REVENUES

6 Months Ended

Sep. 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):

		September 30, 2025			March 31, 2025
Accounts receivable	$	664,541		$	507,052
Contract assets		15,050			13,775
Allowance for credit losses		(2,813	)		(3,902	)
Total accounts receivable—trade, net	$	676,778		$	516,925

As of September 30, 2025, our accounts receivable includes $16.2 million that is due from a financing partner in payment for our sale of customer receivables to them. Additionally, within other current assets in our consolidated balance sheet, we have $5.9 million in receivables recognized from contracts with customers that we intend to sell to this financing partner.

CONTRACT LIABILITIES

Contract liabilities represent our obligation to transfer goods or services to a customer for which we have 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 were $33.5 million and $76.3 million for the three and six months ended September 30, 2025, respectively, and $32.0 million and $72.5 million for the three and six months ended September 30, 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	$	59,032
Year ending March 31, 2027		63,610
Year ending March 31, 2028		31,427
Year ending March 31, 2029		16,894
Year ending March 31, 2030, and thereafter		6,784
Total remaining performance obligations	$	177,747

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.