RECAST - Condensed Consolidated Statement of Operations and Other Comprehensive Income (Details) - USD ($)
$ in Thousands |
11 Months Ended |
12 Months Ended |
Feb. 28, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
|
$ 327,215
|
$ 335,211
|
$ 216,008
|
| Net gain on trading securities |
|
71,084
|
155,252
|
28,807
|
| Interest income |
|
294,695
|
121,609
|
38,474
|
| Insurance underwriting income |
|
115,371
|
72,981
|
62,951
|
| Net gain on foreign exchange operations |
|
52,154
|
3,791
|
557
|
| Total net (loss)/gain on derivatives |
|
(64,826)
|
946
|
86
|
| TOTAL REVENUE, NET |
|
795,693
|
689,790
|
346,883
|
| Expense: |
|
|
|
|
| Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) |
|
65,660
|
85,909
|
70,537
|
| Interest expense: |
|
208,947
|
76,947
|
22,444
|
| Insurance claims incurred, net of reinsurance |
|
77,329
|
54,447
|
52,405
|
| Payroll and bonuses |
|
81,819
|
46,288
|
23,435
|
| Professional services |
|
17,006
|
12,682
|
4,430
|
| Stock compensation expense |
|
9,293
|
7,859
|
114
|
| Advertising expense |
|
14,059
|
11,916
|
6,971
|
| General and administrative expense |
|
59,971
|
23,533
|
11,118
|
| Provision for impairment losses |
|
29,119
|
2,502
|
1,590
|
| Other expense/(income), net |
|
|
4,014
|
2,034
|
| TOTAL EXPENSE |
|
559,755
|
326,097
|
195,078
|
| NET INCOME BEFORE INCOME TAX |
|
235,938
|
363,693
|
151,805
|
| Income tax (expense)/benefit |
|
(42,776)
|
(38,570)
|
(23,307)
|
| INCOME FROM CONTINUING OPERATIONS |
|
193,162
|
325,123
|
128,498
|
| Income/(loss) before income tax (expense)/benefit of discontinued operations |
|
68,160
|
(117,199)
|
28,518
|
| Income tax benefit of discontinued operations |
|
|
13,004
|
(6,735)
|
| Income/(loss) from discontinued operations |
|
12,424
|
(104,195)
|
21,783
|
| NET INCOME |
|
205,586
|
220,928
|
150,281
|
| Less: Net income/(loss) attributable to non-controlling interest in subsidiary |
|
446
|
(6,566)
|
631
|
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
205,140
|
227,494
|
149,650
|
| Change in unrealized gain on investments available-for-sale, net of tax effect |
|
1,431
|
(4,292)
|
(304)
|
| Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect |
|
|
2,222
|
2,092
|
| Foreign currency translation adjustments, net of tax effect |
|
5,195
|
(20,622)
|
2,787
|
| OTHER COMPREHENSIVE (LOSS)/INCOME |
|
|
(22,692)
|
4,575
|
| COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS |
|
234,711
|
198,236
|
154,856
|
| Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary |
|
446
|
(6,566)
|
631
|
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
$ 234,265
|
204,802
|
154,225
|
| Discontinued operations |
|
|
|
|
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
$ 77,109
|
|
69,742
|
52,780
|
| Net gain on trading securities |
22,045
|
|
(78,674)
|
20,275
|
| Interest income |
53,410
|
|
28,399
|
11,221
|
| Net gain on foreign exchange operations |
45,859
|
|
(39,672)
|
2,285
|
| Total net (loss)/gain on derivatives |
(44)
|
|
0
|
39
|
| TOTAL REVENUE, NET |
198,379
|
|
(20,205)
|
86,600
|
| Expense: |
|
|
|
|
| Interest expense: |
15,051
|
|
10,450
|
8,760
|
| 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
|
| Provision for impairment losses |
10,467
|
|
7,988
|
7,122
|
| Other expense/(income), net |
825
|
|
4,748
|
174
|
| TOTAL EXPENSE |
130,219
|
|
96,994
|
58,082
|
| NET INCOME BEFORE INCOME TAX |
