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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange
Act of 1934
Date of Report (Date
of earliest event reported): November 8, 2023
B. RILEY FINANCIAL, INC
(Exact name of registrant as specified in its charter)
Delaware |
|
001-37503 |
|
27-0223495 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
11100 Santa Monica Blvd., Suite 800
Los Angeles, CA 90025
310-966-1444
(Address, Including Zip Code, and Telephone Number, Including
Area Code, of Registrant’s Principal Executive Offices)
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
registered |
Common Stock, par value $0.0001 per share |
|
RILY |
|
Nasdaq Global Market |
Depositary Shares (each representing a 1/1000th interest in a 6.875% Series A Cumulative Perpetual Preferred Share, par value $0.0001 per share) |
|
RILYP |
|
Nasdaq Global Market |
Depositary Shares, each representing a 1/1000th fractional interest in a 7.375% share of Series B Cumulative Perpetual Preferred Stock |
|
RILYL |
|
Nasdaq Global Market |
6.75% Senior Notes due 2024 |
|
RILYO |
|
Nasdaq Global Market |
6.375% Senior Notes due 2025 |
|
RILYM |
|
Nasdaq Global Market |
5.00% Senior Notes due 2026 |
|
RILYG |
|
Nasdaq Global Market |
5.50% Senior Notes due 2026 |
|
RILYK |
|
Nasdaq Global Market |
6.50% Senior Notes due 2026 |
|
RILYN |
|
Nasdaq Global Market |
5.25% Senior Notes due 2028 |
|
RILYZ |
|
Nasdaq Global Market |
6.00% Senior Notes due 2028 |
|
RILYT |
|
Nasdaq Global Market |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 8, 2023,
B. Riley Financial, Inc. (the “Company”) issued a press release reporting its financial results for the fiscal quarter ended
September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1.
The information set forth
in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of such section. The information in this Current Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference
into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference
in such a filing to this Current Report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
B. Riley Financial, Inc. |
|
|
|
|
|
By: |
/s/ Phillip J. Ahn |
|
|
Name: |
Phillip J. Ahn |
|
|
Title: |
Chief Financial Officer and Chief Operating Officer |
Date: November 8, 2023
Exhibit 99.1
B.
Riley Financial Reports Third Quarter 2023 Results;
Declares Quarterly Dividend of $1.00 per share
Board
authorizes $50 million annual share repurchase plan
LOS
ANGELES, November 8, 2023 – B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley” or the “Company”),
a diversified financial services platform, today released results for the three-month and nine-month period ending September 30, 2023.
Financial
Highlights for Three and Nine Months Ended September 30, 2023
● | Record
total revenues of $462.3 million in Q3, up 48% year-over-year; Record YTD revenues of $1.30
billion for the first nine months of 2023, up 86% |
| |
● | Net
loss of $75.8 million in Q3 primarily driven by unrealized investment losses related to changes
in mark-to-market valuations on equities portfolio; net loss of $16.3 million for the first
nine months of 2023 |
| |
● | Operating
revenues(2) of $472.9 million in Q3; and $1.22 billion for the first nine months
of 2023 |
| |
● | Operating
adjusted EBITDA(3) of $107.5 million in Q3, up 34% sequentially; and $267.8 million
for the first nine months of 2023 |
| |
● | Strong
balance sheet with total cash and investments(6) of $2.05 billion at September
30; over $250 million in cash and cash equivalents and undrawn revolver of approximately
$100 million |
| |
| ● | Board
declares regular quarterly dividend of $1.00 per share; authorizes $50 million annual share
repurchase plan |
Bryant
Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: “During the third quarter, we generated meaningful
operating adjusted EBITDA consistent with our platform objectives to drive better results from a broader client set. Despite lower investment
marks that reflect a difficult small cap market environment, we are as encouraged by the middle market setup as we have been in years and expect to take
advantage of recent market dislocations.”
“We
continue to focus on maintaining an efficient capital structure that funds continued platform growth. To this end, during the quarter,
we raised approximately $115 million of equity proceeds in a July common stock offering, expanded our Nomura credit facility by approximately
$240 million, and reduced other outstanding debt by over $100 million. Collectively, these initiatives resulted in a meaningful improvement
in our quarter-end balance sheet, and leave us with over $2 billion in cash and investments. We
believe our nimble balance sheet has us well positioned to take advantages of the opportunities we see ahead going into 2024, and we
could not be more enthusiastic.”
