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FINANCING RECEIVABLES AND OPERATING LEASES (Tables)
 6 Months Ended
Sep. 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 and six months ended September 30, 2023, and 2022 (in thousands):

   
Three months Ended September 30,
    
Six months Ended September 30,
  
 
2023
    
2022
    
2023
    
2022
  
Net sales
  
$
4,872
    
$
4,506
    
$
12,495
    
$
9,489
  
Cost of sales
    
4,132
      
3,769
      
11,523
      
7,836
  
Gross profit
  
$
740
    
$
737
    
$
972
    
$
1,653
  

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

   
Three months Ended September 30,
    
Six months Ended September 30,
  
 
2023
    
2022
    
2023
    
2022
  
Interest income on sales-type leases
  
$
1,624
    
$
819
    
$
2,986
    
$
1,680
  
Lease income on operating leases
  
$
2,801
    
$
4,659
    
$
5,609
    
$
9,241
  
Notes Receivable Net and Investments in Leases
The following tables provide a disaggregation of our financing receivables – net (in thousands):

    Notes     Lease     Financing  
September 30, 2023
  
Receivable
    
Receivables
    
Receivables
  
Gross receivables
  
$
141,236
    
$
71,058
    
$
212,294
  
Unguaranteed residual value (1)
    
-
      
8,794
      
8,794
  
Unearned income
    
(4,147
)
    
(14,387
)
    
(18,534
)
Allowance for credit losses (2)
    
(921
)
    
(1,428
)
    
(2,349
)
Total, net
  
$
136,168
    
$
64,037
    
$
200,205
  
Reported as:
                        
Current
  
$
102,917
    
$
33,377
    
$
136,294
  
Long-term
    
33,251
      
30,660
      
63,911
  
Total, net
  
$
136,168
    
$
64,037
    
$
200,205
  

(1)
Includes unguaranteed residual values of $4,027 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):

     September 30,      March 31,  
 
2023
    
2023
  
Cost of equipment under operating leases
  
$
14,653
    
$
15,301
  
Accumulated depreciation
    
(9,982
)
    
(10,599
)
Investment in operating lease equipment—net (1)
  
$
4,671
    
$
4,702
  

(1)
Amounts include estimated unguaranteed residual values of $1,643 thousand and $1,717 thousand as of September 30, 2023, and March 31, 2023, respectively