Quarterly report pursuant to Section 13 or 15(d)

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

v3.23.1
ASSETS AND LIABILITIES HELD FOR SALE (Tables)
 3 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of net gain on foreign exchange operations As of December 31, 2021, and March 31, 2021, the major classes of assets and liabilities from discontinued operations included the following:
December 31, 2021 March 31, 2021
Cash and cash equivalents $ 346,996  $ 531,791 
Restricted cash 32,728  27,594 
Trading securities 400,823  148,642 
Brokerage and other receivables, net 108,245  15,575 
Loans issued 2,557  2,041 
Other assets 28,243  22,405 
Total assets held for sale $ 919,592  $ 748,048 
Customer liabilities $ 636,898  $ 573,181 
Debt securities issued 71,716  37,095 
Securities repurchase agreement obligations 82,791  51,997 
Other liabilities 18,322  14,295 
Total liabilities held for sale $ 809,727  $ 676,568 
The results of operations for discontinued operations for the three and nine months ended December 31, 2021 and 2020, consist of the following:
Three months ended December 31, Nine Months Ended
December 31,
2021 2020 2021 2020
Fee and commission income $ 23,147  $ 13,571  $ 59,596  $ 30,810 
Net (loss)/gain on trading securities (6,611) 4,972  (9,716) 17,087 
Interest income 5,786  4,813  15,574  9,961 
Net gain/(loss) on foreign exchange operations (655) (1,516) (2,889) 1,217 
Net gain/(loss) on derivative —  49  —  88 
Total revenue 21,667  21,889  62,565  59,163 
Fee and commission expense 2,075  1,983  6,300  4,298 
Interest expense 2,365  3,426  6,824  6,289 
Operating expense 22,253  11,583  53,841  29,979 
Provision for impairment losses 13  156  89  200 
Other (income)/expense, net 28  230  120  207 
Total expense 26,734  17,378  67,174  40,973 
Profit before income tax $ (5,067) $ 4,511  $ (4,609) $ 18,190 
The net cash flows from/(used in) operating and investing activities from discontinued operations for the nine months ended December 31, 2021 and 2020, consist of the following:
Nine Months Ended
December 31,
2021 2020
Cash Flows (Used In)/From Operating Activities
Net income from discontinued operations $ (3,656) $ 12,988 
Adjustments to reconcile net income from operating activities:
Depreciation and amortization 1,637  439 
Noncash lease expense 3,785  2,847 
Impairment of Freedom Bank RU goodwill —  — 
Impairment of Zerich goodwill —  — 
Loss on sale of fixed assets —  — 
Client base write-off —  — 
Change in deferred taxes (1,892) 1,406 
Stock compensation expense 5,647  1,033 
Unrealized (gain)/loss on trading securities 9,082  (1,988)
Net change in accrued interest 1,436  567 
Allowances/(recovery) for receivables 89  203 
Changes in operating assets and liabilities:
Trading securities (262,438) (81,345)
Brokerage and other receivables (93,717) 5,444 
Other assets (1,948) (1,792)
Securities sold, not yet purchased – at fair value (24) — 
Customer liabilities 121,173  217,034 
Current income tax liability (623) 990 
Trade payables 319  219 
Lease liabilities (3,947) (2,988)
Other liabilities 2,176  1,426 
Net cash flows (used in)/from operating activities from discontinued operations (222,901) 156,483 
Cash Flows (Used In)/From Investing Activities
Purchase of fixed assets (2,918) (985)
Proceeds from sale of fixed assets 699  — 
Purchase of intangible assets —  — 
Loans issued (571) (117)
Net cash flows (used in)/from investing activities from discontinued operations $ (2,790) $ (1,102)