B. Riley Financial Shares Preliminary Fourth Quarter and Full Year 2024 Results and Financial Estimates and Business Update for First Half 2025
First Half 2025 Net Income Available to Common Shareholders Expected to be in the Range of
As of
Preliminary Year-End 2024 Net Loss Available to Common Shareholders is
First Half 2025 Highlights
-
Executed B. Riley Securities ("BRS") carve out inMarch 2025 , aligning capital and management to serve clients. Partnered with BRS to provide clients timely, flexible capital through variable rate transactions and funding for emerging client priorities in AI investments. - BRS business highlights include: acting as the lead left book-runner on an AI infrastructure provider's IPO; joint lead placement on a fabless semiconductor company's capital raise; the sole bookrunner for an Ethereum treasury company's equity raises across two transactions; and capital provider as part of a successful variable rate transaction for a digital infrastructure company.
-
Total Company debt reduction fromSeptember 30, 2024 toJune 30, 2025 is estimated to be$600 million . As ofJune 30, 2025 , estimated net debt (7) ranges from$809 million to$839 million and cash, cash equivalents and restricted cash of$268 million . - Realized cash proceeds from business sales of approximately
$187 million from the sales of GlassRatner andAtlantic Coast Recycling . - Bond exchanges achieved approximately
$126 million of debt reduction through five bond exchanges throughJuly 2025 . - Secured
$160 million senior facility withOaktree Capital Management ("Oaktree"), which was paid down to$62.5 million along with an amendment to the senior facility to provide substantially increased flexibility. - Earned approximately
$29 million in profits from the Company's equity participation in the JOANN's liquidation. - Hired new
B. Riley Financial Chief Financial Officer,Scott Yessner , and added resources to supportSEC filings.
"As demonstrated by the Great American transaction last year, and our subsequent JOANN's liquidation equity investment, our strategic objective is to maintain both economic and business relationship upside throughout the process of rightsizing our balance sheet."
Summary of Preliminary Unaudited Estimates for the Six-Months Ended
- Net income is expected to range from
$125.0 million to$145.0 million , which includes estimated gains on sale of$53 million fromAtlantic Coast Recycling ,$66 million from GlassRatner, and$55 million on senior note exchanges. - Net income from continuing operations is expected to range from
$52.4 million to$72.4 million , which includes estimated gains on sale of$53 million fromAtlantic Coast Recycling and$55 million on senior note exchanges. - Net income from discontinued operations is estimated to be
$73.0 million , which includes estimated gains on sale of$66 million from GlassRatner. - Revenue is expected to range from
$405.0 million to$425.0 million . - Operating adjusted EBITDA (4) from continuing operations is expected to range from
$20.0 million to$26.0 million . - Debt is estimated to be
$1.46 billion , with estimated net debt (7) ranging from$809.0 million to$839.0 million . - Cash, cash equivalents, and restricted cash are estimated to be
$268.0 million . Securities and other investments owned, at fair value is expected to range from$231.0 million to$251.0 million . Total investments (6) are expected to range from$310.0 million to$340.0 million . - Basic and diluted earnings per common share (EPS) are expected to range from
$4.10 and$4.75 , and from$4.08 and$4.74 , respectively.
