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SEGMENT REPORTING (Tables) | 6 Months Ended
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Sep. 30, 2024
SEGMENT REPORTING [Abstract] |
Segment Reporting Information, by Reportable Segment | The following table provides reportable segment information (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Product |  | $ | 389,613 |  |  | $ | 500,937 |  |  | $ | 846,925 |  |  | $ | 999,103 |
Professional services |  |  | 61,900 |  |  |  | 38,270 |  |  |  | 99,179 |  |  |  | 73,826 |
Managed services |  |  | 41,767 |  |  |  | 32,732 |  |  |  | 82,677 |  |  |  | 64,695 |
Financing |  |  | 21,892 |  |  |  | 15,672 |  |  |  | 30,929 |  |  |  | 24,162 |
Total |  |  | 515,172 |  |  |  | 587,611 |  |  |  | 1,059,710 |  |  |  | 1,161,786 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  | 89,359 |  |  |  | 104,749 |  |  |  | 187,864 |  |  |  | 216,140 |
Professional services |  |  | 25,583 |  |  |  | 15,796 |  |  |  | 41,038 |  |  |  | 30,520 |
Managed services |  |  | 12,339 |  |  |  | 10,194 |  |  |  | 25,173 |  |  |  | 19,991 |
Financing |  |  | 20,710 |  |  |  | 13,626 |  |  |  | 28,397 |  |  |  | 19,987 |
Total |  |  | 147,991 |  |  |  | 144,365 |  |  |  | 282,472 |  |  |  | 286,638 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 99,815 |  |  |  | 94,856 |  |  |  | 194,718 |  |  |  | 187,270 |
Financing |  |  | 5,458 |  |  |  | 4,646 |  |  |  | 9,567 |  |  |  | 8,173 |
Total |  |  | 105,273 |  |  |  | 99,502 |  |  |  | 204,285 |  |  |  | 195,443 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 27,466 |  |  |  | 35,883 |  |  |  | 59,357 |  |  |  | 79,381 |
Financing |  |  | 15,252 |  |  |  | 8,980 |  |  |  | 18,830 |  |  |  | 11,814 |
Total |  |  | 42,718 |  |  |  | 44,863 |  |  |  | 78,187 |  |  |  | 91,195 |
Other income (expense), net |  |  | 579 |  |  |  | 117 |  |  |  | 2,652 |  |  |  | 307 |
Earnings before tax |  | $ | 43,297 |  |  | $ | 44,980 |  |  | $ | 80,839 |  |  | $ | 91,502 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 5,765 |  |  | $ | 5,602 |  |  | $ | 10,584 |  |  | $ | 10,366 |
Financing |  |  | - |  |  |  | 28 |  |  |  | - |  |  |  | 56 |
Total |  | $ | 5,765 |  |  | $ | 5,630 |  |  | $ | 10,584 |  |  | $ | 10,422 |
Interest and financing costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | - |  |  | $ | 661 |  |  | $ | - |  |  | $ | 1,211 |
Financing |  |  | 537 |  |  |  | 559 |  |  |  | 1,122 |  |  |  | 860 |
Total |  | $ | 537 |  |  | $ | 1,220 |  |  | $ | 1,122 |  |  | $ | 2,071 |
Selected Financial Data - Statement of Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, equipment, and operating lease equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 1,291 |  |  | $ | 1,904 |  |  | $ | 1,871 |  |  | $ | 4,689 |
Financing |  |  | - |  |  |  | 6 |  |  |  | 1,387 |  |  |  | 919 |
Total |  | $ | 1,291 |  |  | $ | 1,910 |  |  | $ | 3,258 |  |  | $ | 5,608 |
Disaggregation of Net Sales and Revenue Recognized from Contracts with Customers | The following tables provide a disaggregation of net sales by source and further disaggregates our revenue recognized from contracts with customers by timing and our position as principal or agent (in thousands):
|  | Three months ended September 30, 2024 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 381,758 |  |  | $ | 61,900 |  |  | $ | 41,767 |  |  | $ | 652 |  |  | $ | 486,077 |
Financing and other |  |  | 7,855 |  |  |  | - |  |  |  | - |  |  |  | 21,240 |  |  |  | 29,095 |
Total |  | $ | 389,613 |  |  | $ | 61,900 |  |  | $ | 41,767 |  |  | $ | 21,892 |  |  | $ | 515,172 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 330,800 |  |  | $ | - |  |  | $ | - |  |  | $ | 652 |  |  | $ | 331,452 |
Transferred at a point in time as agent |  |  | 50,958 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 50,958 |
Transferred over time as principal |  |  | - |  |  |  | 61,900 |  |  |  | 41,767 |  |  |  | - |  |  |  | 103,667 |
Total revenue from contracts with customers |  | $ | 381,758 |  |  | $ | 61,900 |  |  | $ | 41,767 |  |  | $ | 652 |  |  | $ | 486,077 |
|  | Six months ended September 30, 2024 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 835,560 |  |  | $ | 99,179 |  |  | $ | 82,677 |  |  | $ | 1,757 |  |  | $ | 1,019,173 |
Financing and other |  |  | 11,365 |  |  |  | - |  |  |  | - |  |  |  | 29,172 |  |  |  | 40,537 |
Total |  | $ | 846,925 |  |  | $ | 99,179 |  |  | $ | 82,677 |  |  | $ | 30,929 |  |  | $ | 1,059,710 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 749,174 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,757 |  |  | $ | 750,931 |
