ePlus (PLUS) 10-K25 May 222022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Mar. 31, 2022	May 23, 2022	Sep. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	1-34167
Entity Registrant Name	ePlus inc.
Entity Central Index Key	0001022408
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1817218
Entity Address, Address Line One	13595 Dulles Technology Drive
Entity Address, City or Town	Herndon
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171-3413
City Area Code	703
Local Phone Number	984-8400
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	PLUS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 1,355,245,489
Entity Common Stock, Shares Outstanding		26,818,561
ICFR Auditor Attestation Flag	true
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 155,378	$ 129,562
Accounts receivable-trade, net	430,380	391,567
Accounts receivable-other, net	48,673	41,053
Inventories	155,060	69,963
Financing receivables-net, current	61,492	106,272
Deferred costs	32,555	28,201
Other current assets	13,944	10,976
Total current assets	897,482	777,594
Financing receivables and operating leases-net	64,292	90,165
Deferred tax asset-net	5,050	1,468
Property, equipment, and other assets	45,586	42,289
Goodwill	126,543	126,645
Other intangible assets-net	27,250	38,614
TOTAL ASSETS	1,166,203	1,076,775
Current liabilities:
Accounts payable	136,161	165,162
Accounts payable-floor plan	145,323	98,653
Salaries and commissions payable	39,602	36,839
Deferred revenue	86,469	72,802
Other current liabilities	28,095	30,061
Total current liabilities	460,036	459,364
Other liabilities	35,529	36,679
TOTAL LIABILITIES	505,465	514,365
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 per share par value; 2,000 shares authorized; none outstanding	0	0
Common stock, $0.01 per share par value; 50,000 shares authorized; 26,886 outstanding at March 31, 2022 and 27,006 outstanding at March 31, 2021	270	145
Additional paid-in capital	159,480	152,366
Treasury stock, at cost, 130 shares at March 31, 2022 and 1,987 shares at March 31, 2021	(6,734)	(75,372)
Retained earnings	507,846	484,616
Accumulated other comprehensive income-foreign currency translation adjustment	(124)	655
Total Stockholders' Equity	660,738	562,410
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,166,203	1,076,775
Recourse [Member]
Current liabilities:
Notes payable-current	7,316	5,450
Notes payable - long-term	5,792	12,658
Non-recourse [Member]
Current liabilities:
Notes payable-current	17,070	50,397
Notes payable - long-term	$ 4,108	$ 5,664

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Mar. 31, 2021
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000	50,000
Common stock, shares outstanding (in shares)	26,886	27,006
Treasury stock, shares (in shares)	130	1,987

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Net sales
Total	$ 1,821,019	$ 1,568,323	$ 1,588,404
Cost of sales
Total	1,360,037	1,174,769	1,197,213
Gross profit	460,982	393,554	391,191
Selling, general, and administrative	297,117	271,263	279,182
Depreciation and amortization	14,646	13,951	14,156
Interest and financing costs	1,903	2,005	2,574
Operating expenses	313,666	287,219	295,912
Operating income	147,316	106,335	95,279
Other income (expense)	(432)	571	680
Earnings before tax	146,884	106,906	95,959
Provision for income taxes	41,284	32,509	26,877
Net earnings	$ 105,600	$ 74,397	$ 69,082
Net earnings per common share-basic (in dollars per share)	$ 3.96	$ 2.79	$ 2.59
Net earnings per common share-diluted (in dollars per share)	$ 3.93	$ 2.77	$ 2.57
Weighted average common shares outstanding-basic (in shares)	26,638	26,674	26,654
Weighted average common shares outstanding-diluted (in shares)	26,866	26,834	26,830
Product [Member]
Net sales
Total	$ 1,580,394	$ 1,366,158	$ 1,395,288
Cost of sales
Total	1,210,943	1,049,677	1,076,773
Services [Member]
Net sales
Total	240,625	202,165	193,116
Cost of sales
Total	$ 149,094	$ 125,092	$ 120,440

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 105,600	$ 74,397	$ 69,082
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	(779)	1,646	(720)
Other comprehensive income (loss)	(779)	1,646	(720)
TOTAL COMPREHENSIVE INCOME	$ 104,821	$ 76,043	$ 68,362

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net earnings	$ 105,600	$ 74,397	$ 69,082
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	24,305	19,991	19,156
Provision for credit losses	(102)	1,436	1,004
Share-based compensation expense	7,114	7,169	7,954
Deferred taxes	(3,581)	(4,198)	(2,185)
Payments from lessees directly to lenders-operating leases	(32)	(34)	(70)
Gain on disposal of property, equipment, and operating lease equipment	(4,136)	(2,742)	(814)
Changes in:
Accounts receivable	(50,803)	(5,056)	(64,388)
Inventories-net	(85,453)	(16,798)	115
Financing receivables-net	8,832	(42,104)	(109,355)
Deferred costs and other assets	(10,560)	(16,503)	(20,982)
Accounts payable-trade	(25,187)	76,772	(8,884)
Salaries and commissions payable, deferred revenue, and other liabilities	13,432	37,177	35,193
Net cash provided by (used in) operating activities	(20,571)	129,507	(74,174)
Cash flows from investing activities:
Proceeds from sale of property, equipment, and operating lease equipment	21,923	2,791	1,705
Purchases of property, equipment and operating lease equipment	(23,182)	(11,513)	(7,009)
Cash used in acquisitions, net of cash acquired	0	(27,034)	(15,035)
Net cash used in investing activities	(1,259)	(35,756)	(20,339)
Cash flows from financing activities:
Borrowings of non-recourse and recourse notes payable	114,105	66,403	141,369
Repayments of non-recourse and recourse notes payable	(99,991)	(74,328)	(31,880)
Repurchase of common stock	(13,608)	(6,948)	(14,425)
Repayments of financing of acquisitions	0	(556)	(5,763)
Net borrowings (repayments) on floor plan facility	46,670	(34,373)	11,333
Net cash provided by (used in) financing activities	47,176	(49,802)	100,634
Effect of exchange rate changes on cash	470	(618)	294
Net increase in cash and cash equivalents	25,816	43,331	6,415
Cash and cash equivalents, beginning of period	129,562	86,231	79,816
Cash and cash equivalents, end of period	155,378	129,562	86,231
Supplemental disclosures of cash flow information:
Cash paid for interest	1,714	1,436	2,260
Cash paid for income taxes	47,143	31,690	28,356
Cash paid for amounts included in the measurement of lease liabilities	4,653	5,780	5,613
Schedule of non-cash investing and financing activities:
Proceeds from sale of property, equipment, and leased equipment	18	2,045	0
Purchases of property, equipment, and operating lease equipment	(98)	(372)	(329)
Consideration for acquisitions	0	0	(241)
Borrowing of non-recourse and recourse notes payable	58,619	121,826	114,439
Repayments of non-recourse and recourse notes payable	(32)	(34)	(70)
Vesting of share-based compensation	8,481	7,937	8,990
New operating lease assets obtained in exchange for lease obligations	$ 2,653	$ 1,146	$ 6,035

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Mar. 31, 2019	$ 143	$ 137,243	$ (53,999)	$ 341,137	$ (271)	$ 424,253
Balance (in shares) at Mar. 31, 2019	27,222
Issuance of restricted stock awards	$ 1	0	0	0	0	1
Issuance of restricted stock awards (in shares)	186
Share-based compensation	$ 0	7,954	0	0	0	7,954
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (14,425)	0	0	(14,425)
Repurchase of common stock (in shares)			(408)
Net earnings	0	0	$ 0	69,082	0	69,082
Foreign currency translation adjustment	0	0	0	0	(720)	(720)
Balance at Mar. 31, 2020	$ 144	145,197	(68,424)	410,219	(991)	486,145
Balance (in shares) at Mar. 31, 2020	27,000
Issuance of restricted stock awards	$ 1	0	0	0	0	1
Issuance of restricted stock awards (in shares)	200
Share-based compensation	$ 0	7,169	0	0	0	7,169
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (6,948)	0	0	(6,948)
Repurchase of common stock (in shares)			(194)
Net earnings	0	0	$ 0	74,397	0	74,397
Foreign currency translation adjustment	0	0	0	0	1,646	1,646
Balance at Mar. 31, 2021	$ 145	152,366	(75,372)	484,616	655	$ 562,410
Balance (in shares) at Mar. 31, 2021	27,006					27,006
Issuance of restricted stock awards	$ 1	0	0	0	0	$ 1
Issuance of restricted stock awards (in shares)	163
Share-based compensation	$ 0	7,114	0	0	0	7,114
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	$ (13,608)	0	0	(13,608)
Repurchase of common stock (in shares)			(283)
Stock split effected in the form of a dividend	135	0	$ 0	(135)	0	0
Retirement of treasury stock	(11)	0	82,246	(82,235)	0	0
Net earnings	0	0	0	105,600	0	105,600
Foreign currency translation adjustment	0	0	0	0	(779)	(779)
Balance at Mar. 31, 2022	$ 270	$ 159,480	$ (6,734)	$ 507,846	$ (124)	$ 660,738
Balance (in shares) at Mar. 31, 2022	26,886					26,886

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2022
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF BUSINESS — Our company was founded in 1990 and is a Delaware corporation. e e e BASIS OF PRESENTATION — The consolidated financial statements include the accounts of e USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual asset values, vendor consideration, lease classification, goodwill and intangibles, allowance for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. STOCK SPLIT — On December 13, 2021, we completed a two-for-one stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the accompanying financial statements and disclosures have been retroactively adjusted for this stock split. ALLOWANCE FOR CREDIT LOSSES — We maintain an allowance for credit losses related to our accounts receivable and financing receivables. We record an expense in the amount necessary to adjust the allowance for credit losses to our current estimate of expected credit losses on financial assets. We estimate expected credit losses based on our internal rating of the customer’s credit quality, our historical credit losses, current economic conditions, and other relevant factors. Prior to providing credit, we assign an internal rating for each customer’s credit quality based on the customer’s financial status, rating agency reports and other financial information. We review our internal ratings for each customer at least annually or when there is an indicator of a change in credit quality, such as a delinquency or bankruptcy. We write off financing receivables when we deem them to be uncollectable. Since the onset of the COVID-19 pandemic, we have measured our allowance using higher than historical loss rates to reflect forecasted credit deterioration. BUSINESS COMBINATIONS — We account for business combinations using the acquisition method, which requires that the total purchase price for each of the acquired entity be allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The allocation process requires an analysis of intangible assets, such as customer relationships, trade names, acquired contractual rights and assumed contractual commitments and legal contingencies to identify and record all assets acquired and liabilities assumed at their fair value. We record any premium paid over the fair value of the acquired net assets as goodwill. Our initial purchase price allocations are subject to revision within the measurement period, not to exceed one year from the date of acquisition. We include the results of operations for the acquired company in our financial statements from the acquisition date. CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist primarily of interest-bearing accounts and money market funds that consist of short-term US treasury securities. We consider all highly liquid investments, including those with an original maturity of three months or less at the date of acquisition, to be cash equivalents. We have a lockbox account whose purpose is to collect and distribute customer payments under financing arrangements. As of March 31, 2022, we were not holding any amounts in trust for third-party recipients. As of March 31, 2021, we had $0.7 million being held in trust for third-party recipients within our lockbox account. As of March 31, 2022, and March 31, 2021, there were no restrictions on the withdrawal of funds from our money market funds. CONCENTRATIONS OF RISK — Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, short-term investments, accounts receivable, and financing receivables. Cash and cash equivalents may include short-term investments that are maintained principally with financial institutions in the US. Our accounts receivable-trade balance as of March 31, 2022, and 2021 included approximately 14% and 20%, respectively, concentration of invoices due from Verizon Communications Inc. The risk on our accounts receivable and financing receivables is reduced by having a broad customer base in a diverse range of industries and through the ongoing evaluation of collectability of our portfolio. The credit risk is further mitigated by transferring certain of our financing receivables to financial institutions on a non-recourse basis and, for our lease receivables, by owning the underlying asset. A substantial portion of our sales are products from Cisco Systems, which represented approximately 39%, 36%, and 40%, of our technology segment net sales for the years ended March 31, 2022, 2021, and 2020, respectively. DEFERRED COSTS — When a contract is within the scope of Accounting Standards Codification (“Codification”) Topic 606, Revenue from Contracts with Customers DEFERRED REVENUE — We recognize deferred revenue when cash payments are received or due in advance of our performance. EARNINGS PER SHARE — Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including restricted stock awards during each period. FAIR VALUE MEASUREMENT — We follow the guidance in Codification Topic 820 Fair Value Measurements ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2 – Inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in active markets, that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Unobservable inputs for the asset or liability. The fair values are determined based on model-based techniques such as discounted cash flow models using inputs that we could not corroborate with market data. FINANCIAL INSTRUMENTS — For financial instruments such as cash, short-term investments, accounts receivables, accounts payable and other current liabilities, we consider the recorded value of the financial instruments to approximate the fair value due to their short maturities. On March 31, 2022, the carrying amounts of our notes receivables, recourse and non-recourse payables were $80.5 million, $13.1 million, and $21.2 million, respectively, and their fair values were $80.0 million, $13.1 million, and $21.2 million, respectively. On March 31, 2021, the carrying amounts of our notes receivables, recourse and non-recourse payables were $112.6 million, $18.1 million, and $56.1 million, respectively, and their fair values were $113.2 million, $18.1 million, and $56.3 million, respectively. FINANCING RECEIVABLES AND OPERATING LEASES — Financing receivables and operating leases consists of notes receivable, sales-type leases, and operating leases. We issue financing receivables for periods generally between 2 to 6 years, with most terms ranging between 3 to 4 years. When we lease equipment under an operating lease, we recognize the underlying asset at cost and depreciate it on a straight-line bases over its estimated useful life. We estimate that the useful life for most information technology (“IT”) equipment under lease is 4 years. FOREIGN CURRENCY MATTERS — Our functional currency is the US dollar. Our international subsidiaries typically use their local currency as their functional currency. We translate the assets and liabilities of our international subsidiaries into US dollars at the spot rate in effect at the applicable reporting date. We translate the revenues and expenses of our international subsidiaries into US dollars at the average exchange rates in effect during the applicable period. We report the resulting foreign currency translation adjustment as accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity. We report all foreign currency transaction gains or losses in other income (expense) on our consolidated statement of operations. For the years ended March 31, 2022, 2021, and 2020, we recognized a loss of $0.5 million, a gain of $0.5 million, and a loss of $0.4 million, respectively, due to foreign currency transactions. GOODWILL — We test goodwill for impairment on an annual basis, as of October 1, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In a qualitative assessment, we assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the quantitative goodwill impairment test. We may also elect the unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. In the quantitative impairment test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. Conversely, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. IMPLEMENTATION COSTS OF A HOSTING ARRANGEMENT- We capitalize implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We classify these capitalized costs in the same balance sheet line item as the amounts prepaid for the related hosting arrangement and we present the amortization of these capitalized costs in the same income statement line item as the service fees for the related hosting arrangement. Our long-term prepaids are included in our consolidated balance sheets as part of property, equipment, and other assets. We amortize the capitalized implementation costs over the term of the hosting arrangement. INCOME TAXES — Deferred income taxes are accounted for in accordance with Codification Topic 740 Income Taxes In addition, we account for uncertain tax positions in accordance with Codification Topic 740. Specifically, the Topic prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on the related de-recognition, classification, interest and penalties, accounting for interim periods, disclosure, and transition of uncertain tax positions. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. INVENTORIES — Inventories are stated at the lower of cost and net realizable value. Cost is determined using a weighted average cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Our determination of the net realizable value for inventories is based on the terms of underlying purchase commitments from our customers, current economic conditions including the impact of COVID-19, and other relevant factors. LESSEE ACCOUNTING — We lease office space for periods up to 6 years. At the lease commencement date, we recognize operating lease liabilities based on the present value of the future minimum lease payments. In determining the present value of future minimum lease payments, we use our incremental borrowing rate based on the information available at the commencement date. When the future minimum payments encompass non-lease components, we account for the lease and non-lease components as a single lease component. We elected not to recognize right-of-use assets and lease liabilities for leases with an initial term of 12 months or less. We recognize lease expense on a straight-line basis over the lease term beginning on the commencement date. PROPERTY AND EQUIPMENT — Property and equipment are stated at cost, net of accumulated depreciation and amortization. We recognize property and equipment obtained through a business combination at its fair market value as of the acquisition date. We compute depreciation and amortization using the straight-line method over the estimated useful lives of the related assets, which range from three RESIDUAL ASSETS — Our estimate for the residual asset in a lease is the amount we expect to derive from the underlying asset following the end of the lease term. In a sales-type lease, we recognize the unguaranteed residual asset, measured on a discounted basis, upon lease commencement. In our subsequent accounting for the lease, we increase the unguaranteed residual asset using the effective interest method. We evaluate residual values for impairment on a quarterly basis. We recognize impairments as incurred. We do not recognize upward adjustments due to changes in estimates of residual values. REVENUE RECOGNITION — We recognize most of our revenues from the sales of third-party products, third-party software, third-party maintenance, software support, and services, e e The core principle of Codification Topic 606 is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. We account for a contract under Codification Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance, and collectability of consideration is probable. Revenues are reported net of sales refunds, including an estimate of future returns based on an evaluation of historical sales returns, current economic conditions, volume, and other relevant factors. Our contracts with customers may include multiple promises that are distinct performance obligations. For such arrangements, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We determine standalone selling prices using expected cost-plus margin. We recognize revenue when (or as) we satisfy a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the nature of each performance obligation, this may be at a point in time or over time, as further described below. We typically invoice our customers for third-party products upon shipment, unless our customers lease the equipment through our financing segment, in which case the arrangement is accounted for as a lease in accordance with Codification Topic 842, Leases Product revenue Sales of third-party products We are the principal in sales of third-party products. As such, we recognize sales on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recognized as cost of sales. We recognize revenue from these sales at the point in time that control passes to the customer, which is typically upon delivery of the product to the customer. In some instances, our customers may request that we bill them for a product but retain physical possession of the product until later delivery, commonly known as “bill-and-hold” arrangements. We have warehousing agreements with select customers wherein title to products ordered through the agreements transfers to our customer at the point we invoice the customer and after the product arrives at our warehouse. In these “bill-and-hold” arrangements, we recognize revenue when the customer has ordered the product through their warehousing agreement with us or signed a bill-and-hold agreement with us, the product is identified separately as belonging to the customer, and the product is ready for delivery to the customer. We recognize sales of off-lease equipment within our financing segment when control passes to the customer, which is typically the date that title to the equipment is transferred per the sales agreement. Sales of third-party software We are typically the principal in sales of third-party software. Sales are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recognized as cost of sales. We recognize revenue from these sales at the point in time that control passes to the customer, which is typically upon delivery of the software to the customer. Sales of third-party maintenance, software support, and services We are the agent in sales of third-party maintenance, software support, and services as the third-party controls the service until it is transferred to the customer. Similarly, we are the agent in sales of third-party software and accompanying third-party support when the third-party software benefits the customer only in conjunction with the accompanying support. In these sales, we consider the third-party software and support as inputs to a single performance obligation. In all these sales where we are the agent, we recognize sales on a net basis at the point that our customer and vendor accept the terms and conditions of the arrangement. Freight and sales tax We present freight billed to our customers within sales and the related freight charged to us within cost of sales. We present sales tax collected from customers and remittances to governmental authorities on a net basis. Financing revenue and other We account for leases to customers in accordance with Codification Topic 842. We utilize a portfolio approach by grouping together many similar assets being leased to a single customer. We classify our leases as either sales-type leases or operating leases. We classify leases as sales-type leases if any one of five criteria are met, each of which indicate that the lease transfers control of the underlying asset to the lessee. We classify our other leases as operating leases. For sales-type leases, upon lease commencement, we recognize the present value of the lease payments and the residual asset discounted using the rate implicit in the lease. When we are financing equipment provided by another dealer, we typically do not have any selling profit or loss arising from the lease. When we are the dealer of the equipment being leased, we typically recognize revenue in the amount of the lease receivable and cost of sales in the amount of the carrying value of the underlying asset minus the unguaranteed residual asset. After the commencement date, we recognize interest income as part of net sales using the effective interest method. For operating leases, we recognize the underlying asset as an operating lease asset. We depreciate the asset on a straight-line basis to its estimated residual value over its estimated useful life. We recognize the lease payments over the lease term on a straight-line basis as part of net sales. In all our leases, we recognize variable lease payments, primarily reimbursement for property taxes associated with the leased asset, as part of net sales in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. We exclude from revenues and expenses any sales taxes reimbursed by the lessee. We also finance third-party software and third-party services for our customers, which we classify as notes-receivable. We recognize interest income on our notes-receivable using the effective interest method. We account for transfers of our financial assets, under Codification Topic 860 Transfers and Servicing Service revenue Sales of ePlus professional, managed services, and staffing e e e In arrangements for e In arrangements for e SHARE-BASED COMPENSATION — We account for share-based compensation in accordance with Codification Topic 718 Compensation—Stock Compensation SOFTWARE DEVELOPMENT COSTS — We capitalize costs for the development of internal use software under the Codification Topic 350-40 Intangibles—Goodwill and Other Intangibles, Internal-Use Software TREASURY STOCK — We account for treasury stock under the cost method and include treasury stock as a component of stockholders’ equity on the accompanying consolidated balance sheets. VENDOR CONSIDERATION — We receive payments and credits from vendors pursuant to volume incentive programs and shared marketing expense programs. Many of these programs extend over one or more quarters’ sales activities. Different programs have different vendor/program specific milestones to achieve. Amounts due from vendors as of March 31, 2022, and 2021 were $12.9 million and $18.2 million, respectively, which were included within accounts receivable-other, net in the accompanying balance sheets. We recognize rebates pursuant to volume incentive programs, when the rebate is probable and reasonably estimable, based on a systematic and rational allocation of the cash consideration offered to the underlying transactions that result in our progress toward earning the rebate. When a rebate is not probable or not reasonably estimable, we recognized the rebate as the milestones are achieved or as cash is received. We recognize rebates pursuant to shared marketing expense programs as a reduction of the related selling and administrative expenses in the period the program occurs when the consideration represents a reimbursement of specific, incremental, identifiable costs. We recognize consideration that exceeds the specific, incremental, identifiable costs as a reduction of cost of sales.

