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ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended
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Mar. 31, 2025
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 years ended March 31, 2025, 2024, and 2023 (in thousands):
| Accounts Receivable |  | Notes Receivable |  | Lease Receivables |  | Total
Balance as of March 31, 2022 | $ | 2,411 |  |  | $ | 708 |  |  | $ | 681 |  |  | $ | 3,800 |
Provision for credit losses |  | 273 |  |  |  | 93 |  |  |  | 300 |  |  |  | 666 |
Write-offs and other |  | (112 | ) |  |  | - |  |  |  | - |  |  |  | (112 | )
Balance as of March 31, 2023 |  | 2,572 |  |  |  | 801 |  |  |  | 981 |  |  |  | 4,354 |
Provision for credit losses |  | 477 |  |  |  | 255 |  |  |  | 472 |  |  |  | 1,204 |
Write-offs and other |  | (362 | ) |  |  | - |  |  |  | (18 | ) |  |  | (380 | )
Balance as of March 31, 2024 |  | 2,687 |  |  |  | 1,056 |  |  |  | 1,435 |  |  |  | 5,178 |
Provision for credit losses |  | 1,805 |  |  |  | 682 |  |  |  | 494 |  |  |  | 2,981 |
Write-offs and other |  | (418 | ) |  |  | 1 |  |  |  | 16 |  |  |  | (401 | )
Balance as of March 31, 2025 | $ | 4,074 |  |  | $ | 1,739 |  |  | $ | 1,945 |  |  | $ | 7,758 |
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 March 31, 2025 (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 |  | $ | 158,257 |  |  | $ | 11,929 |  |  | $ | 4,821 |  |  | $ | 887 |  |  | $ | 1,116 |  |  | $ | - |  |  | $ | 177,010 |  |  | $ | (19,512 | ) |  | $ | 157,498 |
Average CQR |  |  | 38,647 |  |  |  | 3,450 |  |  |  | 1,556 |  |  |  | 37 |  |  |  | 2 |  |  |  | - |  |  |  | 43,692 |  |  |  | (3,809 | ) |  |  | 39,883 |
Low CQR |  |  | - |  |  |  | 58 |  |  |  | 909 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 967 |  |  |  | - |  |  |  | 967 |
Total |  | $ | 196,904 |  |  | $ | 15,437 |  |  | $ | 7,286 |  |  | $ | 924 |  |  | $ | 1,118 |  |  | $ | - |  |  | $ | 221,669 |  |  | $ | (23,321 | ) |  | $ | 198,348 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 18,095 |  |  | $ | 9,683 |  |  | $ | 4,926 |  |  | $ | 549 |  |  | $ | 189 |  |  | $ | 201 |  |  | $ | 33,643 |  |  | $ | (8,682 | ) |  | $ | 24,961 |
Average CQR |  |  | 21,304 |  |  |  | 9,829 |  |  |  | 4,343 |  |  |  | 598 |  |  |  | 17 |  |  |  | - |  |  |  | 36,091 |  |  |  | (6,308 | ) |  |  | 29,783 |
Low CQR |  |  | - |  |  |  | 354 |  |  |  | 579 |  |  |  |  |  |  |  | 325 |  |  |  | - |  |  |  | 1,258 |  |  |  | - |  |  |  | 1,258 |
Total |  | $ | 39,399 |  |  | $ | 19,866 |  |  | $ | 9,848 |  |  | $ | 1,147 |  |  | $ | 531 |  |  | $ | 201 |  |  | $ | 70,992 |  |  | $ | (14,990 | ) |  | $ | 56,002 |
Total amortized cost (1) |  | $ | 236,303 |  |  | $ | 35,303 |  |  | $ | 17,134 |  |  | $ | 2,071 |  |  | $ | 1,649 |  |  | $ | 201 |  |  | $ | 292,661 |  |  | $ | (38,311 | ) |  | $ | 254,350 |
(1) Excludes unguaranteed residual values of $5,929 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 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
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 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
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 March 31, 2025 (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 |  |  | 3888 |  |  | $ | 419 |  |  | $ | 1,369 |  |  | $ | 5,676 |  |  | $ | 15,946 |  |  | $ | 21,622 |  |  | $ | 200,047 |  |  | $ | 221,669 |
Lease receivables |  |  | 1,191 |  |  |  | 579 |  |  |  | 1,610 |  |  |  | 3,380 |  |  |  | 5,421 |  |  |  | 8,801 |  |  |  | 62,191 |  |  |  | 70,992 |
Total |  | $ | 5,079 |  |  | $ | 998 |  |  | $ | 2,979 |  |  | $ | 9,056 |  |  | $ | 21,367 |  |  | $ | 30,423 |  |  | $ | 262,238 |  |  | $ | 292,661 |
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 |  |  |  | 3671 |  |  |  | 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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