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ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended
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Jun. 30, 2024
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, 2024, and 2023 (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance as of April 1, 2024 |  | $ | 2,687 |  |  | $ | 1,056 |  |  | $ | 1,435 |  |  | $ | 5,178 |
Provision for credit losses |  |  | 90 |  |  |  | 32 |  |  |  | (26 | ) |  |  | 96 |
Write-offs and other |  |  | (13 | ) |  |  | - |  |  |  | - |  |  |  | (13 | )
Balance as of June 30, 2024 |  | $ | 2,764 |  |  | $ | 1,088 |  |  | $ | 1,409 |  |  | $ | 5,261 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance as of 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 as of June 30, 2023 |  | $ | 3,188 |  |  | $ | 696 |  |  | $ | 936 |  |  | $ | 4,820 |
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, 2024 (in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 and prior |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 25,158 |  |  | $ | 48,541 |  |  | $ | 14,290 |  |  | $ | 1,858 |  |  | $ | 1,786 |  |  | $ | 24 |  |  | $ | 91,657 |  |  | $ | (26,831 | ) |  | $ | 64,826 |
Average CQR |  |  | 2,490 |  |  |  | 14,551 |  |  |  | 2,895 |  |  |  | 148 |  |  |  | 28 |  |  |  | - |  |  |  | 20,112 |  |  |  | (3,302 | ) |  |  | 16,810 |
Total |  | $ | 27,648 |  |  | $ | 63,092 |  |  | $ | 17,185 |  |  | $ | 2,006 |  |  | $ | 1,814 |  |  | $ | 24 |  |  | $ | 111,769 |  |  | $ | (30,133 | ) |  | $ | 81,636 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 15,363 |  |  | $ | 18,528 |  |  | $ | 8,750 |  |  | $ | 1,218 |  |  | $ | 946 |  |  | $ | 84 |  |  | $ | 44,889 |  |  | $ | (2,931 | ) |  | $ | 41,958 |
Average CQR |  |  | 6,298 |  |  |  | 14,816 |  |  |  | 8,373 |  |  |  | 1,732 |  |  |  | 164 |  |  |  | 2 |  |  |  | 31,385 |  |  |  | (4,292 | ) |  |  | 27,093 |
Total |  | $ | 21,661 |  |  | $ | 33,344 |  |  | $ | 17,123 |  |  | $ | 2,950 |  |  | $ | 1,110 |  |  | $ | 86 |  |  | $ | 76,274 |  |  | $ | (7,223 | ) |  | $ | 69,051 |
Total amortized cost (1) |  | $ | 49,309 |  |  | $ | 96,436 |  |  | $ | 34,308 |  |  | $ | 4,956 |  |  | $ | 2,924 |  |  | $ | 110 |  |  | $ | 188,043 |  |  | $ | (37,356 | ) |  | $ | 150,687 |
| (1) | Unguaranteed residual values of $3,554 thousand that we retained after selling the related lease receivable 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, 2024 (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 |  | $ | 63,934 |  |  | $ | 15,821 |  |  | $ | 3,440 |  |  | $ | 2,656 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 85,881 |  |  | $ | (25,683 | ) |  | $ | 60,198 |
Average CQR |  |  | 18,715 |  |  |  | 3,260 |  |  |  | 302 |  |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | 22,329 |  |  |  | (3,476 | ) |  |  | 18,853 |
Total |  | $ | 82,649 |  |  | $ | 19,081 |  |  | $ | 3,742 |  |  | $ | 2,708 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 108,210 |  |  | $ | (29,159 | ) |  | $ | 79,051 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 22,123 |  |  | $ | 9,457 |  |  | $ | 1,341 |  |  | $ | 1,151 |  |  | $ | 100 |  |  | $ | 7 |  |  | $ | 34,179 |  |  | $ | (1,128 | ) |  | $ | 33,051 |
Average CQR |  |  | 22,861 |  |  |  | 9,548 |  |  |  | 2,133 |  |  |  | 259 |  |  |  | 2 |  |  |  | - |  |  |  | 34,803 |  |  |  | (5,436 | ) |  |  | 29,367 |
Total |  | $ | 44,984 |  |  | $ | 19,005 |  |  | $ | 3,474 |  |  | $ | 1,410 |  |  | $ | 102 |  |  | $ | 7 |  |  | $ | 68,982 |  |  | $ | (6,564 | ) |  | $ | 62,418 |
Total amortized cost (1) |  | $ | 127,633 |  |  | $ | 38,086 |  |  | $ | 7,216 |  |  | $ | 4,118 |  |  | $ | 132 |  |  | $ | 7 |  |  | $ | 177,192 |  |  | $ | (35,723 | ) |  | $ | 141,469 |
| (1) | Unguaranteed residual values of $3,718 thousand that we retained after selling the related lease receivable excluded from amortized cost.
| (2) | Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis.
Aging Analysis of Financing Receivables | The following table provides an aging analysis of our financing receivables as of June 30, 2024 (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 |  | $ | 174 |  |  | $ | 823 |  |  | $ | 1,153 |  |  | $ | 2,150 |  |  | $ | 7,302 |  |  | $ | 9,452 |  |  | $ | 102,317 |  |  | $ | 111,769 |
Lease receivables |  |  | 281 |  |  |  | 522 |  |  |  | 1,852 |  |  |  | 2,655 |  |  |  | 5,191 |  |  |  | 7,846 |  |  |  | 68,428 |  |  |  | 76,274 |
Total |  | $ | 455 |  |  | $ | 1,345 |  |  | $ | 3,005 |  |  | $ | 4,805 |  |  | $ | 12,493 |  |  | $ | 17,298 |  |  | $ | 170,745 |  |  | $ | 188,043 |
The following table provides an aging analysis of our financing receivables as of March 31, 2024 (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 |  | $ | 1,251 |  |  | $ | 334 |  |  | $ | 2,484 |  |  | $ | 4,069 |  |  | $ | 9,337 |  |  | $ | 13,406 |  |  | $ | 94,804 |  |  | $ | 108,210 |
Lease receivables |  |  | 1,174 |  |  |  | 284 |  |  |  | 2,213 |  |  |  | 3,671 |  |  |  | 4,691 |  |  |  | 8,362 |  |  |  | 60,620 |  |  |  | 68,982 |
Total |  | $ | 2,425 |  |  | $ | 618 |  |  | $ | 4,697 |  |  | $ | 7,740 |  |  | $ | 14,028 |  |  | $ | 21,768 |  |  | $ | 155,424 |  |  | $ | 177,192 |

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