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v3.23.1

RECAST (Tables) | 3 Months Ended
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Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Revision of prior period statements | The previously issued Condensed Consolidated Balance Sheets as of December 31, 2021, and March 31, 2021 and Condensed Consolidated Statement of Operations and Statements of Other Comprehensive Income for the three and nine months ended December 31, 2021, and 2020 have been revised as follows:
| As of December 31, 2021
| As previously reported |  | Recast discontinued operations |  | As recasted
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 493,263 |  |  | $ | (346,905) |  |  | $ | 146,358 |
Trading securities | 1,348,656 |  |  | (400,823) |  |  | 947,833 |
Restricted cash | 404,718 |  |  | 12,025 |  |  | 416,743 |
Brokerage and other receivables, net | 302,403 |  |  | (108,245) |  |  | 194,158 |
Loans issued | 44,995 |  |  | (2,556) |  |  | 42,439 |
Other assets | 30,321 |  |  | (6,291) |  |  | 24,030 |
Fixed assets, net | 21,221 |  |  | (3,822) |  |  | 17,399 |
Right-of-use asset | 17,830 |  |  | (10,904) |  |  | 6,926 |
Intangible assets, net | 8,703 |  |  | (5,031) |  |  | 3,672 |
Goodwill | 7,840 |  |  | — |  |  | 7,840 |
Available-for-sale securities, at fair value | 1 |  |  | — |  |  | 1 |
Assets held for sale | — |  |  | 919,592 |  |  | 919,592 |
TOTAL ASSETS | $ | 2,679,951 |  |  | $ | 47,040 |  |  | $ | 2,726,991 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Securities repurchase agreement obligations | $ | 710,284 |  |  | $ | (82,791) |  |  | $ | 627,493 |
Customer liabilities | 1,145,070 |  |  | (592,055) |  |  | 553,015 |
Trade payables | 51,031 |  |  | (656) |  |  | 50,375 |
Current income tax liability | 20,620 |  |  | (41) |  |  | 20,579 |
Securities sold, not yet purchased – at fair value | 15,167 |  |  | — |  |  | 15,167 |
Loans received | 3,497 |  |  | — |  |  | 3,497 |
Debt securities issued | 105,363 |  |  | (71,716) |  |  | 33,647 |
Lease liability | 17,573 |  |  | (10,542) |  |  | 7,031 |
Deferred income tax liabilities | 1 |  |  | 1,485 |  |  | 1,486 |
Deferred distribution payments | 8,534 |  |  | — |  |  | 8,534 |
Liabilities held for sale | — |  |  | 809,727 |  |  | 809,727 |
Other liabilities | 11,321 |  |  | (6,371) |  |  | 4,950 |
TOTAL LIABILITIES | 2,088,461 |  |  | 47,040 |  |  | 2,135,501 |
Commitments and Contingent Liabilities (Note 30) | — |  |  | — |  |  | — |
SHAREHOLDERS’ EQUITY |  |  |  |  |
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding | — |  |  | — |  |  | — |
Common stock - $0.001 par value; 500,000,000 shares authorized; | 59 |  |  | — |  |  | 59 |
Additional paid in capital | 115,278 |  |  | — |  |  | 115,278 |
Retained earnings | 516,149 |  |  | — |  |  | 516,149 |
Accumulated other comprehensive loss | (39,152) |  |  | — |  |  | (39,152) |
TOTAL EQUITY ATTRIBUTABLE TO THE COMPANY | 592,334 |  |  | — |  |  | 592,334 |
Non-controlling interest | (844) |  |  | — |  |  | (844) |
TOTAL SHAREHOLDERS’ EQUITY | 591,490 |  |  | — |  |  | 591,490 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,679,951 |  |  | $ | 47,040 |  |  | $ | 2,726,991 |
| As of March 31, 2021
| As previously reported |  | Recast discontinued operations |  | As recasted
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 698,828 |  |  | $ | (530,811) |  |  | $ | 168,017 |
Trading securities | 736,188 |  |  | (148,642) |  |  | 587,546 |
Restricted cash | 437,958 |  |  | 52,733 |  |  | 490,691 |
Brokerage and other receivables, net | 64,801 |  |  | (15,283) |  |  | 49,518 |
Loans issued | 11,667 |  |  | (2,041) |  |  | 9,626 |
Other assets | 19,902 |  |  | (4,263) |  |  | 15,639 |
Fixed assets, net | 18,385 |  |  | (2,814) |  |  | 15,571 |
Right-of-use asset | 13,262 |  |  | (8,636) |  |  | 4,626 |
Intangible assets, net | 9,785 |  |  | (5,883) |  |  | 3,902 |
Goodwill | 7,868 |  |  | (731) |  |  | 7,137 |
Available-for-sale securities, at fair value | 1 |  |  | — |  |  | 1 |
Assets held for sale | — |  |  | 748,048 |  |  | 748,048 |