REVENUES

REVENUES	12 Months Ended
REVENUES	Mar. 31, 2022
REVENUES [Abstract]
REVENUES	2. REVENUES CONTRACT BALANCES Accounts receivable – trade consists entirely of amounts due from contracts with customers. In addition, we had $47.5 million, $54.6 million, and $33.1 million of receivables from contracts with customers included within financing receivables as of March 31, 2022, 2021, and 2020, respectively. The following table provides the balance of contract liabilities from contracts with customers (in thousands): March 31, 2022 2021 2020 Current (included in deferred revenue) $ 85,826 $ 72,299 $ 54,486 Non-current (included in other liabilities) $ 30,086 $ 26,042 $ 16,395 Revenue recognized from the beginning contract liability balance was $57.5 million and $42.2 million for the fiscal year ended March 31, 2022, and 2021, respectively. PERFORMANCE OBLIGATIONS The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for e Plus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands): Year ending March 31, 2023 $ 45,471 2024 20,021 2025 7,064 2026 1,518 2027 and thereafter 357 Total remaining performance obligations $ 74,431 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.

FINANCING RECEIVABLES AND OPERA

FINANCING RECEIVABLES AND OPERATING LEASES	12 Months Ended
FINANCING RECEIVABLES AND OPERATING LEASES	Mar. 31, 2022
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
FINANCING RECEIVABLES AND OPERATING LEASES	3. FINANCING RECEIVABLES AND OPERATING LEASES Our financing receivables and operating leases consist primarily of leases of IT and communication equipment and notes receivable from financing customer purchases of third-party software, maintenance, and services. Our leases often include elections for the lessee to purchase the underlying asset at the end of the lease term. Occasionally, our leases provide the lessee a bargain purchase option. 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 years ended March 31, 2022, and 2021 (in thousands): Year Ended , 2022 2021 Net sales $ 14,943 $ 27,196 Cost of sales 12,478 17,855 Gross profit $ 2,465 $ 9,341 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the years ended , and (in thousands): Year Ended , 2022 2021 Interest income on sales-type leases $ 3,904 $ 7,602 Lease income on operating leases $ 24,711 $ 15,864 FINANCING RECEIVABLES—NET The following tables provide a disaggregation of our financing receivables - net (in thousands): March 31, 2022 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 80,517 $ 38,788 $ 119,305 Unguaranteed residual value (1) - 9,141 9,141 Unearned income (2,728 ) (3,604 ) (6,332 ) Allowance for credit losses (2) (708 ) (681 ) (1,389 ) Total, net $ 77,081 $ 43,644 $ 120,725 Reported as: Current $ 45,415 $ 16,077 $ 61,492 Long-term 31,666 27,567 59,233 Total, net $ 77,081 $ 43,644 $ 120,725 (1) Includes unguaranteed residual values of $6,424 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6 March 31, 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 112,641 $ 68,393 $ 181,034 Unguaranteed residual value (1) - 14,876 14,876 Initial direct costs, net of amortization 425 - 425 Unearned income - (8,393 ) (8,393 ) Allowance for credit losses (2) (1,212 ) (1,171 ) (2,383 ) Total, net $ 111,854 $ 73,705 $ 185,559 Reported as: Current $ 73,175 $ 33,097 $ 106,272 Long-term 38,679 40,608 79,287 Total, net $ 111,854 $ 73,705 $ 185,559 (1) Includes unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6 The following table provides the future scheduled minimum lease payments for investments in sales-type leases as of March 31, 2022 (in thousands): Year ending March 31, 2023 $ 18,444 2024 11,267 2025 6,608 2026 1,881 2027 588 Total $ 38,788 OPERATING LEASES—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): March 31, 2022 March 31, 2021 Cost of equipment under operating leases $ 13,044 $ 18,748 Accumulated depreciation (7,985 ) (7,870 ) Investment in operating lease equipment—net (1) $ 5,059 $ 10,878 (1) Amounts include estimated unguaranteed residual values of $1.7 million and $2.5 million as of March 31, 2022, and 2021, respectively. The following table provides the future scheduled minimum lease rental payments for operating leases as of March 31, 2022 (in thousands): Year ending March 31, 2023 $ 2,402 2024 976 2025 173 Total $ 3,551 TRANSFERS OF FINANCIAL ASSETS We enter into arrangements to transfer the contractual payments due under financing receivables and operating lease agreements, which are accounted for as secured borrowings . For transfers accounted for as a secured borrowing, the corresponding investments serve as collateral for non-recourse notes payable. As of March 31, 2022, and March 31, 2021, we had financing receivables of $ million and $ million, respectively, and operating leases of $ million and $ million, respectively which were collateral for non-recourse notes payable. Note 8 For transfers accounted for as sales, we derecognize the carrying value of the asset transferred plus any liability and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. For the years ended March 31, 2022, 2021, and 2020, we recognized net gains of $ million, $ million, and $ million, respectively, and total proceeds from these sales were $ million, $ million, and $ million, respectively. When we retain servicing obligations in transfers accounted for as sales, we allocate a portion of the proceeds to deferred revenues, which is recognized as we perform the services. As of March 31, 2022, and March 31, 2021, we had deferred revenue of $ million and $ million, respectively, for servicing obligations. In a limited number of transfers accounted for as sales, we indemnified the assignee in the event that the lessee elects to early terminate the lease. As of , our total potential liability that could result from these indemnities is immaterial.

LESSEE ACCOUNTING

LESSEE ACCOUNTING	12 Months Ended
LESSEE ACCOUNTING	Mar. 31, 2022
LESSEE ACCOUNTING [Abstract]
LESSEE ACCOUNTING	4. LESSEE ACCOUNTING We lease office space for periods up to . We recognize our right-of-use assets as part of property, equipment, and other assets . As of March 31, 2022, and 2021, we had right-of-use assets of $ million and $ million, respectively. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities , respectively. As of March 31, 2022, and 2021, we had current lease liabilities of $ million and $ million, respectively, and long-term lease liabilities of $ million and $ million, respectively. We recognized rent expense of $ million and $ million as part of selling, general, and administrative expenses during the years ended March 31, 2022 and March 31, 2021 respectively. Supplemental information about the remaining lease terms and discount rates applied as of March 31, 2022 and March 30, 2021 are as follows: Year Ended March 31 Lease term and Discount Rate 2022 2021 Weighted average remaining lease term (months) 29 32 Weighted average discount rate 3.2 % 3.7 % The following table provides our future lease payments under our operating leases as of March 31, 2022 (in s): Year ending March 31, 2023 $ 3,635 2024 1,727 2025 1,301 2026 322 2027 and thereafter 156 Total lease payments 7,141 Less: interest (271 ) Present value of lease liabilities $ 6,870

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	5. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2022, and March 31, 2021, respectively (in thousands): Year ended March 31, 2022 Year ended March 31, 2021 Goodwill Accumulated Impairment Loss Net Carrying Amount Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,318 $ (8,673 ) $ 126,645 $ 126,770 $ (8,673 ) $ 118,097 Acquisitions - - - 8,328 - 8,328 Foreign currency translations (102 ) - (102 ) 220 - 220 Ending balance $ 135,216 $ (8,673 ) $ 126,543 $ 135,318 $ (8,673 ) $ 126,645 Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. Our entire balance as of March 31, 2022 and March 31, 2021 relates to our technology reportable segment, which we also determined to be reporting unit. We test goodwill for impairment on an annual basis, as of the first day of our third fiscal quarter, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our annual tests as of October 1, 2021, and 2020 we performed a qualitative assessment of goodwill and concluded that, more likely than not, the fair value of our technology reporting unit continued to substantially exceed its carrying value. We performed our last quantitative goodwill impairment test as of March 31, 2020. At that time, we concluded that the fair value of our technology reporting unit substantially exceeded its carrying value. Our conclusions would not have been impacted by a ten percent change in our estimate of the fair value of the reporting unit. OTHER INTANGIBLE ASSETS Our other intangible assets consist of the following as of March 31, 2022, and March 31, 2021 (in thousands): March 31, 2022 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,224 $ (52,087 ) $ 25,137 $ 77,335 $ (42,115 ) $ 35,220 Capitalized software development 10,517 (8,404 ) 2,113 10,553 (7,159 ) 3,394 Total $ 87,741 $ (60,491 ) $ 27,250 $ 87,888 $ (49,274 ) $ 38,614 Customer relationships and other intangibles are generally amortized between 5 to 10 years. Capitalized software development is generally amortized over 5 years. Total amortization expense for customer relationships and other intangible assets was $10.1 million, $10.3 million, and $9.4 million for the years ended March 31, 2022, 2021 and 2020, respectively. The following table provides the future amortization expense for customer relationships and other intangible assets as of March 31, 2022 (in thousands): Year ending March 31, 2023 $ 8,024 2024 6,216 2025 4,645 2026 3,156 2027 1,887 2028 and thereafter 1,209 Total $ 25,137

