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DISCONTINUED OPERATIONS | 12 Months Ended
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Mar. 31, 2026
DISCONTINUED OPERATIONS [Abstract] |
DISCONTINUED OPERATIONS | 5. DISCONTINUED OPERATIONS On June 30, 2025, we completed the sale of HoldCo, thereby selling our domestic financing business. In the Sale Transaction, we received net cash proceeds of $164.2 million, consisting of initial net cash proceeds of $156.7 million delivered in June 2025 and $7.5 million delivered in March 2026 upon settlement of the final purchase price adjustment. Our initial net cash proceeds of $156.7 million consisted of cash proceeds of $180.1 million less cash transferred with HoldCo of $23.4 million. Additionally, we also recognized a receivable for contingent consideration that had an initial fair value of $13.5 million. See Note 16, “Fair Value Measurements” for a discussion of our contingent consideration asset. After settling the final purchase price adjustment, we have a $0.2 million payable related to the Sale Transaction. We incurred approximately $4.0 million in transaction costs during our quarter ended June 30, 2025, which is netted against the gain on sale of HoldCo before income taxes. We recognized a gain on sale before taxes of $3.8 million consisting of an initial gain on sale of $4.4 million that was recognized in our quarter ended June 30, 2026 less an adjustment of $0.6 million that was recognized in our quarter ended March 31, 2026, due to concessions offered to the buyer related to settling the final purchase price adjustment. Our earnings before gain from sale and income taxes for the year ended March 31, 2026, include a loss of $2.3 million to settle a legal matter related to our discontinued operations. We paid this $2.3 million settlement in December 2025. The following table provides our operating results of discontinued operations for the years ended March 31, 2026, 2025 and 2024 (in thousands):
|  |  | Year ended March 31, |
|  |  | 2026 |  |  |  | 2025 |  |  |  | 2024 |
Net sales |  | $ | 15,811 |  |  | $ | 59,222 |  |  | $ | 48,787 |
Cost of sales |  |  | 1,734 |  |  |  | 5,625 |  |  |  | 6,689 |
Gross profit |  |  | 14,077 |  |  |  | 53,597 |  |  |  | 42,098 |
Selling, general, and administrative |  |  | 3,599 |  |  |  | 14,343 |  |  |  | 12,178 |
Depreciation and amortization |  |  | - |  |  |  | - |  |  |  | 74 |
Interest and financing costs |  |  | 450 |  |  |  | 2,211 |  |  |  | 2,348 |
Operating expenses |  |  | 4,049 |  |  |  | 16,554 |  |  |  | 14,600 |
Operating income |  |  | 10,028 |  |  |  | 37,043 |  |  |  | 27,498 |
Other income—net |  |  | (2,089 | ) |  |  | 988 |  |  |  | 1,404 |
Earnings before gain from sale and income taxes |  |  | 7,939 |  |  |  | 38,031 |  |  |  | 28,902 |
Gain from sale of HoldCo before income taxes |  |  | 3,815 |  |  |  | - |  |  |  | - |
Earnings before income taxes |  |  | 11,754 |  |  |  | 38,031 |  |  |  | 28,902 |
Provision for income taxes |  |  | 3,238 |  |  |  | 9,894 |  |  |  | 8,247 |
Net earnings from discontinued operations, net of tax |  | $ | 8,516 |  |  | $ | 28,137 |  |  | $ | 20,655 |
The following table provides the major classes of assets and liabilities that are classified as discontinued operations as of March 31, 2025 (in thousands):
|  | March 31, 2025 |
ASSETS |  |  |  |
Accounts receivable—net |  | $ | 34,610 |
Financing receivables—net, current |  |  | 168,392 |
Other current assets |  |  | 19,397 |
Current assets of discontinued operations |  | $ | 222,399 |
Financing receivables and operating leases—net |  | $ | 126,408 |
Other assets—long-term |  |  | 7,427 |
Non-current assets of discontinued operations |  | $ | 133,835 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 127,154 |
Salaries and commissions payable |  |  | 2,812 |
Non-recourse notes payable—current |  |  | 27,456 |
Other current liabilities |  |  | 9,041 |
Current liabilities of discontinued operations |  | $ | 166,463 |
Non-recourse notes payable—long-term |  | $ | 11,317 |
Other liabilities—long-term |  |  | 1,229 |
Non-current liabilities of discontinued operations |  | $ | 12,546 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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