Company: FRHC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000924805-25-000002
Chunk: 65

Company: Freedom Holding Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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FREEDOM HOLDING CORP.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2024 and March 31, 2024, goodwill recorded in the Company's Condensed Consolidated Balance Sheets totaled $48,217 and $52,648, respectively. The Company performs an impairment review at least annually unless indicators of impairment exist in interim periods. The entity compares the fair value of a reporting unit with its carrying amount. The goodwill impairment charge is recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. If the fair value exceeds the carrying amount, no impairment is recorded.The amount of goodwill at December 31, 2024 decreased compared to March 31, 2024 as a result of foreign currency translation difference. The effect was partially offset by goodwill increase due to the acquisition of a 100% interest in EliteCom LLP by Freedom Telecom Holding, which occurred after March 31, 2024.  See Note 22 "Acquisitions of subsidiaries" to the condensed consolidated financial statements included in this quarterly report on Form 10-Q.The changes in the carrying amount of goodwill for three months ended December 31, 2024 and 2023, were as follows:BrokerageBankInsuranceOtherTotalGoodwill, grossBalance as of March 31, 2023$2,677 $2,652 $980 $8,715 $15,024 Write-off due to deconsolidation of Freedom UA— — — (832)(832)Foreign currency translation difference(7)96 — — 89 Acquired— — — 37,957 37,957 Balance as of December 31, 2023$2,670 $2,748 $980 $45,840 $52,238 Balance as of March 31, 2024$2,688 $2,746 $1,040 $46,174 $52,648 Forex(157)(14)(155)(5,541)(5,867)Acquired— — — 1,436 1,436 Balance as of December 31, 2024$2,531 $2,732 $885