68,160
|
|
(117,199)
|
28,518
|
| Income/(loss) from discontinued operations |
$ 12,424
|
|
(104,195)
|
21,783
|
| As previously reported |
|
|
|
|
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
|
|
335,444
|
215,996
|
| Net gain on trading securities |
|
|
156,345
|
25,911
|
| Interest income |
|
|
90,153
|
22,815
|
| Insurance underwriting income |
|
|
0
|
0
|
| Net gain on foreign exchange operations |
|
|
1,979
|
1,143
|
| Total net (loss)/gain on derivatives |
|
|
946
|
86
|
| TOTAL REVENUE, NET |
|
|
584,867
|
265,951
|
| Expense: |
|
|
|
|
| Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) |
|
|
73,243
|
65,978
|
| Interest expense: |
|
|
65,449
|
18,606
|
| Insurance claims incurred, net of reinsurance |
|
|
0
|
0
|
| Payroll and bonuses |
|
|
39,779
|
17,941
|
| Professional services |
|
|
12,123
|
3,980
|
| Stock compensation expense |
|
|
7,859
|
114
|
| Advertising expense |
|
|
10,059
|
5,027
|
| General and administrative expense |
|
|
18,744
|
8,391
|
| Provision for impairment losses |
|
|
2,206
|
1,517
|
| Other expense/(income), net |
|
|
1,312
|
(106)
|
| TOTAL EXPENSE |
|
|
230,774
|
121,448
|
| NET INCOME BEFORE INCOME TAX |
|
|
354,093
|
144,503
|
| Income tax (expense)/benefit |
|
|
(38,529)
|
(23,362)
|
| INCOME FROM CONTINUING OPERATIONS |
|
|
315,564
|
121,141
|
| Income/(loss) before income tax (expense)/benefit of discontinued operations |
|
|
(117,199)
|
28,518
|
| Income tax benefit of discontinued operations |
|
|
13,004
|
(6,735)
|
| Income/(loss) from discontinued operations |
|
|
(104,195)
|
21,783
|
| NET INCOME |
|
|
211,369
|
142,924
|
| Less: Net income/(loss) attributable to non-controlling interest in subsidiary |
|
|
(6,566)
|
631
|
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
217,935
|
142,293
|
| Change in unrealized gain on investments available-for-sale, net of tax effect |
|
|
0
|
0
|
| Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect |
|
|
0
|
71
|
| Foreign currency translation adjustments, net of tax effect |
|
|
(17,245)
|
1,857
|
| OTHER COMPREHENSIVE (LOSS)/INCOME |
|
|
(17,245)
|
1,928
|
| COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS |
|
|
194,124
|
144,852
|
| Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary |
|
|
(6,566)
|
631
|
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
200,690
|
144,221
|
| Revision of prior period, adjustment | FF Life acquisition |
|
|
|
|
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
|
|
0
|
0
|
| Net gain on trading securities |
|
|
(1,283)
|
966
|
| Interest income |
|
|
23,027
|
11,818
|
| Insurance underwriting income |
|
|
60,526
|
54,412
|
| Net gain on foreign exchange operations |
|
|
1,615
|
(443)
|
| Total net (loss)/gain on derivatives |
|
|
0
|
0
|
| TOTAL REVENUE, NET |
|
|
83,885
|
66,753
|
| Expense: |
|
|
|
|
| Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) |
|
|
12,289
|
4,383
|
| Interest expense: |
|
|
5,194
|
1,605
|
| Insurance claims incurred, net of reinsurance |
|
|
42,606
|
46,754
|
| Payroll and bonuses |
|
|
3,624
|
3,172
|
| Professional services |
|
|
106
|
148
|
| Stock compensation expense |
|
|
0
|
0
|
| Advertising expense |
|
|
0
|
119
|
| General and administrative expense |
|
|
3,516
|
1,304
|
| Provision for impairment losses |
|
|
0
|
73
|
| Other expense/(income), net |
|
|
2,708
|
2,359
|
| TOTAL EXPENSE |
|
|
70,043
|
59,917
|
