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ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended
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Dec. 31, 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 nine months ended December 31, 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 |  |  | 1,455 |  |  |  | 620 |  |  |  | 594 |  |  |  | 2,669 |
Write-offs and other |  |  | (379 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | (379 | )
Balance as of December 31, 2024 |  | $ | 3,763 |  |  | $ | 1,677 |  |  | $ | 2,028 |  |  | $ | 7,468 |
|  | Accounts Receivable |  | Notes Receivable |  | Lease Receivables |  | Total
Balance as of April 1, 2023 |  | $ | 2,572 |  |  | $ | 801 |  |  | $ | 981 |  |  | $ | 4,354 |
Provision for credit losses |  |  | 516 |  |  |  | 27 |  |  |  | 484 |  |  |  | 1,027 |
Write-offs and other |  |  | (89 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | (89 | )
Balance as of December 31, 2023 |  | $ | 2,999 |  |  | $ | 829 |  |  | $ | 1,464 |  |  | $ | 5,292 |
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 December 31, 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 |  | $ | 70,090 |  |  | $ | 12,606 |  |  | $ | 5,911 |  |  | $ | 1,046 |  |  | $ | 1,239 |  |  | $ | - |  |  | $ | 90,892 |  |  | $ | (16,379 | ) |  | $ | 74,513 |
Average CQR |  |  | 38,167 |  |  |  | 4,690 |  |  |  | 2,317 |  |  |  | 63 |  |  |  | 20 |  |  |  | - |  |  |  | 45,257 |  |  |  | (1,763 | ) |  |  | 43,494 |
Low CQR |  |  | - |  |  |  | 58 |  |  |  | 909 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 967 |  |  |  | - |  |  |  | 967 |
Total |  | $ | 108,257 |  |  | $ | 17,354 |  |  | $ | 9,137 |  |  | $ | 1,109 |  |  | $ | 1,259 |  |  | $ | - |  |  | $ | 137,116 |  |  | $ | (18,142 | ) |  | $ | 118,974 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 38,937 |  |  | $ | 11,776 |  |  | $ | 6,021 |  |  | $ | 762 |  |  | $ | 325 |  |  | $ | 32 |  |  | $ | 57,853 |  |  | $ | (7,363 | ) |  | $ | 50,490 |
Average CQR |  |  | 19,687 |  |  |  | 11,401 |  |  |  | 5,351 |  |  |  | 792 |  |  |  | 56 |  |  |  | - |  |  |  | 37,287 |  |  |  | (6,691 | ) |  |  | 30,596 |
Low CQR |  |  | - |  |  |  | 354 |  |  |  | 579 |  |  |  |  |  |  |  | 325 |  |  |  | - |  |  |  | 1,258 |  |  |  | - |  |  |  | 1,258 |
Total |  | $ | 58,624 |  |  | $ | 23,531 |  |  | $ | 11,951 |  |  | $ | 1,554 |  |  | $ | 706 |  |  | $ | 32 |  |  | $ | 96,398 |  |  | $ | (14,054 | ) |  | $ | 82,344 |
Total amortized cost (1) |  | $ | 166,881 |  |  | $ | 40,885 |  |  | $ | 21,088 |  |  | $ | 2,663 |  |  | $ | 1,965 |  |  | $ | 32 |  |  | $ | 233,514 |  |  | $ | (32,196 | ) |  | $ | 201,318 |
(1) Excludes unguaranteed residual values of $4,751 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 |
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 December 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 |  | $ | 2,264 |  |  | $ | 671 |  |  | $ | 2,677 |  |  | $ | 5,612 |  |  | $ | 17,545 |  |  | $ | 23,157 |  |  | $ | 113,959 |  |  | $ | 137,116 |
Lease receivables |  |  | 1,221 |  |  |  | 968 |  |  |  | 1,706 |  |  |  | 3,895 |  |  |  | 4,193 |  |  |  | 8,088 |  |  |  | 88,310 |  |  |  | 96,398 |
Total |  | $ | 3,485 |  |  | $ | 1,639 |  |  | $ | 4,383 |  |  | $ | 9,507 |  |  | $ | 21,738 |  |  | $ | 31,245 |  |  | $ | 202,269 |  |  | $ | 233,514 |
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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