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	12 Months Ended
ALLOWANCE FOR CREDIT LOSSES	Mar. 31, 2022
ALLOWANCE FOR CREDIT LOSSES [Abstract]
ALLOWANCE FOR CREDIT LOSSES	6. ALLOWANCE FOR CREDIT LOSSES The following table provides the activity in our allowance for credit losses for the years ended March 31, 2022, 2021 and 2020 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance as of March 31, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Provision for credit losses 627 293 84 1,004 Write-offs and other (425 ) - (4 ) (429 ) Balance as of March 31, 2020 1,781 798 610 3,189 Provision for credit losses 367 503 566 1,436 Write-offs and other (84 ) (89 ) (5 ) (178 ) Balance as of March 31, 2021 2,064 1,212 1,171 4,447 Provision for credit losses 482 (312 ) (272 ) (102 ) Write-offs and other (135 ) (192 ) (218 ) (545 ) Balance as of March 31, 2022 $ 2,411 $ 708 $ 681 $ 3,800 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 generally in the range of 2% to 10%. • 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 generally in the range of 10% to 100%. The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2022(in s): Amortized cost basis by origination year ending , 2022 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 35,264 $ 28,005 $ 1,297 $ 345 $ 2 $ 4 $ 64,917 $ (30,274 ) $ 34,643 Average CQR 8,922 2,976 758 213 3 - 12,872 (4,763 ) 8,109 Low CQR - - - - - - - - - Total $ 44,186 $ 30,981 $ 2,055 $ 558 $ 5 $ 4 $ 77,789 $ (35,037 ) $ 42,752 Lease receivables: High CQR $ 14,549 $ 5,002 $ 2,499 $ 902 $ 50 $ 11 $ 23,013 $ (3,385 ) $ 19,628 Average CQR 10,936 3,092 741 47 72 - 14,888 (347 ) 14,541 Low CQR - - - - - - - - - Total $ 25,485 $ 8,094 $ 3,240 $ 949 $ 122 $ 11 $ 37,901 $ (3,732 ) $ 34,169 Total amortized cost (1) $ 69,671 $ 39,075 $ 5,295 $ 1,507 $ 127 $ 15 $ 115,690 $ (38,769 ) $ 76,921 (1) Unguaranteed . (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 the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands): Amortized cost basis by origination year ending , 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 93,793 $ 6,250 $ 769 $ 771 $ 19 $ 101,602 $ (63,471 ) $ 38,131 Average CQR 7,689 2,468 550 8 - 10,715 (2,896 ) 7,819 Low CQR - - 324 - - 324 - 324 Total $ 101,482 $ 8,718 $ 1,643 $ 779 $ 19 $ 112,641 $ (66,367 ) $ 46,274 Lease receivables: High CQR $ 28,898 $ 5,885 $ 1,798 $ 463 $ 125 $ 37,169 $ (7,468 ) $ 29,701 Average CQR 23,445 3,482 1,017 270 40 28,254 (4,592 ) 23,662 Low CQR - - - - - - - - Total $ 52,343 $ 9,367 $ 2,815 $ 733 $ 165 $ 65,423 $ (12,060 ) $ 53,363 Total amortized cost (1) $ 153,825 $ 18,085 $ 4,458 $ 1,512 $ 184 $ 178,064 $ (78,427 ) $ 99,637 (1) Unguaranteed (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 March 31, 2022 (in thousands): 31-60 Days Past Due 61-90 Days Past Due > Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 187 $ 37 $ 23 $ 247 $ 5,307 $ 5,554 $ 72,235 $ 77,789 Lease receivables 115 325 430 870 639 1,509 36,392 37,901 Total $ 302 $ 362 $ 453 $ 1,117 $ 5,946 $ 7,063 $ 108,627 $ 115,690 The following table provides an aging analysis of our financing receivables as of March 31, 2021 (in thousands): 31-60 Days Past Due 61-90 Days Past Due > Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 648 $ 910 $ 673 $ 2,231 $ 3,240 $ 5,471 $ 107,170 $ 112,641 Lease receivables 804 132 643 1,579 2,566 4,145 61,278 65,423 Total $ 1,452 $ 1,042 $ 1,316 $ 3,810 $ 5,806 $ 9,616 $ 168,448 $ 178,064 Our financial assets on nonaccrual status were not significant as of March 31, 2022 and March 31, 2021.

PROPERTY AND EQUIPMENT-NET

PROPERTY AND EQUIPMENT-NET	12 Months Ended
PROPERTY AND EQUIPMENT-NET	Mar. 31, 2022
PROPERTY AND EQUIPMENT-NET [Abstract]
PROPERTY AND EQUIPMENT-NET	7. PROPERTY AND EQUIPMENT —NET Property and equipment—net is a component of Property, equipment, and other assets. Our balance consists of the following (in thousands): March 31, 2022 March 31, 2021 Furniture, fixtures and equipment $ 28,640 $ 26,612 Leasehold improvements 7,615 6,918 Capitalized software 3,822 4,153 Vehicles 476 546 Total assets 40,553 38,229 Accumulated depreciation and amortization (32,642 ) (30,841 ) Property and equipment - net $ 7,911 $ 7,388 Depreciation and amortization expense on property and equipment, including amounts recognized in cost of sales, was $5.4 million for both the years ended March 31, 2022 and March 31, 2021, and $4.8 million for the year ended March 31, 2020.

NOTES PAYABLE AND CREDIT FACILI

NOTES PAYABLE AND CREDIT FACILITY	12 Months Ended
NOTES PAYABLE AND CREDIT FACILITY	Mar. 31, 2022
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	8. CREDIT FACILITY We finance the operations of our subsidiaries ePlus Technology, inc., ePlus Technology Services, inc., and SLAIT Consulting, LLC (collectively, the “Borrowers”) in our technology segment through a credit facility with Wells Fargo Commercial Distribution Finance, LLC (“WFCDF”). The WFCDF credit facility has a floor plan facility and a revolving credit facility. Under the floor plan facility, we had an outstanding balance of $ million and $ million as of , and , respectively. On our balance sheet, our liability under the floor plan facility is presented as accounts payable – floor plan We did not have an outstanding balance under the revolving credit facility as of March 31, 2022, or March 31, 2021. The fair value of the outstanding balances under the WFCDF credit facility were approximately equal to their carrying value as of March 31, 2022, and March 31, 2021. On October 13, 2021, the Borrowers amended, restated, and replaced in entirety their then-existing credit agreements with WFCDF. The new credit facility is established by a syndicate of banks for which WFCDF acts as administrative agent and consists of a discretionary senior secured floorplan facility in favor of the Borrowers in the aggregate principal amount of up to $375 million, an increase from $275 million, together with a sublimit for a revolving credit facility for up to $100 million (collectively, the “2021 Credit Facility”). The amount of principal available is subject to a borrowing base determined by, among other things, the Borrowers’ accounts receivable and inventory, each pursuant to a formula and subject to certain reserves. Loans accrue interest at a rate per annum equal to LIBOR plus 1.75%. The LIBOR rate is based upon one-month, three-month, six-month and 12-month LIBOR periods, as selected by the Borrowers, and subject to a floor of 0.00% . Our borrowings under the 2021 Credit Facility are secured by the assets of the Borrowers. Additionally, the 2021 Credit Facility requires a guaranty of $10.5 million by ePlus inc . Under the 2021 Credit Facility, and under the predecessor WFCDF credit facility, the Borrowers are restricted in their ability to pay dividends to ePlus inc. unless their available borrowing meets or met certain thresholds. As of March 31, 2022, and March 31, 2021, their available borrowing met the thresholds such that there were no restrictions on their ability to pay dividends . The 2021 Credit Facility has an initial one-year term, which automatically renews for successive one-year terms thereafter. However, either the Borrowers or WFCDF may terminate by providing a written termination notice to the other party no less than 90 days prior to such termination . The credit facility requires that financial statements of ePlus Technology, inc. and certain of its subsidiaries be provided within 45 days of each quarter and 90 days of each fiscal year end and requires that other operational reports be provided on a regular basis. Either party may terminate with 90 days’ advance notice. The loss of the WFCDF credit facility could have a material adverse effect on our future results as we currently rely on this facility and its components for daily working capital and liquidity for our technology segment and as an operational function of our accounts payable process. RECOURSE NOTES PAYABLE Recourse notes payable consist of borrowings that, in the event of default, the lender has recourse against us. As of , and we had $ million and $ million, respectively, in recourse borrowings arising from installment payment arrangement within our technology segment. Our payments under this installment agreement are due quarterly in amounts that are correlated to the payments due to us from a customer under a related notes receivable. We discounted our payments due under this installment agreement to calculate our payable balance using an interest rate of as of both , and . NON-RECOURSE NOTES PAYABLE Non-recourse notes payable consists of borrowings that, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. As of , and , we had $ million and $ million, respectively, of non-recourse borrowings that were collateralized by investments in notes and leases. Principal and interest payments are generally due periodically in amounts that are approximately equal to the total payments due from the customer under the leases or notes receivable that collateralize the notes payable. The weighted average interest rate for our non-recourse notes payable was and , as of , and , respectively. Our recourse and non-recourse notes payable as of mature as follows: Recourse notes payable Non-recourse notes payable Year ended March 31, 2023 $ 7,848 $ 17,315 2024 6,207 2,696 2025 - 961 2026 - 584 Total maturities $ 14,055 $ 21,556

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. C LEGAL PROCEEDINGS We are subject to various legal proceedings, as well as demands, claims and threatened litigation, that arise in the normal course of our business and have not been fully resolved. The ultimate outcome of any litigation or other legal dispute is uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, we accrue our best estimate for the ultimate resolution of the matter. If or more legal matters are resolved against us in a reporting period for amounts above our expectations, our financial condition and operating results for that period may be adversely affected. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against us in the future, and these matters could relate to prior, current, or future transactions or events.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Mar. 31, 2022
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	10. Basic earnings per share is computed by dividing net earnings attributable to common shares by the weighted average number of common shares outstanding for the period. Diluted net earnings per share include the potential dilution of securities that could participate in our earnings, but not securities that are anti-dilutive. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2022, 2021 and 2020 (in thousands, except per share data): 2022 2021 2020 Net earnings attributable to common shareholders - basic and diluted $ 105,600 $ 74,397 $ 69,082 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 26,638 26,674 26,654 Effect of dilutive shares 228 160 176 Weighted average shares common outstanding — diluted 26,866 26,834 26,830 Earnings per common share - basic $ 3.96 $ 2.79 $ 2.59 Earnings per common share - diluted $ 3.93 $ 2.77 $ 2.57

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2022
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. STOCK SPLIT AND TREASURY STOCK On November 9, 2021, our Board of Directors (“Board”) approved a two-for-one stock split of our common stock in the form of a stock dividend paid on December 13, 2021, to shareholders of record as of close of business on November 29, 2021. All share and per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly issued shares was recorded with the offset to additional paid-in capital. On November 10, 2021, we retired 2,139,918 shares of treasury stock, adjusted for the stock split, with a carrying value of $82.2 million, which was deducted from common stock, for the par value of the retired shares, and from retained earnings, for the excess of cost over the par value. SHARE REPURCHASE PLAN On March 24, 2022, our board of directors authorized the repurchase of up to shares of our outstanding common stock, over a 12-month period beginning May 28, 2022. On March 18, 2021, our board of directors authorized the repurchase of up to shares of our outstanding common stock, adjusted for the stock split, over a 12-month period beginning May 28, 2021. On May 20, 2020, our board of directors authorized the repurchase of up to shares of our outstanding common stock, adjusted for the stock split, over a 12-month period beginning May 28, 2020 These plans authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. During the year ended March 31, 2022, retroactively adjusted for the stock split, we purchased 227,990 shares of our outstanding common stock at an average cost of $48.48 per share for a total purchase price of $11.1 million under the share repurchase plan; we also acquired 55,430 shares of common stock at a value of $2.6 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the year ended March 31, 2021, retroactively adjusted for the stock split, we purchased 118,202 shares of our outstanding common stock at an average cost of $35.92 per share for a total purchase price of $4.2 million under the share repurchase plan; we also acquired 75,280 shares of common stock at a value of $2.7 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
SHARE-BASED COMPENSATION	Mar. 31, 2022
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	12. SHARE-BASED PLANS In each of the years ended and , we issued share-based payment awards and had outstanding share-based payment awards under the following plans: ( ) the Employee Long-Term Incentive Plan (“ Employee LTIP”), and ( ) the Non-Employee Director Long-Term Incentive Plan (“ Director LTIP”). On , our shareholders approved the Employee Long-Term Incentive Plan (“ Employee LTIP”). The Employee LTIP is effective and replaces the Employee LTIP. Beginning , we permanently ceased issuing any additional shares under the Employee LTIP. 2012 Employee LTIP and 2021 Employee LTIP On September 16, 2021, our stockholders approved the 2021 Employee LTIP that was adopted by the Board on July 21, 2021. Under the 2021 Employee LTIP, 3,000,000 shares, retroactively adjusted for the stock split, were authorized for grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, or other share-based awards to ePlus employees. On September 13, 2012, our stockholders approved the 2012 Employee LTIP that was adopted by the Board on July 10, 2012. Under the 2012 Employee LTIP, 3,000,000 shares, retroactively adjusted to reflect the stock split, were authorized for grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, or other share-based awards to ePlus employees. The purpose of these plans is to encourage our employees to acquire a proprietary interest in the growth and performance of ePlus, thus enhancing the value of ePlus for the benefit of its stockholders, and to enhance our ability to attract and retain exceptionally qualified individuals. These plans are administered by the Compensation Committee. Shares issuable under these plans may consist of authorized but unissued shares or shares held in our treasury. Under these plans, the Compensation Committee will determine the time and method of exercise or vesting of the awards. Shares under these plans will not be used to compensate our outside directors, who may be compensated under the separate 2017 Director LTIP, as discussed below. 2017 Director LTIP On September 12, 2017, our stockholders approved the 2017 Director LTIP that was adopted by the Board on July 24, 2017. Under the 2017 Director LTIP, 300,000 shares, retroactively adjusted for the stock split, were authorized for grant to non-employee directors. The purpose of the 2017 Director LTIP is to align the economic interests of the directors with the interests of stockholders by including equity as a component of pay and to attract, motivate and retain experienced and knowledgeable directors. Each director receives an annual grant of restricted stock having a grant-date fair value equal to the cash compensation earned by an outside director during our fiscal year ended immediately before the respective annual grant-date. These restricted shares are prohibited from being sold, transferred, assigned, pledged, or otherwise encumbered or disposed of. The shares vest half half second-year STOCK OPTION ACTIVITY During the years ended March 31, 2022, 2021, and 2020, we did not grant any stock options, nor did we have any outstanding stock options. RESTRICTED STOCK ACTIVITY During the year ended March 31, 2022, we granted 14,316 restricted shares, adjusted for the stock split, under the 2017 Director LTIP and 155,722 restricted shares, adjusted for the stock split, under the 2012 Employee LTIP, and no shares were granted under the 2021 Employee LTIP. Cumulatively, as of March 31, 2022, we granted a total of 81,476 restricted shares, adjusted for the stock split, under the 2017 Director LTIP and 2,144,578 restricted shares, adjusted for the stock split, under the 2012 Employee LTIP. A summary of the non-vested restricted shares for year ended March 31, 2022, reflecting the stock split, is as follows: Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2021 366,756 $ 37.49 Granted 170,038 $ 46.56 Vested (185,716 ) $ 39.19 Forfeited (7,272 ) $ 34.07 Nonvested March 31, 2022 343,806 $ 41.01 In each of the years ended March 31, 2022, 2021 and 2020, we used the closing stock price on the grant date or, if the grant date falls on a date the stock was not traded, the previous day’s closing stock price for the fair value of the award. The weighted-average grant date fair value of restricted shares granted during the years ended March 31, 2022, 2021, and 2020 was $46.56, $35.95, and $36.47, respectively. The aggregated fair value of restricted shares that vested during the years ended March 31, 2022, 2021, and 2020 was $7.1 million, $7.7 million, and $7.6 million, respectively. Upon each vesting period of the restricted stock awards to employees, participants are subject to minimum tax withholding obligations. The 2012 Employee LTIP, the 2021 Employee LTIP, and the 2017 Director LTIP allows us to withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding obligations. For the year ended March 31, 2022, we withheld 55,430 shares of common stock, adjusted for the stock split, at a value of $2.6 million, which was included in treasury stock. For the year ended March 31, 2021, we withheld 75,280 shares of common stock, adjusted for the stock split, at a value of $2.7 million, which was included in treasury stock. COMPENSATION EXPENSE We recognize compensation cost for awards of restricted stock with graded vesting on a straight-line basis over the requisite service period. We account for forfeitures when they occur. There are no additional conditions for vesting other than service conditions. During the years ended March 31, 2022, 2021 and 2020, we recognized $7.1 million, $7.2 million, and $8.0 million, respectively, of total share-based compensation expense. We recognized tax benefits related to share-based compensation of $2.0 million, $2.2 million, and $2.2 million for the years ended March 31, 2022, 2021, and 2020, respectively, which were included as a reduction to our provision for income taxes. As of March 31, 2022, the total unrecognized compensation expense related to non-vested restricted stock was $8.7 million, which is expected to be recognized over a weighted-average period of 27 months. We also provide our employees with a contributory (k) profit sharing plan. We may make contributions, which are fully vested when they are made, to the plan. These contributions are not required. The decision whether to make contributions is entirely within our discretion. For the years ended , and , we recognized expense for employer contributions to the plan of