Transferred at a point in time as agent |  |  | 86,386 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 86,386 |
Transferred over time as principal |  |  | - |  |  |  | 99,179 |  |  |  | 82,677 |  |  |  | - |  |  |  | 181,856 |
Total revenue from contracts with customers |  | $ | 835,560 |  |  | $ | 99,179 |  |  | $ | 82,677 |  |  | $ | 1,757 |  |  | $ | 1,019,173 |
|  | Three months ended September 30, 2023 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 496,065 |  |  | $ | 38,270 |  |  | $ | 32,732 |  |  | $ | 2,835 |  |  | $ | 569,902 |
Financing and other |  |  | 4,872 |  |  |  | - |  |  |  | - |  |  |  | 12,837 |  |  |  | 17,709 |
Total |  | $ | 500,937 |  |  | $ | 38,270 |  |  | $ | 32,732 |  |  | $ | 15,672 |  |  | $ | 587,611 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 442,278 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,835 |  |  | $ | 445,113 |
Transferred at a point in time as agent |  |  | 53,787 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 53,787 |
Transferred over time as principal |  |  | - |  |  |  | 38,270 |  |  |  | 32,732 |  |  |  | - |  |  |  | 71,002 |
Total revenue from contracts with customers |  | $ | 496,065 |  |  | $ | 38,270 |  |  | $ | 32,732 |  |  | $ | 2,835 |  |  | $ | 569,902 |
|  | Six months ended September 30, 2023 |
|  | Product |  |  | Professional Services |  |  | Managed Services |  |  | Financing |  |  | Total |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 986,608 |  |  | $ | 73,826 |  |  | $ | 64,695 |  |  | $ | 4,125 |  |  | $ | 1,129,254 |
Financing and other |  |  | 12,495 |  |  |  | - |  |  |  | - |  |  |  | 20,037 |  |  |  | 32,532 |
Total |  | $ | 999,103 |  |  | $ | 73,826 |  |  | $ | 64,695 |  |  | $ | 24,162 |  |  | $ | 1,161,786 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 894,660 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,125 |  |  | $ | 898,785 |
Transferred at a point in time as agent |  |  | 91,948 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 91,948 |
Transferred over time as principal |  |  | - |  |  |  | 73,826 |  |  |  | 64,695 |  |  |  | - |  |  |  | 138,521 |
Total revenue from contracts with customers |  | $ | 986,608 |  |  | $ | 73,826 |  |  | $ | 64,695 |  |  | $ | 4,125 |  |  | $ | 1,129,254 |
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 September 30, |  |  | Six Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Customer end market: |  |  |  |  |  |  |  |  |  |  |  |
Telecom, Media & Entertainment |  | $ | 108,870 |  |  | $ | 124,306 |  |  | $ | 226,423 |  |  | $ | 265,641 |
State and local government and educational institutions |  |  | 97,687 |  |  |  | 94,906 |  |  |  | 189,783 |  |  |  | 204,311 |
Healthcare |  |  | 78,235 |  |  |  | 72,022 |  |  |  | 153,515 |  |  |  | 158,678 |
Technology |  |  | 54,988 |  |  |  | 110,948 |  |  |  | 164,094 |  |  |  | 184,351 |
Financial Services |  |  | 34,759 |  |  |  | 69,885 |  |  |  | 84,484 |  |  |  | 135,575 |
All others |  |  | 118,741 |  |  |  | 99,872 |  |  |  | 210,482 |  |  |  | 189,068 |
Net sales |  |  | 493,280 |  |  |  | 571,939 |  |  |  | 1,028,781 |  |  |  | 1,137,624 |
Less: Revenue from financing and other |  |  | (7,855 | ) |  |  | (4,872 | ) |  |  | (11,365 | ) |  |  | (12,495 | )
Revenue from contracts with customers |  | $ | 485,425 |  |  | $ | 567,067 |  |  | $ | 1,017,416 |  |  | $ | 1,125,129 |
Type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Networking |  | $ | 186,776 |  |  | $ | 268,636 |  |  | $ | 421,516 |  |  | $ | 513,824 |
Cloud |  |  | 121,336 |  |  |  | 135,068 |  |  |  | 258,567 |  |  |  | 307,112 |
Security |  |  | 41,209 |  |  |  | 51,886 |  |  |  | 89,214 |  |  |  | 97,682 |
Collaboration |  |  | 17,988 |  |  |  | 27,083 |  |  |  | 38,887 |  |  |  | 40,039 |
Other |  |  | 22,304 |  |  |  | 18,264 |  |  |  | 38,741 |  |  |  | 40,446 |
Total product |  |  | 389,613 |  |  |  | 500,937 |  |  |  | 846,925 |  |  |  | 999,103 |
Professional services |  |  | 61,900 |  |  |  | 38,270 |  |  |  | 99,179 |  |  |  | 73,826 |
Managed services |  |  | 41,767 |  |  |  | 32,732 |  |  |  | 82,677 |  |  |  | 64,695 |
Net sales |  |  | 493,280 |  |  |  | 571,939 |  |  |  | 1,028,781 |  |  |  | 1,137,624 |
Less: Revenue from financing and other |  |  | (7,855 | ) |  |  | (4,872 | ) |  |  | (11,365 | ) |  |  | (12,495 | )
Revenue from contracts with customers |  | $ | 485,425 |  |  | $ | 567,067 |  |  | $ | 1,017,416 |  |  | $ | 1,125,129 |

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