Tom
Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: “Highlights for the quarter included strong performance
from retail liquidation and another record revenue period for Advisory Services as our countercyclical restructuring businesses continue
to be the beneficiary of challenged market dynamics. During the quarter, we saw a meaningful increase in B. Riley Securities investment
banking revenue, up over 100% from Q2 driven by significantly higher underwritten offerings, in addition to improved performance in wealth
management as a result of our strategic realignment of this business. While Targus has faced challenges in 2023, we believe the brand
will be competitively positioned as the PC market recovers. Our platform’s diversification continues to prove its resiliency amid
a challenging backdrop throughout 2023. As we look ahead, we remained focused on executing on our strategy and continuing to invest in
our platform to strengthen our market share and build out our execution capabilities with best-in-class talent.”
www.brileyfin.com | NASDAQ: RILY | 1 |
Financial
Summary
Total
revenues increased 48% to $462.3 million during the three months ended September 30, 2023 from $312.1 million during the three months
ended September 30, 2022, primarily driven by retail liquidation and consumer in addition to increased revenues from financial consulting,
communications, and wealth management.
Revenues
increased 86% to $1.30 billion for the first nine months of 2023 compared to $698.6 million in the prior nine-month period in 2022 primarily
driven by Capital Markets, liquidation, and the additions of Targus, Lingo and BullsEye Telecom to the platform in 2022.
Net
loss of $75.8 million for the three months ended September 30, 2023 was primarily attributable to unrealized investment losses which
reflect changes in mark-to-market values on held equity investments, in addition to a non-cash goodwill and tradename impairment charge
of $35.5 million related to Targus. Net loss for the first nine months of 2023 was $16.3 million.
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(Dollars in thousands, except for share data) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net (loss) income available to common shareholders | |
$ | (75,838 | ) | |
$ | 45,835 | | |
$ | (16,329 | ) | |
$ | (108,390 | ) |
Basic (loss) income per common share | |
$ | (2.53 | ) | |
$ | 1.62 | | |
$ | (0.56 | ) | |
$ | (3.86 | ) |
Diluted (loss) income per common share | |
$ | (2.53 | ) | |
$ | 1.53 | | |
$ | (0.56 | ) | |
$ | (3.86 | ) |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(Dollars in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating Revenues (2) | |
$ | 472,899 | | |
$ | 319,034 | | |
$ | 1,217,334 | | |
$ | 842,536 | |
Investment (Loss) Gains (4) | |
| (10,587 | ) | |
| (6,917 | ) | |
| 83,346 | | |
| (143,958 | ) |
Total Revenues | |
$ | 462,312 | | |
$ | 312,117 | | |
$ | 1,300,680 | | |
$ | 698,578 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Adjusted EBITDA (3) | |
$ | 107,492 | | |
$ | 106,244 | | |
$ | 267,834 | | |
$ | 264,651 | |
Investment Adjusted EBITDA (5) | |
| (79,373 | ) | |
| 35,193 | | |
| (4,991 | ) | |
| (218,329 | ) |
Total Adjusted EBITDA (1) | |
$ | 28,119 | | |
$ | 141,437 | | |
$ | 262,843 | | |
$ | 46,322 | |
Certain
of the information set forth herein, including Adjusted EBITDA(1), Operating Revenues(2), and Operating Adjusted
EBITDA(3), may be considered non-GAAP financial measures. Information about B. Riley Financial’s use of non-GAAP financial
measures is provided below under “Use of Non-GAAP Financial Measures.”
Operating
revenues(2) increased to $472.9 million for the third quarter and increased to $1.22 billion for the first nine months of
2023, up from $319.0 million and $842.5 million in the respective prior year periods in 2022, representing the highest in the firm’s
history, both on a quarterly and year-to-date basis.
Operating
adjusted EBITDA(3) increased to $107.5 million for the third quarter and $267.8 million for the first nine months of 2023,
up from $106.2 million in the prior year quarter and $264.7 million in the first nine months of 2022. Operating adjusted EBITDA for the
third quarter ranked third highest in the firm’s history and ranked second highest for the first nine months.
www.brileyfin.com | NASDAQ: RILY | 2 |
Investment
gains (loss)(4) in the third quarter of 2023 was a loss of $10.6 million recognized as trading losses and fair value adjustments
on loans in revenues. In addition, $75.4 million of realized and unrealized losses on investments was recognized as Other Income.