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Mar. 31, 2022
INCOME TAXES [Abstract]
INCOME TAXES	13. We account for our tax positions in accordance with Codification Topic 740. Under the guidance, we evaluate uncertain tax positions based on the two-step approach. The first step is to evaluate each uncertain tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. For tax positions that are not likely of being sustained upon audit, the second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. Our total gross unrecognized tax benefits recorded for uncertain income tax, and interest and penalties thereon, were negligible as of March 31, 2022, and March 31, 2021. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. We file income tax returns, including returns for our subsidiaries, with federal, state, local, and foreign jurisdictions. Tax years 2019, 2020, and 2021 are subjected to examination by federal and state taxing authorities. Various state and local income tax returns are also under examination by taxing authorities. We do not believe that the outcome of any examination will have a material impact on our financial statements. A reconciliation of income taxes computed at the statutory federal income tax rate of 21.0% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages): Year Ended March 31, 2022 2021 2020 Income tax expense computed at the U.S. statutory federal rate $ 30,845 $ 22,450 $ 20,182 State income tax expense—net of federal benefit 8,937 6,941 5,659 Non-deductible executive compensation 1,749 2,052 613 Other (247 ) 1,066 423 Provision for income taxes $ 41,284 $ 32,509 $ 26,877 Effective income tax rate 28.1 % 30.4 % 28.0 % The components of the provision for income taxes are as follows (in thousands): Year Ended March 31, 2022 2021 2020 Current: Federal $ 32,309 $ 26,054 $ 19,367 State 11,681 9,882 9,520 Foreign 894 770 200 Total current expense 44,884 36,706 29,087 Deferred: Federal (3,289 ) (3,067 ) (492 ) State (370 ) (1,096 ) (1,799 ) Foreign 59 (34 ) 81 Total deferred benefit (3,600 ) (4,197 ) (2,210 ) Provision for income taxes $ 41,284 $ 32,509 $ 26,877 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in thousands): March 31, 2022 2021 Deferred tax assets: Accrued vacation $ 2,391 $ 2,537 Deferred revenue 5,090 4,227 Allowance for credit losses 951 1,048 Restricted stock 616 772 Other deferred tax assets 743 1,552 Accrued bonus 2,532 2,277 Lease liabilities 1,857 2,476 Other credits and carryforwards 249 - Gross deferred tax assets 14,429 14,889 Less: valuation allowance (250 ) - Net deferred tax assets 14,179 14,889 Deferred tax liabilities: Property and equipment (2,295 ) (2,391 ) Operating leases (2,759 ) (6,948 ) Prepaid expenses (887 ) (912 ) Right-of-use assets (1,869 ) (2,419 ) Tax deductible goodwill (1,319 ) (751 ) Total deferred tax liabilities (9,129 ) (13,421 ) Net deferred tax asset $ 5,050 $ 1,468 Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. As of March 31, 2022, we established a valuation allowance of $0.3 million, to offset gross deferred tax assets primarily attributable to cumulative net operating losses at certain of the foreign subsidiaries and foreign tax credit carry forwards. We believe that it is more likely than not that we will realize the remaining gross deferred tax assets through generating taxable income or the reversal of existing temporary differences attributable to the gross deferred tax liabilities.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2022
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	14. We account for the fair values of our assets and liabilities utilizing a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. The following table provides the fair value of our assets and liabilities measured at fair value as categorized within the fair value hierarchy as of and (in s): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) March 31, 2022 Assets: Money market funds $ 18,138 $ 18,138 $ - $ - March 31, 2021 Assets: Money market funds $ 45,134 $ 45,134 $ - $ -

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
BUSINESS COMBINATIONS	Mar. 31, 2022
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	15. SYSTEMS MANAGEMENT PLANNING (“SMP”) On December 31, 2020, our subsidiary, e e e . Our sum of consideration transferred was $27.0 million consisting of $29.0 million paid in cash at closing less $2.0 million that was paid back to us in our quarter ended March 31, 2021 related to a working capital adjustment. Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 14,526 Other assets 3,344 Identified intangible assets 14,280 Accounts payable and other current liabilities (11,424 ) Performance obligations (2,020 ) Total identifiable net assets 18,706 Goodwill 8,328 Total purchase consideration $ 27,034 The identified intangible assets of $14.3 million consists of customer relationships with an estimated useful life of seven years. The fair value of acquired receivables equals the gross contractual amounts receivable. We expect to collect all acquired receivables. We recognized goodwill related to this transaction of $8.3 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the current reporting period as though the acquisition date had been April 1, 2020, is not material.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Mar. 31, 2022
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	16. Our segment information is presented in accordance with a “management approach,” which designates the internal reporting used by the chief operating decision-maker (“CODM”) for deciding how to allocate resources and for assessing performance. Our CODM is our Chief Executive Officer and President. Our CODM conducts our operations through two operating segments- our technology segment and our financing segment. Our technology segment includes sales of information technology products, third-party software, third-party maintenance, advanced professional and managed services and our proprietary software to commercial, state, and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software and related services to commercial, state, and local governments, and government contractors. Our CODM uses several measures to allocate resources and assess performance. Our reported measure is earnings before taxes. Our reportable segment information was as follows (in thousands): Year Ended March 31, 2022 2021 2020 Technology Financing Total Technology Financing Total Technology Financing Total Net Sales Product $ 1,492,411 $ 87,983 $ 1,580,394 $ 1,305,789 $ 60,369 $ 1,366,158 $ 1,337,022 $ 58,266 $ 1,395,288 Service 240,625 - 240,625 202,165 - 202,165 193,116 - 193,116 Total 1,733,036 87,983 1,821,019 1,507,954 60,369 1,568,323 1,530,138 58,266 1,588,404 Cost of Sales Product 1,175,789 35,154 1,210,943 1,036,627 13,050 1,049,677 1,069,110 7,663 1,076,773 Service 149,094 - 149,094 125,092 - 125,092 120,440 - 120,440 Total 1,324,883 35,154 1,360,037 1,161,719 13,050 1,174,769 1,189,550 7,663 1,197,213 Gross Profit 408,153 52,829 460,982 346,235 47,319 393,554 340,588 50,603 391,191 Selling, general, and administrative 283,690 13,427 297,117 256,210 15,053 271,263 264,123 15,059 279,182 Depreciation and amortization 14,535 111 14,646 13,839 112 13,951 14,016 140 14,156 Interest and financing costs 928 975 1,903 521 1,484 2,005 294 2,280 2,574 Operating expenses 299,153 14,513 313,666 270,570 16,649 287,219 278,433 17,479 295,912 Operating income 109,000 38,316 147,316 75,665 30,670 106,335 62,155 33,124 95,279 Other income (expense) (432 ) 571 680 Earnings before tax $ 146,884 $ 106,906 $ 95,959 Net Sales Contracts with customers $ 1,718,093 $ 34,842 $ 1,752,935 $ 1,484,104 $ 12,369 $ 1,496,473 $ 1,514,507 $ 4,589 $ 1,519,096 Financing and other 14,943 53,141 68,084 23,850 48,000 71,850 15,631 53,677 69,308 Total $ 1,733,036 $ 87,983 $ 1,821,019 $ 1,507,954 $ 60,369 $ 1,568,323 $ 1,530,138 $ 58,266 $ 1,588,404 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 15,592 $ 8,713 $ 24,305 $ 14,568 $ 5,423 $ 19,991 $ 14,516 $ 4,640 $ 19,156 Purchases of property, equipment and operating lease equipment $ 4,951 $ 18,231 $ 23,182 $ 4,752 $ 6,761 $ 11,513 $ 4,842 $ 2,167 $ 7,009 Selected Financial Data - Balance Sheet Total assets $ 941,743 $ 224,460 $ 1,166,203 $ 828,576 $ 248,199 $ 1,076,775 $ 709,854 $ 199,259 $ 909,113 TECHNOLOGY SEGMENT DISAGGREGATION OF REVENUE We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Year Ended March 31, 2022 2021 2020 Customer end market: Telecom, Media & Entertainment $ 502,408 $ 371,913 $ 289,958 Technology 250,485 251,683 324,239 State and local government and educational institutions 241,769 245,919 243,092 Healthcare 270,481 200,067 233,894 Financial Services 155,160 198,761 191,679 All others 312,733 239,611 247,276 Net sales 1,733,036 1,507,954 1,530,138 Less: Revenue from financing and other (14,943 ) (23,850 ) (15,631 ) Revenue from contracts with customers $ 1,718,093 $ 1,484,104 $ 1,514,507 Year Ended March 31, 2022 2021 2020 Vendor: Cisco Systems $ 672,821 $ 537,041 $ 607,719 Dell EMC 148,782 107,336 84,939 Juniper Networks 92,965 91,946 68,339 HP Inc. & HPE 56,171 59,838 71,802 Arista Networks 44,280 51,789 75,281 NetApp 91,948 58,020 59,812 All others 626,069 601,984 562,246 Net sales 1,733,036 1,507,954 1,530,138 Less: Revenue from financing and other (14,943 ) (23,850 ) (15,631 ) Revenue from contracts with customers $ 1,718,093 $ 1,484,104 $ 1,514,507 FINANCING SEGMENT DISAGGREGATION OF REVENUE We analyze our revenues within our financing segment based on the nature of the arrangement, and our revenues from contracts with customers consist of proceeds from the sale of off-lease equipment. GEOGRAPHIC INFORMATION The geographic information for the years ended March 31, 2022, 2021, and 2020 was as follows (in thousands): Year Ended March 31, 2022 2021 2020 Net sales: US $ 1,716,525 $ 1,476,466 $ 1,508,329 Non US 104,494 91,857 80,075 Total $ 1,821,019 $ 1,568,323 $ 1,588,404 March 31, 2022 2021 Long-lived tangible assets: US $ 21,837 $ 33,504 Non US 716 931 Total $ 22,553 $ 34,435 Our long-lived tangible assets include property and equipment-net, operating leases-net, and equipment that has been returned to us at the termination of the lease. Sales to represented , and of net sales for the years ended , and , respectively, all of which related to our technology segment.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	Mar. 31, 2022
Schedule II - Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	e Schedule II - Valuation and Qualifying Accounts (Dollars in thousands) Balance at Beginning of Period Charged to Costs and Expenses Deductions/ Write-Offs Balance at End of Period Allowance for sales returns: (1) Year ended March 31, 2020 852 2,678 (2,492 ) 1,038 Year ended March 31, 2021 1,038 2,909 (2,758 ) 1,189 Year ended March 31, 2022 1,189 2,158 (2,101 ) 1,246 Allowance for credit losses: Year ended March 31, 2020 2,614 1,004 (429 ) 3,189 Year ended March 31, 2021 3,189 1,436 (178 ) 4,447 Year ended March 31, 2022 4,447 (102 ) (545 ) 3,800 Valuation for deferred taxes: Year ended March 31, 2020 1,065 320 - 1,385 Year ended March 31, 2021 1,385 - (1,385 ) - Year ended March 31, 2022 - 250 - 250 (1) These amounts represent the gross profit effect of sales returns during the respective years. Expected merchandise returns after year-end for sales made before year-end were $ million, $ million, and $ million as of March 31, 2022, 2021, and 2020, respectively.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2022
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION — The consolidated financial statements include the accounts of e
USE OF ESTIMATES	USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual asset values, vendor consideration, lease classification, goodwill and intangibles, allowance for credit losses, inventory obsolescence, and the recognition and measurement of income tax assets and other provisions and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.
STOCK SPLIT	STOCK SPLIT — On December 13, 2021, we completed a two-for-one stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the accompanying financial statements and disclosures have been retroactively adjusted for this stock split.
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES — We maintain an allowance for credit losses related to our accounts receivable and financing receivables. We record an expense in the amount necessary to adjust the allowance for credit losses to our current estimate of expected credit losses on financial assets. We estimate expected credit losses based on our internal rating of the customer’s credit quality, our historical credit losses, current economic conditions, and other relevant factors. Prior to providing credit, we assign an internal rating for each customer’s credit quality based on the customer’s financial status, rating agency reports and other financial information. We review our internal ratings for each customer at least annually or when there is an indicator of a change in credit quality, such as a delinquency or bankruptcy. We write off financing receivables when we deem them to be uncollectable. Since the onset of the COVID-19 pandemic, we have measured our allowance using higher than historical loss rates to reflect forecasted credit deterioration.
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS — We account for business combinations using the acquisition method, which requires that the total purchase price for each of the acquired entity be allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The allocation process requires an analysis of intangible assets, such as customer relationships, trade names, acquired contractual rights and assumed contractual commitments and legal contingencies to identify and record all assets acquired and liabilities assumed at their fair value. We record any premium paid over the fair value of the acquired net assets as goodwill. Our initial purchase price allocations are subject to revision within the measurement period, not to exceed one year from the date of acquisition. We include the results of operations for the acquired company in our financial statements from the acquisition date.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist primarily of interest-bearing accounts and money market funds that consist of short-term US treasury securities. We consider all highly liquid investments, including those with an original maturity of three months or less at the date of acquisition, to be cash equivalents. We have a lockbox account whose purpose is to collect and distribute customer payments under financing arrangements. As of March 31, 2022, we were not holding any amounts in trust for third-party recipients. As of March 31, 2021, we had $0.7 million being held in trust for third-party recipients within our lockbox account. As of March 31, 2022, and March 31, 2021, there were no restrictions on the withdrawal of funds from our money market funds.
CONCENTRATIONS OF RISK	CONCENTRATIONS OF RISK — Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, short-term investments, accounts receivable, and financing receivables. Cash and cash equivalents may include short-term investments that are maintained principally with financial institutions in the US. Our accounts receivable-trade balance as of March 31, 2022, and 2021 included approximately 14% and 20%, respectively, concentration of invoices due from Verizon Communications Inc. The risk on our accounts receivable and financing receivables is reduced by having a broad customer base in a diverse range of industries and through the ongoing evaluation of collectability of our portfolio. The credit risk is further mitigated by transferring certain of our financing receivables to financial institutions on a non-recourse basis and, for our lease receivables, by owning the underlying asset. A substantial portion of our sales are products from Cisco Systems, which represented approximately 39%, 36%, and 40%, of our technology segment net sales for the years ended March 31, 2022, 2021, and 2020, respectively.
DEFERRED COSTS	DEFERRED COSTS — When a contract is within the scope of Accounting Standards Codification (“Codification”) Topic 606, Revenue from Contracts with Customers
DEFERRED REVENUE	DEFERRED REVENUE — We recognize deferred revenue when cash payments are received or due in advance of our performance.
EARNINGS PER SHARE	EARNINGS PER SHARE — Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution of securities that could participate in our earnings, including restricted stock awards during each period.
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT — We follow the guidance in Codification Topic 820 Fair Value Measurements ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2 – Inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in active markets, that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Unobservable inputs for the asset or liability. The fair values are determined based on model-based techniques such as discounted cash flow models using inputs that we could not corroborate with market data.
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS — For financial instruments such as cash, short-term investments, accounts receivables, accounts payable and other current liabilities, we consider the recorded value of the financial instruments to approximate the fair value due to their short maturities. On March 31, 2022, the carrying amounts of our notes receivables, recourse and non-recourse payables were $80.5 million, $13.1 million, and $21.2 million, respectively, and their fair values were $80.0 million, $13.1 million, and $21.2 million, respectively. On March 31, 2021, the carrying amounts of our notes receivables, recourse and non-recourse payables were $112.6 million, $18.1 million, and $56.1 million, respectively, and their fair values were $113.2 million, $18.1 million, and $56.3 million, respectively.
FINANCING RECEIVABLES AND OPERATING LEASES	FINANCING RECEIVABLES AND OPERATING LEASES — Financing receivables and operating leases consists of notes receivable, sales-type leases, and operating leases. We issue financing receivables for periods generally between 2 to 6 years, with most terms ranging between 3 to 4 years. When we lease equipment under an operating lease, we recognize the underlying asset at cost and depreciate it on a straight-line bases over its estimated useful life. We estimate that the useful life for most information technology (“IT”) equipment under lease is 4 years.
FOREIGN CURRENCY MATTERS	FOREIGN CURRENCY MATTERS — Our functional currency is the US dollar. Our international subsidiaries typically use their local currency as their functional currency. We translate the assets and liabilities of our international subsidiaries into US dollars at the spot rate in effect at the applicable reporting date. We translate the revenues and expenses of our international subsidiaries into US dollars at the average exchange rates in effect during the applicable period. We report the resulting foreign currency translation adjustment as accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity. We report all foreign currency transaction gains or losses in other income (expense) on our consolidated statement of operations. For the years ended March 31, 2022, 2021, and 2020, we recognized a loss of $0.5 million, a gain of $0.5 million, and a loss of $0.4 million, respectively, due to foreign currency transactions.
GOODWILL	GOODWILL — We test goodwill for impairment on an annual basis, as of October 1, and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In a qualitative assessment, we assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the quantitative goodwill impairment test. We may also elect the unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. In the quantitative impairment test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. Conversely, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
IMPLEMENTATION COSTS OF A HOSTING ARRANGEMENT	IMPLEMENTATION COSTS OF A HOSTING ARRANGEMENT- We capitalize implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We classify these capitalized costs in the same balance sheet line item as the amounts prepaid for the related hosting arrangement and we present the amortization of these capitalized costs in the same income statement line item as the service fees for the related hosting arrangement. Our long-term prepaids are included in our consolidated balance sheets as part of property, equipment, and other assets. We amortize the capitalized implementation costs over the term of the hosting arrangement.
INCOME TAXES	INCOME TAXES — Deferred income taxes are accounted for in accordance with Codification Topic 740 Income Taxes In addition, we account for uncertain tax positions in accordance with Codification Topic 740. Specifically, the Topic prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on the related de-recognition, classification, interest and penalties, accounting for interim periods, disclosure, and transition of uncertain tax positions. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense.
INVENTORIES	INVENTORIES — Inventories are stated at the lower of cost and net realizable value. Cost is determined using a weighted average cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Our determination of the net realizable value for inventories is based on the terms of underlying purchase commitments from our customers, current economic conditions including the impact of COVID-19, and other relevant factors.
LESSEE ACCOUNTING	LESSEE ACCOUNTING — We lease office space for periods up to 6 years. At the lease commencement date, we recognize operating lease liabilities based on the present value of the future minimum lease payments. In determining the present value of future minimum lease payments, we use our incremental borrowing rate based on the information available at the commencement date. When the future minimum payments encompass non-lease components, we account for the lease and non-lease components as a single lease component. We elected not to recognize right-of-use assets and lease liabilities for leases with an initial term of 12 months or less. We recognize lease expense on a straight-line basis over the lease term beginning on the commencement date.
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT — Property and equipment are stated at cost, net of accumulated depreciation and amortization. We recognize property and equipment obtained through a business combination at its fair market value as of the acquisition date. We compute depreciation and amortization using the straight-line method over the estimated useful lives of the related assets, which range from three
RESIDUAL ASSETS	RESIDUAL ASSETS — Our estimate for the residual asset in a lease is the amount we expect to derive from the underlying asset following the end of the lease term. In a sales-type lease, we recognize the unguaranteed residual asset, measured on a discounted basis, upon lease commencement. In our subsequent accounting for the lease, we increase the unguaranteed residual asset using the effective interest method. We evaluate residual values for impairment on a quarterly basis. We recognize impairments as incurred. We do not recognize upward adjustments due to changes in estimates of residual values.
REVENUE RECOGNITION	REVENUE RECOGNITION — We recognize most of our revenues from the sales of third-party products, third-party software, third-party maintenance, software support, and services, e e The core principle of Codification Topic 606 is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. We account for a contract under Codification Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance, and collectability of consideration is probable. Revenues are reported net of sales refunds, including an estimate of future returns based on an evaluation of historical sales returns, current economic conditions, volume, and other relevant factors. Our contracts with customers may include multiple promises that are distinct performance obligations. For such arrangements, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We determine standalone selling prices using expected cost-plus margin. We recognize revenue when (or as) we satisfy a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the nature of each performance obligation, this may be at a point in time or over time, as further described below. We typically invoice our customers for third-party products upon shipment, unless our customers lease the equipment through our financing segment, in which case the arrangement is accounted for as a lease in accordance with Codification Topic 842, Leases Product revenue Sales of third-party products We are the principal in sales of third-party products. As such, we recognize sales on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recognized as cost of sales. We recognize revenue from these sales at the point in time that control passes to the customer, which is typically upon delivery of the product to the customer. In some instances, our customers may request that we bill them for a product but retain physical possession of the product until later delivery, commonly known as “bill-and-hold” arrangements. We have warehousing agreements with select customers wherein title to products ordered through the agreements transfers to our customer at the point we invoice the customer and after the product arrives at our warehouse. In these “bill-and-hold” arrangements, we recognize revenue when the customer has ordered the product through their warehousing agreement with us or signed a bill-and-hold agreement with us, the product is identified separately as belonging to the customer, and the product is ready for delivery to the customer. We recognize sales of off-lease equipment within our financing segment when control passes to the customer, which is typically the date that title to the equipment is transferred per the sales agreement. Sales of third-party software We are typically the principal in sales of third-party software. Sales are recognized on a gross basis with the selling price to the customer recorded as sales and the acquisition cost of the product recognized as cost of sales. We recognize revenue from these sales at the point in time that control passes to the customer, which is typically upon delivery of the software to the customer. Sales of third-party maintenance, software support, and services We are the agent in sales of third-party maintenance, software support, and services as the third-party controls the service until it is transferred to the customer. Similarly, we are the agent in sales of third-party software and accompanying third-party support when the third-party software benefits the customer only in conjunction with the accompanying support. In these sales, we consider the third-party software and support as inputs to a single performance obligation. In all these sales where we are the agent, we recognize sales on a net basis at the point that our customer and vendor accept the terms and conditions of the arrangement. Freight and sales tax We present freight billed to our customers within sales and the related freight charged to us within cost of sales. We present sales tax collected from customers and remittances to governmental authorities on a net basis. Financing revenue and other We account for leases to customers in accordance with Codification Topic 842. We utilize a portfolio approach by grouping together many similar assets being leased to a single customer. We classify our leases as either sales-type leases or operating leases. We classify leases as sales-type leases if any one of five criteria are met, each of which indicate that the lease transfers control of the underlying asset to the lessee. We classify our other leases as operating leases. For sales-type leases, upon lease commencement, we recognize the present value of the lease payments and the residual asset discounted using the rate implicit in the lease. When we are financing equipment provided by another dealer, we typically do not have any selling profit or loss arising from the lease. When we are the dealer of the equipment being leased, we typically recognize revenue in the amount of the lease receivable and cost of sales in the amount of the carrying value of the underlying asset minus the unguaranteed residual asset. After the commencement date, we recognize interest income as part of net sales using the effective interest method. For operating leases, we recognize the underlying asset as an operating lease asset. We depreciate the asset on a straight-line basis to its estimated residual value over its estimated useful life. We recognize the lease payments over the lease term on a straight-line basis as part of net sales. In all our leases, we recognize variable lease payments, primarily reimbursement for property taxes associated with the leased asset, as part of net sales in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. We exclude from revenues and expenses any sales taxes reimbursed by the lessee. We also finance third-party software and third-party services for our customers, which we classify as notes-receivable. We recognize interest income on our notes-receivable using the effective interest method. We account for transfers of our financial assets, under Codification Topic 860 Transfers and Servicing Service revenue Sales of ePlus professional, managed services, and staffing e e e In arrangements for e In arrangements for e
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION — We account for share-based compensation in accordance with Codification Topic 718 Compensation—Stock Compensation
SOFTWARE DEVELOPMENT COSTS	SOFTWARE DEVELOPMENT COSTS — We capitalize costs for the development of internal use software under the Codification Topic 350-40 Intangibles—Goodwill and Other Intangibles, Internal-Use Software
TREASURY STOCK	TREASURY STOCK — We account for treasury stock under the cost method and include treasury stock as a component of stockholders’ equity on the accompanying consolidated balance sheets.
VENDOR CONSIDERATION	VENDOR CONSIDERATION — We receive payments and credits from vendors pursuant to volume incentive programs and shared marketing expense programs. Many of these programs extend over one or more quarters’ sales activities. Different programs have different vendor/program specific milestones to achieve. Amounts due from vendors as of March 31, 2022, and 2021 were $12.9 million and $18.2 million, respectively, which were included within accounts receivable-other, net in the accompanying balance sheets. We recognize rebates pursuant to volume incentive programs, when the rebate is probable and reasonably estimable, based on a systematic and rational allocation of the cash consideration offered to the underlying transactions that result in our progress toward earning the rebate. When a rebate is not probable or not reasonably estimable, we recognized the rebate as the milestones are achieved or as cash is received. We recognize rebates pursuant to shared marketing expense programs as a reduction of the related selling and administrative expenses in the period the program occurs when the consideration represents a reimbursement of specific, incremental, identifiable costs. We recognize consideration that exceeds the specific, incremental, identifiable costs as a reduction of cost of sales.

