B. Riley Financial Provides Fourth Quarter and FY 2022 Earnings Guidance
Estimates Operating Adjusted EBITDA range of
The Company estimates investment losses in the range of (
Guidance for Operating Adjusted EBITDA includes contributions from Targus since its acquisition on
The Company estimates total cash and investments to be approximately
As disclosed in previous filings, the Company's investment portfolio comprises certain debt and equity securities and loans. Loans in the Company's investment portfolio were valued at approximately
Investments related to digital asset mining and crypto service businesses were valued at approximately
About
Note Regarding Use of Non-GAAP Financial Measures
Operating Adjusted EBITDA, Adjusted EBITDA and net debt may be considered non-GAAP financial measures.
The Company has not provided guidance for a comparable GAAP measure or a quantitative reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure because it is unable to determine with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such measure without unreasonable effort. These items include, but are not limited to, final calculation of investment gains (losses), defined as trading income and fair value adjustments on loans. Notwithstanding this limitation, as noted above, the Company estimates Operating Adjusted EBITDA to be in the range of
Forward-Looking Statements
The guidance presented is subject to completion of the applicable period and closing procedures. Actual results for such period may vary from these estimates. In addition, prospective financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the prospective financial information described above will not materialize or will vary significantly from actual results. Accordingly, undue reliance should not be placed on this forecast. The preliminary forecast is not necessarily indicative of any future period and should be read together with the risks described from time to time in the Company's periodic filings with the
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Adjusted EBITDA and Operating Adjusted EBITDA Reconciliation |
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(Unaudited) |
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(Dollars in thousands) |
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Nine Months Ended |
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Twelve Months Ended |
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Net (loss) income attributable to |
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$ |
(102,384) |
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$ |
445,054 |
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Adjustments: |
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(Benefit from) provision for income taxes |
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(39,858) |
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163,960 |
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Interest expense |
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96,787 |
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92,455 |
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Interest income |
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(1,253) |
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(229) |
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Share based payments |
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45,828 |
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36,011 |
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Depreciation and amortization |
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26,526 |
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25,871 |
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Restructuring charge |
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8,016 |
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— |
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Gain on extinguishment of loans |
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(1,102) |
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(6,509) |
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Transactions related costs and other |
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13,762 |
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5,881 |
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Total EBITDA adjustments |
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148,706 |
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317,440 |
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Adjusted EBITDA |
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$ |
46,322 |
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$ |
762,494 |
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Operating EBITDA Adjustments: |
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Trading losses (income) and fair value adjustments on loans |
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280,163 |
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(386,676) |
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Other investment related expenses |
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(61,834) |
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46,211 |
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Total Operating EBITDA Adjustments |
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218,329 |
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(340,465) |
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Operating Adjusted EBITDA |
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$ |
264,651 |
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$ |
422,029 |
Media
jmccusker@brileyfin.com
(646) 885-5425
Investors
ir@brileyfin.com
(212) 409-2424
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