| NET INCOME BEFORE INCOME TAX |
|
|
13,842
|
6,836
|
| Income tax (expense)/benefit |
|
|
(54)
|
8
|
| INCOME FROM CONTINUING OPERATIONS |
|
|
13,788
|
6,844
|
| Income/(loss) before income tax (expense)/benefit of discontinued operations |
|
|
0
|
0
|
| Income tax benefit of discontinued operations |
|
|
0
|
0
|
| Income/(loss) from discontinued operations |
|
|
0
|
0
|
| NET INCOME |
|
|
13,788
|
6,844
|
| Less: Net income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
13,788
|
6,844
|
| Change in unrealized gain on investments available-for-sale, net of tax effect |
|
|
(4,292)
|
(304)
|
| Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect |
|
|
2,222
|
2,021
|
| Foreign currency translation adjustments, net of tax effect |
|
|
(2,014)
|
10,866
|
| OTHER COMPREHENSIVE (LOSS)/INCOME |
|
|
(4,084)
|
12,583
|
| COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS |
|
|
9,704
|
19,427
|
| Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
9,704
|
19,427
|
| Revision of prior period, adjustment | FF Life acquisition | Eliminations |
|
|
|
|
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
|
|
0
|
0
|
| Net gain on trading securities |
|
|
0
|
0
|
| Interest income |
|
|
0
|
0
|
| Insurance underwriting income |
|
|
0
|
0
|
| Net gain on foreign exchange operations |
|
|
0
|
0
|
| Total net (loss)/gain on derivatives |
|
|
0
|
0
|
| TOTAL REVENUE, NET |
|
|
0
|
0
|
| Expense: |
|
|
|
|
| Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) |
|
|
0
|
0
|
| Interest expense: |
|
|
0
|
0
|
| Insurance claims incurred, net of reinsurance |
|
|
0
|
0
|
| Payroll and bonuses |
|
|
0
|
0
|
| Professional services |
|
|
0
|
0
|
| Stock compensation expense |
|
|
0
|
0
|
| Advertising expense |
|
|
0
|
0
|
| General and administrative expense |
|
|
0
|
0
|
| Provision for impairment losses |
|
|
0
|
0
|
| Other expense/(income), net |
|
|
0
|
0
|
| TOTAL EXPENSE |
|
|
0
|
0
|
| NET INCOME BEFORE INCOME TAX |
|
|
0
|
0
|
| Income tax (expense)/benefit |
|
|
0
|
0
|
| INCOME FROM CONTINUING OPERATIONS |
|
|
0
|
0
|
| Income/(loss) before income tax (expense)/benefit of discontinued operations |
|
|
0
|
0
|
| Income tax benefit of discontinued operations |
|
|
0
|
0
|
| Income/(loss) from discontinued operations |
|
|
0
|
0
|
| NET INCOME |
|
|
0
|
0
|
| Less: Net income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
0
|
0
|
| Change in unrealized gain on investments available-for-sale, net of tax effect |
|
|
0
|
0
|
| Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect |
|
|
0
|
0
|
| Foreign currency translation adjustments, net of tax effect |
|
|
0
|
0
|
| OTHER COMPREHENSIVE (LOSS)/INCOME |
|
|
0
|
0
|
| COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS |
|
|
0
|
0
|
| Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
0
|
0
|
| Revision of prior period, adjustment | FF Insurance acquisition |
|
|
|
|
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
|
|
83
|
188
|
| Net gain on trading securities |
|
|
190
|
1,930
|
| Interest income |
|
|
8,429
|
3,841
|
| Insurance underwriting income |
|
|
12,455
|
8,539
|
| Net gain on foreign exchange operations |
|
|
197
|
(143)
|
| Total net (loss)/gain on derivatives |
|
|
0
|
0
|
| TOTAL REVENUE, NET |
|
|
21,354
|
14,355
|
| Expense: |
|
|
|
|
| Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) |
|
|
693
|
352
|
| Interest expense: |
|
|
6,304