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
REVENUES (Tables)	Mar. 31, 2022
REVENUES [Abstract]
Balance of Receivables, Contract Assets, and Contract Liabilities	The following table provides the balance of contract liabilities from contracts with customers (in thousands): March 31, 2022 2021 2020 Current (included in deferred revenue) $ 85,826 $ 72,299 $ 54,486 Non-current (included in other liabilities) $ 30,086 $ 26,042 $ 16,395
Remaining Performance Obligations	The following table includes revenue expected to be recognized in the future related to performance obligations, primarily non-cancelable contracts for e Plus managed services, that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands): Year ending March 31, 2023 $ 45,471 2024 20,021 2025 7,064 2026 1,518 2027 and thereafter 357 Total remaining performance obligations $ 74,431 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.

FINANCING RECEIVABLES AND OPE_2

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	12 Months Ended
FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	Mar. 31, 2022
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 years ended March 31, 2022, and 2021 (in thousands): Year Ended , 2022 2021 Net sales $ 14,943 $ 27,196 Cost of sales 12,478 17,855 Gross profit $ 2,465 $ 9,341 The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the years ended , and (in thousands): Year Ended , 2022 2021 Interest income on sales-type leases $ 3,904 $ 7,602 Lease income on operating leases $ 24,711 $ 15,864
Notes Receivable Net and Investments in Leases	The following tables provide a disaggregation of our financing receivables - net (in thousands): March 31, 2022 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 80,517 $ 38,788 $ 119,305 Unguaranteed residual value (1) - 9,141 9,141 Unearned income (2,728 ) (3,604 ) (6,332 ) Allowance for credit losses (2) (708 ) (681 ) (1,389 ) Total, net $ 77,081 $ 43,644 $ 120,725 Reported as: Current $ 45,415 $ 16,077 $ 61,492 Long-term 31,666 27,567 59,233 Total, net $ 77,081 $ 43,644 $ 120,725 (1) Includes unguaranteed residual values of $6,424 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6 March 31, 2021 Notes Receivable Lease Receivables Financing Receivables Gross receivables $ 112,641 $ 68,393 $ 181,034 Unguaranteed residual value (1) - 14,876 14,876 Initial direct costs, net of amortization 425 - 425 Unearned income - (8,393 ) (8,393 ) Allowance for credit losses (2) (1,212 ) (1,171 ) (2,383 ) Total, net $ 111,854 $ 73,705 $ 185,559 Reported as: Current $ 73,175 $ 33,097 $ 106,272 Long-term 38,679 40,608 79,287 Total, net $ 111,854 $ 73,705 $ 185,559 (1) Includes unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable. (2) Refer to Note 6
Future Scheduled Minimum Lease Payments	The following table provides the future scheduled minimum lease payments for investments in sales-type leases as of March 31, 2022 (in thousands): Year ending March 31, 2023 $ 18,444 2024 11,267 2025 6,608 2026 1,881 2027 588 Total $ 38,788
Investment in Operating Lease Equipment - Net	The components of the operating leases—net are as follows (in thousands): March 31, 2022 March 31, 2021 Cost of equipment under operating leases $ 13,044 $ 18,748 Accumulated depreciation (7,985 ) (7,870 ) Investment in operating lease equipment—net (1) $ 5,059 $ 10,878 (1) Amounts include estimated unguaranteed residual values of $1.7 million and $2.5 million as of March 31, 2022, and 2021, respectively.
Future Minimum Rental Payments for Operating Leases	The following table provides the future scheduled minimum lease rental payments for operating leases as of March 31, 2022 (in thousands): Year ending March 31, 2023 $ 2,402 2024 976 2025 173 Total $ 3,551

LESSEE ACCOUNTING (Tables)

LESSEE ACCOUNTING (Tables)	12 Months Ended
LESSEE ACCOUNTING (Tables)	Mar. 31, 2022
LESSEE ACCOUNTING [Abstract]
Supplemental Information of Remaining Lease Terms and Discount Rates	Supplemental information about the remaining lease terms and discount rates applied as of March 31, 2022 and March 30, 2021 are as follows: Year Ended March 31 Lease term and Discount Rate 2022 2021 Weighted average remaining lease term (months) 29 32 Weighted average discount rate 3.2 % 3.7 %
Future Lease Payments Under Operating Leases	The following table provides our future lease payments under our operating leases as of March 31, 2022 (in s): Year ending March 31, 2023 $ 3,635 2024 1,727 2025 1,301 2026 322 2027 and thereafter 156 Total lease payments 7,141 Less: interest (271 ) Present value of lease liabilities $ 6,870

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Changes in Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2022, and March 31, 2021, respectively (in thousands): Year ended March 31, 2022 Year ended March 31, 2021 Goodwill Accumulated Impairment Loss Net Carrying Amount Goodwill Accumulated Impairment Loss Net Carrying Amount Beginning balance $ 135,318 $ (8,673 ) $ 126,645 $ 126,770 $ (8,673 ) $ 118,097 Acquisitions - - - 8,328 - 8,328 Foreign currency translations (102 ) - (102 ) 220 - 220 Ending balance $ 135,216 $ (8,673 ) $ 126,543 $ 135,318 $ (8,673 ) $ 126,645
Other Intangible Assets	Our other intangible assets consist of the following as of March 31, 2022, and March 31, 2021 (in thousands): March 31, 2022 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships & other intangibles $ 77,224 $ (52,087 ) $ 25,137 $ 77,335 $ (42,115 ) $ 35,220 Capitalized software development 10,517 (8,404 ) 2,113 10,553 (7,159 ) 3,394 Total $ 87,741 $ (60,491 ) $ 27,250 $ 87,888 $ (49,274 ) $ 38,614
Future Amortization Expense for Customer Relationships and Other Intangible assets	The following table provides the future amortization expense for customer relationships and other intangible assets as of March 31, 2022 (in thousands): Year ending March 31, 2023 $ 8,024 2024 6,216 2025 4,645 2026 3,156 2027 1,887 2028 and thereafter 1,209 Total $ 25,137