TOTAL ASSETS | $ | 2,018,645 |  |  | $ | 81,677 |  |  | $ | 2,100,322 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Securities repurchase agreement obligations | $ | 426,715 |  |  | $ | (51,997) |  |  | $ | 374,718 |
Customer liabilities | 1,163,697 |  |  | (491,872) |  |  | 671,825 |
Trade payables | 22,304 |  |  | (302) |  |  | 22,002 |
Current income tax liability | 14,843 |  |  | (644) |  |  | 14,199 |
Securities sold, not yet purchased – at fair value | 8,592 |  |  | (23) |  |  | 8,569 |
Loans received | 3,373 |  |  | — |  |  | 3,373 |
Debt securities issued | 68,443 |  |  | (37,094) |  |  | 31,349 |
Lease liability | 13,249 |  |  | (8,438) |  |  | 4,811 |
Deferred income tax liabilities | 4,385 |  |  | (378) |  |  | 4,007 |
Deferred distribution payments | 8,534 |  |  | — |  |  | 8,534 |
Liabilities held for sale | — |  |  | 676,568 |  |  | 676,568 |
Other liabilities | 8,850 |  |  | (4,143) |  |  | 4,707 |
TOTAL LIABILITIES | 1,742,985 |  |  | 81,677 |  |  | 1,824,662 |
Commitments and Contingent Liabilities (Note 30) | — |  |  | — |  |  | — |
SHAREHOLDERS’ EQUITY |  |  |  |  |
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding | — |  |  | — |  |  | — |
Common stock - $0.001 par value; 500,000,000 shares authorized; | 58 |  |  | — |  |  | 58 |
Additional paid in capital | 104,672 |  |  | — |  |  | 104,672 |
Retained earnings | 208,617 |  |  | — |  |  | 208,617 |
Accumulated other comprehensive loss | (36,046) |  |  | — |  |  | (36,046) |
TOTAL EQUITY ATTRIBUTABLE TO THE COMPANY | 277,301 |  |  | — |  |  | 277,301 |
Non-controlling interest | (1,641) |  |  | — |  |  | (1,641) |
TOTAL SHAREHOLDERS’ EQUITY | 275,660 |  |  | — |  |  | 275,660 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,018,645 |  |  | $ | 81,677 |  |  | $ | 2,100,322 |
| Three months ended December 31, 2021
| As previously reported* |  | Recast discontinued operations |  | As recasted
Revenue: |  |  |  |  |
Fee and commission income | $ | 117,316 |  |  | $ | (25,905) |  |  | $ | 91,411 |
Net gain on trading securities | 403 |  |  | 6,611 |  |  | 7,014 |
Interest income | 27,828 |  |  | (3,029) |  |  | 24,799 |
Net (loss)/gain on foreign exchange operations | 451 |  |  | 655 |  |  | 1,106 |
Net loss on derivative | (314) |  |  | — |  |  | (314) |
TOTAL REVENUE, NET | 145,684 |  |  | (21,668) |  |  | 124,016 |
Expense: |  |  |  |  |
Fee and commission expense | 22,716 |  |  | (2,076) |  |  | 20,640 |
Interest expense | 20,799 |  |  | (2,365) |  |  | 18,434 |
Operating expense | 50,496 |  |  | (22,253) |  |  | 28,243 |
Provision for impairment losses | 45 |  |  | (13) |  |  | 32 |
Other expense, net | (64) |  |  | (30) |  |  | (94) |
TOTAL EXPENSE | 93,992 |  |  | (26,737) |  |  | 67,255 |
INCOME BEFORE INCOME TAX | 51,692 |  |  | 5,069 |  |  | 56,761 |
Income tax expense | (806) |  |  | (962) |  |  | (1,768) |
INCOME FROM CONTINUING OPERATIONS | 50,886 |  |  | 4,107 |  |  | 54,993 |
Income/(loss) before income tax (expense)/benefit of discontinued operations | — |  |  | (5,067) |  |  | (5,067) |
Income tax (expense)/benefit of discontinued operations | — |  |  | 962 |  |  | 962 |
Income/(loss) from discontinued operation | — |  |  | (4,105) |  |  | (4,105) |
NET INCOME | 50,886 |  |  | 2 |  |  | 50,888 |
Less: Net loss attributable to non-controlling interest in subsidiary | (343) |  |  | — |  |  | (343) |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 51,229 |  |  | $ | 2 |  |  | $ | 51,231 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect | — |  |  | — |  |  | — |
Foreign currency translation adjustments, net of tax effect | (7,336) |  |  | 2,672 |  |  | (4,664) |
OTHER COMPREHENSIVE INCOME/(LOSS) | (7,336) |  |  | 2,672 |  |  | (4,664) |
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS | $ | 43,550 |  |  | $ | 2,674 |  |  | $ | 46,224 |
Less: Comprehensive loss attributable to non-controlling interest in subsidiary | (343) |  |  | — |  |  | (343) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 43,893 |  |  | $ | 2,674 |  |  | $ | 46,567 |
For the three months ended December 31, 2021, the Company’s EPS as reported was 0.86 for basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 0.93, (0.07), and 0.86 for basic and diluted EPS for continuing operations, discontinued operations, and total EPS, respectively.
