Quarterly report [Sections 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, 2025
Dec. 31, 2024
Cash Flows From Operating Activities    
Net income $ 145,352 $ 226,884
Adjustments to reconcile net income from operating activities:    
Depreciation and amortization 20,700 12,710
Amortization of deferred acquisition costs 77,511 165,651
Non-cash lease expense 13,452 9,528
Change in deferred taxes (19,042) (7,308)
Stock compensation expense 53,902 36,088
Unrealized gain on trading securities (21,093) (75,525)
Unrealized gain on derivatives (4,706) (4,201)
Net realized (gain)/loss on available-for-sale securities (4,858) 1,039
Net change in accrued interest (29,442) (32,545)
Loss on sale of fixed assets 156 0
Change in insurance reserves 114,063 164,356
Revaluation of investment in associates 168 (2,111)
Change in unused vacation reserves 5,705 589
Allowance for expected credit losses 23,108 39,269
Other non-cash income/expense (9,999) 0
Changes in operating assets and liabilities:    
Trading securities 93,755 (170,899)
Margin lending, brokerage and other receivables (including $4,219 and $15,797 changes from related parties) 379,944 (509,597)
Insurance contract assets (3,182) (6,566)
Other assets (93,950) (230,615)
Brokerage customer liabilities (including $56,522 and $40,843 changes from related parties) 1,734,397 1,187,289
Current income tax liability 21,923 15,260
Margin lending and trade payables (including $234 and $252 changes from related parties) (803,685) (505,097)
Lease liabilities (12,466) (8,394)
Liabilities from insurance activity (15,898) 7,493
Other liabilities 69,715 34,214
Net cash flows from operating activities 1,733,896 343,311
Cash Flows Used In Investing Activities    
Purchase of fixed assets and intangible assets (175,772) (53,581)
Net change in loans issued to customers (395,584) (341,842)
Purchase of available-for-sale securities, at fair value (352,696) (392,011)
Proceeds from sale of available-for-sale securities, at fair value 323,789 157,939
Purchase of held-to-maturity securities (320,125) 0
Capital contribution to investment in associate (70) (2,414)
Prepayment on acquisitions (17,504) (7,416)
Net cash flows used in investing activities (940,926) (652,628)
Cash Flows From Financing Activities    
Net repayment of securities repurchase agreement obligations (346,279) (157,068)
Proceeds from issuance of debt securities 599,055 201,663
Net change in bank customer deposits 668,611 765,681
Repurchase of mortgage loans under the State Program (45,297) (40,962)
Funds received under state program for financing of mortgage loans 49,627 60,351
Net proceeds from loans received 78,117 3,946
Net cash flows from financing activities 1,003,834 833,611
Effect of changes in foreign exchange rates on cash and cash equivalents 72,256 (212,300)
Effect of expected credit losses on cash and cash equivalents and restricted cash (1,288) 378
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,867,772 312,372
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,644,770 1,007,721
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 3,512,542 1,320,093
SilkNetCom LLP    
Cash Flows Used In Investing Activities    
Consideration paid for acquistions (2,672) (12,050)
Consideration received at acquisitions 0 54
Other Acquisitions    
Cash Flows Used In Investing Activities    
Consideration paid for acquistions 0 (2,804)
Consideration received at acquisitions 0 39
Astel    
Cash Flows Used In Investing Activities    
Consideration paid for acquistions (10,336) 0
Consideration received at acquisitions 7,678 0
Comrun LLP ("ReKassa")    
Adjustments to reconcile net income from operating activities:    
Gain from sale of subsidiaries (1,634) 0
Cash Flows Used In Investing Activities    
Cash, cash equivalents disposed from sale of subsidiaries (55) 0
Cash received from sale of business 2,421 0
ITS Tech    
Adjustments to reconcile net income from operating activities:    
Gain from sale of subsidiaries 0 (4,201)
Cash Flows Used In Investing Activities    
Cash, cash equivalents disposed from sale of subsidiaries 0 (542)
Cash received from sale of business $ 0 $ 2,000