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	12 Months Ended
ALLOWANCE FOR CREDIT LOSSES (Tables)	Mar. 31, 2022
ALLOWANCE FOR CREDIT LOSSES [Abstract]
Activity in Reserves for Credit Losses	The following table provides the activity in our allowance for credit losses for the years ended March 31, 2022, 2021 and 2020 (in thousands): Accounts Receivable Notes Receivable Lease Receivables Total Balance as of March 31, 2019 $ 1,579 $ 505 $ 530 $ 2,614 Provision for credit losses 627 293 84 1,004 Write-offs and other (425 ) - (4 ) (429 ) Balance as of March 31, 2020 1,781 798 610 3,189 Provision for credit losses 367 503 566 1,436 Write-offs and other (84 ) (89 ) (5 ) (178 ) Balance as of March 31, 2021 2,064 1,212 1,171 4,447 Provision for credit losses 482 (312 ) (272 ) (102 ) Write-offs and other (135 ) (192 ) (218 ) (545 ) Balance as of March 31, 2022 $ 2,411 $ 708 $ 681 $ 3,800
Amortized Cost Basis of Financing Receivables by Credit Quality Rating and Credit Origination Year	The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2022(in s): Amortized cost basis by origination year ending , 2022 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 35,264 $ 28,005 $ 1,297 $ 345 $ 2 $ 4 $ 64,917 $ (30,274 ) $ 34,643 Average CQR 8,922 2,976 758 213 3 - 12,872 (4,763 ) 8,109 Low CQR - - - - - - - - - Total $ 44,186 $ 30,981 $ 2,055 $ 558 $ 5 $ 4 $ 77,789 $ (35,037 ) $ 42,752 Lease receivables: High CQR $ 14,549 $ 5,002 $ 2,499 $ 902 $ 50 $ 11 $ 23,013 $ (3,385 ) $ 19,628 Average CQR 10,936 3,092 741 47 72 - 14,888 (347 ) 14,541 Low CQR - - - - - - - - - Total $ 25,485 $ 8,094 $ 3,240 $ 949 $ 122 $ 11 $ 37,901 $ (3,732 ) $ 34,169 Total amortized cost (1) $ 69,671 $ 39,075 $ 5,295 $ 1,507 $ 127 $ 15 $ 115,690 $ (38,769 ) $ 76,921 (1) Unguaranteed . (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 the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands): Amortized cost basis by origination year ending , 2021 2020 2019 2018 2017 Total Transfers (2) Net credit exposure Notes receivable: High CQR $ 93,793 $ 6,250 $ 769 $ 771 $ 19 $ 101,602 $ (63,471 ) $ 38,131 Average CQR 7,689 2,468 550 8 - 10,715 (2,896 ) 7,819 Low CQR - - 324 - - 324 - 324 Total $ 101,482 $ 8,718 $ 1,643 $ 779 $ 19 $ 112,641 $ (66,367 ) $ 46,274 Lease receivables: High CQR $ 28,898 $ 5,885 $ 1,798 $ 463 $ 125 $ 37,169 $ (7,468 ) $ 29,701 Average CQR 23,445 3,482 1,017 270 40 28,254 (4,592 ) 23,662 Low CQR - - - - - - - - Total $ 52,343 $ 9,367 $ 2,815 $ 733 $ 165 $ 65,423 $ (12,060 ) $ 53,363 Total amortized cost (1) $ 153,825 $ 18,085 $ 4,458 $ 1,512 $ 184 $ 178,064 $ (78,427 ) $ 99,637 (1) Unguaranteed (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.
Aging Analysis of Financing Receivables	The following table provides an aging analysis of our financing receivables as of March 31, 2022 (in thousands): 31-60 Days Past Due 61-90 Days Past Due > Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 187 $ 37 $ 23 $ 247 $ 5,307 $ 5,554 $ 72,235 $ 77,789 Lease receivables 115 325 430 870 639 1,509 36,392 37,901 Total $ 302 $ 362 $ 453 $ 1,117 $ 5,946 $ 7,063 $ 108,627 $ 115,690 The following table provides an aging analysis of our financing receivables as of March 31, 2021 (in thousands): 31-60 Days Past Due 61-90 Days Past Due > Days Past Due Total Past Due Current Total Billed Unbilled Amortized Cost Notes receivable $ 648 $ 910 $ 673 $ 2,231 $ 3,240 $ 5,471 $ 107,170 $ 112,641 Lease receivables 804 132 643 1,579 2,566 4,145 61,278 65,423 Total $ 1,452 $ 1,042 $ 1,316 $ 3,810 $ 5,806 $ 9,616 $ 168,448 $ 178,064 Our financial assets on nonaccrual status were not significant as of March 31, 2022 and March 31, 2021.

PROPERTY AND EQUIPMENT-NET (Tab

PROPERTY AND EQUIPMENT-NET (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT-NET (Tables)	Mar. 31, 2022
PROPERTY AND EQUIPMENT-NET [Abstract]
Property and Equipment-Net	Property and equipment—net is a component of Property, equipment, and other assets. Our balance consists of the following (in thousands): March 31, 2022 March 31, 2021 Furniture, fixtures and equipment $ 28,640 $ 26,612 Leasehold improvements 7,615 6,918 Capitalized software 3,822 4,153 Vehicles 476 546 Total assets 40,553 38,229 Accumulated depreciation and amortization (32,642 ) (30,841 ) Property and equipment - net $ 7,911 $ 7,388

NOTES PAYABLE AND CREDIT FACI_2

NOTES PAYABLE AND CREDIT FACILITY (Tables)	12 Months Ended
NOTES PAYABLE AND CREDIT FACILITY (Tables)	Mar. 31, 2022
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
Recourse and Non-recourse Notes Payable	Our recourse and non-recourse notes payable as of mature as follows: Recourse notes payable Non-recourse notes payable Year ended March 31, 2023 $ 7,848 $ 17,315 2024 6,207 2,696 2025 - 961 2026 - 584 Total maturities $ 14,055 $ 21,556

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2022
EARNINGS PER SHARE [Abstract]
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share	The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net earnings per common share as disclosed in our consolidated statements of operations for the fiscal years ended March 31, 2022, 2021 and 2020 (in thousands, except per share data): 2022 2021 2020 Net earnings attributable to common shareholders - basic and diluted $ 105,600 $ 74,397 $ 69,082 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 26,638 26,674 26,654 Effect of dilutive shares 228 160 176 Weighted average shares common outstanding — diluted 26,866 26,834 26,830 Earnings per common share - basic $ 3.96 $ 2.79 $ 2.59 Earnings per common share - diluted $ 3.93 $ 2.77 $ 2.57

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
SHARE-BASED COMPENSATION (Tables)	Mar. 31, 2022
SHARE-BASED COMPENSATION [Abstract]
Summary of Grants	A summary of the non-vested restricted shares for year ended March 31, 2022, reflecting the stock split, is as follows: Number of Shares Weighted Average Grant-date Fair Value Nonvested April 1, 2021 366,756 $ 37.49 Granted 170,038 $ 46.56 Vested (185,716 ) $ 39.19 Forfeited (7,272 ) $ 34.07 Nonvested March 31, 2022 343,806 $ 41.01

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2022
INCOME TAXES [Abstract]
Reconciliation of Income Taxes to Statutory Federal Income Tax Rate	A reconciliation of income taxes computed at the statutory federal income tax rate of 21.0% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages): Year Ended March 31, 2022 2021 2020 Income tax expense computed at the U.S. statutory federal rate $ 30,845 $ 22,450 $ 20,182 State income tax expense—net of federal benefit 8,937 6,941 5,659 Non-deductible executive compensation 1,749 2,052 613 Other (247 ) 1,066 423 Provision for income taxes $ 41,284 $ 32,509 $ 26,877 Effective income tax rate 28.1 % 30.4 % 28.0 %
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows (in thousands): Year Ended March 31, 2022 2021 2020 Current: Federal $ 32,309 $ 26,054 $ 19,367 State 11,681 9,882 9,520 Foreign 894 770 200 Total current expense 44,884 36,706 29,087 Deferred: Federal (3,289 ) (3,067 ) (492 ) State (370 ) (1,096 ) (1,799 ) Foreign 59 (34 ) 81 Total deferred benefit (3,600 ) (4,197 ) (2,210 ) Provision for income taxes $ 41,284 $ 32,509 $ 26,877
Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities were as follows (in thousands): March 31, 2022 2021 Deferred tax assets: Accrued vacation $ 2,391 $ 2,537 Deferred revenue 5,090 4,227 Allowance for credit losses 951 1,048 Restricted stock 616 772 Other deferred tax assets 743 1,552 Accrued bonus 2,532 2,277 Lease liabilities 1,857 2,476 Other credits and carryforwards 249 - Gross deferred tax assets 14,429 14,889 Less: valuation allowance (250 ) - Net deferred tax assets 14,179 14,889 Deferred tax liabilities: Property and equipment (2,295 ) (2,391 ) Operating leases (2,759 ) (6,948 ) Prepaid expenses (887 ) (912 ) Right-of-use assets (1,869 ) (2,419 ) Tax deductible goodwill (1,319 ) (751 ) Total deferred tax liabilities (9,129 ) (13,421 ) Net deferred tax asset $ 5,050 $ 1,468

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2022
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Hierarchy of Financial Instruments	The following table provides the fair value of our assets and liabilities measured at fair value as categorized within the fair value hierarchy as of and (in s): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) March 31, 2022 Assets: Money market funds $ 18,138 $ 18,138 $ - $ - March 31, 2021 Assets: Money market funds $ 45,134 $ 45,134 $ - $ -

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
BUSINESS COMBINATIONS (Tables)	Mar. 31, 2022
Systems Management Planning (SMP) [Member]
Business Combination [Abstract]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Our allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable $ 14,526 Other assets 3,344 Identified intangible assets 14,280 Accounts payable and other current liabilities (11,424 ) Performance obligations (2,020 ) Total identifiable net assets 18,706 Goodwill 8,328 Total purchase consideration $ 27,034

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2022
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Our reportable segment information was as follows (in thousands): Year Ended March 31, 2022 2021 2020 Technology Financing Total Technology Financing Total Technology Financing Total Net Sales Product $ 1,492,411 $ 87,983 $ 1,580,394 $ 1,305,789 $ 60,369 $ 1,366,158 $ 1,337,022 $ 58,266 $ 1,395,288 Service 240,625 - 240,625 202,165 - 202,165 193,116 - 193,116 Total 1,733,036 87,983 1,821,019 1,507,954 60,369 1,568,323 1,530,138 58,266 1,588,404 Cost of Sales Product 1,175,789 35,154 1,210,943 1,036,627 13,050 1,049,677 1,069,110 7,663 1,076,773 Service 149,094 - 149,094 125,092 - 125,092 120,440 - 120,440 Total 1,324,883 35,154 1,360,037 1,161,719 13,050 1,174,769 1,189,550 7,663 1,197,213 Gross Profit 408,153 52,829 460,982 346,235 47,319 393,554 340,588 50,603 391,191 Selling, general, and administrative 283,690 13,427 297,117 256,210 15,053 271,263 264,123 15,059 279,182 Depreciation and amortization 14,535 111 14,646 13,839 112 13,951 14,016 140 14,156 Interest and financing costs 928 975 1,903 521 1,484 2,005 294 2,280 2,574 Operating expenses 299,153 14,513 313,666 270,570 16,649 287,219 278,433 17,479 295,912 Operating income 109,000 38,316 147,316 75,665 30,670 106,335 62,155 33,124 95,279 Other income (expense) (432 ) 571 680 Earnings before tax $ 146,884 $ 106,906 $ 95,959 Net Sales Contracts with customers $ 1,718,093 $ 34,842 $ 1,752,935 $ 1,484,104 $ 12,369 $ 1,496,473 $ 1,514,507 $ 4,589 $ 1,519,096 Financing and other 14,943 53,141 68,084 23,850 48,000 71,850 15,631 53,677 69,308 Total $ 1,733,036 $ 87,983 $ 1,821,019 $ 1,507,954 $ 60,369 $ 1,568,323 $ 1,530,138 $ 58,266 $ 1,588,404 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 15,592 $ 8,713 $ 24,305 $ 14,568 $ 5,423 $ 19,991 $ 14,516 $ 4,640 $ 19,156 Purchases of property, equipment and operating lease equipment $ 4,951 $ 18,231 $ 23,182 $ 4,752 $ 6,761 $ 11,513 $ 4,842 $ 2,167 $ 7,009 Selected Financial Data - Balance Sheet Total assets $ 941,743 $ 224,460 $ 1,166,203 $ 828,576 $ 248,199 $ 1,076,775 $ 709,854 $ 199,259 $ 909,113
Technology Segment Disaggregation of Revenue	We analyze net sales for our technology segment by customer end market and by vendor, as opposed to discrete product and service categories, which are summarized below (in thousands): Year Ended March 31, 2022 2021 2020 Customer end market: Telecom, Media & Entertainment $ 502,408 $ 371,913 $ 289,958 Technology 250,485 251,683 324,239 State and local government and educational institutions 241,769 245,919 243,092 Healthcare 270,481 200,067 233,894 Financial Services 155,160 198,761 191,679 All others 312,733 239,611 247,276 Net sales 1,733,036 1,507,954 1,530,138 Less: Revenue from financing and other (14,943 ) (23,850 ) (15,631 ) Revenue from contracts with customers $ 1,718,093 $ 1,484,104 $ 1,514,507 Year Ended March 31, 2022 2021 2020 Vendor: Cisco Systems $ 672,821 $ 537,041 $ 607,719 Dell EMC 148,782 107,336 84,939 Juniper Networks 92,965 91,946 68,339 HP Inc. & HPE 56,171 59,838 71,802 Arista Networks 44,280 51,789 75,281 NetApp 91,948 58,020 59,812 All others 626,069 601,984 562,246 Net sales 1,733,036 1,507,954 1,530,138 Less: Revenue from financing and other (14,943 ) (23,850 ) (15,631 ) Revenue from contracts with customers $ 1,718,093 $ 1,484,104 $ 1,514,507
Geographical Information	The geographic information for the years ended March 31, 2022, 2021, and 2020 was as follows (in thousands): Year Ended March 31, 2022 2021 2020 Net sales: US $ 1,716,525 $ 1,476,466 $ 1,508,329 Non US 104,494 91,857 80,075 Total $ 1,821,019 $ 1,568,323 $ 1,588,404 March 31, 2022 2021 Long-lived tangible assets: US $ 21,837 $ 33,504 Non US 716 931 Total $ 22,553 $ 34,435

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents, Concentrations of Risk, Financial Instruments, Financing Receivables and Operating Leases (Details) $ in Millions	Dec. 13, 2021	Nov. 09, 2021	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020
Stock Split [Abstract]
Stock split, conversion ratio	2	2
CASH AND CASH EQUIVALENTS [Abstract]
Amounts held in trust for third party recipients			$ 0	$ 0.7
Minimum [Member]
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
Financing receivables and operating leases term			2 years
Financing receivables and operating leases, term range			3 years
Estimated useful life			3 years
Maximum [Member]
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
Financing receivables and operating leases term			6 years
Financing receivables and operating leases, term range			4 years
Estimated useful life			7 years
Information Technology Equipment [Member]
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
Estimated useful life			4 years
Carrying Amount [Member]
FINANCIAL INSTRUMENTS [Abstract]
Notes receivable			$ 80.5	112.6
Carrying Amount [Member] \| Recourse [Member]
FINANCIAL INSTRUMENTS [Abstract]
Notes payable			13.1	18.1
Carrying Amount [Member] \| Non-recourse [Member]
FINANCIAL INSTRUMENTS [Abstract]
Notes payable			21.2	56.1
Fair Value [Member]
FINANCIAL INSTRUMENTS [Abstract]
Notes receivable			80	113.2
Fair Value [Member] \| Recourse [Member]
FINANCIAL INSTRUMENTS [Abstract]
Notes payable			13.1	18.1
Fair Value [Member] \| Non-recourse [Member]
FINANCIAL INSTRUMENTS [Abstract]
Notes payable			$ 21.2	$ 56.3
Accounts Receivable-Trade [Member] \| Customer Concentration Risk [Member] \| Verizon Communications Inc. [Member] \| Technology Segment [Member]
CONCENTRATIONS OF RISK [Abstract]
Percentage of concentration risk			14.00%	20.00%
Net Sales [Member] \| Customer Concentration Risk [Member] \| Verizon Communications Inc. [Member] \| Technology Segment [Member]
CONCENTRATIONS OF RISK [Abstract]
Percentage of concentration risk			24.00%	19.00%	15.00%
Net Sales [Member] \| Product Concentration Risk [Member] \| Cisco Systems [Member] \| Technology Segment [Member]
CONCENTRATIONS OF RISK [Abstract]
Percentage of concentration risk			39.00%	36.00%	40.00%

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Foreign Currency Matters, Lessee Accounting, Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
FOREIGN CURRENCY MATTERS [Abstract]
Foreign currency translation gain (loss)	$ (0.5)	$ 0.5	$ (0.4)
Minimum [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property, plant and equipment, useful life	3 years
Maximum [Member]
LESSEE ACCOUNTING [Abstract]
Operating lease term of contract	6 years
PROPERTY AND EQUIPMENT [Abstract]
Property, plant and equipment, useful life	7 years
Internal Use IT Equipment [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property, plant and equipment, useful life	3 years
Software Licenses [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property, plant and equipment, useful life	5 years
Furniture, Fixtures [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property, plant and equipment, useful life	5 years
Telecommunications Equipment [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property, plant and equipment, useful life	7 years