Preliminary Year-End 2024 Summary
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Three Months Ended |
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Twelve Months Ended |
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(Dollars in thousands, except for share data) |
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2024 |
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2023 |
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2024 |
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2023 |
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Net income (loss) available to common shareholders |
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$ |
877 |
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$ |
(91,638) |
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$ |
(772,334) |
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$ |
(107,967) |
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Basic income (loss) per common share |
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$ |
0.03 |
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$ |
(3.03) |
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$ |
(25.46) |
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$ |
(3.69) |
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Diluted income (loss) per common share |
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$ |
0.03 |
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$ |
(3.03) |
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$ |
(25.46) |
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$ |
(3.69) |
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Three Months Ended |
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Twelve Months Ended |
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(Dollars in thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating Revenues (1) |
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$ |
278,733 |
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$ |
363,602 |
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$ |
1,242,402 |
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$ |
1,453,114 |
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Investment (Loss) Gains (2) |
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(77,358) |
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(49,768) |
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(403,805) |
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12,663 |
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Total Revenues |
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$ |
201,375 |
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$ |
313,834 |
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$ |
838,597 |
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$ |
1,465,777 |
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Operating Adjusted EBITDA (4) |
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$ |
21,489 |
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$ |
59,091 |
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$ |
126,399 |
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$ |
274,576 |
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Investment Adjusted EBITDA (5) |
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(129,048) |
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(132,740) |
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(669,196) |
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(150,706) |
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Total Adjusted EBITDA (3) |
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$ |
(107,559) |
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$ |
(73,649) |
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$ |
(542,797) |
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$ |
123,870 |
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- Net loss applicable to common shareholders was
$772.3 million due primarily to write downs of$510.0 million related to the equity investment inFreedom VCM Holdings LLC and loan receivable fromVintage Capital Management and impairment of goodwill and other intangible assets of$105.4 million . - Operating adjusted EBITDA (4) from continuing operations decreased 54.0% to
$126.4 million , compared to$274.6 million in 2023. - Debt was
$1.77 billion and net debt (7) was$1.06 billion at year end 2024, compared to$2.36 billion and$0.76 billion at year end 2023, respectively. - Cash, cash equivalents, and restricted cash increased 13.7% to
$255.4 million at year end 2024 compared to$224.6 million at year end 2023, securities and other investments owned, at fair value decreased 65.1% to$282.3 million compared to$809.0 million at year end 2023, and total investments (6) decreased 67.3% to$432.6 million at year end 2024 compared to$1.32 billion at year end 2023.
Preliminary Fourth Quarter 2024 Summary
- Net income available to common shareholders was
$0.9 million , an increase from the 4th quarter 2023 net loss available to common shareholders of$91.6 million . - Operating adjusted EBITDA (4) from continuing operations decreased 63.6% to
$21.5 million , compared to$59.1 million in the 4th quarter 2023.
Additional Updates
Oaktree Capital Management Financing: The Company amended its senior secured credit agreement with funds managed by Oaktree to provide incremental flexibility, including:
- A new investment basket that enables an incremental
$100 million to facilitate transactions using the Company's balance sheet; - A
$30 million investment basket for parent company investments upsized from$20 million ; and - The ability to deploy up to
$25 million of cash to reduce other indebtedness through potential repurchases of the Company's unsecured notes.
In
The Preliminary Fourth Quarter, Full Year 2024, and First Half 2025 update are not a comprehensive statement of the Company's financial results, and are unaudited and subject to change.
About
Footnotes
See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of these non-GAAP terms. For a reconciliation of Adjusted EBITDA, and Operating Adjusted EBITDA to the comparable GAAP financial measures, please see the Appendix hereto.
(1) Operating Revenues is defined as the sum of (i) service and fees, (ii) interest income – loans, (iii) interest Income - securities lending, (iv) fixed income spread, and (v) sales of goods.
(2) Investment Gains (Losses) is defined as sum of (i) trading income (loss) and (ii) fair value adjustments on loans less fixed income spread.
(3) Adjusted EBITDA includes earnings from continuing operations before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain or loss on extinguishment of loans, gain on bargain purchase, impairment of goodwill and tradenames, and transaction related and other costs.
(4) Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) trading income (loss) net of fixed income spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments, and (iv) other investment-related expenses.
(5) Investment Adjusted EBITDA is defined as the sum of (i) trading income (loss) net of fixed income spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments, and (iv) other investment-related expenses.
(6) Total Investments is defined as the sum of (a) securities and other investments owned, at fair value net of (i) securities sold not yet purchased and (ii) noncontrolling interest related to investments from continuing operations, (b) loans receivable, at fair value net of loan participations sold, and (c) other investments reported in prepaid and other assets.
(7) Net Debt is defined as the sum of (a) term loans, net, (b) senior notes payable, net, (c) revolving credit facility, and (d) notes payable, net of (i) cash and cash equivalents, net of noncontrolling interest, (ii) restricted cash, (iii) due from clearing brokers net of due to clearing brokers, and (iv) Total Investments.
