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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 6 Months Ended
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Sep. 30, 2024
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] |
Sales-type Leases | 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 three and six months ended September 30, 2024, and 2023 (in thousands):
|  | Three months Ended September 30, |  |  | Six months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net sales |  | $ | 7,855 |  |  | $ | 4,872 |  |  | $ | 11,365 |  |  | $ | 12,495 |
Cost of sales |  |  | 6,956 |  |  |  | 4,132 |  |  |  | 10,015 |  |  |  | 11,523 |
Gross profit |  | $ | 899 |  |  | $ | 740 |  |  | $ | 1,350 |  |  | $ | 972 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2024, and 2023 (in thousands):
|  | Three months Ended September 30, |  |  | Six months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest income on sales-type leases |  | $ | 2,219 |  |  | $ | 1,624 |  |  | $ | 4,242 |  |  | $ | 2,986 |
Lease income on operating leases |  | $ | 2,094 |  |  | $ | 2,801 |  |  | $ | 4,961 |  |  | $ | 5,609 |
Notes Receivable Net and Investments in Leases | The following tables provide a disaggregation of our financing receivables – net (in thousands):
|  | Notes |  |  | Sales-Type Lease |  |  | Financing |
September 30, 2024 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 148,407 |  |  | $ | 94,819 |  |  | $ | 243,226 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 11,963 |  |  |  | 11,963 |
Unearned income |  |  | (8,319 | ) |  |  | (20,591 | ) |  |  | (28,910 | )
Allowance for credit losses (2) |  |  | (1,236 | ) |  |  | (1,828 | ) |  |  | (3,064 | )
Total, net |  | $ | 138,852 |  |  | $ | 84,363 |  |  | $ | 223,215 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 92,092 |  |  | $ | 44,265 |  |  | $ | 136,357 |
Long-term |  |  | 46,760 |  |  |  | 40,098 |  |  |  | 86,858 |
Total, net |  | $ | 138,852 |  |  | $ | 84,363 |  |  | $ | 223,215 |
(1) | Includes unguaranteed residual values of $4,683 thousand that we retained after selling the related lease receivable.
(2) | Refer to Note 7, “Allowance for Credit Losses” for details.
|  | Notes |  |  | Sales-Type Lease |  |  | Financing |
March 31, 2024 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 114,713 |  |  | $ | 75,658 |  |  | $ | 190,371 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 9,078 |  |  |  | 9,078 |
Unearned income |  |  | (6,503 | ) |  |  | (12,036 | ) |  |  | (18,539 | )
Allowance for credit losses (2) |  |  | (1,056 | ) |  |  | (1,435 | ) |  |  | (2,491 | )
Total, net |  | $ | 107,154 |  |  | $ | 71,265 |  |  | $ | 178,419 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 61,830 |  |  | $ | 40,770 |  |  | $ | 102,600 |
Long-term |  |  | 45,324 |  |  |  | 30,495 |  |  |  | 75,819 |
Total, net |  | $ | 107,154 |  |  | $ | 71,265 |  |  | $ | 178,419 |
(1) | Includes unguaranteed residual values of $3,718 thousand that we retained after selling the related lease receivable.
(2) | Refer to Note 7, “Allowance for Credit Losses” for details.
Investment in Operating Lease Equipment - 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):
|  | September 30, 2024 |  |  | March 31, 2024 |
Cost of equipment under operating leases |  | $ | 11,026 |  |  | $ | 10,744 |
Accumulated depreciation |  |  | (7,323 | ) |  |  | (7,128 | )
Operating leases—net (1) |  | $ | 3,703 |  |  | $ | 3,616 |
(1) | Amounts include estimated unguaranteed residual values of $1,708 thousand and $1,346 thousand as of September 30, 2024, and March 31, 2024, respectively.

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