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Software Development Costs, Vendor Consideration (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE [Abstract]
Intangible assets	$ 27,250	$ 38,614
VENDOR CONSIDERATION [Abstract]
Amount due from vendors	12,900	18,200
Software Capitalized for Internal [Member]
CAPITALIZATION OF COSTS OF SOFTWARE FOR INTERNAL USE [Abstract]
Intangible assets	0	200	$ 200
Other assets	$ 2,100	$ 3,400

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable - trade	$ 47,500	$ 54,600	$ 33,100
Current (included in deferred revenue)	85,826	72,299	54,486
Non-current (included in other liabilities)	30,086	26,042	$ 16,395
Revenue recognized from the beginning contract liability	57,500	$ 42,200
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	74,431
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 45,471
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 20,021
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 7,064
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 1,518
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 357
Expected timing of satisfaction, period

FINANCING RECEIVABLES AND OPE_3

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Profit Recognized for Sales-type Leases [Abstract]
Net sales	$ 14,943	$ 27,196
Cost of sales	12,478	17,855
Gross profit	2,465	9,341
Interest Income on Sales-type Leases [Abstract]
Interest income on sales-type leases	3,904	7,602
Lease income on operating leases	24,711	15,864
Financing Receivables, Net [Abstract]
Unguaranteed residual value	6,424	9,453
Initial direct costs, net of amortization		425
Allowance for credit losses	(3,800)	(4,447)	$ (3,189)	$ (2,614)
Reported as [Abstract]
Current	61,492	106,272
Unguaranteed residual value for sales-type leases	6,424	9,453
Future scheduled minimum lease payments [Abstract]
Year ending March 31, 2023	18,444
2024	11,267
2025	6,608
2026	1,881
2027 and thereafter	588
Total	38,788
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating leases	13,044	18,748
Accumulated depreciation	(7,985)	(7,870)
Investment in operating lease equipment - net	5,059	10,878
Unguaranteed residual value of operating lease equipment net	1,700	2,500
Future scheduled minimum lease rental payments [Abstract]
Year ending March 31, 2023	2,402
2024	976
2025	173
Total	3,551
Transfers of Financial Assets [Abstract]
Operating leases	6,900	8,800
Gain on sale of financing receivables	18,200	14,500	21,800
Proceeds from sale of financing receivables	855,100	364,000	593,700
Deferred revenue for servicing obligation	500	400
Notes Payable [Member] \| Asset Pledged as Collateral [Member] \| Nonrecourse [Member]
Transfers of Financial Assets [Abstract]
Finance receivables	21,100	60,500
Operating leases	2,000	3,300
Notes Receivable [Member]
Financing Receivables, Net [Abstract]
Gross receivables	80,517	112,641
Unguaranteed residual value	0	0
Initial direct costs, net of amortization		425
Unearned income	(2,728)	0
Allowance for credit losses	(708)	(1,212)	(798)	(505)
Total, net	77,081	111,854
Reported as [Abstract]
Current	45,415	73,175
Long-term	31,666	38,679
Total, net	77,081	111,854
Lease Receivables [Member]
Financing Receivables, Net [Abstract]
Gross receivables	38,788	68,393
Unguaranteed residual value	9,141	14,876
Initial direct costs, net of amortization		0
Unearned income	(3,604)	(8,393)
Allowance for credit losses	(681)	(1,171)	$ (610)	$ (530)
Total, net	43,644	73,705
Reported as [Abstract]
Current	16,077	33,097
Long-term	27,567	40,608
Total, net	43,644	73,705
Financing Receivables [Member]
Financing Receivables, Net [Abstract]
Gross receivables	119,305	181,034
Unguaranteed residual value	9,141	14,876
Initial direct costs, net of amortization		425
Unearned income	(6,332)	(8,393)
Allowance for credit losses	(1,389)	(2,383)
Total, net	120,725	185,559
Reported as [Abstract]
Current	61,492	106,272
Long-term	59,233	79,287
Total, net	$ 120,725	$ 185,559

LESSEE ACCOUNTING (Details)

LESSEE ACCOUNTING (Details) - USD ($) $ in Thousands	12 Months Ended
LESSEE ACCOUNTING (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Lessee, Operating Lease [Abstract]
Right-of-use assets	$ 6,900	$ 8,800
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, equipment, and other assets	Property, equipment, and other assets
Current lease liabilities	$ 3,600	$ 3,900
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 3,300	$ 5,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Rent expense	$ 5,300	$ 6,100
Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term (months)	29 months	32 months
Weighted average discount rate	3.20%	3.70%
Future Lease Payments under Operating Leases [Abstract]
Year ending March 31, 2023	$ 3,635
2024	1,727
2025	1,301
2026	322
2027 and thereafter	156
Total lease payments	7,141
Less: interest	(271)
Present value of lease liabilities	$ 6,870
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Maximum [Member]
Lessee, Operating Lease [Abstract]
Operating lease term	6 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)Unit	Mar. 31, 2021USD ($)Unit
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 135,318	$ 126,770
Goodwill, Impairment Loss, Beginning Balance	(8,673)	(8,673)
Goodwill, Net Carrying Amount, Beginning Balance	126,645	118,097
Acquisitions	0	8,328
Foreign currency translations	(102)	220
Goodwill, Ending Balance	135,216	135,318
Goodwill, Impairment Loss, Ending Balance	(8,673)	(8,673)
Goodwill, Net Carrying Amount, Ending Balance	$ 126,543	$ 126,645
Number of reporting units \| Unit	1	1
Percentage change in the fair value	10.00%

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Other Intangible Assets [Abstract]
Gross carrying amount	$ 87,741	$ 87,888
Accumulated amortization	(60,491)	(49,274)
Intangible Assets, Net Carrying Amount	27,250	38,614
Future amortization expense [Abstract]
Intangible Assets, Net Carrying Amount	27,250	38,614
Customer Relationships & Other Intangibles [Member]
Other Intangible Assets [Abstract]
Gross carrying amount	77,224	77,335
Accumulated amortization	(52,087)	(42,115)
Intangible Assets, Net Carrying Amount	25,137	35,220
Total amortization expense	10,100	10,300	$ 9,400
Future amortization expense [Abstract]
Year ending March 31, 2023	8,024
2024	6,216
2025	4,645
2026	3,156
2027	1,887
2028 and thereafter	1,209
Intangible Assets, Net Carrying Amount	$ 25,137	35,220
Customer Relationships & Other Intangibles [Member] \| Minimum [Member]
Other Intangible Assets [Abstract]
Estimated useful life	5 years
Customer Relationships & Other Intangibles [Member] \| Maximum [Member]
Other Intangible Assets [Abstract]
Estimated useful life	10 years
Capitalized Software Development [Member]
Other Intangible Assets [Abstract]
Gross carrying amount	$ 10,517	10,553
Accumulated amortization	(8,404)	(7,159)
Intangible Assets, Net Carrying Amount	$ 2,113	3,394
Estimated useful life	5 years
Future amortization expense [Abstract]
Intangible Assets, Net Carrying Amount	$ 2,113	$ 3,394

ALLOWANCE FOR CREDIT LOSSES, Ac

ALLOWANCE FOR CREDIT LOSSES, Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Activity in reserves for credit losses [Roll Forward]
Balance	$ 4,447	$ 3,189	$ 2,614
Provision for credit losses	(102)	1,436	1,004
Write-offs and other	(545)	(178)	(429)
Balance	3,800	4,447	3,189
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	2,064	1,781	1,579
Provision for credit losses	482	367	627
Write-offs and other	(135)	(84)	(425)
Balance	2,411	2,064	1,781
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,212	798	505
Provision for credit losses	(312)	503	293
Write-offs and other	(192)	(89)	0
Balance	708	1,212	798
Lease Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,171	610	530
Provision for credit losses	(272)	566	84
Write-offs and other	(218)	(5)	(4)
Balance	$ 681	$ 1,171	$ 610

ALLOWANCE FOR CREDIT LOSSES, Am

ALLOWANCE FOR CREDIT LOSSES, Amortized Cost Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	$ 69,671	$ 153,825
2021/2020	39,075	18,085
2020/2019	5,295	4,458
2019/2018	1,507	1,512
2018/2017	127	184
2017	15
Total	115,690	178,064
Transfers	(38,769)	(78,427)
Net credit exposure	76,921	99,637
Unguaranteed residual value	6,424	9,453
Lease receivable and initial direct costs of notes receivable, net of amortization		425
Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	44,186	101,482
2021/2020	30,981	8,718
2020/2019	2,055	1,643
2019/2018	558	779
2018/2017	5	19
2017	4
Total	77,789	112,641
Transfers	(35,037)	(66,367)
Net credit exposure	42,752	46,274
Unguaranteed residual value	0	0
Lease receivable and initial direct costs of notes receivable, net of amortization		425
Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	25,485	52,343
2021/2020	8,094	9,367
2020/2019	3,240	2,815
2019/2018	949	733
2018/2017	122	165
2017	11
Total	37,901	65,423
Transfers	(3,732)	(12,060)
Net credit exposure	34,169	53,363
Unguaranteed residual value	$ 9,141	14,876
Lease receivable and initial direct costs of notes receivable, net of amortization		0
High CQR [Member] \| Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	1.00%
High CQR [Member] \| Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	$ 35,264	93,793
2021/2020	28,005	6,250
2020/2019	1,297	769
2019/2018	345	771
2018/2017	2	19
2017	4
Total	64,917	101,602
Transfers	(30,274)	(63,471)
Net credit exposure	34,643	38,131
High CQR [Member] \| Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	14,549	28,898
2021/2020	5,002	5,885
2020/2019	2,499	1,798
2019/2018	902	463
2018/2017	50	125
2017	11
Total	23,013	37,169
Transfers	(3,385)	(7,468)
Net credit exposure	$ 19,628	29,701
Average CQR [Member] \| Minimum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	2.00%
Average CQR [Member] \| Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	10.00%
Average CQR [Member] \| Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	$ 8,922	7,689
2021/2020	2,976	2,468
2020/2019	758	550
2019/2018	213	8
2018/2017	3	0
2017	0
Total	12,872	10,715
Transfers	(4,763)	(2,896)
Net credit exposure	8,109	7,819
Average CQR [Member] \| Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	10,936	23,445
2021/2020	3,092	3,482
2020/2019	741	1,017
2019/2018	47	270
2018/2017	72	40
2017	0
Total	14,888	28,254
Transfers	(347)	(4,592)
Net credit exposure	$ 14,541	23,662
Low CQR [Member] \| Minimum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	10.00%
Low CQR [Member] \| Maximum [Member]
Credit Risk Profile, Segregated by Class [Abstract]
Loss rate on credit quality rating	100.00%
Low CQR [Member] \| Notes Receivable [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	$ 0	0
2021/2020	0	0
2020/2019	0	324
2019/2018	0	0
2018/2017	0	0
2017	0
Total	0	324
Transfers	0	0
Net credit exposure	0	324
Low CQR [Member] \| Lease Receivables [Member]
Credit Risk Profile, Segregated by Class [Abstract]
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
2018/2017	0	0
2017	0
Total	0	0
Transfers	0	0
Net credit exposure	$ 0	$ 0

ALLOWANCE FOR CREDIT LOSSES, Ag

ALLOWANCE FOR CREDIT LOSSES, Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	$ 7,063	$ 9,616
Unbilled	108,627	168,448
Total	115,690	178,064
Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	5,554	5,471
Unbilled	72,235	107,170
Total	77,789	112,641
Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Billed	1,509	4,145
Unbilled	36,392	61,278
Total	37,901	65,423
Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	1,117	3,810
Past Due [Member] \| Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	247	2,231
Past Due [Member] \| Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	870	1,579
31 to 60 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	302	1,452
31 to 60 Days Past Due [Member] \| Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	187	648
31 to 60 Days Past Due [Member] \| Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	115	804
61 to 90 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	362	1,042
61 to 90 Days Past Due [Member] \| Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	37	910
61 to 90 Days Past Due [Member] \| Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	325	132
> 90 Days Past Due [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	453	1,316
> 90 Days Past Due [Member] \| Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	23	673
> 90 Days Past Due [Member] \| Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	430	643
Current [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	5,946	5,806
Current [Member] \| Notes Receivable [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	5,307	3,240
Current [Member] \| Lease Receivables [Member]
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR [Abstract]
Total	$ 639	$ 2,566

PROPERTY AND EQUIPMENT-NET (Det

PROPERTY AND EQUIPMENT-NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Property and equipment - net [Abstract]
Total assets	$ 40,553	$ 38,229
Accumulated depreciation and amortization	(32,642)	(30,841)
Property and equipment - net	7,911	7,388
Depreciation expense on property and equipment	5,400	5,400	$ 4,800
Furniture, Fixtures and Equipment [Member]
Property and equipment - net [Abstract]
Total assets	28,640	26,612
Leasehold Improvements [Member]
Property and equipment - net [Abstract]
Total assets	7,615	6,918
Capitalized Software [Member]
Property and equipment - net [Abstract]
Total assets	3,822	4,153
Vehicles [Member]
Property and equipment - net [Abstract]
Total assets	$ 476	$ 546

NOTES PAYABLE AND CREDIT FACI_3

NOTES PAYABLE AND CREDIT FACILITY (Details) - USD ($)	12 Months Ended
NOTES PAYABLE AND CREDIT FACILITY (Details) - USD ($)	Mar. 31, 2022	Oct. 13, 2021	Sep. 30, 2021	Mar. 31, 2021
Revolving Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility		$ 100,000,000
2021 Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility		$ 375,000,000
Guarantor obligations for credit facility, maximum	$ 10,500,000
2021 Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Basis spread on reference rate	1.75%
Debt instrument term of variable rate	one-month, three-month, six-month and 12-month
Debt instrument floor rate	0.00%
Recourse [Member]
Debt Maturity [Abstract]
Year ending March 31, 2023	$ 7,848,000
2024	6,207,000
2025	0
2026	0
Long-term debt	14,055,000
Non-recourse [Member]
Debt Maturity [Abstract]
Year ending March 31, 2023	17,315,000
2024	2,696,000
2025	961,000
2026	584,000
Long-term debt	$ 21,556,000
Notes Payable [Member] \| Recourse [Member]
Notes Payable [Abstract]
Weighted average interest rate of notes	3.50%			3.50%
Debt Maturity [Abstract]
Long-term debt	$ 13,100,000			$ 18,100
Notes Payable [Member] \| Non-recourse [Member]
Notes Payable [Abstract]
Weighted average interest rate of notes	3.59%			3.35%
Debt Maturity [Abstract]
Long-term debt	$ 21,200,000			$ 56,100,000
WFCDF [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 0
Period of notice required to terminate credit facility at quarter end	45 days
Period of notice required to terminate credit facility at year end	90 days
WFCDF [Member] \| Floor Plan Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 145,300,000			98,700,000
WFCDF [Member] \| Revolving Credit Facility [Member]
Credit Facility [Abstract]
Amount outstanding under credit facility	$ 0			$ 0
WFCDF [Member] \| 2021 Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity under credit facility			$ 275,000,000
Initial term	1 year
Renewal term	1 year
Period of notice required to terminate credit facility at year end	90 days

EARNINGS PER SHARE, Calculation

EARNINGS PER SHARE, Calculation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 105,600	$ 74,397	$ 69,082
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding - basic (in shares)	26,638	26,674	26,654
Effect of dilutive shares (in shares)	228	160	176
Weighted average shares common outstanding - diluted (in shares)	26,866	26,834	26,830
Earnings per common share - basic (in dollars per share)	$ 3.96	$ 2.79	$ 2.59
Earnings per common share - diluted (in dollars per share)	$ 3.93	$ 2.77	$ 2.57

