REVENUES

3 Months Ended

Jun. 30, 2025

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):

	June 30, 2025			March 31, 2025
Accounts receivable	$	687,904		$	507,052
Contract assets		16,288			13,775
Allowance for credit losses		(3,319	)		(3,902	)
Total accounts receivable—trade, net	$	700,873		$	516,925

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. Our contract liabilities consist of our deferred revenue and deferred revenue—long-term in our consolidated balance sheets. Revenues recognized from the beginning contract liability balance was $42.8 million and $40.5 million for the three months ended June 30, 2025, and 2024, 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, 2026	$	74,913
Year ending March 31, 2027		50,250
Year ending March 31, 2028		25,546
Year ending March 31, 2029		13,538
Year ending March 31, 2030 and thereafter		4,369
Total remaining performance obligations	$	168,616

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.