Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities      
Net income $ 205,586 $ 220,928 $ 150,281
Net income/(loss) from discontinued operations 12,424 (104,195) 21,783
Net income from continuing operations 193,162 325,123 128,498
Adjustments to reconcile net income used in operating activities:      
Depreciation and amortization 5,138 3,416 2,688
Noncash lease expense 5,113 3,546 2,573
Subsidiaries goodwill impairment 0 832 0
Change in deferred taxes (811) (4,681) 1,651
Stock compensation expense 9,293 7,859 114
Share based payment 0 0 517
Unrealized (gain)/loss on trading securities (107,310) 50,987 (8,672)
Unrealized (gain)/loss on derivatives (12) 0 0
Net realized (gain)/loss on available-for-sale securities (2,934) 2,222 2,092
Net change in accrued interest (56,478) (15,940) (14,947)
Change in insurance reserves 50,671 37,087 52,712
Allowances for receivables 29,119 2,502 1,590
Changes in operating assets and liabilities:      
Trading securities (1,019,191) (608,622) (466,591)
Margin lending, brokerage and other receivables (including $(187,336), $(97,783), and $54,973 changes from related parties) (253,301) (103,756) 20,972
Insurance contract assets 3,217 (2,316) (1,033)
Other assets (12,302) (9,468) (8,809)
Securities sold, not yet purchased – at fair value (13,865) 5,296 8,508
Brokerage customer liabilities (including $(195,694), $90,444, and $224,173 changes from related parties) 105,942 (23,167) 432,245
Current income tax liability (10,019) 357 11,571
Margin lending and trade payables (including $(35,650), $25,079, and $9,504 changes from related parties) 163,763 26,062 16,506
Lease liabilities (5,284) (3,670) (2,378)
Liabilities from insurance activity (10,769) 1,982 760
Other liabilities (730) 10,484 1,813
Net cash flows used in operating activities from continuing operations (927,588) (293,865) 182,380
Net cash flows from/(used in) operating activities from discontinued operations (24,095) (112,500) 347,017
Net cash flows used in operating activities (951,683) (406,365) 529,397
Cash Flows From/(Used by) Investing Activities      
Purchase of fixed assets (38,542) (5,623) (1,518)
Proceeds from sale of fixed assets 0 0 15
Net change in loans issued to customers (715,038) (86,376) (1,120)
Purchase of available-for-sale securities, at fair value (330,095) (248,739) (273,818)
Proceeds from sale of available-for-sale securities, at fair value 260,634 198,798 190,344
Cash received from divestiture of Russian subsidiaries 51,506 0 0
Prepayment on acquisitions (22,462) 0 0
Consideration paid for LD Micro (4,000) 0 0
Consideration paid for Zerich 0 0 (7,110)
Consideration paid for PrimeEx 0 0 (2,500)
Consideration paid for Freedom Bank KZ 0 0 (53,097)
Consideration paid for acquisition of London Almaty (13,652) 0 0
Consideration paid for acquisition of Freedom Life and Freedom Insurance (26,588) 0 0
Consideration paid for Paybox (11,617) 0 0
Cash, cash equivalents and restricted cash received from acquisitions 16,348 0 157,382
Net cash flows used in investing activities from continuing operations (833,506) (141,940) 8,578
Net cash flows used in investing activities from discontinued operations (629,738) (4,383) (2,232)
Net cash flows used in investing activities (1,463,244) (146,323) 6,346
Cash Flows From Financing Activities      
Proceeds from securities repurchase agreement obligations 637,392 427,619 383,346
Proceeds from issuance of debt securities 45,946 13,200 3,626
Repurchase of debt securities (23,387) (9,988) (8,350)
Repurchase of mortgage loans under the State Program (14,806) (146) 0
Funds received under state program for financing of mortgage loans 435,713 7,022 0
Net change in bank customer deposits 1,011,147 141,497 8,234
Proceeds from loans received 0 0 3,300
Repayment of loans received (4,867) 0 0
Capital contributions 677 0 1,667
Exercise of options 0 119 118
Net cash flows from financing activities from continuing operations 2,087,815 579,323 391,941
Net cash flows from financing activities from discontinued operations 45,566 39,205 100,582
Net cash flows from financing activities 2,133,381 618,528 492,523
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash from continued operations 43,689 (14,132) (477)
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash from discontinued operations 34,502 (40,288) (5,652)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (203,355) 11,420 1,022,137
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM CONTINUING OPERATIONS 773,414 659,495 86,382
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM DISCONTINUED OPERATIONS 456,886 559,385 110,361
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,230,300 1,218,880 196,743
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM CONTINUING OPERATIONS 1,026,945 773,414 659,495
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM DISCONTINUED OPERATIONS 0 456,886 559,385
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,026,945 1,230,300 1,218,880
Supplemental disclosure of cash flow information:      
Cash paid for interest 199,371 37,851 19,098
Income taxes paid 53,180 44,473 10,999
Supplemental non-cash disclosures:      
Operating lease right-of-use assets obtained in exchange for operating lease obligations on adoption of new lease standard 0 0 0
Operating lease right-of-use assets obtained/disposed of in exchange for operating lease obligations during the period, net 23,586 7,314 1,643
Cash and cash equivalents (including $35,549 and $22,787 from related parties) 581,417 225,464 168,804
Restricted cash 445,528 547,950 490,691
Total cash, cash and cash equivalents and restricted cash shown in the statement of cash flows $ 1,026,945 $ 773,414 $ 659,495