Annual report pursuant to Section 13 and 15(d)

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

v3.23.2
ASSETS AND LIABILITIES HELD FOR SALE (Tables)
 12 Months Ended
Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of net gain on foreign exchange operations
February 28, 2023
March 31, 2022
Cash and cash equivalents 593,953  428,480 
Restricted cash 6,033  28,406 
Trading securities 113,845  122,497 
Margin lending, brokerage and other receivables, net 257,184  210,087 
Loans issued 23,169  2,395 
Other assets 32,398  33,554 
Total assets held for sale 1,026,582  825,419 
Customer liabilities 776,425  701,584 
Securities repurchase agreement obligations 33,275  32,469 
Debt securities issued 34,379  64,637 
Other liabilities 16,385  13,788 
Total liabilities held for sale 860,464  812,478 


The results of operations for discontinued operations for the eleven months ended February 28, 2023 and for the years ended March 31, 2022 and 2021, consist of the following:

For The Eleven Months Ended February 28, 2023
For The Year Ended
March 31, 2022
For The Year Ended
March 31, 2021
Fee and commission income 77,109  69,742  52,780 
Net gain/(loss) on trading securities 22,045  (78,674) 20,275 
Net loss on derivative (44) —  39 
Interest income 53,410  28,399  11,221 
Net gain/(loss) on foreign exchange operations 45,859  (39,672) 2,285 
TOTAL REVENUE, NET 198,379  (20,205) 86,600 
Payroll and bonuses 58,971  39,114  24,827 
Professional services 620  467  239 
Stock compensation expense 1,743  7,887  1,033 
Advertising expense 14,945  7,085  1,881 
General and administrative expense 26,031  18,476  14,001 
Interest expense 15,051  10,450  8,760 
Fee and commission expense 10,467  7,988  7,122 
Provision for impairment losses 1,566  779  45 
Other (income)/expense, net 825  4,748  174 
TOTAL EXPENSE 130,219  96,994  58,082 
INCOME/(LOSS) BEFORE INCOME TAX 68,160  $ (117,199) $ 28,518 

The net cash flows used in operating and investing activities for discontinued operations for the eleven months ended February 28, 2023 and for the years ended March 31, 2022 and 2021, consist of the following:
For The Eleven Months Ended February 28, 2023
For The Year Ended
March 31, 2022
For The Year Ended
March 31, 2021
(Recasted) (Recasted)
Cash Flows From Operating Activities
Net income/(loss) from discontinued operations $ 12,424  $ (104,195) $ 21,783 
Adjustments to reconcile net income used in operating activities:
Depreciation and amortization 2,103  2,035  1,745 
Noncash lease expense 5,772  4,932  3,826 
Change in deferred taxes 8,203  (12,634) 1,170 
Impairment of FFIN Bank goodwill —  723  — 
Impairment of Zerich goodwill —  810  — 
Stock compensation expense 1,743  7,887  1,033 
Unrealized loss/(gain) on trading securities (35,244) 51,652  (425)
Net change in accrued interest (276) 354  (1,921)
Client base write-off —  3,125  — 
Allowances for receivables 1,871  771  41 
Loss from divestiture of Russian subsidiaries
 51,533  —  — 
Changes in operating assets and liabilities:
Trading securities 62,100  (39,354) (100,133)
Margin lending, brokerage and other receivables (23,325) (218,852) 28,845 
Other assets (2,684) (3,684) (1,292)
Securities sold, not yet purchased – at fair value 182  239  23 
Customer liabilities (106,396) 198,608  392,855 
Current income tax liability 1  (637) 658 
Margin lending and trade payables (15) (370) 230 
Lease liabilities (5,763) (5,166) (3,854)
Other liabilities 3,676  1,256  2,433 
Net cash flows from/(used in) operating activities from discontinued operations (24,095) (112,500) 347,017 
Cash Flows Used In Investing Activities
Purchase of fixed assets (4,421) (3,438) (2,137)
Proceeds from sale of fixed assets —  —  76 
Net change in loans issued to customers (25,331) (945) (171)
Cash, cash equivalents and restricted cash disposed from divestiture of Russia segment
 (599,986) —  — 
Net cash flows used in investing activities from discontinued operations (629,738) (4,383) (2,232)

The following table presents reconciliation of loss from disposal of discontinued operations as of disposal date:
February 28, 2023
Cash and cash equivalents 593,953 
Restricted cash 6,033 
Trading securities 113,845 
Margin lending, brokerage and other receivables, net 257,184 
Loans issued 23,169 
Other assets 32,398 
Total assets of discontinued operations $ 1,026,582 
Customer liabilities 776,425 
Securities repurchase agreement obligations 33,275 
Debt securities issued 34,379 
Other liabilities 16,385 
Total liabilities of discontinued operations $ 860,464 
Net assets of discontinued operations $ 166,118 
Reclassification of unrealized loss from cumulative translation adjustment 25,415 
Adjusted net assets of discontinued operations $ 191,533 
Consideration received 140,000 
Loss from divestiture of discontinued operations
$ (51,533)