|
2,233
|
| Insurance claims incurred, net of reinsurance |
|
|
11,841
|
5,651
|
| Payroll and bonuses |
|
|
2,885
|
2,322
|
| Professional services |
|
|
453
|
302
|
| Stock compensation expense |
|
|
0
|
0
|
| Advertising expense |
|
|
1,857
|
1,944
|
| General and administrative expense |
|
|
1,273
|
1,314
|
| Provision for impairment losses |
|
|
296
|
0
|
| Other expense/(income), net |
|
|
(6)
|
(229)
|
| TOTAL EXPENSE |
|
|
25,596
|
13,889
|
| NET INCOME BEFORE INCOME TAX |
|
|
(4,242)
|
466
|
| Income tax (expense)/benefit |
|
|
13
|
47
|
| INCOME FROM CONTINUING OPERATIONS |
|
|
(4,229)
|
513
|
| Income/(loss) before income tax (expense)/benefit of discontinued operations |
|
|
0
|
0
|
| Income tax benefit of discontinued operations |
|
|
0
|
0
|
| Income/(loss) from discontinued operations |
|
|
0
|
0
|
| NET INCOME |
|
|
(4,229)
|
513
|
| Less: Net income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
(4,229)
|
513
|
| Change in unrealized gain on investments available-for-sale, net of tax effect |
|
|
0
|
0
|
| Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect |
|
|
0
|
0
|
| Foreign currency translation adjustments, net of tax effect |
|
|
(1,363)
|
(9,936)
|
| OTHER COMPREHENSIVE (LOSS)/INCOME |
|
|
(1,363)
|
(9,936)
|
| COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS |
|
|
(5,592)
|
(9,423)
|
| Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
(5,592)
|
(9,423)
|
| Revision of prior period, adjustment | FF Insurance acquisition | Eliminations |
|
|
|
|
| Revenue: |
|
|
|
|
| Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) |
|
|
(316)
|
(176)
|
| Net gain on trading securities |
|
|
0
|
0
|
| Interest income |
|
|
0
|
0
|
| Insurance underwriting income |
|
|
0
|
0
|
| Net gain on foreign exchange operations |
|
|
0
|
0
|
| Total net (loss)/gain on derivatives |
|
|
0
|
0
|
| TOTAL REVENUE, NET |
|
|
(316)
|
(176)
|
| Expense: |
|
|
|
|
| Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) |
|
|
(316)
|
(176)
|
| Interest expense: |
|
|
0
|
0
|
| Insurance claims incurred, net of reinsurance |
|
|
0
|
0
|
| Payroll and bonuses |
|
|
0
|
|
| Professional services |
|
|
0
|
|
| Stock compensation expense |
|
|
0
|
|
| Advertising expense |
|
|
0
|
|
| General and administrative expense |
|
|
0
|
(10)
|
| Provision for impairment losses |
|
|
0
|
0
|
| Other expense/(income), net |
|
|
0
|
10
|
| TOTAL EXPENSE |
|
|
(316)
|
(176)
|
| NET INCOME BEFORE INCOME TAX |
|
|
0
|
0
|
| Income tax (expense)/benefit |
|
|
0
|
0
|
| INCOME FROM CONTINUING OPERATIONS |
|
|
0
|
0
|
| Income/(loss) before income tax (expense)/benefit of discontinued operations |
|
|
0
|
0
|
| Income tax benefit of discontinued operations |
|
|
0
|
0
|
| Income/(loss) from discontinued operations |
|
|
0
|
0
|
| NET INCOME |
|
|
0
|
0
|
| Less: Net income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
0
|
0
|
| Change in unrealized gain on investments available-for-sale, net of tax effect |
|
|
0
|
0
|
| Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect |
|
|
0
|
0
|
| Foreign currency translation adjustments, net of tax effect |
|
|
0
|
0
|
| OTHER COMPREHENSIVE (LOSS)/INCOME |
|
|
0
|
0
|
| COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS |
|
|
0
|
0
|
| Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary |
|
|
0
|
0
|
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
|
$ 0
|
$ 0
|