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FINANCING RECEIVABLES AND OPERATING LEASES (Tables)
 6 Months Ended
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.