FINANCING RECEIVABLES AND OPERATING LEASES (Tables)

3 Months Ended

Jun. 30, 2024

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, 2024, and 2023 (in thousands):

	Three Months Ended June 30,
	2024		2023
Net sales	$	3,510	$	7,623
Cost of sales		3,059		7,391
Gross profit	$	451	$	232

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, 2024, and 2023 (in thousands):

	Three Months Ended June 30,
	2024		2023
Interest income on sales-type leases	$	2,023	$	1,362
Lease income on operating leases	$	2,867	$	2,808

Notes Receivable Net and Investments in Leases

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

	Notes			Sales-Type Lease			Financing
June 30, 2024	Receivable			Receivables			Receivables
Gross receivables	$	119,544		$	83,590		$	203,134
Unguaranteed residual value (1)		-			9,858			9,858
Unearned income		(7,775	)		(13,620	)		(21,395	)
Allowance for credit losses (2)		(1,088	)		(1,409	)		(2,497	)
Total, net	$	110,681		$	78,419		$	189,100
Reported as:
Current	$	65,679		$	43,440		$	109,119
Long-term		45,002			34,979			79,981
Total, net	$	110,681		$	78,419		$	189,100

(1) Includes unguaranteed residual values of $3,554 thousand that we retained after selling the related lease receivable.

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

	Notes			Sales-Type Lease			Financing
March 31, 2024	Receivable			Receivables			Receivables
Gross receivables	$	114,713		$	75,658		$	190,371
Unguaranteed residual value (1)		-			9,078			9,078
Unearned income		(6,503	)		(12,036	)		(18,539	)
Allowance for credit losses (2)		(1,056	)		(1,435	)		(2,491	)
Total, net	$	107,154		$	71,265		$	178,419
Reported as:
Current	$	61,830		$	40,770		$	102,600
Long-term		45,324			30,495			75,819
Total, net	$	107,154		$	71,265		$	178,419

(1) Includes unguaranteed residual values of $3,718 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

The components of the operating leases—net are as follows (in thousands):

	June 30, 2024			March 31, 2024
Cost of equipment under operating leases	$	12,370		$	10,744
Accumulated depreciation		(7,319	)		(7,128	)
Operating leases—net (1)	$	5,051		$	3,616

(1) Amounts include estimated unguaranteed residual values of $1,711 thousand and $1,346 thousand as of June 30, 2024, and March 31, 2024, respectively.