Dividend
income increased to $12.9 million for the three months of 2023 and $35.6 million for the first nine months of 2023, up from $9.2 million
in the third quarter of 2022 and $26.3 million for the first nine months of 2022.
Segment
Financial Summary
Three
months ended September 30, 2023:
| |
Segment Revenues | | |
Segment Income (Loss) | |
| |
Three Months Ended
September 30, | | |
Three Months Ended
September 30, | |
(Dollars in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Capital Markets | |
$ | 139,566 | | |
$ | 151,152 | | |
$ | 37,400 | | |
$ | 95,858 | |
Wealth Management | |
| 51,365 | | |
| 48,172 | | |
| 2,399 | | |
| (9,497 | ) |
Auction and Liquidation | |
| 77,605 | | |
| 7,039 | | |
| 18,130 | | |
| 577 | |
Financial Consulting | |
| 37,360 | | |
| 22,835 | | |
| 10,503 | | |
| 2,704 | |
Communications | |
| 83,793 | | |
| 73,824 | | |
| 7,492 | | |
| 2,438 | |
Consumer | |
| 62,695 | | |
| 5,023 | | |
| (32,968 | ) | |
| 3,599 | |
| |
Segment Revenues | | |
Segment Income (Loss) | |
| |
Three Months Ended
September 30, | | |
Three Months Ended
September 30, | |
(Dollars in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Capital Markets | |
| | |
| | |
| | |
| |
Operating | |
$ | 150,643 | | |
$ | 159,096 | | |
$ | 51,407 | (7) | |
$ | 81,592 | (7) |
Investment | |
| (11,077 | ) | |
| (7,944 | ) | |
| (14,007 | ) | |
| 14,266 | |
Total | |
$ | 139,566 | | |
$ | 151,152 | | |
$ | 37,400 | | |
$ | 95,858 | |
| ● | Capital
Markets segment revenues were $139.6 million with segment income of $37.4 million. Excluding
investment gains (loss)(4), this segment generated operating revenues(2)
of $150.6 million and segment operating income(7) of $51.4 million, primarily
driven by investment banking revenues from B. Riley Securities. |
| | |
| ● | Wealth
Management segment revenues increased to $51.4 million, up from $48.2 million in the
prior year quarter. Segment income increased to $2.4 million, reflecting the strategic realignment
of this business throughout 2022. Wealth Management assets under management totaled approximately
$24 billion at quarter-end. |
| | |
| ● | Auction
and Liquidation segment revenues increased to $77.6 million, up from $7.0 million from
the prior year quarter, primarily due to an increase in both the number and the size of retail
liquidation engagements. Segment income totaled $18.1 million. Results for this segment vary
from quarter-to-quarter and year-to-year due to the episodic impact of large retail liquidation
engagements. |
| | |
| ● | Financial
Consulting segment revenues increased to $37.4 million up from $22.8 million in the prior
year quarter, primarily due to an increase of bankruptcy and litigation consulting assignments,
appraisal engagements, and real estate restructuring projects. Segment income totaled $10.5
million for the quarter. |
| | |
| ● | Communications
segment revenues increased to $83.8 million, primarily due to the addition of Lingo and
BullsEye Telecom during 2022. On a combined basis, communications businesses – magicJack,
United Online, Marconi Wireless, Lingo and BullsEye Telecom— generated segment income
of $7.5 million for the quarter. |
www.brileyfin.com | NASDAQ: RILY | 3 |
| ● | Consumer
segment revenues increased to $62.7 million primarily due to the addition of Targus during
the fourth quarter of 2022, in addition to revenues from the licensing of brand trademarks.
