FINANCING RECEIVABLES AND OPERATING LEASES (Tables)

3 Months Ended

Jun. 30, 2023

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 three months ended June 30, 2023, and 2022 (in thousands):

	Three months Ended June 30,
	2023		2022
Net sales	$	7,623	$	4,983
Cost of sales		7,391		4,067
Gross profit	$	232	$	916

The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three  months ended June 30, 2023, and 2022 (in thousands):

	Three months Ended June 30,
	2023		2022
Interest income on sales-type leases	$	1,362	$	861
Lease income on operating leases	$	2,808	$	4,582

Notes Receivable Net and Investments in Leases

The following tables provide a disaggregation of our financing receivables – net (in thousands):

	Notes			Lease			Financing
June 30, 2023	Receivable			Receivables			Receivables
Gross receivables	$	151,336		$	60,660		$	211,996
Unguaranteed residual value (1)		-			8,348			8,348
Unearned income		(14,278	)		(7,925	)		(22,203	)
Allowance for credit losses (2)		(696	)		(936	)		(1,632	)
Total, net	$	136,362		$	60,147		$	196,509
Reported as:
Current	$	49,674		$	31,437		$	81,111
Long-term		86,688			28,710			115,398
Total, net	$	136,362		$	60,147		$	196,509

(1) Includes unguaranteed residual values of $4,488 thousand that we retained after selling the related lease receivable.

(2) Refer to Note 7, “Allowance for Credit Losses” for details.

	Notes			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.

Investment in Operating Lease Equipment - Net

Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands):

	June 30,			March 31,
	2023			2023
Cost of equipment under operating leases	$	16,091		$	15,301
Accumulated depreciation		(10,825	)		(10,599	)
Investment in operating lease equipment—net (1)	$	5,266		$	4,702

(1) Amounts include estimated unguaranteed residual values of $1,873 thousand and $1,717 thousand as of June 30, 2023, and March 31, 2023, respectively.