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ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended
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Sep. 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 six months ended September 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 |  |  | 480 |  |  |  | 179 |  |  |  | 392 |  |  |  | 1,051 |
Write-offs and other |  |  | (379 | ) |  |  | 1 |  |  |  | 1 |  |  |  | (377 | )
Balance as of September 30, 2024 |  | $ | 2,788 |  |  | $ | 1,236 |  |  | $ | 1,828 |  |  | $ | 5,852 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance as of April 1, 2023 |  | $ | 2,572 |  |  | $ | 801 |  |  | $ | 981 |  |  | $ | 4,354 |
Provision for credit losses |  |  | 508 |  |  |  | 122 |  |  |  | 449 |  |  |  | 1,079 |
Write-offs and other |  |  | (26 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | (30 | )
Balance as of September 30, 2023 |  | $ | 3,054 |  |  | $ | 921 |  |  | $ | 1,428 |  |  | $ | 5,403 |
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 September 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 |  | $ | 75,421 |  |  | $ | 32,252 |  |  | $ | 9,154 |  |  | $ | 1,253 |  |  | $ | 1,655 |  |  | $ | 7 |  |  | $ | 119,742 |  |  | $ | (24,544 | ) |  | $ | 95,198 |
Average CQR |  |  | 11,220 |  |  |  | 5,957 |  |  |  | 3,039 |  |  |  | 100 |  |  |  | 22 |  |  |  | 8 |  |  |  | 20,346 |  |  |  | (3,802 | ) |  |  | 16,544 |
Total |  | $ | 86,641 |  |  | $ | 38,209 |  |  | $ | 12,193 |  |  | $ | 1,353 |  |  | $ | 1,677 |  |  | $ | 15 |  |  | $ | 140,088 |  |  | $ | (28,346 | ) |  | $ | 111,742 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 19,768 |  |  | $ | 10,493 |  |  | $ | 7,659 |  |  | $ | 1,022 |  |  | $ | 729 |  |  | $ | 37 |  |  | $ | 39,708 |  |  | $ | (2,505 | ) |  | $ | 37,203 |
Average CQR |  |  | 20,121 |  |  |  | 13,123 |  |  |  | 7,101 |  |  |  | 1,341 |  |  |  | 104 |  |  |  | 10 |  |  |  | 41,800 |  |  |  | (7,599 | ) |  |  | 34,201 |
Total |  | $ | 39,889 |  |  | $ | 23,616 |  |  | $ | 14,760 |  |  | $ | 2,363 |  |  | $ | 833 |  |  | $ | 47 |  |  | $ | 81,508 |  |  | $ | (10,104 | ) |  | $ | 71,404 |
Total amortized cost (1) |  | $ | 126,530 |  |  | $ | 61,825 |  |  | $ | 26,953 |  |  | $ | 3,716 |  |  | $ | 2,510 |  |  | $ | 62 |  |  | $ | 221,596 |  |  | $ | (38,450 | ) |  | $ | 183,146 |
| (1) | Excludes unguaranteed residual values of $4,683 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, 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) | Excludes unguaranteed residual values of $3,718 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.
Aging Analysis of Financing Receivables | The following table provides an aging analysis of our financing receivables as of September 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 |  | $ | 1,377 |  |  | $ | 2,507 |  |  | $ | 2,031 |  |  | $ | 5,915 |  |  | $ | 19,710 |  |  | $ | 25,625 |  |  | $ | 114,463 |  |  | $ | 140,088 |
Lease receivables |  |  | 179 |  |  |  | 716 |  |  |  | 1,851 |  |  |  | 2,746 |  |  |  | 5,515 |  |  |  | 8,261 |  |  |  | 73,247 |  |  |  | 81,508 |
Total |  | $ | 1,556 |  |  | $ | 3,223 |  |  | $ | 3,882 |  |  | $ | 8,661 |  |  | $ | 25,225 |  |  | $ | 33,886 |  |  | $ | 187,710 |  |  | $ | 221,596 |
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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