XML 91 R70.htm IDEA: XBRL DOCUMENT v3.23.2
ASSETS AND LIABILITIES HELD FOR SALE (Tables)
 12 Months Ended
Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of net gain on foreign exchange operations
February 28, 2023
March 31, 2022
Cash and cash equivalents593,953 428,480 
Restricted cash6,033 28,406 
Trading securities113,845 122,497 
Margin lending, brokerage and other receivables, net257,184 210,087 
Loans issued23,169 2,395 
Other assets32,398 33,554 
Total assets held for sale1,026,582 825,419 
Customer liabilities776,425 701,584 
Securities repurchase agreement obligations33,275 32,469 
Debt securities issued34,379 64,637 
Other liabilities16,385 13,788 
Total liabilities held for sale860,464 812,478 


The results of operations for discontinued operations for the eleven months ended February 28, 2023 and for the years ended March 31, 2022 and 2021, consist of the following:

For The Eleven Months Ended February 28, 2023
For The Year Ended
March 31, 2022
For The Year Ended
March 31, 2021
Fee and commission income77,109 69,742 52,780 
Net gain/(loss) on trading securities22,045 (78,674)20,275 
Net loss on derivative(44)— 39 
Interest income53,410 28,399 11,221 
Net gain/(loss) on foreign exchange operations45,859 (39,672)2,285 
TOTAL REVENUE, NET198,379 (20,205)86,600 
Payroll and bonuses58,971 39,114 24,827 
Professional services620 467 239 
Stock compensation expense1,743 7,887 1,033 
Advertising expense14,945 7,085 1,881 
General and administrative expense26,031 18,476 14,001 
Interest expense15,051 10,450 8,760 
Fee and commission expense10,467 7,988 7,122 
Provision for impairment losses1,566 779 45 
Other (income)/expense, net825 4,748 174 
TOTAL EXPENSE130,219 96,994 58,082 
INCOME/(LOSS) BEFORE INCOME TAX68,160 $(117,199)$28,518 

The net cash flows used in operating and investing activities for discontinued operations for the eleven months ended February 28, 2023 and for the years ended March 31, 2022 and 2021, consist of the following:
For The Eleven Months Ended February 28, 2023
For The Year Ended
March 31, 2022
For The Year Ended
March 31, 2021
(Recasted)(Recasted)
Cash Flows From Operating Activities
Net income/(loss) from discontinued operations$12,424 $(104,195)$21,783 
Adjustments to reconcile net income used in operating activities:
Depreciation and amortization2,103 2,035 1,745 
Noncash lease expense5,772 4,932 3,826 
Change in deferred taxes8,203 (12,634)1,170 
Impairment of FFIN Bank goodwill— 723 — 
Impairment of Zerich goodwill— 810 — 
Stock compensation expense1,743 7,887 1,033 
Unrealized loss/(gain) on trading securities(35,244)51,652 (425)
Net change in accrued interest(276)354 (1,921)
Client base write-off— 3,125 — 
Allowances for receivables1,871 771 41 
Loss from divestiture of Russian subsidiaries
51,533 — — 
Changes in operating assets and liabilities:
Trading securities62,100 (39,354)(100,133)
Margin lending, brokerage and other receivables(23,325)(218,852)28,845 
Other assets(2,684)(3,684)(1,292)
Securities sold, not yet purchased – at fair value182 239 23 
Customer liabilities(106,396)198,608 392,855 
Current income tax liability1 (637)658 
Margin lending and trade payables(15)(370)230 
Lease liabilities(5,763)(5,166)(3,854)
Other liabilities3,676 1,256 2,433 
Net cash flows from/(used in) operating activities from discontinued operations(24,095)(112,500)347,017 
Cash Flows Used In Investing Activities
Purchase of fixed assets(4,421)(3,438)(2,137)
Proceeds from sale of fixed assets— — 76 
Net change in loans issued to customers(25,331)(945)(171)
Cash, cash equivalents and restricted cash disposed from divestiture of Russia segment
(599,986)— — 
Net cash flows used in investing activities from discontinued operations(629,738)(4,383)(2,232)

The following table presents reconciliation of loss from disposal of discontinued operations as of disposal date:
February 28, 2023
Cash and cash equivalents593,953 
Restricted cash6,033 
Trading securities113,845 
Margin lending, brokerage and other receivables, net257,184 
Loans issued23,169 
Other assets32,398 
Total assets of discontinued operations$1,026,582 
Customer liabilities776,425 
Securities repurchase agreement obligations33,275 
Debt securities issued34,379 
Other liabilities16,385 
Total liabilities of discontinued operations$860,464 
Net assets of discontinued operations$166,118 
Reclassification of unrealized loss from cumulative translation adjustment25,415 
Adjusted net assets of discontinued operations$191,533 
Consideration received140,000 
Loss from divestiture of discontinued operations
$(51,533)