ASSETS AND LIABILITIES HELD FOR SALE (Tables)

9 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal groups, including discontinued operations

As of December 31, 2022 and March 31, 2022, the major classes of assets and liabilities from discontinued operations included the following:

	December 31, 2022		March 31, 2022
Cash and cash equivalents	$	582,314	$	428,480
Restricted cash	18,052		28,406
Trading securities	112,801		122,497
Margin lending, brokerage and other receivables, net	240,414		210,087
Loans issued	17,201		2,395
Other assets	34,757		33,554
Less: valuation allowance	(43,973)		—
Total assets held for sale	$	961,566	$	825,419
Customer liabilities	$	820,394	$	701,584
Securities repurchase agreement obligations	30,971		32,469
Debt securities issued	63,207		64,637
Other liabilities	16,912		13,788
Total liabilities held for sale	931,484		812,478

The results of operations for discontinued operations for the three and nine months ended December 31, 2022, and 2021, consist of the following:

	For The Three Months Ended				For The Nine Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Fee and commission income	$	14,230	$	23,147	$	62,290	$	59,596
Net gain/(loss) on trading securities	799		(6,611)		13,898		(9,716)
Net loss on derivative	(43)		—		(43)		—
Interest income	17,599		5,786		47,460		15,574
Net gain/(loss) on foreign exchange operations	19,965		(655)		40,379		(2,889)
TOTAL REVENUE, NET	52,550		21,667		163,984		62,565
Operating expense	29,839		22,253		83,379		53,841
Interest expense	3,124		2,365		13,143		6,824
Fee and commission expense	2,750		2,075		7,000		6,300
Provision for impairment losses	1,594		13		2,176		89
Provision for impairment of discontinued operations	2,509		—		43,973		—
Other (income)/expense, net	(933)		28		(154)		120
TOTAL EXPENSE	38,883		26,734		149,517		67,174
INCOME/(LOSS) BEFORE INCOME TAX	$	13,667	$	(5,067)	$	14,467	$	(4,609)

The net cash flows used in operating and investing activities for discontinued operations for the nine months ended December 31, 2022, and 2021, consist of the following:

	For the Nine Months Ended December 31,
	2022		2021*
			(Recasted)
Cash Flows From Operating Activities
Net income/(loss) from discontinued operations	$	9,929	$	(3,656)
Adjustments to reconcile net income used in operating activities:
Depreciation and amortization	1,794		1,637
Noncash lease expense	4,947		3,785
Change in deferred taxes	4,121		(1,892)
Stock compensation expense	4,226		5,647
Unrealized loss/(gain) on trading securities	(47,926)		9,082
Net change in accrued interest	810		1,436
Provision for impairment of discontinued operations	43,973		—
Allowances for receivables	2,053		89
Changes in operating assets and liabilities:
Trading securities	61,479		(262,438)
Margin lending, brokerage and other receivables	(4,755)		(93,717)
Other assets	1,557		(1,948)
Securities sold, not yet purchased – at fair value	257		(24)
Customer liabilities	(47,602)		121,173
Current income tax liability	1		(623)
Margin lending and trade payables	(16)		319
Lease liabilities	(5,509)		(3,947)
Other liabilities	2,826		2,176
Net cash flows from/(used in) operating activities from discontinued operations	32,165		(222,901)
Cash Flows Used In Investing Activities
Purchase of fixed assets	(3,998)		(2,918)
Proceeds from sale of fixed assets	—		699
Net change in loans issued to customers	(17,649)		(571)
Net cash flows used in investing activities from discontinued operations	(21,647)		(2,790)

The following table presents reconciliation of anticipated provision for impairment from sale of net assets held for sale as of disposal date:

	December 31, 2022
	Pre-elimination balance		Eliminations		Post-elimination balance
Cash and cash equivalents	582,314		—		582,314
Restricted cash	18,052		—		18,052
Trading securities	112,801		—		112,801
Margin lending, brokerage and other receivables, net	331,682		(91,269)		240,413
Loans issued	17,201		—		17,201
Other assets	34,758		—		34,758
Total assets held for sale	$	1,096,808	$	(91,269)	$	1,005,539
Customer liabilities	820,394		—		820,394
Securities repurchase agreement obligations	30,971		—		30,971
Debt securities issued	63,207		—		63,207
Other liabilities	16,913		—		16,913
Total liabilities held for sale	$	931,485	$	—	$	931,485
Net assets held for sale	$	165,323			$	74,054
Unrealized loss from translation adjustment	18,650
Adjusted net assets held for sale	$	183,973
Expected selling price	140,000
Provision for impairment of discontinued operations	$	(43,973)