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ALLOWANCE FOR CREDIT LOSSES
 3 Months Ended
Jun. 30, 2023
ALLOWANCE FOR CREDIT LOSSES [Abstract]  
ALLOWANCE FOR CREDIT LOSSES
7.
ALLOWANCE FOR CREDIT LOSSES

The following table provides the activity in our allowance for credit losses for the three months ended June 30, 2023, and 2022 (in thousands):

   
Accounts Receivable
    
Notes
Receivable
    
Lease
Receivables
    
Total
  
Balance April 1, 2023
  
$
2,572
    
$
801
    
$
981
    
$
4,354
  
Provision for credit losses
    
629
      
(106
)
    
(45
)
    
478
  
Write-offs and other
    
(13
)
    
1
      
-
      
(12
)
Balance June 30, 2023
  
$
3,188
    
$
696
    
$
936
    
$
4,820
  

   
Accounts
Receivable
    
Notes
Receivable
    
Lease
Receivables
    
Total
  
Balance April 1, 2022
  
$
2,411
    
$
708
    
$
681
    
$
3,800
  
Provision for credit losses
    
382
      
84
      
232
   
698
  
Write-offs and other
    
(65
)
    
-
   
-
   
(65
)
Balance June 30, 2022
  
$
2,728
    
$
792
    
$
913
    
$
4,433
  

We evaluate our customers using an internally assigned credit quality rating “CQR”. The CQR categories of our financing receivables are:

•
High CQR: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. Loss rates in this category are generally less than 1%.

•
Average CQR: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Loss rates in this category are in the range of 1% to 8%.

•
Low CQR: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. The loss rates in this category in the normal course are greater than 8% and up to 100%.
 
The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of June 30, 2023 (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
  
$
67,836
    
$
36,270
    
$
13,539
    
$
3,428
    
$
142
    
$
1
    
$
121,216
    
$
(14,619
)
  
$
106,597
  
Average CQR
    
4,871
      
9,695
      
1,096
      
96
      
58
      
26
      
15,842
      
(2,068
)
    
13,774
  
Total
  
$
72,707
    
$
45,965
    
$
14,635
    
$
3,524
    
$
200
    
$
27
    
$
137,058
    
$
(16,687
)
  
$
120,371
  
                                                                         
Lease receivables:
                                                                        
High CQR
  
$
7,378
    
$
16,566
    
$
3,595
    
$
1,775
    
$
432
    
$
133
    
$
29,879
    
$
(1,665
)
  
$
28,214
  
Average CQR
    
6,218
      
16,547
      
3,316
      
572
      
63
      
-
      
26,716
      
(4,049
)
    
22,667
  
Total
  
$
13,596
    
$
33,113
    
$
6,911
    
$
2,347
    
$
495
    
$
133
    
$
56,595
    
$
(5,714
)
  
$
50,881
  
                                                                         
Total amortized cost (1)
  
$
86,303
    
$
79,078
    
$
21,546
    
$
5,871
    
$
695
    
$
160
    
$
193,653
    
$
(22,401
)
  
$
171,252
  

(1)
Excludes unguaranteed residual values of $4,488 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, 2023 (in thousands):

   
Amortized cost basis by origination year ending March 31,
                    

 
2023
    
2022
    
2021
    
2020
    
2019
    
2018 and
prior
    
Total
   
Transfers
(2)
   
Net credit
exposure
  
                                                       
Notes receivable:
                                                      
High CQR
  
$
72,155
    
$
11,378
    
$
11,267
    
$
370
    
$
30
    
$
-
    
$
95,200
    
$
(28,115
)
   $
67,085  
Average CQR
    
12,793
      
2,675
      
213
      
115
      
61
      
1
      
15,858
      
(1,432
)
     14,426  
Total
  
$
84,948
    
$
14,053
    
$
11,480
    
$
485
    
$
91
    
$
1
    
$
111,058
    
$
(29,547
)
   $
81,511  
                                                                         
Lease receivables:
                                                                        
High CQR
  
$
21,629
    
$
3,842
    
$
1,916
    
$
565
    
$
51
    
$
9
    
$
28,012
    
$
(1,437
)
   $
26,575  
Average CQR
    
23,796
      
3,430
      
770
      
35
      
3
      
-
      
28,034
      
(1,594
)
     26,440  
Total
  
$
45,425
    
$
7,272
    
$
2,686
    
$
600
    
$
54
    
$
9
    
$
56,046
    
$
(3,031
)
   $
53,015  
                                                                         
Total amortized cost (1)
  
$
130,373
    
$
21,325
    
$
14,166
    
$
1,085
    
$
145
    
$
10
    
$
167,104
    
$
(32,578
)
   $
134,526  

(1)
Excludes unguaranteed residual values of $4,222 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 and receivables that are in the process of being transferred to third-party financial institutions.

The following table provides an aging analysis of our financing receivables as of June 30, 2023 (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
  
$
748
    
$
113
    
$
1,093
    
$
1,954
    
$
7,750
    
$
9,704
    
$
127,354
    
$
137,058
  
Lease receivables
    
250
      
367
      
902
      
1,519
      
3,771
      
5,290
      
51,305
      
56,595
  
Total
  
$
998
    
$
480
    
$
1,995
    
$
3,473
    
$
11,521
    
$
14,994
    
$
178,659
    
$
193,653
  

The following table provides an aging analysis of our financing receivables as of March 31, 2023 (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
  
$
1,020
    
$
862
    
$
473
    
$
2,355
    
$
7,703
    
$
10,058
    
$
101,000
    
$
111,058
  
Lease receivables
    
1,068
      
463
      
864
      
2,395
      
5,413
      
7,808
      
48,238
      
56,046
  
Total
  
$
2,088
    
$
1,325
    
$
1,337
    
$
4,750
    
$
13,116
    
$
17,866
    
$
149,238
    
$
167,104
  

Our financial assets on nonaccrual status were not significant as of June 30, 2023, and March 31, 2023.