B. Riley Financial Reports First Quarter 2024 Results; Declares Quarterly Dividend of $0.50 per share
B. Riley Financial (NASDAQ: RILY) reported a net loss of $51 million for Q1 2024, compared to a $15 million profit in Q1 2023. This was primarily due to $30 million in non-cash investment losses. Total revenues dropped 20.6% to $343 million, down from $432 million the previous year. Despite the declines, operating revenues only saw a slight dip to $379 million from $389 million. Operating adjusted EBITDA decreased to $66 million from $88 million. The company retired $115 million of 6.75% 2024 Senior Notes and repaid $57 million of debt. B. Riley declared a quarterly dividend of $0.50 per share.
- Operating revenues were relatively stable at $379 million, down only 2.6% from $389 million last year.
- Declared a quarterly dividend of $0.50 per share.
- Wealth Management revenues increased to $52 million, up from $50 million in Q1 2023.
- Financial Consulting revenues rose 40% to $35 million, driven by increased demand for appraisal and bankruptcy services.
- Communications segment generated $82 million in revenue, providing steady cash flow.
- Retired $115 million of 6.75% Senior Notes and repaid $57 million of bank debt.
- Net loss of $51 million compared to a profit of $15 million in Q1 2023.
- Total revenues fell 20.6% to $343 million, down from $432 million.
- Operating adjusted EBITDA dropped to $66 million from $88 million.
- Incurred $30 million in non-cash investment losses.
- Incremental professional services expenses amounted to $7 million.
- Interest income from loans and securities lending fell to $60 million from $77 million.
Insights
Reviewing B. Riley Financial's Q1 results, there are several key financial metrics to consider. The company reported a net loss of
However, core operating revenues showed relative stability, with only a slight decrease from
The quarterly dividend of
In the short term, the market may react negatively to the net loss and reduced revenues, but long-term prospects depend on how well the company can navigate its investment strategy and reduce costs.
Looking into the different segments of B. Riley Financial, the performance is mixed. For example, the Financial Consulting segment reported a 40% increase in revenues, driven by high demand for bankruptcy and litigation consulting. This division’s growth to
Conversely, the Consumer Products segment faced a downturn, with revenues dropping from
The Communications segment provided a stable source of revenue, bringing in
Overall, the company's diversified portfolio helps mitigate risks associated with any one segment, but investors should watch for further developments in the Consumer Products and Capital Markets segments.
First Quarter 2024 Summary
- Net loss available to common shareholders of
$51 million - Total revenues of
$343 million $432 million - Operating revenues(3) of
$379 million $389 million - Operating adjusted EBITDA(4)(5) of
$66 million $88 million - Total cash and cash equivalents of
$191 million - Total cash and investments(1) of
$1.61 billion - Retired
$115 million 6.75% 2024 Senior Notes; and repaid$57 million - Declared quarterly dividend of
$0.50
Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: "Overall, we had a solid quarter from an operating perspective despite the unusual events our firm has experienced over the last several months. As we review this quarter, it is worth pointing out a few meaningful changes since last year. Results from 2023 benefited from
Tom Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: "As it relates to our operating performance, B. Riley Advisory Services delivered its strongest Q1 results in our firm's history, driven by increased demand for appraisals and bankruptcy restructuring, litigation consulting and real estate services. B. Riley Securities benefitted from a steady dealmaking environment and generated more in fee income this quarter compared to the same period last year, despite a decrease in overall Capital Markets segment revenues. Wealth Management operating margins have continued to improve over the last two years, and our Communications portfolio continued to deliver steady cash flow to our platform during the quarter. While Targus is continuing to work through macro headwinds, we believe the business is poised to turn as the overall PC market normalizes. Our core operating performance remains strong – and that is due in no small part to the continued dedication of our employees across B. Riley."
Riley continued: "Consistent with our business model, we have monetized investments since year-end and used the capital to retire bonds, repay
Declaration of Common Dividend
The Company has declared a quarterly dividend of
Balance Sheet Summary
At March 31, 2024, the Company had
Total debt was
Redemption of
On February 29, 2024, the Company redeemed approximately
First Quarter 2024 Financial Summary
Three Months Ended | ||||||
March 31, | ||||||
(Dollars in thousands, except for share data) | 2024 | 2023 | ||||
Net (loss) income available to common shareholders | $ | (51,180) | $ | 15,143 | ||
Basic (loss) income per common share | $ | (1.71) | $ | 0.53 | ||
Diluted (loss) income per common share | $ | (1.71) | $ | 0.51 | ||
Net loss available to common shareholders was
During the first quarter of 2024, the Company also incurred incremental professional services expenses of approximately
Operating loss was
Total revenues were
Operating revenues(3) were
Interest income from loans and securities lending was
Operating adjusted EBITDA (4)(5) was
Certain of the information set forth herein, including Operating Revenues(3) and Operating Adjusted EBITDA(4)(5), are 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."