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Adjusted EBITDA, Operating Adjusted EBITDA, Investment Adjusted EBITDA, Operating Revenues, Investment Gains (Losses), Total Investments, and Net Debt, may be considered non-GAAP financial measures.
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and 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 today's date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the
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Preliminary Condensed Consolidated Balance Sheets |
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(Unaudited) |
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(Dollars in thousands, except par value) |
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2024 |
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2023 |
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Assets |
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Assets |
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Cash and cash equivalents |
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$ |
154,877 |
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$ |
222,690 |
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Restricted cash |
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100,475 |
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|
1,875 |
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Due from clearing brokers |
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|
30,713 |
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51,334 |
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Securities and other investments owned, at fair value |
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282,325 |
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|
809,049 |
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Securities borrowed |
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43,022 |
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2,870,939 |
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Accounts receivable, net of allowance for credit losses of |
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88,384 |
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101,036 |
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Due from related parties |
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|
162 |
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|
172 |
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Loans receivable, at fair value (includes |
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90,103 |
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532,419 |
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Prepaid expenses and other assets (includes |
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|
252,344 |
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|
241,862 |
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Operating lease right-of-use assets |
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|
53,767 |
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|
87,167 |
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Property and equipment, net |
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|
18,954 |
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|
25,206 |
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|
423,136 |
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466,638 |
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Other intangible assets, net |
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|
146,885 |
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|
198,245 |
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Deferred income taxes |
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|
13,393 |
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|
33,631 |
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Assets held for sale |
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|
84,723 |
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|
— |
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Assets of discontinued operations |
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|
— |
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|
438,341 |
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Total assets |
