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SEGMENT REPORTING (Tables) | 9 Months Ended
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Dec. 31, 2023
SEGMENT REPORTING [Abstract] |
Segment Reporting Information, by Reportable Segment | The following table provides reportable segment information (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Product |  | $ | 419,478 |  |  | $ | 544,316 |  |  | $ | 1,418,581 |  |  | $ | 1,336,309 |
Professional services |  |  | 40,044 |  |  |  | 39,151 |  |  |  | 113,870 |  |  |  | 114,369 |
Managed services |  |  | 34,640 |  |  |  | 28,307 |  |  |  | 99,335 |  |  |  | 81,359 |
Financing |  |  | 14,893 |  |  |  | 11,702 |  |  |  | 39,055 |  |  |  | 43,504 |
Total |  |  | 509,055 |  |  |  | 623,476 |  |  |  | 1,670,841 |  |  |  | 1,575,541 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  | 91,919 |  |  |  | 104,485 |  |  |  | 308,059 |  |  |  | 282,042 |
Professional services |  |  | 17,332 |  |  |  | 15,294 |  |  |  | 47,852 |  |  |  | 45,046 |
Managed services |  |  | 11,015 |  |  |  | 8,075 |  |  |  | 31,006 |  |  |  | 22,692 |
Financing |  |  | 13,544 |  |  |  | 10,518 |  |  |  | 33,531 |  |  |  | 35,419 |
Total |  |  | 133,810 |  |  |  | 138,372 |  |  |  | 420,448 |  |  |  | 385,199 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 91,599 |  |  |  | 86,764 |  |  |  | 278,869 |  |  |  | 247,568 |
Financing |  |  | 4,164 |  |  |  | 5,150 |  |  |  | 12,337 |  |  |  | 13,883 |
Total |  |  | 95,763 |  |  |  | 91,914 |  |  |  | 291,206 |  |  |  | 261,451 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 28,667 |  |  |  | 41,090 |  |  |  | 108,048 |  |  |  | 102,212 |
Financing |  |  | 9,380 |  |  |  | 5,368 |  |  |  | 21,194 |  |  |  | 21,536 |
Total |  |  | 38,047 |  |  |  | 46,458 |  |  |  | 129,242 |  |  |  | 123,748 |
Other income (expense), net |  |  | 366 |  |  |  | 2,907 |  |  |  | 673 |  |  |  | (3,112 | )
Earnings before tax |  | $ | 38,413 |  |  | $ | 49,365 |  |  | $ | 129,915 |  |  | $ | 120,636 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 5,381 |  |  | $ | 3,582 |  |  | $ | 15,747 |  |  | $ | 10,304 |
Financing |  |  | 18 |  |  |  | 27 |  |  |  | 74 |  |  |  | 83 |
Total |  | $ | 5,399 |  |  | $ | 3,609 |  |  | $ | 15,821 |  |  | $ | 10,387 |
Interest and financing costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 217 |  |  | $ | 1,308 |  |  | $ | 1,428 |  |  | $ | 2,117 |
Financing |  |  | 766 |  |  |  | 267 |  |  |  | 1,626 |  |  |  | 746 |
Total |  | $ | 983 |  |  | $ | 1,575 |  |  | $ | 3,054 |  |  | $ | 2,863 |
Selected Financial Data - Statement of Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, equipment, and operating lease equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 2,028 |  |  | $ | 2,225 |  |  | $ | 6,717 |  |  | $ | 4,122 |
Financing |  |  | 68 |  |  |  | 1,026 |  |  |  | 987 |  |  |  | 1,539 |
Total |  | $ | 2,096 |  |  | $ | 3,251 |  |  | $ | 7,704 |  |  | $ | 5,661 |
Disaggregation of Net Sales and Revenue Recognized from Contracts with Customers [Table Text Block] | 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):
|  | Three months ended December 31, 2023 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 412,060 |  |  | $ | 40,044 |  |  | $ | 34,640 |  |  | $ | 774 |  |  | $ | 487,518 |
Financing and other |  |  | 7,418 |  |  |  | - |  |  |  | - |  |  |  | 14,119 |  |  |  | 21,537 |
Total |  | $ | 419,478 |  |  | $ | 40,044 |  |  | $ | 34,640 |  |  | $ | 14,893 |  |  | $ | 509,055 |
Timing and position as principal or agent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 367,350 |  |  | $ | - |  |  | $ | - |  |  | $ | 774 |  |  | $ | 368,124 |
Transferred at a point in time as agent |  |  | 44,710 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 44,710 |
Transferred over time as principal |  |  | - |  |  |  | 40,044 |  |  |  | 34,640 |  |  |  | - |  |  |  | 74,684 |
Total revenue from contracts with customers |  | $ | 412,060 |  |  | $ | 40,044 |  |  | $ | 34,640 |  |  | $ | 774 |  |  | $ | 487,518 |
|  | Nine months ended December 31, 2023 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,398,668 |  |  | $ | 113,870 |  |  | $ | 99,335 |  |  | $ | 4,899 |  |  | $ | 1,616,772 |
Financing and other |  |  | 19,913 |  |  |  | - |  |  |  | - |  |  |  | 34,156 |  |  |  | 54,069 |
Total |  | $ | 1,418,581 |  |  | $ | 113,870 |  |  | $ | 99,335 |  |  | $ | 39,055 |  |  | $ | 1,670,841 |
Timing and position as principal or agent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,262,010 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,899 |  |  | $ | 1,266,909 |
