Annual report [Section 13 and 15(d), not S-K Item 405]

RECAST (Tables)

v3.26.1
RECAST (Tables)
 12 Months Ended
Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]  
Schedule of revision of prior period statements
March 31, 2025
As previously reported Effect of adoption of ASU 2018-12 As recasted
ASSETS
Cash and cash equivalents $ 837,302  $ —  $ 837,302 
Restricted cash 807,468  —  807,468 
Investment securities 2,814,733  —  2,814,733 
Margin lending, brokerage and other receivables, net
3,319,145  —  3,319,145 
Loans issued 1,595,435  —  1,595,435 
Fixed assets, net 191,103  —  191,103 
Intangible assets, net 54,186  —  54,186 
Goodwill 49,093  —  49,093 
Right-of-use asset 39,828  —  39,828 
Insurance contract assets 37,183  —  37,183 
Other assets, net 168,541  1,100  169,641 
TOTAL ASSETS $ 9,914,017  $ 1,100  $ 9,915,117 
LIABILITIES AND SHAREHOLDERS' EQUITY
Securities repurchase agreement obligations $ 1,418,443  $ —  $ 1,418,443 
Customer liabilities
 4,304,999  —  4,304,999 
Margin lending and trade payables
 1,322,241  —  1,322,241 
Insurance contract liabilities 481,539  (9,106) 472,433 
Current income tax liability 28,919  —  28,919 
Debt securities issued 469,551  —  469,551 
Lease liability 40,525  —  40,525 
Liability arising from continuing involvement 503,705  —  503,705 
Other liabilities 129,737  —  129,737 
TOTAL LIABILITIES $ 8,699,659  $ (9,106) $ 8,690,553 
Commitments and Contingent Liabilities (Note 29) —  —  — 
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; 60,993,949 shares issued and outstanding as of March 31, 2025
61  —  61 
Additional paid in capital 246,610  —  246,610 
Retained earnings 1,085,565  (7,393) 1,078,172 
Accumulated other comprehensive loss (117,995) 17,599  (100,396)
TOTAL FRHC SHAREHOLDERS' EQUITY $ 1,214,241  $ 10,206  $ 1,224,447 
Non-controlling interest 117  —  117 
TOTAL SHAREHOLDERS' EQUITY $ 1,214,358  $ 10,206  $ 1,224,564 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 9,914,017  $ 1,100  $ 9,915,117 
Year ended March 31, 2025
As reported Effect of adoption of ASU 2018-12 As recasted
Revenue:  
Fee and commission income $ 505,026  $ —  $ 505,026 
Net loss on trading securities (57,810) —  (57,810)
Interest income 864,453  —  864,453 
Net insurance revenue 617,596  (46,372) 571,224 
Net gain on foreign exchange operations 51,684  —  51,684 
Net gain on derivatives 12,404  —  12,404 
Sales of goods and services 40,102  —  40,102 
Other income 17,072  —  17,072 
TOTAL REVENUE, NET 2,050,527  (46,372) 2,004,155 
Expense:
Fee and commission expense 346,074  428  346,502 
Interest expense 535,895  —  535,895 
Insurance claims and policyholders benefits, net of reinsurance 298,109  (37,621) 260,488 
Payroll and bonuses 288,163  (816) 287,347 
Professional services 28,924  —  28,924 
Stock compensation expense 59,592  —  59,592 
Advertising and sponsorship expense 124,627  —  124,627 
General and administrative expense 162,474  —  162,474 
Allowance for expected credit losses 62,445  —  62,445 
Cost of sales 31,278  —  31,278 
TOTAL EXPENSE 1,937,581  (38,009) 1,899,572 
INCOME BEFORE INCOME TAX 112,946  (8,363) 104,583 
Income tax expense (28,425) —  (28,425)
NET INCOME 84,521  (8,363) 76,158 
Less: Net loss attributable to non-controlling interest in subsidiary (129) —  (129)
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 84,650  $ (8,363) $ 76,287 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect 4,364  —  4,364 
Reclassification adjustment for net realized loss on available-for-sale investments disposed of in the period, net of tax effect 681  —  681 
Change in discount rate on liability for future policy benefits —  6,807  6,807 
Foreign currency translation adjustments (104,102) —  (104,102)
OTHER COMPREHENSIVE (LOSS)/INCOME (99,057) 6,807  (92,250)
COMPREHENSIVE LOSS BEFORE NON-CONTROLLING INTERESTS $ (14,536) $ (1,556) $ (16,092)
Less: Comprehensive loss attributable to non-controlling interest in subsidiary (129) —  (129)
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (14,407) $ (1,556) $ (15,963)
Year ended March 31, 2024
As reported Effect of adoption of ASU 2018-12 As recasted
Revenue:  
Fee and commission income $ 440,333  $ —  $ 440,333 
Net gain on trading securities 133,854  —  133,854 
Interest income 828,224  —  828,224 
Net insurance revenue 264,218  (19,096) 245,122 
Net gain on foreign exchange operations 72,245  —  72,245 
Net loss on derivatives (103,794) —  (103,794)
Sales of goods and services 21,576  —  21,576 
Other income 9,696  —  9,696 
TOTAL REVENUE, NET 1,666,352  (19,096) 1,647,256 
Expense:
Fee and commission expense 154,351  365  154,716 
Interest expense 501,111  —  501,111 
Insurance claims and policyholder benefits, net of reinsurance 139,561  (22,288) 117,273 
Payroll and bonuses 181,023  (740) 180,283 
Professional services 34,238  —  34,238 
Stock compensation expense 22,719  —  22,719 
Advertising and sponsorship expense 38,327  —  38,327 
General and administrative expense 120,888  —  120,888 
Allowance for expected credit losses 21,225  —  21,225 
Cost of sales 17,538  —  17,538 
TOTAL EXPENSE 1,230,981  (22,663) 1,208,318 
INCOME BEFORE INCOME TAX 435,371  3,567  438,938 
Income tax expense (60,419) —  (60,419)
NET INCOME 374,952  3,567  378,519 
Less: Net loss attributable to non-controlling interest in subsidiary (588) —  (588)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 375,540  $ 3,567  $ 379,107 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect 6,196  —  6,196 
Reclassification adjustment for net realized loss on available-for-sale investments disposed of in the period, net of tax effect (3,209) —  (3,209)
Change in discount rate on liability for future policy benefits —  (4,811) (4,811)
Foreign currency translation adjustments 12,075  —  12,075 
OTHER COMPREHENSIVE INCOME/(LOSS) 15,062  (4,811) 10,251 
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS $ 390,014  $ (1,244) $ 388,770 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary (588) —  (588)
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 390,602  $ (1,244) $ 389,358