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, 2024
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities      
Net income $ 374,952 $ 205,586 $ 220,928
Net income/(loss) from discontinued operations 0 12,424 (104,195)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS 374,952 193,162 325,123
Adjustments to reconcile net income used in operating activities:      
Depreciation and amortization 14,603 5,138 3,416
Amortization of deferred acquisition costs 49,635 8,450 7,860
Noncash lease expense 9,980 5,113 3,546
Subsidiaries goodwill impairment 0 0 832
Change in deferred taxes 800 (811) (4,681)
Stock compensation expense 22,719 9,293 7,859
Unrealized (gain)/loss on trading securities (95,729) (107,310) 50,987
Unrealized loss /(gain) on derivatives 3,009 (12) 0
Net realized (gain)/loss on available-for-sale securities (3,209) (2,934) 2,222
Net change in accrued interest (69,289) (56,478) (15,940)
Change in insurance reserves 98,787 50,671 37,087
Revaluation of purchase price previously held interest in Arbuz (1,040) 0 0
Change in unused vacation reserve 5,860 2,271 200
Allowances for expected credit losses 21,225 29,119 2,502
Changes in operating assets and liabilities:      
Trading securities (1,048,205) (1,019,191) (608,622)
Margin lending, brokerage and other receivables (including $(272,946), $187,336, and $97,783 changes from related parties) (1,272,652) (253,301) (103,756)
Insurance contract assets (5,930) 3,217 (2,316)
Other assets (74,497) (20,752) (17,328)
Securities sold, not yet purchased – at fair value 0 (13,865) 5,296
Brokerage customer liabilities (including $(86,083), $(195,694), and $90,444 changes from related parties) 112,258 105,942 (23,167)
Current income tax liability 28,432 (10,019) 357
Margin lending and trade payables (including $(2,732), $(35,650), and $25,079 changes from related parties) 734,605 163,763 26,062
Lease liabilities (10,433) (5,284) (3,670)
Liabilities from insurance activity 6,927 (10,769) 1,982
Other liabilities 32,830 (3,001) 10,284
Net cash flows used in operating activities from continuing operations (1,064,362) (927,588) (293,865)
Net cash flows used in operating activities from discontinued operations 0 (24,095) (112,500)
Net cash flows used in operating activities (1,064,362) (951,683) (406,365)
Cash Flows From Investing Activities      
Purchase of fixed assets and intangible assets (43,751) (38,542) (5,623)
Net change in loans issued to customers (569,151) (715,038) (86,376)
Purchase of available-for-sale securities, at fair value (229,912) (330,095) (248,739)
Proceeds from sale of available-for-sale securities, at fair value 260,336 260,634 198,798
Cash received from divestiture of Russian subsidiaries 0 51,506 0
Prepayment on acquisitions (21,708) (22,462) 0
Consideration paid for Ticketon (3,003) 0 0
Consideration paid for Arbuz (13,281) 0 0
Consideration paid for Internet Tourism (1,028) 0 0
Consideration paid for Aviata (16,098) 0 0
Consideration paid for DItel (1,103) 0 0
Consideration paid for LD Micro 0 (4,000) 0
Consideration paid for acquisition of London Almaty 0 (13,652) 0
Consideration paid for acquisition of Freedom Life and Freedom Insurance 0 (26,588) 0
Consideration paid for Paybox 0 (11,617) 0
Cash, cash equivalents and restricted cash disposed as a result of deconsolidation of Freedom UA (1,987) 0 0
Cash, cash equivalents and restricted cash received from acquisitions 2,464 16,348 0
Net cash flows used in investing activities from continuing operations (638,222) (833,506) (141,940)
Net cash flows used in investing activities from discontinued operations 0 (629,738) (4,383)
Net cash flows used in investing activities (638,222) (1,463,244) (146,323)
Cash Flows From Financing Activities      
Proceeds from securities repurchase agreement obligations 1,191,219 637,392 427,619
Proceeds from issuance of debt securities 206,344 45,946 13,200
Repurchase of debt securities 0 (23,387) (9,988)
Repurchase of mortgage loans under the State Program (41,768) (14,806) (146)
Funds received under state program for financing of mortgage loans 101,926 435,713 7,022
Net change in bank customer deposits 217,561 1,011,147 141,497
Purchase of non-controlling interest in Arbuz (3,228) 0 0
Proceeds from loans received 2,518 0 0
Repayment of loans received 0 (4,867) 0
Capital contributions 0 677 0
Exercise of options 0 0 119
Net cash flows from financing activities from continuing operations 1,674,572 2,087,815 579,323
Net cash flows from financing activities from discontinued operations 45,566 39,205
Net cash flows from financing activities 1,674,572 2,133,381 618,528
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash from continued operations 12,194 43,689 (14,132)
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash from discontinued operations 0 34,502 (40,288)
Effect of expected credit losses on cash and cash equivalents and restricted cash (3,406) 0 0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (19,224) (203,355) 11,420
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM CONTINUING OPERATIONS 1,026,945 773,414 659,495
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM DISCONTINUED OPERATIONS 0 456,886 559,385
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,026,945 1,230,300 1,218,880
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM CONTINUING OPERATIONS 1,007,721 1,026,945 773,414
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM DISCONTINUED OPERATIONS 0 0 456,886
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,007,721 1,026,945 1,230,300
Supplemental disclosure of cash flow information:      
Cash paid for interest 474,656 199,371 37,851
Income taxes paid 30,319 53,180 44,473
Supplemental non-cash disclosures:      
Operating lease right-of-use assets obtained/disposed of in exchange for operating lease obligations during the period, net 11,061 23,586 7,314
Cash and cash equivalents 545,084 581,417 225,464
Restricted cash 462,637 445,528 547,950
Total cash, cash and cash equivalents and restricted cash shown in the statement of cash flows $ 1,007,721 $ 1,026,945 $ 773,414