REVENUES

6 Months Ended

Sep. 30, 2024

REVENUES [Abstract]

REVENUES

3. REVENUES

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

Our balance in accounts receivable—trade, net includes our accounts receivable recognized from contracts with customers and contract assets. Contract assets represent our right to consideration in exchange for goods or services that we transferred to a customer when that right is conditioned on something other than the passage of time.

The following table provides a disaggregation of our balance in accounts receivable—trade, net (in thousands):

	September 30, 2024			March 31, 2024
Accounts receivable	$	574,762		$	635,370
Contract assets		15,652			11,795
Allowance for credit losses		(2,416	)		(2,549	)
Total accounts receivable—trade, net	$	587,998		$	644,616

In addition, we had $39.2 million and $44.6 million of receivables from contracts with customers included within financing receivables as of September 30, 2024, and March 31, 2024, respectively.

CONTRACT LIABILITIES

Contract liabilities represent our obligation to transfer goods or services to a customer for which we received consideration, or the amount is due from the customer. The following table provides our total balance of contract liabilities (in thousands):

	September 30, 2024		March 31, 2024
Current (included in deferred revenue)	$	142,917	$	134,110
Non-current (included in other liabilities)	$	77,193	$	68,174

Revenue recognized from the beginning contract liability balance was $32.0 million and $72.5 million for the three and six months ended September 30, 2024, respectively, and $23.4 million and $54.3 million for the three and six months ended September 30, 2023, respectively.

PERFORMANCE OBLIGATIONS

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

Remainder of the year ending March 31, 2025	$	56,178
Year ending March 31, 2026		55,475
Year ending March 31, 2027		31,633
Year ending March 31, 2028		13,063
Year ending March 31, 2029, and thereafter		8,550
Total remaining performance obligations	$	164,899

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.