Supplemental Financial Data
Investment gains and losses include realized and unrealized gains and losses on investments, whether realized from dispositions or unrealized due to changes in mark-to-market prices, and often cause volatility in our periodic earnings. For this reason, the Company generally discusses its financial performance in the context of operating revenues (3) and operating adjusted EBITDA (4)(5) which are considered non-GAAP financial measures.
Additional details related to operating results and investment performance can be found in the First Quarter 2024 Financial Supplement on the Company's investor relations website. The Company recast its non-GAAP operating metrics during the fourth quarter of 2023 to include revenues from fixed income trading. This adjustment is reflected in the reconciliation for operating revenues and operating adjusted EBITDA for all periods presented.
Segment Financial Summary for the First Quarter 2024
Segment Revenues | |||||
Three Months Ended March 31, | |||||
(Dollars in thousands) | 2024 | 2023 | |||
Capital Markets | $ 89,823 | $ 185,411 | |||
Wealth Management | 51,782 | 49,814 | |||
Auction and Liquidation | 5,780 | 5,660 | |||
Financial Consulting | 35,085 | 25,010 | |||
Communications | 82,366 | 86,919 | |||
Consumer Products | 51,522 | 65,694 | |||
Segment Revenues | |||||
(Dollars in thousands) | Three Months Ended March 31, | ||||
Capital Markets | 2024 | 2023 | |||
Operating Revenues (3) | $ 125,544 | $ 142,246 | |||
Investment (Loss) Gains (2) | (35,721) | 43,165 | |||
Total Segment Revenues | $ 89,823 | $ 185,411 | |||
Segment Highlights
- Capital Markets segment revenues were
$90 million $185 million 7% from$84 million $36 million $126 million $60 million $60 million $0.4 million $30 million $36 million - Wealth Management revenues increased to
$52 million $50 million $25.8 billion - Auction and Liquidation contributed segment revenues of
$6 million $2 million Europe and returning clients in theU.S. andCanada . Results for this segment vary quarter-to-quarter and year-to-year due to the episodic impact of large retail liquidation engagements. - Financial Consulting revenues increased
40% to$35 million $25 million 62% to$6 million $4 million - Communications segment revenues were
$82 million $8 million - Consumer Products segment revenues were
$52 million $66 million $3 million
Brand investments contributed to increased revenues from services and fees in All Other category during the first quarter of 2024. Dividend income related to securities owned and brand investments was
Earnings Call Details
B. Riley Financial will hold its earnings conference call today, May 15, beginning at 4:30 PM ET (1:30 PM PT) to discuss its business and financial results for the first quarter of 2024. 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 May 29.
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 Segment Operating Income (Loss) to the comparable GAAP financial measures, please see the Appendix hereto.
(1) Total cash and investments is defined as the sum of cash and cash equivalents, net of noncontrolling interest, 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.
(2) Investment Gains (Losses) is defined as Trading Income (Loss) and Fair Value Adjustments on Loans less fixed income trading revenue.
(3) 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. During the fourth quarter of 2023, the Company recast its operating financial metrics to include revenues from fixed income trading. Operating Revenues has been adjusted to include fixed income trading revenue for the periods presented.
(4) Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain/loss on extinguishment of loans, gain on bargain purchase, impairment of goodwill and tradenames, and transaction related and other costs.
(5) 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. During the fourth quarter of 2023, the Company recast its operating metrics to include revenues from fixed income trading. Operating Adjusted EBITDA has been adjusted to include fixed income trading revenue for the periods presented.