| Three months ended December 31, 2020
| As previously reported* |  | Recast discontinued operations |  | As recasted
Revenue: |  |  |  |  |
Fee and commission income | $ | 72,484 |  |  | $ | (14,385) |  |  | $ | 58,099 |
Net gain on trading securities | 18,944 |  |  | (4,972) |  |  | 13,972 |
Interest income | 9,223 |  |  | (3,999) |  |  | 5,224 |
Net (loss)/gain on foreign exchange operations | (1,413) |  |  | 1,516 |  |  | 103 |
Net gain on derivative | 995 |  |  | (49) |  |  | 946 |
TOTAL REVENUE, NET | 100,233 |  |  | (21,889) |  |  | 78,344 |
Expense: |  |  |  |  |
Fee and commission expense | 20,278 |  |  | (1,983) |  |  | 18,295 |
Interest expense | 6,649 |  |  | (3,426) |  |  | 3,223 |
Operating expense | 21,921 |  |  | (11,583) |  |  | 10,338 |
Provision for impairment losses | 1,109 |  |  | (157) |  |  | 952 |
Other expense, net | 244 |  |  | (229) |  |  | 15 |
TOTAL EXPENSE | 50,201 |  |  | (17,378) |  |  | 32,823 |
INCOME BEFORE INCOME TAX | 50,032 |  |  | (4,511) |  |  | 45,521 |
Income tax expense | (7,711) |  |  | 1,112 |  |  | (6,599) |
INCOME FROM CONTINUING OPERATIONS | 42,321 |  |  | (3,399) |  |  | 38,922 |
Income before income tax expense of discontinued operations | — |  |  | 4,511 |  |  | 4,511 |
Income tax expense of discontinued operations | — |  |  | (1,112) |  |  | (1,112) |
Income from discontinued operations | — |  |  | 3,399 |  |  | 3,399 |
NET INCOME | 42,321 |  |  | — |  |  | 42,321 |
Less: Net loss attributable to non-controlling interest in subsidiary | (53) |  |  | — |  |  | (53) |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 42,374 |  |  | $ | — |  |  | $ | 42,374 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect | — |  |  | — |  |  | — |
Foreign currency translation adjustments, net of tax effect | 6,851 |  |  | — |  |  | 6,851 |
OTHER COMPREHENSIVE INCOME | 6,851 |  |  | — |  |  | 6,851 |
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS | $ | 49,172 |  |  | $ | — |  |  | $ | 49,172 |
Less: Comprehensive loss attributable to non-controlling interest in subsidiary | (53) |  |  | — |  |  | (53) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 49,225 |  |  | $ | — |  |  | $ | 49,225 |
For the three months ended December 31, 2020, the Company’s EPS as reported was 0.73 for basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 0.67, 0.06, and for basic and diluted EPS for continuing operations, discontinued operations, and 0.73, 0.72 for basic and diluted total EPS, respectively.