|
$ |
1,783,263 |
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$ |
6,080,604 |
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Liabilities and Equity (Deficit) |
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Liabilities |
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Accounts payable |
|
$ |
52,564 |
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$ |
43,992 |
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Accrued expenses and other liabilities |
|
|
203,196 |
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|
252,876 |
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Deferred revenue |
|
|
58,153 |
|
|
70,575 |
||
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Deferred income taxes |
|
|
5,462 |
|
|
— |
||
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Due to related parties and partners |
|
|
3,404 |
|
|
2,480 |
||
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Securities sold not yet purchased |
|
|
5,675 |
|
|
8,601 |
||
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Securities loaned |
|
|
27,942 |
|
|
2,859,306 |
||
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Operating lease liabilities |
|
|
61,038 |
|
|
98,088 |
||
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Notes payable |
|
|
28,021 |
|
|
19,391 |
||
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Loan participations sold |
|
|
6,000 |
|
|
— |
||
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Revolving credit facility |
|
|
16,329 |
|
|
43,801 |
||
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Term loans, net |
|
|
199,429 |
|
|
625,151 |
||
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Senior notes payable, net |
|
|
1,530,561 |
|
|
1,668,021 |
||
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Liabilities held for sale |
|
|
41,505 |
|
|
— |
||
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Liabilities of discontinued operations |
|
|
— |
|
|
28,756 |
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Total liabilities |
|
|
2,239,279 |
|
|
5,721,038 |
|
|
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Commitments and contingencies |
|
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|||
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Preferred stock, |
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|
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outstanding as of |
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|
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|
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||
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of |
|
|
— |
|
|
— |
||
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Common stock, |
|
|
3 |
|
|
3 |
||
|
Additional paid-in capital |
|
|
589,387 |
|
|
572,170 |
||
|
Accumulated deficit |
|
|
(1,070,996) |
|
|
(281,285) |
||
|
Accumulated other comprehensive (loss) income |
|
|
(6,569) |
|
|
229 |
||
|
|
|
|
|
(488,175) |
|
|
291,117 |
|
Noncontrolling interests |
|
|
32,159 |
|
|
68,449 |
|||
|
|
Total equity (deficit) |
|
|
(456,016) |
|
|
359,566 |
|
|
|
|
Total liabilities and equity (deficit) |
|
$ |
1,783,263 |
|
$ |
6,080,604 |
|
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Preliminary Consolidated Statement of Operations |
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(Unaudited) |
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(Dollars in thousands, except share data) |
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Three Months Ended |
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Twelve Months Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
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Services and fees (includes |
|
$ |
214,534 |
|
$ |
236,569 |
|
$ |
875,480 |
|
$ |
898,750 |
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|
Trading (loss) income |
|
|
(6,781) |
|
|
(10,120) |
|
|
(57,007) |
|
|
21,603 |
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Fair value adjustments on loans (includes |
|
|
(66,238) |
|
|
(31,398) |
|
|
(325,498) |
|
|
20,225 |
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Interest income - loans (includes |
|
|
2,247 |
|
|
20,709 |
|
|
54,141 |
|
|
123,244 |
||
|
Interest income - securities lending |
|
|
1,248 |
|
