| Revision of prior period statements |
The following table summarizes the impact of the correction of the errors on the Condensed Consolidated Statement of Cash Flows for the period presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, 2021 |
|
As previously reported |
|
FF Life and FF Insurance acquisitions |
|
Adjustments for discontinued operations |
|
As recasted |
|
Correction of errors |
|
As restated |
| Net cash flows (used in)/from operating activities |
$ |
(582,080) |
|
|
$ |
25,782 |
|
|
(34,465) |
|
|
$ |
(590,763) |
|
|
$ |
(21,090) |
|
|
$ |
(611,853) |
|
| Net cash flows used in investing activities |
(6,110) |
|
|
(52,276) |
|
|
— |
|
|
(58,386) |
|
|
(34,709) |
|
|
(93,095) |
|
| Net cash flows (used in)/from financing activities |
338,792 |
|
|
47,203 |
|
|
— |
|
|
385,995 |
|
|
55,799 |
|
|
441,794 |
|
| Effect of changes in foreign exchange rates on cash and cash equivalents |
10,593 |
|
|
(2,221) |
|
|
(1,998) |
|
|
6,374 |
|
|
— |
|
|
6,374 |
|
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(238,805) |
|
|
$ |
18,488
|
|
|
$ |
(36,463) |
|
|
$ |
(256,780) |
|
|
$ |
—
|
|
|
$ |
(256,780) |
|
The following table summarizes the impact of the correction of errors broken down by continuing and discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, 2021 |
|
As restated |
|
Correction of errors |
|
As restated |
| Net cash flows used in operating activities from continuing operations |
$ |
(256,764) |
|
|
$ |
(132,188) |
|
|
$ |
(388,952) |
|
| Net cash flows (used in)/from operating activities from discontinued operations |
(333,999) |
|
|
111,098 |
|
|
(222,901) |
|
| Net cash flows used in investing activities from continuing operations |
(56,167) |
|
|
(34,138) |
|
|
(90,305) |
|
| Net cash flows used in investing activities from discontinued operations |
(2,219) |
|
|
(571) |
|
|
(2,790) |
|
| Net cash flows from financing activities from continuing operations |
320,364 |
|
|
83,448 |
|
|
403,812 |
|
| Net cash flows from/used in financing activities from discontinued operations |
65,631 |
|
|
(27,649) |
|
|
37,982 |
|
| Effect of changes in foreign exchange rates on cash and cash equivalents from continuing operations |
(7,321) |
|
|
— |
|
|
(7,321) |
|
| Effect of changes in foreign exchange rates on cash and cash equivalents from discontinued operations |
13,695 |
|
|
— |
|
|
13,695 |
|
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(256,780) |
|
|
$ |
—
|
|
|
$ |
(256,780) |
|
In the Company's previously issued condensed consolidated financial statements, interest income from margin lending to clients had been erroneously classified within fee and commission income from brokerage services. Such income has been reclassified to interest income as a separate sub-line item within interest income entitled interest income from margin lending to clients. For additional information see Note 19 Net interest income/(expense) to the condensed consolidated financial statements. The following tables summarize the impact of corrections of the errors on the Condensed Consolidated Statement of Operations for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, 2021 |
|
Issued |
|
FF Life and FF Insurance acquisition |
|
Adjustments for discontinued operations |
|
As restated |
|
Correction of errors |
|
As restated |
| Fee and commission income |
$ |
122,237 |
|
|
$ |
(3) |
|
|
$ |
(25,905) |
|
|
$ |
96,329 |
|
|
$ |
(4,921) |
|
|
$ |
91,408 |
|
| Net gain on trading securities |
403 |
|
|
649 |
|
|
6,611 |
|
|
7,663 |
|
|
— |
|
|
7,663 |
|
| Interest income |
22,907 |
|
|
8,858 |
|
|
(3,029) |
|
|
28,736 |
|
|
4,921 |
|
|
33,657 |
|
| Insurance underwriting income |
— |
|
|
21,394 |
|
|
— |
|
|
21,394 |
|
|
— |
|
|
21,394 |
|
| Net gain on foreign exchange operations |
451 |
|
|
255 |
|
|
655 |
|
|
1,361 |
|
|
— |
|
|
1,361 |
|
| Net loss on derivative |
(314) |
|
|
— |
|
|
— |
|
|
(314) |
|
|
— |
|
|
(314) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REVENUE, NET |
145,684
|
|
|
31,153
|
|
|
(21,668) |
|
|
155,169
|
|
|
—
|
|
|
155,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended December 31, 2021 |
|
Issued |
|
FF Life and FF Insurance acquisition |
|
Adjustments for discontinued operations |
|
As restated |
|
Correction of errors |
|
As restated |
| Fee and commission income |
$ |
336,178 |
|
|
$ |
(166) |
|
|
$ |
(65,251) |
|
|
$ |
270,761 |
|
|
$ |
(8,212) |
|
|
$ |
262,549 |
|
| Net gain on trading securities |
$ |
185,554 |
|
|
2,677 |
|
|
9,716 |
|
|
197,947 |
|
|
— |
|
|
197,947 |
|
| Interest income |
61,047 |
|
|
23,175 |
|
|
(9,920) |
|
|
74,302 |
|
|
8,212 |
|
|
82,514 |
|
| Insurance underwriting income |
— |
|
|
51,491 |
|
|
— |
|
|
51,491 |
|
|
— |
|
|
51,491 |
|
| Net gain on foreign exchange operations |
885 |
|
|
303 |
|
|
2,888 |
|
|
4,076 |
|
|
— |
|
|
4,076 |
|
| Net loss on derivative |
(1,028) |
|
|
— |
|
|
— |
|
|
(1,028) |
|
|
— |
|
|
(1,028) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REVENUE, NET |
582,636
|
|
|
77,480
|
|
|
(62,567) |
|
|
597,549
|
|
|
—
|
|
|
597,549
|
|
|