Transferred at a point in time as agent |  |  | 136,658 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 136,658 |
Transferred over time as principal |  |  | - |  |  |  | 113,870 |  |  |  | 99,335 |  |  |  | - |  |  |  | 213,205 |
Total revenue from contracts with customers |  | $ | 1,398,668 |  |  | $ | 113,870 |  |  | $ | 99,335 |  |  | $ | 4,899 |  |  | $ | 1,616,772 |
|  | Three months ended December 31, 2022 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 538,400 |  |  | $ | 39,151 |  |  | $ | 28,307 |  |  | $ | 560 |  |  | $ | 606,418 |
Financing and other |  |  | 5,916 |  |  |  | - |  |  |  | - |  |  |  | 11,142 |  |  |  | 17,058 |
Total |  | $ | 544,316 |  |  | $ | 39,151 |  |  | $ | 28,307 |  |  | $ | 11,702 |  |  | $ | 623,476 |
Timing and position as principal or agent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 495,294 |  |  | $ | - |  |  | $ | - |  |  | $ | 560 |  |  | $ | 495,854 |
Transferred at a point in time as agent |  |  | 43,106 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 43,106 |
Transferred over time as principal |  |  | - |  |  |  | 39,151 |  |  |  | 28,307 |  |  |  | - |  |  |  | 67,458 |
Total revenue from contracts with customers |  | $ | 538,400 |  |  | $ | 39,151 |  |  | $ | 28,307 |  |  | $ | 560 |  |  | $ | 606,418 |
|  | Nine months ended December 31, 2022 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,320,904 |  |  | $ | 114,369 |  |  | $ | 81,359 |  |  | $ | 8,428 |  |  | $ | 1,525,060 |
Financing and other |  |  | 15,405 |  |  |  | - |  |  |  | - |  |  |  | 35,076 |  |  |  | 50,481 |
Total |  | $ | 1,336,309 |  |  | $ | 114,369 |  |  | $ | 81,359 |  |  | $ | 43,504 |  |  | $ | 1,575,541 |
Timing and position as principal or agent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,199,508 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,428 |  |  | $ | 1,207,936 |
Transferred at a point in time as agent |  |  | 121,396 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 121,396 |
Transferred over time as principal |  |  | - |  |  |  | 114,369 |  |  |  | 81,359 |  |  |  | - |  |  |  | 195,728 |
Total revenue from contracts with customers |  | $ | 1,320,904 |  |  | $ | 114,369 |  |  | $ | 81,359 |  |  | $ | 8,428 |  |  | $ | 1,525,060 |
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):
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Customer end market: |  |  |  |  |  |  |  |  |  |  |  |
Telecom, Media & Entertainment |  | $ | 139,551 |  |  | $ | 184,539 |  |  | $ | 405,192 |  |  | $ | 431,269 |
Technology |  |  | 83,951 |  |  |  | 133,067 |  |  |  | 268,302 |  |  |  | 299,088 |
State and local government and educational institutions |  |  | 60,108 |  |  |  | 72,730 |  |  |  | 264,419 |  |  |  | 207,823 |
Healthcare |  |  | 55,504 |  |  |  | 69,825 |  |  |  | 214,182 |  |  |  | 205,297 |
Financial Services |  |  | 38,816 |  |  |  | 48,008 |  |  |  | 174,391 |  |  |  | 118,917 |
All others |  |  | 116,232 |  |  |  | 103,605 |  |  |  | 305,300 |  |  |  | 269,643 |
Net sales |  |  | 494,162 |  |  |  | 611,774 |  |  |  | 1,631,786 |  |  |  | 1,532,037 |
Less: Revenue from financing and other |  |  | (7,418 | ) |  |  | (5,916 | ) |  |  | (19,913 | ) |  |  | (15,405 | )
Revenue from contracts with customers |  | $ | 486,744 |  |  | $ | 605,858 |  |  | $ | 1,611,873 |  |  | $ | 1,516,632 |
Type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Networking |  | $ | 209,936 |  |  | $ | 275,774 |  |  | $ | 723,760 |  |  | $ | 584,311 |
Cloud |  |  | 120,253 |  |  |  | 157,126 |  |  |  | 427,365 |  |  |  | 470,851 |
Security |  |  | 58,822 |  |  |  | 77,111 |  |  |  | 156,504 |  |  |  | 173,623 |
Collaboration |  |  | 13,608 |  |  |  | 13,405 |  |  |  | 53,647 |  |  |  | 45,572 |
Other |  |  | 16,859 |  |  |  | 20,900 |  |  |  | 57,305 |  |  |  | 61,952 |
Total product |  |  | 419,478 |  |  |  | 544,316 |  |  |  | 1,418,581 |  |  |  | 1,336,309 |
Professional services |  |  | 40,044 |  |  |  | 39,151 |  |  |  | 113,870 |  |  |  | 114,369 |
Managed services |  |  | 34,640 |  |  |  | 28,307 |  |  |  | 99,335 |  |  |  | 81,359 |
Net sales |  |  | 494,162 |  |  |  | 611,774 |  |  |  | 1,631,786 |  |  |  | 1,532,037 |
Less: Revenue from financing and other |  |  | (7,418 | ) |  |  | (5,916 | ) |  |  | (19,913 | ) |  |  | (15,405 | )
Revenue from contracts with customers |  | $ | 486,744 |  |  | $ | 605,858 |  |  | $ | 1,611,873 |  |  | $ | 1,516,632 |

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