|
42,072 |
|
|
70,862 |
|
|
161,652 |
||
|
Sale of goods |
|
|
56,365 |
|
|
56,002 |
|
|
220,619 |
|
|
240,303 |
||
|
|
Total revenues |
|
|
201,375 |
|
|
313,834 |
|
|
838,597 |
|
|
1,465,777 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
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Direct cost of services |
|
|
45,893 |
|
|
57,692 |
|
|
213,901 |
|
|
214,065 |
||
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Cost of goods sold |
|
|
48,737 |
|
|
43,346 |
|
|
167,634 |
|
|
172,836 |
||
|
Selling, general and administrative expenses |
|
|
188,180 |
|
|
190,371 |
|
|
759,777 |
|
|
764,926 |
||
|
Restructuring charge |
|
|
597 |
|
|
1,182 |
|
|
1,522 |
|
|
2,131 |
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|
Impairment of goodwill and other intangible assets |
|
|
77,692 |
|
|
33,100 |
|
|
105,373 |
|
|
70,333 |
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Interest expense - Securities lending and loan participations sold |
|
|
1,073 |
|
|
38,863 |
|
|
66,128 |
|
|
145,435 |
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|
|
Total operating expenses |
|
|
362,172 |
|
|
364,554 |
|
|
1,314,335 |
|
|
1,369,726 |
|
|
|
|
Operating (loss) income |
|
|
(160,797) |
|
|
(50,720) |
|
|
(475,738) |
|
|
96,051 |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Interest income |
|
|
712 |
|
|
420 |
|
|
3,621 |
|
|
3,875 |
||
|
Dividend income |
|
|
323 |
|
|
3,206 |
|
|
4,462 |
|
|
12,747 |
||
|
Realized and unrealized losses on investments |
|
|
(51,324) |
|
|
(85,033) |
|
|
(263,686) |
|
|
(162,053) |
||
|
Change in fair value of financial instruments and other |
|
|
3,987 |
|
|
— |
|
|
4,614 |
|
|
(3,998) |
||
|
Gain on bargain purchase |
|
|
— |
|
|
15,903 |
|
|
— |
|
|
15,903 |
||
|
Income (loss) from equity method investments |
|
|
19 |
|
|
23 |
|
|
31 |
|
|
(152) |
||
|
Loss on extinguishment of debt |
|
|
(12,945) |
|
|
— |
|
|
(18,725) |
|
|
(5,409) |
||
|
Interest expense |
|
|
(31,113) |
|
|
(37,610) |
|
|
(133,308) |
|
|
(156,240) |
||
|
|
Loss from continuing operations before income taxes |
|
|
(251,138) |
|
|
(153,811) |
|
|
(878,729) |
|
|
(199,276) |
|
(Provision for) Benefit from income taxes |
|
|
(4,210) |
|
|
42,160 |
|
|
(22,125) |
|
|
39,115 |
|||
|
|
Loss from continuing operations |
|
|
(255,348) |
|
|
(111,651) |
|
|
(900,854) |
|
|
(160,161) |
|
|
|
Income from discontinued operations, net of income taxes |
|
|
249,742 |
|
|
21,987 |
|
|
125,915 |
|
|
54,530 |
|
|
|
|
Net loss |
|
|
(5,606) |
|
|
(89,664) |
|
|
(774,939) |
|
|
(105,631) |
Net loss attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|||
and redeemable noncontrolling interests |
|
|
(8,498) |
|
|
(41) |
|
|
(10,665) |
|
|
(5,721) |
|||
|
|
Net income (loss) attributable to |
|
|
2,892 |
|
|
(89,623) |
|
|
(764,274) |
|
|
(99,910) |
|
Preferred stock dividends |
|
|
2,015 |
|
|
2,015 |
|
|
8,060 |
|
|
8,057 |
|||
|
|
Net income (loss) available to common shareholders |
|
$ |
877 |
|
$ |
(91,638) |
|
$ |
(772,334) |
|
$ |
(107,967) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Continuing operations |
|
$ |
(8.16) |
|
$ |
(3.67) |
|
$ |
(29.67) |
|
$ |
(5.38) |
|
|
|
Discontinued operations |
|
|
8.19 |
|
|
0.64 |
|
|
4.21 |
|
|
1.69 |
|
|
|
Basic and diluted income (loss) per common share |
|
$ |
0.03 |
|
$ |
(3.03) |
|
$ |
(25.46) |
|
$ |
(3.69) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic and diluted common shares outstanding |
|
|
30,499,931 |
|
|
30,248,946 |
|
|
30,336,274 |
|
|
29,265,099 |
|
|||||||||||||||
Preliminary Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(Dollars in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income (loss) attributable to |
|
$ |
2,892 |
|
$ |
(89,623) |
|
$ |
(764,274) |
|
$ |
(99,910) |
|||
Income from discontinued operations, net of income taxes |
|
|
249,742 |
|
|
21,987 |
|
|
125,915 |
|
|
54,530 |
|||
Net loss attributable to noncontrolling interests and |
|
|
8,498 |
|
|
41 |
|
|
10,665 |
|
|
5,721 |
|||
Loss from continuing operations |
|
|
(255,348) |
|
|
(111,651) |
|
|
(900,854) |
|
|
(160,161) |
|||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Net loss attributable to noncontrolling interests |
|
|
8,523 |
|
|
2,730 |
|
|
8,920 |
|
|
10,779 |
||
|
Provision for (benefit from) income taxes |
|
|
4,210 |
|
|
(42,160) |
|
|
22,125 |
|