STOCKHOLDERS' EQUITY, Stock Spl

STOCKHOLDERS' EQUITY, Stock Split and Treasury Stock (Details) $ in Thousands	Dec. 13, 2021	Nov. 10, 2021USD ($)shares	Nov. 09, 2021	Mar. 31, 2022USD ($)
Stock Split and Treasury Stock [Abstract]
Stock split, conversion ratio	2		2
Dividend payable, date to be paid				Dec. 13, 2021
Dividend payable, date of record				Nov. 29, 2021
Retirement of treasury stock				$ 0
Treasury Stock [Member]
Stock Split and Treasury Stock [Abstract]
Treasury stock shares retired (in shares) \| shares		2,139,918
Retirement of treasury stock				$ (82,246)
Common Stock and Retained Earnings [Member]
Stock Split and Treasury Stock [Abstract]
Retirement of treasury stock		$ 82,200

STOCKHOLDERS' EQUITY, Share Rep

STOCKHOLDERS' EQUITY, Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 24, 2022	Mar. 18, 2021	May 20, 2020
Share Repurchase Plan [Abstract]
Authorized number of shares under stock repurchase program (in shares)			1,000,000	1,000,000	1,000,000
Common stock repurchased during the period (in shares)	227,990	118,202
Average cost of share repurchased (in dollars per share)	$ 48.48	$ 35.92
Common stock repurchased during the period	$ 11.1	$ 4.2
Shares repurchased to satisfy tax withholding obligation (in shares)	55,430	75,280
Value of shares repurchased to satisfy tax withholding obligation	$ 2.6	$ 2.7

SHARE-BASED COMPENSATION, Direc

SHARE-BASED COMPENSATION, Director and Employee LTIP (Details)	12 Months Ended
	Mar. 31, 2022shares
2021 Employee LTIP [Member]
Share-Based Plans [Abstract]
Number of shares authorized (in shares)	3,000,000
2012 Employee LTIP [Member]
Share-Based Plans [Abstract]
Number of shares authorized (in shares)	3,000,000
2017 Director LTIP [Member]
Share-Based Plans [Abstract]
Number of shares authorized (in shares)	300,000
2017 Director LTIP [Member] \| Tranche One [Member]
Share-Based Plans [Abstract]
Shares vesting period	1 year
Shares vesting percentage	50.00%
2017 Director LTIP [Member] \| Tranche Two [Member]
Share-Based Plans [Abstract]
Shares vesting period	2 years
Shares vesting percentage	50.00%

SHARE-BASED COMPENSATION, Stock

SHARE-BASED COMPENSATION, Stock Option and Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			55 Months Ended	115 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2022	Mar. 31, 2022
Stock Option Activity [Abstract]
Stock options granted (in shares)	0	0	0
Options outstanding (in shares)	0	0	0	0	0
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)	55,430	75,280
Vested share-based awards withheld to satisfy income tax obligations	$ 2.6	$ 2.7
Restricted Stock [Member]
Number of Shares [Roll Forward]
Nonvested at beginning of period (in shares)	366,756
Granted (in shares)	170,038
Vested (in shares)	(185,716)
Forfeited (in shares)	(7,272)
Nonvested at end of period (in shares)	343,806	366,756		343,806	343,806
Weighted Average Grant-date Fair Value [Roll Forward]
Nonvested at beginning of period (in dollars per share)	$ 37.49
Granted (in dollars per share)	46.56	$ 35.95	$ 36.47
Vested (in dollars per share)	39.19
Forfeited (in dollars per share)	34.07
Nonvested at end of period (in dollars per share)	$ 41.01	$ 37.49		$ 41.01	$ 41.01
Aggregated fair value of restricted shares	$ 7.1	$ 7.7	$ 7.6
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)	55,430	75,280
Vested share-based awards withheld to satisfy income tax obligations	$ 2.6	$ 2.7
2017 Director LTIP [Member] \| Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	14,316			81,476
2012 Employee LTIP [Member] \| Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	155,722				2,144,578
2021 Employee LTIP [Member] \| Restricted Stock [Member]
Number of Shares [Roll Forward]
Granted (in shares)	0

SHARE-BASED COMPENSATION, Compe

SHARE-BASED COMPENSATION, Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Compensation Expense [Abstract]
Total share-based compensation expense	$ 7,114	$ 7,169	$ 7,954
Recognized tax benefit	2,000	2,200	2,200
401 (k) Profit Sharing Plan [Abstract]
Contribution to profit sharing plan	3,400	$ 3,000	$ 2,800
Restricted Stock [Member]
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 8,700
Unrecognized compensation expense, period for recognition	27 months

INCOME TAXES, Reconciliation of

INCOME TAXES, Reconciliation of Income taxes Computed at the Statutory Federal Income Tax Rate to Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of income taxes to the statutory rate [Abstract]
Income tax expense computed at the U.S. statutory federal rate	$ 30,845	$ 22,450	$ 20,182
State income tax expense - net of federal benefit	8,937	6,941	5,659
Non-deductible executive compensation	1,749	2,052	613
Other	(247)	1,066	423
Provision for income taxes	$ 41,284	$ 32,509	$ 26,877
Effective income tax rate	28.10%	30.40%	28.00%

INCOME TAXES, Components of the

INCOME TAXES, Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Current [Abstract]
Federal	$ 32,309	$ 26,054	$ 19,367
State	11,681	9,882	9,520
Foreign	894	770	200
Total current expense	44,884	36,706	29,087
Deferred [Abstract]
Federal	(3,289)	(3,067)	(492)
State	(370)	(1,096)	(1,799)
Foreign	59	(34)	81
Total deferred benefit	(3,600)	(4,197)	(2,210)
Provision for income taxes	$ 41,284	$ 32,509	$ 26,877

INCOME TAXES, Deferred Tax Asse

INCOME TAXES, Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred tax assets [Abstract]
Accrued vacation	$ 2,391	$ 2,537
Deferred revenue	5,090	4,227
Allowance for credit losses	951	1,048
Restricted stock	616	772
Other deferred tax assets	743	1,552
Accrued bonus	2,532	2,277
Lease liabilities	1,857	2,476
Other credits and carryforwards	249	0
Gross deferred tax assets	14,429	14,889
Less: valuation allowance	(250)	0
Net deferred tax assets	14,179	14,889
Deferred tax liabilities [Abstract]
Property and equipment	(2,295)	(2,391)
Operating leases	(2,759)	(6,948)
Prepaid expenses	(887)	(912)
Right-of-use assets	(1,869)	(2,419)
Tax deductible goodwill	(1,319)	(751)
Total deferred tax liabilities	(9,129)	(13,421)
Net deferred tax asset	$ 5,050	$ 1,468

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Assets [Abstract]
Money market funds	$ 18,138	$ 45,134
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds	18,138	45,134
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Money market funds	0	0
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Money market funds	$ 0	$ 0

BUSINESS COMBINATIONS, Systems

BUSINESS COMBINATIONS, Systems Management Planning (SMP) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill	$ 126,543	$ 126,645		$ 118,097
Systems Management Planning (SMP) [Member]
Business Combination [Abstract]
Cash portion of the acquisition	29,000
Receivable related to working capital adjustment	$ 2,000
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable			$ 14,526
Other assets			3,344
Identified intangible assets			14,280
Accounts payable and other current liabilities			(11,424)
Performance obligation			(2,020)
Total identifiable net assets			18,706
Goodwill			8,328
Total purchase consideration			$ 27,034
Systems Management Planning (SMP) [Member] \| Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Estimated useful lives	7 years

SEGMENT REPORTING, Reportable S

SEGMENT REPORTING, Reportable Segment Information (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)Segment	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
SEGMENT REPORTING [Abstract]
Number of business segment \| Segment	2
Reportable Segment Information [Abstract]
Net sales	$ 1,821,019	$ 1,568,323	$ 1,588,404
Cost of Sales [Abstract]
Cost of sales	1,360,037	1,174,769	1,197,213
Gross profit	460,982	393,554	391,191
Selling, general, and administrative expenses	297,117	271,263	279,182
Depreciation and amortization	14,646	13,951	14,156
Interest and financing costs	1,903	2,005	2,574
Operating expenses	313,666	287,219	295,912
Operating income	147,316	106,335	95,279
Other income	(432)	571	680
Earnings before tax	146,884	106,906	95,959
Net Sales [Abstract]
Contracts with customers	1,752,935	1,496,473	1,519,096
Financing and other	68,084	71,850	69,308
Net sales	1,821,019	1,568,323	1,588,404
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	24,305	19,991	19,156
Purchases of property, equipment and operating lease equipment	23,182	11,513	7,009
Selected Financial Data - Balance Sheet [Abstract]
Total assets	1,166,203	1,076,775	909,113
Product [Member]
Reportable Segment Information [Abstract]
Net sales	1,580,394	1,366,158	1,395,288
Cost of Sales [Abstract]
Cost of sales	1,210,943	1,049,677	1,076,773
Net Sales [Abstract]
Net sales	1,580,394	1,366,158	1,395,288
Service [Member]
Reportable Segment Information [Abstract]
Net sales	240,625	202,165	193,116
Cost of Sales [Abstract]
Cost of sales	149,094	125,092	120,440
Net Sales [Abstract]
Net sales	240,625	202,165	193,116
Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	1,733,036	1,507,954	1,530,138
Net Sales [Abstract]
Contracts with customers	1,718,093	1,484,104	1,514,507
Financing and other	14,943	23,850	15,631
Net sales	1,733,036	1,507,954	1,530,138
Operating Segments [Member] \| Technology Segment [Member]
Reportable Segment Information [Abstract]
Net sales	1,733,036	1,507,954	1,530,138
Cost of Sales [Abstract]
Cost of sales	1,324,883	1,161,719	1,189,550
Gross profit	408,153	346,235	340,588
Selling, general, and administrative expenses	283,690	256,210	264,123
Depreciation and amortization	14,535	13,839	14,016
Interest and financing costs	928	521	294
Operating expenses	299,153	270,570	278,433
Operating income	109,000	75,665	62,155
Net Sales [Abstract]
Contracts with customers	1,718,093	1,484,104	1,514,507
Financing and other	14,943	23,850	15,631
Net sales	1,733,036	1,507,954	1,530,138
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	15,592	14,568	14,516
Purchases of property, equipment and operating lease equipment	4,951	4,752	4,842
Selected Financial Data - Balance Sheet [Abstract]
Total assets	941,743	828,576	709,854
Operating Segments [Member] \| Technology Segment [Member] \| Product [Member]
Reportable Segment Information [Abstract]
Net sales	1,492,411	1,305,789	1,337,022
Cost of Sales [Abstract]
Cost of sales	1,175,789	1,036,627	1,069,110
Net Sales [Abstract]
Net sales	1,492,411	1,305,789	1,337,022
Operating Segments [Member] \| Technology Segment [Member] \| Service [Member]
Reportable Segment Information [Abstract]
Net sales	240,625	202,165	193,116
Cost of Sales [Abstract]
Cost of sales	149,094	125,092	120,440
Net Sales [Abstract]
Net sales	240,625	202,165	193,116
Operating Segments [Member] \| Financing Segment [Member]
Reportable Segment Information [Abstract]
Net sales	87,983	60,369	58,266
Cost of Sales [Abstract]
Cost of sales	35,154	13,050	7,663
Gross profit	52,829	47,319	50,603
Selling, general, and administrative expenses	13,427	15,053	15,059
Depreciation and amortization	111	112	140
Interest and financing costs	975	1,484	2,280
Operating expenses	14,513	16,649	17,479
Operating income	38,316	30,670	33,124
Net Sales [Abstract]
Contracts with customers	34,842	12,369	4,589
Financing and other	53,141	48,000	53,677
Net sales	87,983	60,369	58,266
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	8,713	5,423	4,640
Purchases of property, equipment and operating lease equipment	18,231	6,761	2,167
Selected Financial Data - Balance Sheet [Abstract]
Total assets	224,460	248,199	199,259
Operating Segments [Member] \| Financing Segment [Member] \| Product [Member]
Reportable Segment Information [Abstract]
Net sales	87,983	60,369	58,266
Cost of Sales [Abstract]
Cost of sales	35,154	13,050	7,663
Net Sales [Abstract]
Net sales	87,983	60,369	58,266
Operating Segments [Member] \| Financing Segment [Member] \| Service [Member]
Reportable Segment Information [Abstract]
Net sales	0	0	0
Cost of Sales [Abstract]
Cost of sales	0	0	0
Net Sales [Abstract]
Net sales	$ 0	$ 0	$ 0

SEGMENT REPORTING, Technology S

SEGMENT REPORTING, Technology Segment Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Abstract]
Net sales	$ 1,821,019	$ 1,568,323	$ 1,588,404
Less: Revenue from financing and other	(68,084)	(71,850)	(69,308)
Revenue from contracts with customers	1,752,935	1,496,473	1,519,096
Technology Segment [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,733,036	1,507,954	1,530,138
Less: Revenue from financing and other	(14,943)	(23,850)	(15,631)
Revenue from contracts with customers	1,718,093	1,484,104	1,514,507
Technology Segment [Member] \| Technology [Member]
Disaggregation of Revenue [Abstract]
Net sales	250,485	251,683	324,239
Technology Segment [Member] \| Telecom, Media & Entertainment [Member]
Disaggregation of Revenue [Abstract]
Net sales	502,408	371,913	289,958
Technology Segment [Member] \| Financial Services [Member]
Disaggregation of Revenue [Abstract]
Net sales	155,160	198,761	191,679
Technology Segment [Member] \| State and Local Government and Educational Institutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	241,769	245,919	243,092
Technology Segment [Member] \| Health Care [Member]
Disaggregation of Revenue [Abstract]
Net sales	270,481	200,067	233,894
Technology Segment [Member] \| All others [Member]
Disaggregation of Revenue [Abstract]
Net sales	312,733	239,611	247,276
Technology Segment [Member] \| Cisco Systems [Member]
Disaggregation of Revenue [Abstract]
Net sales	672,821	537,041	607,719
Technology Segment [Member] \| NetApp [Member]
Disaggregation of Revenue [Abstract]
Net sales	91,948	58,020	59,812
Technology Segment [Member] \| HP Inc. & HPE [Member]
Disaggregation of Revenue [Abstract]
Net sales	56,171	59,838	71,802
Technology Segment [Member] \| Dell / EMC [Member]
Disaggregation of Revenue [Abstract]
Net sales	148,782	107,336	84,939
Technology Segment [Member] \| Arista Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	44,280	51,789	75,281
Technology Segment [Member] \| Juniper Networks [Member]
Disaggregation of Revenue [Abstract]
Net sales	92,965	91,946	68,339
Technology Segment [Member] \| All others [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 626,069	$ 601,984	$ 562,246

SEGMENT REPORTING, Geographic I

SEGMENT REPORTING, Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Net Sales [Abstract]
Net sales	$ 1,821,019	$ 1,568,323	$ 1,588,404
Long-lived Tangible Assets [Abstract]
Long-lived tangible assets	22,553	34,435
U.S. [Member]
Net Sales [Abstract]
Net sales	1,716,525	1,476,466	1,508,329
Long-lived Tangible Assets [Abstract]
Long-lived tangible assets	21,837	33,504
Non U.S [Member]
Net Sales [Abstract]
Net sales	104,494	91,857	$ 80,075
Long-lived Tangible Assets [Abstract]
Long-lived tangible assets	$ 716	$ 931

SEGMENT REPORTING, Concentratio

SEGMENT REPORTING, Concentration Risk (Details)	12 Months Ended
SEGMENT REPORTING, Concentration Risk (Details)	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenue [Member] \| Customer Concentration Risk [Member] \| Verizon Communications Inc. [Member] \| Technology Segment [Member]
Concentration of Risk [Abstract]
Percentage of concentration risk	24.00%	19.00%	15.00%

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Movement in Valuation Allowances and Reserves [Roll Forward]
Expected merchandise returns	$ 7,800	$ 7,400	$ 6,500
Allowance for Sales Returns [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,189	1,038	852
Charged to Costs and Expenses	2,158	2,909	2,678
Deductions/Write-Offs	(2,101)	(2,758)	(2,492)
Balance at End of Period	1,246	1,189	1,038
Allowance for Credit Losses [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	4,447	3,189	2,614
Charged to Costs and Expenses	(102)	1,436	1,004
Deductions/Write-Offs	(545)	(178)	(429)
Balance at End of Period	3,800	4,447	3,189
Valuation for Deferred Taxes [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	0	1,385	1,065
Charged to Costs and Expenses	250	0	320
Deductions/Write-Offs	0	(1,385)	0
Balance at End of Period	$ 250	$ 0	$ 1,385