| Nine months ended December 31, 2021
| As previously reported* |  | Recast discontinued operations |  | As recasted
Revenue: |  |  |  |  |
Fee and commission income | $ | 327,966 |  |  | $ | (65,251) |  |  | $ | 262,715 |
Net gain on trading securities | 185,554 |  |  | 9,716 |  |  | 195,270 |
Interest income | 69,259 |  |  | (9,920) |  |  | 59,339 |
Net (loss)/gain on foreign exchange operations | 885 |  |  | 2,888 |  |  | 3,773 |
Net loss on derivative | (1,028) |  |  | — |  |  | (1,028) |
TOTAL REVENUE, NET | 582,636 |  |  | (62,567) |  |  | 520,069 |
Expense: |  |  |  |  |
Fee and commission expense | 67,547 |  |  | (6,301) |  |  | 61,246 |
Interest expense | 51,256 |  |  | (6,824) |  |  | 44,432 |
Operating expense | 117,384 |  |  | (53,840) |  |  | 63,544 |
Provision for impairment losses | 704 |  |  | (90) |  |  | 614 |
Other expense, net | 600 |  |  | (120) |  |  | 480 |
TOTAL EXPENSE | 237,491 |  |  | (67,175) |  |  | 170,316 |
INCOME BEFORE INCOME TAX | 345,145 |  |  | 4,608 |  |  | 349,753 |
Income tax expense | (38,037) |  |  | (943) |  |  | (38,980) |
INCOME FROM CONTINUING OPERATIONS | 307,108 |  |  | 3,665 |  |  | 310,773 |
Income/(loss) before income tax (expense)/benefit of discontinued operations | — |  |  | (4,609) |  |  | (4,609) |
Income tax (expense)/benefit of discontinued operations | — |  |  | 953 |  |  | 953 |
Income/(loss) from discontinued operations | — |  |  | (3,656) |  |  | (3,656) |
NET INCOME | 307,108 |  |  | 9 |  |  | 307,117 |
Less: Net loss attributable to non-controlling interest in subsidiary | (415) |  |  | — |  |  | (415) |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 307,523 |  |  | $ | 9 |  |  | $ | 307,532 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect | — |  |  | — |  |  | — |
Foreign currency translation adjustments, net of tax effect | (3,106) |  |  | 2,574 |  |  | (532) |
OTHER COMPREHENSIVE INCOME/(LOSS) | (3,106) |  |  | 2,574 |  |  | (532) |
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS | $ | 304,002 |  |  | $ | 2,583 |  |  | $ | 306,585 |
Less: Comprehensive loss attributable to non-controlling interest in subsidiary | (415) |  |  | — |  |  | (415) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 304,417 |  |  | 2,583 |  |  | 307,000 |
For the nine months ended December 31, 2021, the Company’s EPS as reported was 5.18 for basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 5.25, (0.06), and 5.18 for basic and diluted EPS for continuing operations, discontinued operations, and total EPS, respectively.
| Nine months ended December 31, 2020
| As previously reported* |  | Recast discontinued operations |  | As recasted
Revenue: |  |  |  |  |
Fee and commission income | $ | 169,590 |  |  | $ | (33,603) |  |  | $ | 135,987 |
Net gain on trading securities | 36,330 |  |  | (17,087) |  |  | 19,243 |
Interest income | 18,930 |  |  | (7,168) |  |  | 11,762 |
Net gain on foreign exchange operations | 1,359 |  |  | (1,217) |  |  | 142 |
Net gain on derivative | 149 |  |  | (88) |  |  | 61 |
TOTAL REVENUE, NET | 226,358 |  |  | (59,163) |  |  | 167,195 |
Expense: |  |  |  |  |
Fee and commission expense | 50,068 |  |  | (4,297) |  |  | 45,771 |
Interest expense | 15,092 |  |  | (6,290) |  |  | 8,802 |
Operating expense | 52,214 |  |  | (29,978) |  |  | 22,236 |
Provision for impairment losses | 1,775 |  |  | (202) |  |  | 1,573 |
Other expense/(income), net | 149 |  |  | (206) |  |  | (57) |
TOTAL EXPENSE | 119,298 |  |  | (40,973) |  |  | 78,325 |
INCOME BEFORE INCOME TAX | 107,060 |  |  | (18,190) |  |  | 88,870 |
Income tax expense | (16,900) |  |  | 5,202 |  |  | (11,698) |
INCOME FROM CONTINUING OPERATIONS | 90,160 |  |  | (12,988) |  |  | 77,172 |
Income before income tax expense of discontinued operations | — |  |  | 18,190 |  |  | 18,190 |
Income tax expense of discontinued operations | — |  |  | (5,202) |  |  | (5,202) |
Income from discontinued operations | — |  |  | 12,988 |  |  | 12,988 |
NET INCOME | 90,160 |  |  | — |  |  | 90,160 |
Less: Net income attributable to non-controlling interest in subsidiary | 243 |  |  | — |  |  | 243 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 89,917 |  |  | $ | — |  |  | $ | 89,917 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect | 71 |  |  | — |  |  | 71 |
Foreign currency translation adjustments, net of tax effect | 4,565 |  |  | — |  |  | 4,565 |
OTHER COMPREHENSIVE INCOME | 4,636 |  |  | — |  |  | 4,636 |
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS | $ | 94,796 |  |  | $ | — |  |  | $ | 94,796 |
Less: Comprehensive income attributable to non-controlling interest in subsidiary | 243 |  |  | — |  |  | 243 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 94,553 |  |  | $ | — |  |  | $ | 94,553 |
For the nine months ended December 31, 2020, the Company’s EPS as reported was 1.54 for both basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 1.32, 0.22, and 1.54 for both basic and diluted EPS for continuing operations, discontinued operations, and total EPS, respectively. *amounts with restatement in fee and commission income and interest income, for more information please see Note 4 Restatement.

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