Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.24.0.1
SEGMENT REPORTING (Tables)
 9 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
The following tables summarize the Company's Statement of Operations by its geographic segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
Three months ended December 31, 2023
STATEMENTS OF OPERATIONS
 Central Asia and Eastern Europe Europe, excluding Eastern Europe
United States
 Middle East/Caucasus Total
Fee and commission income (1)
$ 82,554  $ 32,585  $ 4,166  $ 854  $ 120,159 
Net (loss)/ gain on trading securities
 (5,778) (85) 769  5  (5,089)
Interest income 207,168  7,571  586  11,120  226,445 
Insurance underwriting income 79,017  —  —  —  79,017 
Net gain/(loss) on foreign exchange operations
 39,031  (367) 76  85  38,825 
Net loss on derivative
 (42,568) —  —  —  (42,568)
Other income/(expense)
 1,910  (200) (11) 146  1,845 
TOTAL REVENUE, NET 361,334  39,504  5,586  12,210  418,634 
Fee and commission expense 37,393  5,040  329  56  42,818 
Interest expense 127,861  3,168  138  56  131,223 
Insurance claims incurred, net of reinsurance 40,989  —  —  —  40,989 
Payroll and bonuses 31,101  9,154  3,365  1,463  45,083 
Professional services 614  1,995  3,521  87  6,217 
Stock compensation expense 701  82  256  —  1,039 
Advertising expense 4,551  5,671  392  452  11,066 
General and administrative expense 22,765  2,743  5,290  1,308  32,106 
(Recovery)/allowance for expected credit losses
 (7,381) 3,893  (38) —  (3,526)
TOTAL EXPENSE 258,594  31,746  13,253  3,422  307,015 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 102,740  $ 7,758  $ (7,667) $ 8,788  $ 111,619 
Income tax expense (244) (8,890) (6,262) (148) (15,544)
INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 102,496  $ (1,132) $ (13,929) $ 8,640  $ 96,075 
Nine months ended December 31, 2023
STATEMENTS OF OPERATIONS
 Central Asia and Eastern Europe Europe, excluding Eastern Europe
United States
 Middle East/Caucasus Total
Fee and commission income (1)
240,165  75,999  12,434  1,967  $ 330,565 
Net gain on trading securities
 76,894  350  68  186  77,498 
Interest income 543,214  24,036  2,437  19,170  588,857 
Insurance underwriting income 181,882  —  —  —  181,882 
Net gain/(loss) on foreign exchange operations 54,962  (60) (696) 224  54,430 
Net (loss)/gain on derivative
 (72,365) 570  —  —  (71,795)
Other income
 6,558  1,505  804  121  8,988 
TOTAL REVENUE, NET 1,031,310  102,400  15,047  21,668  1,170,425 
Fee and commission expense 87,568  14,523  877  148  103,116 
Interest expense 346,393  17,326  1,857  74  365,650 
Insurance claims incurred, net of reinsurance 96,491  —  —  —  96,491 
Payroll and bonuses 85,489  18,253  10,404  2,565  116,711 
Professional services 1,764  6,331  16,488  210  24,793 
Stock compensation expense 2,230  255  818  —  3,303 
Advertising expense 12,171  14,098  666  870  27,805 
General and administrative expense 60,831  11,829  11,617  1,934  86,211 
Allowance/(recovery) for expected credit losses
 10,456  5,040  (34) —  15,462 
TOTAL EXPENSE 703,393  87,655  42,693  5,801  839,542 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS 327,917  14,745  (27,646) 15,867  330,883 
Income tax expense (432) (18,614) (31,665) (697) (51,408)
INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 327,485  $ (3,869) $ (59,311) $ 15,170  $ 279,475 
Three months ended December 31, 2022
STATEMENTS OF OPERATIONS
Central Asia and Eastern Europe
Europe, excluding Eastern Europe
United States
 Middle East/Caucasus Total
Fee and commission income (1)
$ 31,248  $ 48,486  $ 1,149  $ —  $ 80,883 
Net gain/(loss) on trading securities 28,080  819  (3,443) —  25,456 
Interest income 66,324  11,417  2,500  14  80,255 
