Total |  | $ | 2,225,302 |  |  | $ | 2,067,718 |  |  | $ | 1,821,019 |
Our long-lived tangible assets include property and equipment-net, operating leases-net, and equipment that has been returned to us at the termination of the lease.
|  | March 31, |
|  | 2024 |  |  | 2023 |
Long-lived tangible assets: |  |  |  |  |  |
US |  | $ | 16,258 |  |  | $ | 16,313 |
Non-US |  |  | 582 |  |  |  | 1,140 |
Total |  | $ | 16,840 |  |  | $ | 17,453 |

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