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SEGMENT REPORTING (Tables) | 9 Months Ended
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Dec. 31, 2024
SEGMENT REPORTING [Abstract] |
Segment Reporting Information, by Reportable Segment | The following table provides reportable segment information (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | December 31, |  | December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Product |  | $ | 379,472 |  |  | $ | 419,478 |  |  | $ | 1,226,397 |  |  | $ | 1,418,581 |
Professional services |  |  | 69,497 |  |  |  | 40,044 |  |  |  | 168,676 |  |  |  | 113,870 |
Managed services |  |  | 44,150 |  |  |  | 34,640 |  |  |  | 126,827 |  |  |  | 99,335 |
Financing |  |  | 17,846 |  |  |  | 14,893 |  |  |  | 48,775 |  |  |  | 39,055 |
Total |  |  | 510,965 |  |  |  | 509,055 |  |  |  | 1,570,675 |  |  |  | 1,670,841 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  |  | 84,046 |  |  |  | 91,919 |  |  |  | 271,910 |  |  |  | 308,059 |
Professional services |  |  | 27,841 |  |  |  | 17,332 |  |  |  | 68,879 |  |  |  | 47,852 |
Managed services |  |  | 13,160 |  |  |  | 11,015 |  |  |  | 38,333 |  |  |  | 31,006 |
Financing |  |  | 15,838 |  |  |  | 13,544 |  |  |  | 44,235 |  |  |  | 33,531 |
Total |  |  | 140,885 |  |  |  | 133,810 |  |  |  | 423,357 |  |  |  | 420,448 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 108,117 |  |  |  | 91,599 |  |  |  | 302,835 |  |  |  | 278,869 |
Financing |  |  | 4,257 |  |  |  | 4,164 |  |  |  | 13,824 |  |  |  | 12,337 |
Total |  |  | 112,374 |  |  |  | 95,763 |  |  |  | 316,659 |  |  |  | 291,206 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  |  | 16,930 |  |  |  | 28,667 |  |  |  | 76,287 |  |  |  | 108,048 |
Financing |  |  | 11,581 |  |  |  | 9,380 |  |  |  | 30,411 |  |  |  | 21,194 |
Total |  |  | 28,511 |  |  |  | 38,047 |  |  |  | 106,698 |  |  |  | 129,242 |
Other income—net |  |  | 3,650 |  |  |  | 366 |  |  |  | 6,302 |  |  |  | 673 |
Earnings before tax |  | $ | 32,161 |  |  | $ | 38,413 |  |  | $ | 113,000 |  |  | $ | 129,915 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 7,676 |  |  | $ | 5,381 |  |  | $ | 18,260 |  |  | $ | 15,747 |
Financing |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | 74 |
Total |  | $ | 7,676 |  |  | $ | 5,399 |  |  | $ | 18,260 |  |  | $ | 15,821 |
Interest and financing costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | - |  |  | $ | 217 |  |  | $ | - |  |  | $ | 1,428 |
Financing |  |  | 517 |  |  |  | 766 |  |  |  | 1,639 |  |  |  | 1,626 |
Total |  | $ | 517 |  |  | $ | 983 |  |  | $ | 1,639 |  |  | $ | 3,054 |
Selected Financial Data - Statement of Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, equipment, and operating lease equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology business |  | $ | 1,487 |  |  | $ | 2,028 |  |  | $ | 3,358 |  |  | $ | 6,717 |
Financing |  |  | - |  |  |  | 68 |  |  |  | 1,387 |  |  |  | 987 |
Total |  | $ | 1,487 |  |  | $ | 2,096 |  |  | $ | 4,745 |  |  | $ | 7,704 |
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 December 31, 2024
|  | Product |  | Professional Services |  | Managed Services |  | Financing |  | Total
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 366,365 |  |  | $ | 69,497 |  |  | $ | 44,150 |  |  | $ | 3,434 |  |  | $ | 483,446 |
Financing and other |  |  | 13,107 |  |  |  | - |  |  |  | - |  |  |  | 14,412 |  |  |  | 27,519 |
Total |  | $ | 379,472 |  |  | $ | 69,497 |  |  | $ | 44,150 |  |  | $ | 17,846 |  |  | $ | 510,965 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 318,849 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,434 |  |  | $ | 322,283 |
Transferred at a point in time as agent |  |  | 47,516 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 47,516 |
Transferred over time as principal |  |  | - |  |  |  | 69,497 |  |  |  | 44,150 |  |  |  | - |  |  |  | 113,647 |
Total revenue from contracts with customers |  | $ | 366,365 |  |  | $ | 69,497 |  |  | $ | 44,150 |  |  | $ | 3,434 |  |  | $ | 483,446 |
|  | Nine months ended December 31, 2024
|  | Product |  | Professional Services |  | Managed Services |  | Financing |  | Total
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,201,925 |  |  | $ | 168,676 |  |  | $ | 126,827 |  |  | $ | 5,191 |  |  | $ | 1,502,619 |
Financing and other |  |  | 24,472 |  |  |  | - |  |  |  | - |  |  |  | 43,584 |  |  |  | 68,056 |
Total |  | $ | 1,226,397 |  |  | $ | 168,676 |  |  | $ | 126,827 |  |  | $ | 48,775 |  |  | $ | 1,570,675 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,068,023 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,191 |  |  | $ | 1,073,214 |
