Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities    
NET INCOME $ 279,475 $ 148,683
Net income/(loss) from discontinued operations 0 9,929
Net income from continued operations 279,475 138,754
Adjustments to reconcile net income used in operating activities:    
Depreciation and amortization 11,089 3,502
Amortization of deferred acquisition costs 66,023 14,061
Noncash lease expense 6,536 3,453
Change in deferred taxes 3,051 (3,392)
Stock compensation expense 3,303 6,520
Unrealized gain on trading securities (16,222) (65,684)
Unrealized gain on derivatives (886) 0
Net realized gain on available-for-sale securities (3,145) 0
Net change in accrued interest (108,129) (35,984)
Revaluation of purchase price previously held interest in Arbuz (1,040) 0
Change in insurance reserves 58,118 42,236
Change in unused vacation reserves 5,538 0
Allowance for expected credit losses 15,462 30,294
Changes in operating assets and liabilities:    
Trading securities (1,149,192) (630,879)
Margin lending, brokerage and other receivables (including $251,744 and $(53,490) changes from related parties) (603,701) (270,725)
Insurance contract assets 1,508 6,460
Other assets (83,169) (25,119)
Securities sold, not yet purchased – at fair value 0 (13,865)
Brokerage customer liabilities (including $(17,509) and $25,236 changes from related parties) 71,982 240,362
Current income tax liability 23,149 (14,556)
Margin lending and trade payables (including $(2,765) and $(34,382) changes from related parties) 30,593 92,225
Lease liabilities (6,458) (3,470)
Liabilities from insurance activity 1,879 (22,581)
Other liabilities 20,881 10,432
Net cash flows used in operating activities from continuing operations (1,373,355) (497,956)
Net cash flows from operating activities from discontinued operations 0 32,165
Net cash flows used in operating activities (1,373,355) (465,791)
Cash Flows Used In Investing Activities    
Purchase of fixed assets (36,270) (27,345)
Net change in loans issued to customers (547,754) (564,759)
Purchase of available-for-sale securities, at fair value (169,653) (205,781)
Proceeds from sale of available-for-sale securities, at fair value 211,390 196,799
Investment in London Almaty 0 (16,343)
Consideration paid for acquisition of Freedom Life 0 (13,630)
Consideration paid for Internet Tourism (1,028) 0
Consideration paid for Aviata (16,098) 0
Consideration paid for Arbuz (13,281) 0
Consideration paid for Ticketon (3,003) 0
Prepayment on acquisition (17,810) 0
Cash, cash equivalents and restricted cash disposed as a result of deconsolidation of Freedom UA (1,987) 0
Cash, cash equivalents and restricted cash received from acquisitions 2,461 11,385
Net cash flows used in investing activities from continuing operations (593,033) (619,674)
Net cash flows used in investing activities from discontinued operations 0 (21,647)
Net cash flows used in investing activities (593,033) (641,321)
Cash Flows From Financing Activities    
Proceeds from securities repurchase agreement obligations 1,370,587 388,675
Proceeds from issuance of debt securities 206,371 23,861
Repurchase of debt securities 0 (23,387)
Repurchase of mortgage loans under the State Program (30,317) (7,117)
Funds received under state program for financing of mortgage loans 75,817 318,330
Net change in bank customer deposits 271,572 779,044
Purchase of non-controlling interest in Arbuz (3,228) 0
Capital contributions 0 677
Proceeds from loans received 1,526 0
Net cash flows from financing activities from continuing operations 1,892,328 1,480,083
Net cash flows from financing activities from discontinued operations 0 26,105
Net cash flows from financing activities 1,892,328 1,506,188
Effect of changes in foreign exchange rates on cash and cash equivalents from continued operations (6,449) 23,591
Effect of changes in foreign exchange rates on cash and cash equivalents from discontinued operations 0 61,473
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (80,509) 484,140
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM CONTINUED OPERATIONS 1,026,945 773,414
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM DISCONTINUED OPERATIONS 0 456,886
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,026,945 1,230,300
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM CONTINUED OPERATIONS 946,436 1,114,074
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM DISCONTINUED OPERATIONS 0 600,366
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 946,436 1,714,440
Supplemental disclosure of cash flow information:    
Cash paid for interest 350,106 133,286
Income tax paid 23,652 47,262
Supplemental non-cash disclosures:    
Operating lease right-of-use assets obtained/disposed of in exchange for operating lease obligations during the period, net 9,426 19,089
Cash and cash equivalents 561,883 664,095
Restricted cash 384,553 449,979
Total cash, cash equivalents and restricted cash shown as in the statement of cash flows $ 946,436 $ 1,114,074