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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 12 Months Ended
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Mar. 31, 2025
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 years ended March 31, 2025, 2024, and 2023 (in thousands):
| Year Ended March 31,
| March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Net sales | $ | 33,671 |  |  | $ | 21,578 |  |  | $ | 22,677 |
Cost of sales |  | 29,512 |  |  |  | 19,557 |  |  |  | 19,009 |
Gross profit | $ | 4,159 |  |  | $ | 2,021 |  |  | $ | 3,668 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the years ended March 31, 2025, 2024, and 2023 (in thousands):
| Year Ended March 31,
| March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Interest income on sales-type leases | $ | 9,148 |  |  | $ | 6,769 |  |  | $ | 3,943 |
Lease income on operating leases | $ | 7,969 |  |  | $ | 10,886 |  |  | $ | 17,421 |
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
March 31, 2025 | Receivable |  | Receivables |  | Receivables
Gross receivables | $ | 229,923 |  |  | $ | 90,913 |  |  | $ | 320,836 |
Unguaranteed residual value (1) |  | - |  |  |  | 13,350 |  |  |  | 13,350 |
Unearned income |  | (8,254 | ) |  |  | (27,342 | ) |  |  | (35,596 | )
Allowance for credit losses (2) |  | (1,739 | ) |  |  | (1,945 | ) |  |  | (3,684 | )
Total, net | $ | 219,930 |  |  | $ | 74,976 |  |  | $ | 294,906 |
Reported as: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 122,975 |  |  | $ | 46,050 |  |  | $ | 169,025 |
Long-term |  | 96,955 |  |  |  | 28,926 |  |  |  | 125,881 |
Total, net | $ | 219,930 |  |  | $ | 74,976 |  |  | $ | 294,906 |
(1) Includes unguaranteed residual values of $5,929 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 |
(3) Includes unguaranteed residual values of $3,718 thousand that we retained after selling the related lease receivable. (4) Refer to Note 7, “Allowance for Credit Losses” for details.
| Notes |  | Sales-Type Lease |  | Financing
March 31, 2023 | Receivable |  | Receivables |  | Receivables
Gross receivables | $ | 117,008 |  |  | $ | 60,157 |  |  | $ | 177,165 |
Unguaranteed residual value (1) |  | - |  |  |  | 8,161 |  |  |  | 8,161 |
Unearned income |  | (5,950 | ) |  |  | (8,050 | ) |  |  | (14,000 | )
Allowance for credit losses (2) |  | (801 | ) |  |  | (981 | ) |  |  | (1,782 | )
Total, net | $ | 110,257 |  |  | $ | 59,287 |  |  | $ | 169,544 |
Reported as: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 65,738 |  |  | $ | 24,091 |  |  | $ | 89,829 |
Long-term |  | 44,519 |  |  |  | 35,196 |  |  |  | 79,715 |
Total, net | $ | 110,257 |  |  | $ | 59,287 |  |  | $ | 169,544 |
(1) Includes unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable. (2) Refer to Note 7, “Allowance for Credit Losses” for details.
Future Scheduled Minimum Lease Payments | The following table provides the future scheduled minimum lease payments to be received from our sales-type leases as of March 31, 2025 (in thousands):
Year ending March 31, 2026 | $ | 46,735 |
2027 |  | 23,708 |
2028 |  | 15,083 |
2029 |  | 4,835 |
2030 |  | 552 |
Total | $ | 90,913 |
Operating Lease - Net | The components of operating leases—net are as follows (in thousands):
| March 31, 2025 |  | March 31, 2024
Cost of equipment under operating leases | $ | 4,774 |  |  | $ | 10,744 |
Accumulated depreciation |  | (3,137 | ) |  |  | (7,128 | )
Operating leases—net (1) | $ | 1,637 |  |  | $ | 3,616 |
(1) Amounts include estimated unguaranteed residual values of $932 thousand and $1,346 thousand as of March 31, 2025, and 2024 respectively.
Future Minimum Rental Payments for Operating Leases | The following table provides the future scheduled minimum lease rental payments to be received from our operating leases as of March 31, 2025 (in thousands):
Year ending March 31, 2026 | $ | 823 |
2027 |  | 292 |
2028 |  | 85 |
2029 |  | 23 |
Total | $ | 1,223 |

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