Insurance underwriting income 28,557  —  —  —  28,557 
Net gain/(loss) on foreign exchange operations 20,402  313  152  (1) 20,866 
Net loss on derivative (21,469) —  —  —  (21,469)
Other (expense)/income
 (647) 74  —  3  (570)
TOTAL REVENUE, NET 152,495  61,109  358  16  213,978 
Fee and commission expense 10,110  7,933  255  16  18,314 
Interest expense 43,880  4,590  3,567  —  52,037 
Insurance claims incurred, net of reinsurance 17,418  1  —  —  17,419 
Payroll and bonuses 13,937  5,795  1,563  315  21,610 
Professional services 859  2,483  2,385  174  5,901 
Stock compensation expense —  —  2,939  —  2,939 
Advertising expense 2,255  1,356  110  9  3,730 
General and administrative expense 11,443  3,190  1,658  137  16,428 
Allowance for expected credit losses
 12,767  11,363  10  —  24,140 
TOTAL EXPENSE 112,669  36,711  12,487  651  162,518 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 39,826  $ 24,398  $ (12,129) $ (635) $ 51,460 
Income tax expense (95) (4,557) (398) (19) (5,069)
INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 39,731  $ 19,841  $ (12,527) $ (654) $ 46,391 
Nine months ended December 31, 2022
STATEMENTS OF OPERATIONS
Central Asia and Eastern Europe
Europe, excluding Eastern Europe
United States
 Middle East/Caucasus Total
Fee and commission income (1)
$ 56,715  $ 193,439  $ 3,332  $ —  $ 253,486 
Net gain/(loss) on trading securities 65,497  (21,815) (4,788) —  38,894 
Interest income 154,300  24,014  9,489  14  187,817 
Insurance underwriting income 78,998  —  —  —  78,998 
Net gain/(loss) on foreign exchange operations 32,270  (1,517) (747) 8  30,014 
Net loss on derivative (22,523) —  —  —  (22,523)
Other (expense)/income
 (116) (31) 8  60  (79)
TOTAL REVENUE, NET 365,141  194,090  7,294  82  566,607 
Fee and commission expense 32,638  26,834  551  45  60,068 
Interest expense 110,410  10,250  12,311  —  132,971 
Insurance claims incurred, net of reinsurance 51,585  1  —  —  51,586 
Payroll and bonuses 37,967  11,357  5,146  782  55,252 
Professional services 2,337  5,236  6,329  272  14,174 
Stock compensation expense 2,137  291  4,091  —  6,519 
Advertising expense 5,654  3,697  119  9  9,479 
General and administrative expense 22,880  14,342  3,330  391  40,943 
Allowance for expected credit losses
 18,930  11,362  2  30,294 
TOTAL EXPENSE 284,538  83,370  31,879  1,499  401,286 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 80,603  $ 110,720  $ (24,585) $ (1,417) $ 165,321 
Income tax (expense)/benefit (691) (18,403) (7,475) 2  (26,567)
INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 79,912  $ 92,317  $ (32,060) $ (1,415) $ 138,754 
(1) All trading of U.S. and European exchange traded and OTC securities by all Freedom securities brokerage firms, excluding PrimeEx, are routed to and executed through Freedom EU and all fee and commission income for those transactions is recognized at subsidiary received the initial order from external client.
The following tables summarize the Company's total assets and total liabilities by its geographic segments. Intercompany balances have been eliminated for separate disclosure:
December 31, 2023
Central Asia and Eastern Europe
Europe, excluding Eastern Europe
United States
 Middle East/Caucasus Total
Total assets $ 6,419,659  $ 422,348  $ 87,842  $ 519,194  $ 7,449,043 
Total liabilities 5,795,495  561,395  30,223  22,680  6,409,793 
Net assets $ 624,164  $ (139,047) $ 57,619  $ 496,514  $ 1,039,250 

March 31, 2023
Central Asia and Eastern Europe
Europe, excluding Eastern Europe
United States
 Middle East/Caucasus Total
Total assets $ 4,303,126  $ 677,425  $ 101,365  $ 2,642  $ 5,084,558 
Total liabilities 3,868,326  384,921  60,198  377  4,313,822 
Net assets $ 434,800  $ 292,504  $ 41,167  $ 2,265  $ 770,736