Targus has faced challenges due to softness in the overall PC marketplace and as a result,
recorded a non-cash goodwill and tradename impairment charge of $35.5 million which contributed
to a segment loss for the quarter. |
Nine
months ended September 30, 2023:
| |
Segment Revenues | | |
Segment Income (Loss) | |
| |
Nine Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
(Dollars in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Capital Markets | |
$ | 487,029 | | |
$ | 255,292 | | |
$ | 201,096 | | |
$ | 89,609 | |
Wealth Management | |
| 148,895 | | |
| 188,040 | | |
| 2,414 | | |
| (26,906 | ) |
Auction and Liquidation | |
| 93,826 | | |
| 14,318 | | |
| 22,518 | | |
| 228 | |
Financial Consulting | |
| 93,582 | | |
| 73,081 | | |
| 22,604 | | |
| 11,900 | |
Communications | |
| 255,668 | | |
| 147,711 | | |
| 28,257 | | |
| 19,115 | |
Consumer | |
| 192,810 | | |
| 14,754 | | |
| (29,236 | ) | |
| 10,590 | |
| |
Segment Revenues | | |
Segment Income (Loss) | |
(Dollars in thousands) | |
Nine Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
Capital Markets | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating | |
$ | 405,918 | | |
$ | 402,327 | | |
$ | 132,867 | (7) | |
$ | 175,639 | (7) |
Investment | |
| 81,111 | | |
| (147,035 | ) | |
| 68,229 | | |
| (86,030 | ) |
Total | |
$ | 487,029 | | |
$ | 255,292 | | |
$ | 201,096 | | |
$ | 89,609 | |
Common
Dividend
B.
Riley’s Board of Directors declared a regular quarterly dividend of $1.00 per share which will be paid on or about November 30,
2023 to stockholders of record as of November 20, 2023.
Share
Repurchase Authorization
B.
Riley’s Board of Directors has approved an annual share repurchase plan authorizing the repurchase of up to $50 million of its common
shares.
Balance
Sheet Summary
At
September 30, 2023, cash and investments(6) totaled $2.05 billion including cash and cash equivalents of $252.3 million; $1.2
billion in net securities and other investments owned, at fair value; and $549.1 million of loans receivable.
Total
debt, net of cash and investments,(6) was $311.2 million at quarter-end. Total debt of $2.36 billion as of September 30, 2023
included $1.67 billion of senior notes due at various dates ranging from May 31, 2024 to August 31, 2028 with interest rates ranging
from 5.00% to 6.75%; $618.3 million in term loan; $57.2 million of revolving credit facilities; and $21.3 million of notes payable.
Earnings
Call Details
B.
Riley Financial has pulled forward its third quarter 2023 earnings call to today, Wednesday November 8, 2023, beginning at 8:30 AM ET
(5:30 AM PT). Investors may access the live audio webcast and archived recording at https://ir.brileyfin.com/events-and-presentations.
A web recording will be made available for replay until November 23, 2023.
www.brileyfin.com | NASDAQ: RILY | 4 |
About
B. Riley Financial
B.
Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and
capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative
solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services
across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring,
operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction,
and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite
senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or
affiliates. For more information, please visit www.brileyfin.com.
Footnotes
(See “Note Regarding Use of Non-GAAP Financial Measures” for further discussion of these non-GAAP terms. For a reconciliation
of Adjusted EBITDA, Operating Revenue, Operating Adjusted EBITDA, and Investment Adjusted EBITDA to the comparable GAAP financial measures,
please see the Appendix hereto.)
(1) | Adjusted
EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain on extinguishment
of loans, impairment of goodwill and tradenames, and transaction related and other costs. |
(2) | Operating
Revenues is defined as the sum of revenues from (i) Service and Fees, (ii) Interest Income - Loans and Securities Lending and (iii) Sales
of Goods. |
(3) | Operating
Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) Trading Income (Loss) and Fair Value Adjustments on Loans, (ii) Realized
and Unrealized Gains (Losses) on Investments, and (iii) other investment related expenses. |
(4) | Investment
Gains (Loss) is defined as Trading Income (Loss) and Fair Value Adjustments on Loans. |
(5) | Investment
Adjusted EBITDA is defined as the sum of (i) Trading Income (Loss) and Fair Value Adjustments on Loans and (ii) Realized and Unrealized
Gains (Losses) on Investments, less other investment related expenses. |
(6) | Total
cash and investments is defined as the sum of cash and cash equivalents, restricted cash, due from clearing brokers net of due to clearing
brokers, securities and other investments owned, at fair value net of (i) securities sold not yet purchased and (ii) noncontrolling interest
related to investments, advances against customer contracts, loans receivable, at fair value net of loan participations sold, and other
investments reported in prepaid and other assets. |
(7) | Segment
Operating Income (Loss) is defined as segment income (loss) excluding trading income (loss) and fair value adjustments on loans and other
investment related operating expenses. |
Note
Regarding Use of Non-GAAP Financial Measures
Certain
of the information set forth herein, including operating revenues, adjusted EBITDA, operating adjusted EBITDA, and investment adjusted
EBITDA, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it
provides a basis for measuring the Company’s available capital resources, the operating performance of its business and its revenues
and cash flow, (i) excluding in the case of operating revenues, trading income (losses) and fair value adjustments on loans, (ii) excluding
in the case of adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value
adjustment, restructuring charge, gain on extinguishment of loans, impairment of trade names, stock-based compensation and transaction
and other expenses, (iii) excluding in the case of operating adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well
as trading income (losses) and fair value adjustments on loans, and other investment related expenses, (iv) including in the case of
investment adjusted EBITDA, trading income (losses) and fair value adjustments on loans, net of other investment related expenses, and
(v) including in the case of total cash and investments, cash and cash equivalents, restricted cash, due from clearing brokers net of
due to clearing brokers, securities and other investments owned, at fair value net of (a) securities sold not yet purchased and (b) noncontrolling
interest related to investments, advances against customer contracts, loans receivable, at fair value net of loan participations sold,
and other investments reported in prepaid and other assets, that would normally be included in the most directly comparable measures
calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”). In addition, the Company’s
management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s
operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered
in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported
by the Company may not be comparable to similarly titled amounts reported by other companies.