(6) Segment Operating Income (Loss) is defined as segment income (loss) including fixed income trading revenues and 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 total cash and investments, investment gains (losses), operating revenues, adjusted EBITDA, operating adjusted EBITDA, and segment operating income (loss), 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, gain on bargain purchase, impairment of goodwill and tradenames, 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 net of fixed income trading revenue, realized and unrealized gains (losses) on investments, and other investment related expenses, (iv) including in the case of trading income (losses) and fair value adjustments on loans, realized and unrealized gains (losses) on investments, net of fixed income trading revenue and 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 2023 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 B. Riley Financial's Quarterly Report on Form 10-Q for the three months ended March 31, 2024. 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.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Dollars in thousands, except par value) | |||||||||||
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 190,690 | $ | 231,964 | |||||||
Restricted cash | 1,889 | 1,875 | |||||||||
Due from clearing brokers | 40,875 | 51,334 | |||||||||
Securities and other investments owned, at fair value | 949,868 | 1,092,106 | |||||||||
Securities borrowed | 2,050,079 | 2,870,939 | |||||||||
Accounts receivable, net of allowance for credit losses of March 31, 2024 and December 31, 2023, respectively | 123,797 | 115,496 | |||||||||
Due from related parties | 92 | 172 | |||||||||
Loans receivable, at fair value (includes as of March 31, 2024 and December 31, 2023, respectively) | 452,496 | 532,419 | |||||||||
Prepaid expenses and other assets | 246,402 | 237,327 | |||||||||
Operating lease right-of-use assets | 84,217 | 87,605 | |||||||||
Property and equipment, net | 24,146 | 25,206 | |||||||||
Goodwill | 471,636 | 472,326 | |||||||||
Other intangible assets, net | 311,850 | 322,014 | |||||||||
Deferred income taxes | 49,607 | 33,595 | |||||||||
Total assets | $ | 4,997,644 | $ | 6,074,378 | |||||||
Liabilities and Equity | |||||||||||
Liabilities | |||||||||||
Accounts payable | $ | 44,791 | $ | 44,550 | |||||||
Accrued expenses and other liabilities | 253,153 | 273,193 | |||||||||
Deferred revenue | 68,643 | 71,504 | |||||||||
Due to related parties and partners | 1,763 | 2,731 | |||||||||
Securities sold not yet purchased | 6,423 | 8,601 | |||||||||
Securities loaned | 2,041,169 | 2,859,306 | |||||||||
Operating lease liabilities | 95,645 | 98,563 | |||||||||
Notes payable | 14,325 | 19,391 | |||||||||
Revolving credit facility | 22,197 | 43,801 | |||||||||
Term loans, net | 596,262 | 625,151 | |||||||||
Senior notes payable, net | 1,553,616 | 1,668,021 | |||||||||
Total liabilities | 4,697,987 | 5,714,812 | |||||||||
Total B. Riley Financial, Inc. stockholders' equity | 228,449 | 291,117 | |||||||||
Noncontrolling interests | 71,208 | 68,449 | |||||||||
Total equity | 299,657 | 359,566 | |||||||||
Total liabilities and equity | $ | 4,997,644 | $ | 6,074,378 | |||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except share data) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Services and fees | $ | 257,303 | $ | 235,559 | |||||||
Trading (loss) income and fair value adjustments on loans | (29,868) | 51,568 | |||||||||
Interest income - Loans and securities lending | 59,944 | 77,186 | |||||||||
Sale of goods | 55,653 | 67,777 | |||||||||
Total revenues | 343,032 | 432,090 | |||||||||
Operating expenses: | |||||||||||
Direct cost of services | 61,126 | 54,397 | |||||||||
Cost of goods sold | 39,615 | 47,626 | |||||||||
Selling, general and administrative expenses | 209,548 | 212,627 | |||||||||
Restructuring charge | 789 | 93 | |||||||||
Interest expense - Securities lending and loan participations sold | 35,383 | 32,424 | |||||||||
Total operating expenses | 346,461 | 347,167 | |||||||||
Operating (loss) income | (3,429) | 84,923 | |||||||||
Other income (expense): | |||||||||||
Interest income | 669 | 2,574 | |||||||||
Dividend income | 11,815 | 13,204 | |||||||||
Realized and unrealized losses on investments | (29,545) | (28,442) | |||||||||
Change in fair value of financial instruments and other | 314 | (209) | |||||||||
Loss from equity investments | (4) | (10) | |||||||||
Interest expense | (44,864) | (47,561) | |||||||||
(Loss) income before income taxes | (65,044) | 24,479 | |||||||||
Benefit from (provision for) income taxes | 17,090 | (7,919) | |||||||||
Net (loss) income | (47,954) | 16,560 | |||||||||
Net income (loss) attributable to noncontrolling interests | |||||||||||
and redeemable noncontrolling interests | 1,211 | (595) | |||||||||
