Company: FRHC
Filing Date: 2025-06-13
Form Type: 10-K
Source: 0000924805-25-000012
Chunk: 17

Company: Freedom Holding Corp.
Filing Date: 2025-06-13
Form: 10-K
Item: Item 8
Chunk 17
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All amounts in thousands of United States dollars, unless otherwise stated)

For the years ended March 31, 2025March 31, 2024March 31, 2023Cash Flows From Operating ActivitiesNet income84,521 $374,952 $205,586 Net income from discontinued operations— $— $12,424 Net income from continuing operations84,521 $374,952 $193,162 Adjustments to reconcile net income used in operating activities:Depreciation and amortization17,158 14,603 5,138 Amortization of deferred acquisition costs209,689 49,635 8,450 Noncash lease expense14,468 9,980 5,113 Change in deferred taxes(19,705)800 (811)Stock compensation expense59,592 22,719 9,293 Unrealized loss/(gain) on trading securities123,665 (95,729)(107,310)Unrealized (gain)/loss on derivatives(7,415)3,009 (12)Net realized loss/(gain) on available-for-sale securities681 (3,209)(2,934)Gain from sale of ITS Tech(4,201)— — Revaluation of investments in associates(1,139)— — Net change in accrued interest97,286 (69,289)(56,478)Change in insurance reserves219,818 98,787 50,671 Revaluation of purchase price previously held interest in Arbuz— (1,040)— Change in unused vacation reserve2,577 5,860 2,271 Allowances for expected credit losses62,445 21,225 29,119 Changes in operating assets and liabilities:Trading securities827,157 (1,048,205)(1,019,191)Margin lending, brokerage and other receivables (including $19,269, $(272,946), and $187,336 changes from related parties)(1,743,595)(1,272,652)(253,301)Insurance contract assets(15,319)(5,930)3,217 Other assets(268,589)(74,497)(20,752)Securities sold, not yet purchased – at fair value— — (13,865)Brokerage customer liabilities (including $4,034, $(86,083), and $(195