Forward-Looking
Statements
Statements
in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current
expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions
prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should
not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only
as of the date of this press release. Such forward-looking statements include, but are not limited to, statements regarding our excitement
and the expected growth of our business segments. Factors that could cause such actual results to differ materially from those contemplated
or implied by such forward-looking statements include, without limitation, the risks described from time to time in B. Riley Financial,
Inc.’s periodic filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.’s 2022 Annual
Report on Form 10-K under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” (as applicable). Additional information will be set forth in our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023. These factors should be considered carefully, and readers are cautioned not to place undue reliance
on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley Financial undertakes
no duty to update this information.
www.brileyfin.com | NASDAQ: RILY | 5 |
B.
RILEY FINANCIAL, INC.
Condensed
Consolidated Balance Sheets
(Dollars
in thousands, except par value)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
Assets | |
| | |
| |
Assets | |
| | |
| |
Cash and cash equivalents | |
$ | 252,288 | | |
$ | 268,618 | |
Restricted cash | |
| 2,060 | | |
| 2,308 | |
Due from clearing brokers | |
| 25,579 | | |
| 48,737 | |
Securities and other investments owned, at fair value | |
| 1,197,587 | | |
| 1,129,268 | |
Securities borrowed | |
| 2,782,000 | | |
| 2,343,327 | |
Accounts receivable, net | |
| 127,418 | | |
| 149,110 | |
Due from related parties | |
| 395 | | |
| 1,081 | |
Loans receivable, at fair value (includes $192,828 and $98,729 from related parties as of September 30, 2023 and December 31, 2022, respectively) | |
| 549,142 | | |
| 701,652 | |
Prepaid expenses and other assets | |
| 265,531 | | |
| 460,696 | |
Operating lease right-of-use asset, net | |
| 82,245 | | |
| 88,593 | |
Property and equipment, net | |
| 24,774 | | |
| 27,141 | |
Goodwill | |
| 497,388 | | |
| 512,595 | |
Other intangible assets, net | |
| 333,641 | | |
| 374,098 | |
Deferred income taxes | |
| 2,808 | | |
| 3,978 | |
Total assets | |
$ | 6,142,856 | | |
$ | 6,111,202 | |
Liabilities and Equity | |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 54,030 | | |
$ | 81,384 | |
Accrued expenses and other liabilities | |
| 303,428 | | |
| 322,974 | |
Deferred revenue | |
| 73,829 | | |
| 85,441 | |
Due to related parties and partners | |
| 289 | | |
| 2,210 | |
Due to clearing brokers | |
| — | | |
| 19,307 | |
Securities sold not yet purchased | |
| 7,120 | | |
| 5,897 | |
Securities loaned | |
| 2,772,790 | | |
| 2,334,031 | |
Operating lease liabilities | |
| 93,027 | | |
| 99,124 | |
Deferred income taxes | |
| 6,677 | | |
| 29,548 | |
Notes payable | |
| 21,300 | | |
| 25,263 | |
Revolving credit facility | |
| 57,246 | | |
| 127,678 | |
Term loan | |
| 618,301 | | |
| 572,079 | |
Senior notes payable, net | |
| 1,667,088 | | |
| 1,721,751 | |
Total liabilities | |
| 5,675,125 | | |
| 5,426,687 | |
| |
| | | |
| | |
Redeemable noncontrolling interests in equity of subsidiaries | |
| — | | |
| 178,622 | |
| |
| | | |
| | |
Total B. Riley Financial, Inc. stockholders’ equity | |
| 413,781 | | |
| 446,514 | |
Noncontrolling interests | |
| 53,950 | | |
| 59,379 | |
Total equity | |
| 467,731 | | |
| 505,893 | |
Total liabilities and equity | |
$ | 6,142,856 | | |
$ | 6,111,202 | |
www.brileyfin.com | NASDAQ: RILY | 6 |
B.