Net (loss) income attributable to B. Riley Financial, Inc. | (49,165) | 17,155 | |||||||||
Preferred stock dividends | 2,015 | 2,012 | |||||||||
Net (loss) income available to common shareholders | $ | (51,180) | $ | 15,143 | |||||||
Basic (loss) income per common share | $ | (1.71) | $ | 0.53 | |||||||
Diluted (loss) income per common share | $ | (1.71) | $ | 0.51 | |||||||
Weighted average basic common shares outstanding | 29,989,584 | 28,585,337 | |||||||||
Weighted average diluted common shares outstanding | 29,989,584 | 29,513,435 | |||||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Adjusted EBITDA(4) and Operating Adjusted EBITDA(5) Reconciliations (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net (loss) income attributable to B. Riley Financial, Inc. | $ | (49,165) | $ | 17,155 | |||||||
Adjustments: | |||||||||||
(Benefit from) provision for income taxes | (17,090) | 7,919 | |||||||||
Interest expense | 44,864 | 47,561 | |||||||||
Interest income | (669) | (2,574) | |||||||||
Share based payments | 8,682 | 13,746 | |||||||||
Depreciation and amortization | 11,137 | 13,077 | |||||||||
Restructuring charge | 789 | 93 | |||||||||
Transactions related costs and other | 1,519 | (2,146) | |||||||||
Total EBITDA adjustments | 49,232 | 77,676 | |||||||||
Adjusted EBITDA(4) | $ | 67 | $ | 94,831 | |||||||
Operating EBITDA Adjustments: | |||||||||||
Trading loss (income) and fair value adjustments on loans | 29,868 | (51,568) | |||||||||
Realized and unrealized losses on investments | 29,545 | 28,442 | |||||||||
Fixed Income Spread | 6,052 | 8,116 | |||||||||
Other investment related expenses | 253 | 8,421 | |||||||||
Total Operating EBITDA Adjustments | 65,718 | (6,589) | |||||||||
Operating Adjusted EBITDA(5) | $ | 65,785 | $ | 88,242 | |||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Operating Revenues(3) Reconciliation (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Total Revenues | $ | 343,032 | $ | 432,090 | |||||||
Operating Revenues Adjustments: | |||||||||||
Trading loss (income) and fair value adjustments on loans | 29,868 | (51,568) | |||||||||
Fixed Income Spread | 6,052 | 8,116 | |||||||||
Total Revenues Adjustments | 35,920 | (43,452) | |||||||||
Operating Revenues(3) | $ | 378,952 | $ | 388,638 | |||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Revenues Reconciliation (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Capital Markets | $ | 89,823 | $ | 185,411 | |||||||
Wealth Management | 51,782 | 49,814 | |||||||||
Auction and Liquidation | 5,780 | 5,660 | |||||||||
Financial Consulting | 35,085 | 25,010 | |||||||||
Communications | 82,366 | 86,919 | |||||||||
Consumer Products | 51,522 | 65,694 | |||||||||
All Other | 26,674 | 13,582 | |||||||||
Total Revenues | $ | 343,032 | $ | 432,090 | |||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Operating (Loss) Income Reconciliation (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating (Loss) Income: | |||||||||||
Capital Markets | $ | 445 | $ | 86,020 | |||||||
Wealth Management | 1,679 | 1,373 | |||||||||
Auction and Liquidation | 2,028 | 200 | |||||||||
Financial Consulting | 6,140 | 3,783 | |||||||||
Communications | 8,050 | 10,783 | |||||||||
Consumer Products | (3,406) | (1,614) | |||||||||
All Other | (18,365) | (15,622) | |||||||||
Total Operating (Loss) Income | $ | (3,429) | $ | 84,923 | |||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Capital Markets Operating Revenues(3) Reconciliation (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
Capital Markets | 2024 | 2023 | |||||||||
Total Revenues | $ | 89,823 | $ | 185,411 | |||||||
Operating Revenues Adjustments: | |||||||||||
Trading loss (income) and fair value adjustments on loans | 30,468 | (50,296) | |||||||||
Fixed Income Spread | 5,253 | 7,131 | |||||||||
Total Revenues Adjustments | 35,721 | (43,165) | |||||||||
Operating Revenues(3) | $ | 125,544 | $ | 142,246 | |||||||
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Capital Markets Segment Operating Income(6) Reconciliation (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
Capital Markets | 2024 | 2023 | |||||||||
Segment Income | $ | 445 | $ | 86,020 | |||||||
Operating Revenues Adjustments: | |||||||||||
Trading loss (income) and fair value adjustments on loans | 30,468 | (50,296) | |||||||||
Fixed Income Spread | 5,253 | 7,131 | |||||||||
Other investment related expenses | — | 8,421 | |||||||||
Total Operating Income Adjustments | 35,721 | (34,744) | |||||||||
Segment Operating Income(6) | $ | 36,166 | $ | 51,276 | |||||||
Contacts | |
Investors | Media |
Mike Frank | Jo Anne McCusker |
(212) 409-2424 | (646) 885-5425 |
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SOURCE B. Riley Financial
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