Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities      
NET INCOME $ 153,328 $ 76,158 $ 378,519
Net income from continuing operations 153,328 76,158 378,519
Adjustments to reconcile net income used in operating activities:      
Depreciation and amortization 34,560 17,158 14,603
Amortization of deferred acquisition costs 127,641 209,689 49,635
Noncash lease expense 18,104 14,468 9,980
Change in deferred taxes (12,297) (19,705) 800
Stock compensation expense 68,047 59,592 22,719
Unrealized loss/(gain) on trading securities 5,139 123,665 (95,729)
Unrealized (gain)/loss on derivatives (13,894) (7,415) 3,009
Net realized (gain)/loss on available-for-sale securities (4,937) 681 (3,209)
Revaluation of investments in associates 1,044 (1,139) 0
Net change in accrued interest 35,172 97,286 (69,289)
Loss on sale of fixed assets 141 0 0
Change in insurance reserves 147,373 228,568 95,595
Revaluation of purchase price previously held interest in Arbuz 0 0 (1,040)
Change in unused vacation reserve 9,635 2,577 5,860
Allowances for expected credit losses 52,365 62,445 21,225
Other non-cash income/expense (129) 0 0
Changes in operating assets and liabilities:      
Trading securities 24,614 827,157 (1,048,205)
Margin lending, brokerage and other receivables (including $(19,041), $41,934, and $(108,275) changes from related parties) (1,203,073) (1,743,595) (1,272,652)
Insurance contract assets (13,899) (15,319) (5,930)
Other assets (175,350) (268,976) (74,872)
Brokerage customer liabilities (including $46,647, $48,161, and $(325,904) changes from related parties) 1,597,220 1,516,767 112,258
Current income tax liability 14,611 (4,090) 28,432
Margin lending and trade payables (including $(471), $1,789, and $(39,371) changes from related parties) (730,025) 474,087 734,605
Lease liabilities (17,730) (13,699) (10,433)
Liabilities from insurance activity (988) 4,911 6,927
Other liabilities 70,185 43,988 32,830
Net cash flows from/(used in) operating activities 185,221 1,681,058 (1,064,362)
Cash Flows From Investing Activities      
Purchase of fixed assets (198,766) (80,902) (36,735)
Purchase of intangible assets (23,375) (14,426) (7,016)
Net change in loans issued to customers (412,193) (435,759) (569,151)
Purchase of available-for-sale securities, at fair value (452,062) (457,698) (229,912)
Proceeds from sale of available-for-sale securities, at fair value 382,493 174,428 260,336
Purchase of held-to-maturity securities (324,311) (67,550) 0
Consideration paid for acquisitions (13,150) (18,784) (34,513)
Cash, cash equivalents and restricted cash received from acquisitions 7,631 93 2,464
Capital contribution to investment in associate (100) (2,530) 0
Cash received from sale of subsidiaries 2,452 2,000 0
Prepayment on acquisitions (17,719) (19,122) (21,708)
Refund of prepayment on acquisition 0 15,320 0
Net cash flows used in investing activities (1,049,155) (905,472) (638,222)
Cash Flows From Financing Activities      
Net (repayment)/proceeds from securities repurchase agreement obligations (431,540) (1,061,430) 1,191,219
Proceeds from issuance of debt securities 783,515 201,663 206,344
Settlement and repurchase of mortgage loans under the State Program (60,031) (54,717) (41,768)
Funds received under state program for financing of mortgage loans 64,712 81,359 101,926
Net change in bank customer deposits 770,449 829,072 217,561
Purchase of non-controlling interest in Arbuz 0 0 (3,228)
Net proceeds from loans received 64,524 2,475 2,518
Net cash flows (used in)/from financing activities 1,191,629 (1,578) 1,674,572
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash 241,143 (137,038) 12,194
Effect of expected credit losses on cash and cash equivalents and restricted cash (1,181) 79 (3,406)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 567,657 637,049 (19,224)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD FROM CONTINUING OPERATIONS 1,644,770 1,007,721 1,026,945
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD FROM CONTINUING OPERATIONS 2,212,427 1,644,770 1,007,721
Individually immaterial      
Cash Flows From Investing Activities      
Cash, cash equivalents disposed from sale of subsidiaries (55) (542) 0
Comrun LLP      
Adjustments to reconcile net income used in operating activities:      
Gain from sale of subsidiaries (1,636) 0 0
ITS Tech      
Adjustments to reconcile net income used in operating activities:      
Gain from sale of subsidiaries 0 (4,201) 0
Freedom UA      
Cash Flows From Investing Activities      
Cash, cash equivalents disposed from sale of subsidiaries $ 0 $ 0 $ (1,987)