RILEY FINANCIAL, INC.
Condensed
Consolidated Statements of Operations
(Unaudited)
(Dollars
in thousands, except share data)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues: | |
| | |
As Restated | | |
| | |
As Restated | |
Services and fees | |
$ | 278,023 | | |
$ | 257,310 | | |
$ | 743,909 | | |
$ | 651,786 | |
Trading (loss) income and fair value adjustments on loans | |
| (10,587 | ) | |
| (6,917 | ) | |
| 83,346 | | |
| (143,958 | ) |
Interest income - Loans and securities lending | |
| 69,730 | | |
| 57,594 | | |
| 222,115 | | |
| 182,855 | |
Sale of goods | |
| 125,146 | | |
| 4,130 | | |
| 251,310 | | |
| 7,895 | |
Total revenues | |
| 462,312 | | |
| 312,117 | | |
| 1,300,680 | | |
| 698,578 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Direct cost of services | |
| 67,850 | | |
| 44,523 | | |
| 178,188 | | |
| 73,959 | |
Cost of goods sold | |
| 78,053 | | |
| 3,089 | | |
| 165,996 | | |
| 7,334 | |
Selling, general and administrative expenses | |
| 221,688 | | |
| 163,727 | | |
| 623,200 | | |
| 506,062 | |
Restructuring charge | |
| 228 | | |
| 8,016 | | |
| 949 | | |
| 8,016 | |
Impairment of goodwill and tradenames | |
| 35,500 | | |
| — | | |
| 37,233 | | |
| — | |
Interest expense - Securities lending and loan participations sold | |
| 38,368 | | |
| 17,447 | | |
| 106,572 | | |
| 43,757 | |
Total operating expenses | |
| 441,687 | | |
| 236,802 | | |
| 1,112,138 | | |
| 639,128 | |
Operating income | |
| 20,625 | | |
| 75,315 | | |
| 188,542 | | |
| 59,450 | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 180 | | |
| 686 | | |
| 3,455 | | |
| 1,253 | |
Dividend income | |
| 12,876 | | |
| 9,175 | | |
| 35,635 | | |
| 26,279 | |
Realized and unrealized (losses) gains on investments | |
| (75,361 | ) | |
| 19,071 | | |
| (84,960 | ) | |
| (136,205 | ) |
Change in fair value of financial instruments and other | |
| (4,170 | ) | |
| (574 | ) | |
| (3,998 | ) | |
| 9,728 | |
(Loss) income from equity investments | |
| (308 | ) | |
| (91 | ) | |
| (175 | ) | |
| 3,285 | |
Interest expense | |
| (45,229 | ) | |
| (34,587 | ) | |
| (140,122 | ) | |
| (96,787 | ) |
(Loss) income before income taxes | |
| (91,387 | ) | |
| 68,995 | | |
| (1,623 | ) | |
| (132,997 | ) |
Benefit from (provision for) income taxes | |
| 15,079 | | |
| (16,350 | ) | |
| (14,344 | ) | |
| 39,858 | |
Net (loss) income | |
| (76,308 | ) | |
| 52,645 | | |
| (15,967 | ) | |
| (93,139 | ) |
Net (loss) income attributable to
noncontrolling interests and redeemable noncontrolling interests | |
| (2,485 | ) | |
| 4,808 | | |
| (5,680 | ) | |
| 9,245 | |
Net (loss) income attributable to B. Riley Financial, Inc. | |
| (73,823 | ) | |
| 47,837 | | |
| (10,287 | ) | |
| (102,384 | ) |
Preferred stock dividends | |
| 2,015 | | |
| 2,002 | | |
| 6,042 | | |
| 6,006 | |
Net (loss) income available to common shareholders | |
$ | (75,838 | ) | |
$ | 45,835 | | |
$ | (16,329 | ) | |
$ | (108,390 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic (loss) income per common share | |
$ | (2.53 | ) | |
$ | 1.62 | | |
$ | (0.56 | ) | |
$ | (3.86 | ) |
Diluted (loss) income per common share | |
$ | (2.53 | ) | |
$ | 1.53 | | |
$ | (0.56 | ) | |
$ | (3.86 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average basic common shares outstanding | |
| 29,961,068 | | |
| 28,293,064 | | |
| 28,933,546 | | |
| 28,068,160 | |
Weighted average diluted common shares outstanding | |
| 29,961,068 | | |
| 29,968,417 | | |
| 28,933,546 | | |
| 28,068,160 | |
Note:
Certain results for the three and nine-month periods ended September 30, 2022 reflect amounts as restated in our 2022 Annual Report
on Form 10-K for the year ended December 31, 2022.