Transferred at a point in time as agent |  |  | 133,902 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 133,902 |
Transferred over time as principal |  |  | - |  |  |  | 168,676 |  |  |  | 126,827 |  |  |  | - |  |  |  | 295,503 |
Total revenue from contracts with customers |  | $ | 1,201,925 |  |  | $ | 168,676 |  |  | $ | 126,827 |  |  | $ | 5,191 |  |  | $ | 1,502,619 |
|  | Three months ended December 31, 2023
|  | Product |  | Professional Services |  | Managed Services |  | Financing |  | Total
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 412,060 |  |  | $ | 40,044 |  |  | $ | 34,640 |  |  | $ | 774 |  |  | $ | 487,518 |
Financing and other |  |  | 7,418 |  |  |  | - |  |  |  | - |  |  |  | 14,119 |  |  |  | 21,537 |
Total |  | $ | 419,478 |  |  | $ | 40,044 |  |  | $ | 34,640 |  |  | $ | 14,893 |  |  | $ | 509,055 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 367,350 |  |  | $ | - |  |  | $ | - |  |  | $ | 774 |  |  | $ | 368,124 |
Transferred at a point in time as agent |  |  | 44,710 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 44,710 |
Transferred over time as principal |  |  | - |  |  |  | 40,044 |  |  |  | 34,640 |  |  |  | - |  |  |  | 74,684 |
Total revenue from contracts with customers |  | $ | 412,060 |  |  | $ | 40,044 |  |  | $ | 34,640 |  |  | $ | 774 |  |  | $ | 487,518 |
|  | Nine months ended December 31, 2023
|  | Product |  | Professional Services |  | Managed Services |  | Financing |  | Total
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracts with customers |  | $ | 1,398,668 |  |  | $ | 113,870 |  |  | $ | 99,335 |  |  | $ | 4,899 |  |  | $ | 1,616,772 |
Financing and other |  |  | 19,913 |  |  |  | - |  |  |  | - |  |  |  | 34,156 |  |  |  | 54,069 |
Total |  | $ | 1,418,581 |  |  | $ | 113,870 |  |  | $ | 99,335 |  |  | $ | 39,055 |  |  | $ | 1,670,841 |
Timing and position as principal or agent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred at a point in time as principal |  | $ | 1,262,010 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,899 |  |  | $ | 1,266,909 |
Transferred at a point in time as agent |  |  | 136,658 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 136,658 |
Transferred over time as principal |  |  | - |  |  |  | 113,870 |  |  |  | 99,335 |  |  |  | - |  |  |  | 213,205 |
Total revenue from contracts with customers |  | $ | 1,398,668 |  |  | $ | 113,870 |  |  | $ | 99,335 |  |  | $ | 4,899 |  |  | $ | 1,616,772 |
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 December 31, |  | Nine Months Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Customer end market: |  |  |  |  |  |  |  |  |  |  |  |
Telecom, Media & Entertainment |  | $ | 126,201 |  |  | $ | 139,551 |  |  | $ | 352,624 |  |  | $ | 405,192 |
State and local government and educational institutions |  |  | 71,412 |  |  |  | 60,108 |  |  |  | 261,195 |  |  |  | 264,419 |
Technology |  |  | 71,293 |  |  |  | 83,951 |  |  |  | 235,387 |  |  |  | 268,302 |
Healthcare |  |  | 58,670 |  |  |  | 55,504 |  |  |  | 212,185 |  |  |  | 214,182 |
Financial Services |  |  | 46,217 |  |  |  | 38,816 |  |  |  | 130,701 |  |  |  | 174,391 |
All others |  |  | 119,326 |  |  |  | 116,232 |  |  |  | 329,808 |  |  |  | 305,300 |
Net sales |  |  | 493,119 |  |  |  | 494,162 |  |  |  | 1,521,900 |  |  |  | 1,631,786 |
Less: Revenue from financing and other |  |  | (13,107 | ) |  |  | (7,418 | ) |  |  | (24,472 | ) |  |  | (19,913 | )
Revenue from contracts with customers |  | $ | 480,012 |  |  | $ | 486,744 |  |  | $ | 1,497,428 |  |  | $ | 1,611,873 |
Type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Networking |  | $ | 181,367 |  |  | $ | 209,936 |  |  | $ | 602,883 |  |  | $ | 723,760 |
Cloud |  |  | 116,864 |  |  |  | 120,253 |  |  |  | 375,431 |  |  |  | 427,365 |
Security |  |  | 53,919 |  |  |  | 58,822 |  |  |  | 143,133 |  |  |  | 156,504 |
Collaboration |  |  | 8,391 |  |  |  | 13,608 |  |  |  | 47,278 |  |  |  | 53,647 |
Other |  |  | 18,931 |  |  |  | 16,859 |  |  |  | 57,672 |  |  |  | 57,305 |
Total product |  |  | 379,472 |  |  |  | 419,478 |  |  |  | 1,226,397 |  |  |  | 1,418,581 |
Professional services |  |  | 69,497 |  |  |  | 40,044 |  |  |  | 168,676 |  |  |  | 113,870 |
Managed services |  |  | 44,150 |  |  |  | 34,640 |  |  |  | 126,827 |  |  |  | 99,335 |
Net sales |  |  | 493,119 |  |  |  | 494,162 |  |  |  | 1,521,900 |  |  |  | 1,631,786 |
Less: Revenue from financing and other |  |  | (13,107 | ) |  |  | (7,418 | ) |  |  | (24,472 | ) |  |  | (19,913 | )
Revenue from contracts with customers |  | $ | 480,012 |  |  | $ | 486,744 |  |  | $ | 1,497,428 |  |  | $ | 1,611,873 |

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