REVENUES

6 Months Ended

Sep. 30, 2023

REVENUES [Abstract]

REVENUES

3. REVENUES

CONTRACT BALANCES

Accounts receivable – trade consists entirely of amounts due from contracts with customers. In addition, we had $59.4 million and $70.4 million of receivables from contracts with customers included within financing receivables as of September 30, 2023, and March 31, 2023, respectively. The following table provides the balance of contract liabilities from contracts with customers (in thousands):

	September 30, 2023		March 31, 2023
Current (included in deferred revenue)	$	118,410	$	113,713
Non-current (included in other liabilities)	$	48,331	$	47,217

Revenue recognized from the beginning contract liability balance was $23.4 million and $54.3 million for the three and six months ended September 30, 2023, respectively, and $17.5 million and $42.4 million for the three and six months ended September 30, 2022, respectively.

PERFORMANCE OBLIGATIONS

The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for ePlus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands):

Remainder of the year ending March 31, 2024	$	40,911
Year ending March 31, 2025		41,630
Year ending March 31, 2026		20,151
Year ending March 31, 2027		7,167
Year ending March 31, 2028 and thereafter		3,797
Total remaining performance obligations	$	113,656

The table does not include the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts where we recognize revenue at the amount that we have the right to invoice for services performed.