www.brileyfin.com | NASDAQ: RILY | 7 |
B.
RILEY FINANCIAL, INC.
Adjusted
EBITDA and Operating Adjusted EBITDA Reconciliation
(Unaudited)
(Dollars
in thousands)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net (loss) income attributable to B. Riley Financial, Inc. | |
$ | (73,823 | ) | |
$ | 47,837 | | |
$ | (10,287 | ) | |
$ | (102,384 | ) |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
(Benefit from) provision for income taxes | |
| (15,079 | ) | |
| 16,350 | | |
| 14,344 | | |
| (39,858 | ) |
Interest expense | |
| 45,229 | | |
| 34,587 | | |
| 140,122 | | |
| 96,787 | |
Interest income | |
| (180 | ) | |
| (686 | ) | |
| (3,455 | ) | |
| (1,253 | ) |
Share based payments | |
| 11,026 | | |
| 14,613 | | |
| 35,264 | | |
| 45,828 | |
Depreciation and amortization | |
| 12,491 | | |
| 10,717 | | |
| 38,102 | | |
| 26,526 | |
Restructuring charge | |
| 228 | | |
| 8,016 | | |
| 949 | | |
| 8,016 | |
Loss (gain) on extinguishment of loans | |
| 5,409 | | |
| — | | |
| 5,409 | | |
| (1,102 | ) |
Impairment of goodwill and tradenames | |
| 35,500 | | |
| — | | |
| 37,233 | | |
| — | |
Transactions related costs and other | |
| 7,318 | | |
| 10,003 | | |
| 5,162 | | |
| 13,762 | |
Total EBITDA adjustments | |
| 101,942 | | |
| 93,600 | | |
| 273,130 | | |
| 148,706 | |
Adjusted EBITDA | |
$ | 28,119 | | |
$ | 141,437 | | |
$ | 262,843 | | |
$ | 46,322 | |
| |
| | | |
| | | |
| | | |
| | |
Operating EBITDA Adjustments: | |
| | | |
| | | |
| | | |
| | |
Trading loss (income) and fair value adjustments on loans | |
| 10,587 | | |
| 6,917 | | |
| (83,346 | ) | |
| 143,958 | |
Realized and unrealized losses (gains) on investments | |
| 75,361 | | |
| (19,071 | ) | |
| 84,960 | | |
| 136,205 | |
Other investment related expenses | |
| (6,575 | ) | |
| (23,039 | ) | |
| 3,377 | | |
| (61,834 | ) |
Total Operating EBITDA Adjustments | |
| 79,373 | | |
| (35,193 | ) | |
| 4,991 | | |
| 218,329 | |
Operating Adjusted EBITDA | |
$ | 107,492 | | |
$ | 106,244 | | |
$ | 267,834 | | |
$ | 264,651 | |
#
# #
Contacts |
|
|
|
Investors |
Media |
Mike Frank |
Jo Anne McCusker |
ir@brileyfin.com |
jmccusker@brileyfin.com |
(212) 409-2424 |
(646) 885-5425 |
|
|
Source: B. Riley Financial, Inc. |
|
www.brileyfin.com | NASDAQ: RILY | 8 |
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B Riley Financial (NASDAQ:RILYL)
Historical Stock Chart
From Aug 2024 to Sep 2024
B Riley Financial (NASDAQ:RILYL)
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From Sep 2023 to Sep 2024