|
(39,115) |
||
|
Interest expense |
|
|
31,113 |
|
|
37,610 |
|
|
133,308 |
|
|
156,240 |
||
|
Interest income |
|
|
(712) |
|
|
(420) |
|
|
(3,621) |
|
|
(3,875) |
||
|
Share based payments |
|
|
2,245 |
|
|
9,287 |
|
|
18,449 |
|
|
42,553 |
||
|
Depreciation and amortization |
|
|
11,278 |
|
|
11,462 |
|
|
45,312 |
|
|
49,203 |
||
|
Restructuring charge |
|
|
597 |
|
|
1,182 |
|
|
1,522 |
|
|
2,131 |
||
|
Gain on bargain purchase |
|
|
— |
|
|
(15,903) |
|
|
— |
|
|
(15,903) |
||
|
Loss on extinguishment of loans |
|
|
12,945 |
|
|
— |
|
|
18,725 |
|
|
5,409 |
||
|
Impairment of goodwill and other intangible assets |
|
|
77,692 |
|
|
33,100 |
|
|
105,373 |
|
|
70,333 |
||
|
Transactions related costs and other |
|
|
(102) |
|
|
1,114 |
|
|
7,944 |
|
|
6,276 |
||
|
|
Total EBITDA adjustments |
|
|
147,789 |
|
|
38,002 |
|
|
358,057 |
|
|
284,031 |
|
|
|
|
Adjusted EBITDA |
|
$ |
(107,559) |
|
$ |
(73,649) |
|
$ |
(542,797) |
|
$ |
123,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Trading loss (income) |
|
|
6,781 |
|
|
10,120 |
|
|
57,007 |
|
|
(21,603) |
||
|
Fair value adjustments on loans |
|
|
66,238 |
|
|
31,398 |
|
|
325,498 |
|
|
(20,225) |
||
|
Realized and unrealized losses on investments |
|
|
51,324 |
|
|
85,033 |
|
|
263,686 |
|
|
162,053 |
||
|
Fixed income spread |
|
|
4,339 |
|
|
8,250 |
|
|
21,300 |
|
|
29,165 |
||
|
Other investment related expenses |
|
|
366 |
|
|
(2,061) |
|
|
1,705 |
|
|
1,316 |
||
|
|
Total Operating EBITDA Adjustments |
|
|
129,048 |
|
|
132,740 |
|
|
669,196 |
|
|
150,706 |
|
Operating Adjusted EBITDA |
|
$ |
21,489 |
|
$ |
59,091 |
|
$ |
126,399 |
|
$ |
274,576 |
|
||||||||||||||
Preliminary Operating Revenues Reconciliation |
||||||||||||||
(Unaudited) |
||||||||||||||
(Dollars in thousands) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
|
|
||||||||
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Total revenues |
|
$ |
201,375 |
|
$ |
313,834 |
|
$ |
838,597 |
|
$ |
1,465,777 |
||
Operating revenues adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Trading loss (income) |
|
|
6,781 |
|
|
10,120 |
|
|
57,007 |
|
|
(21,603) |
|
|
Fair value adjustments on loans |
|
|
66,238 |
|
|
31,398 |
|
|
325,498 |
|
|
(20,225) |
|
|
Fixed income spread |
|
|
4,339 |
|
|
8,250 |
|
|
21,300 |
|
|
29,165 |
|
|
|
Total revenues adjustments |
|
|
77,358 |
|
|
49,768 |
|
|
403,805 |
|
|
(12,663) |
Operating revenues |
|
$ |
278,733 |
|
$ |
363,602 |
|
$ |
1,242,402 |
|
$ |
1,453,114 |
|
|||||||
Preliminary Total Investments and Net Debt |
|||||||
(Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
2024 |
2023 |
|||
|
|
|
|
|
|
|
|
Cash, cash equivalents, and restricted cash |
$ |
255,352 |
|
$ |
224,565 |
||
Due from clearing brokers |
|
30,713 |
|
|
51,334 |
||
|
|
|
|
|
|
|
|
Securities and other investments owned, at fair value |
|
282,325 |
|
|
809,049 |
||
Securities sold not yet purchased |
|
(5,675) |
|
|
(8,601) |
||
Loans receivable, at fair value |
|
90,103 |
|
|
532,419 |
||
Loan participations sold |
|
(6,000) |
|
|
— |
||
Other investments reported in prepaid and other assets |
|
100,080 |
|
|
14,582 |
||
Noncontrolling interest |
|
(28,217) |
|
|
(23,480) |
||
Total investments |
|
432,616 |
|
|
1,323,969 |
||
|
|
|
|
|
|
|
|
Notes payable |
|
28,021 |
|
|
19,391 |
||
Revolving credit facility |
|
16,329 |
|
|
43,801 |
||
Term loans, net |
|
199,429 |
|
|
625,151 |
||
Senior notes payable, net |
|
1,530,561 |
|
|
1,668,021 |
||
|
Total debt |
|
1,774,340 |
|
|
2,356,364 |
|
|
|
|
|
|
|
|
|
|
|
Net debt |
$ |
1,055,659 |
|
$ |
756,496 |
|
|||||||||
Estimated Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations |
|||||||||
(Unaudited) |
|||||||||
(Dollars in thousands) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Six Months Ended |
||||
|
|
|
|
|
|
||||
|
|
|
|
|
Low |
|
High |
||
Net income available to common shareholders |
|
$ |
125,000 |
|
$ |
145,000 |
|||
Preferred stock dividends |
|
|
— |
|
|
— |
|||
Net income attributable to |
|
|
125,000 |
|
|
145,000 |
|||
Income from discontinued operations net of income taxes |
|
|
73,000 |
|
|
73,000 |
|||
Net income attributable to noncontrolling interests |
|
(400) |
|
|
(400) |
||||
Net income from continuing operations |
|
|
52,400 |
|
|
72,400 |
|||
Adjustments: |
|
|
|
|
|
|
|||
|
Net income attributable to noncontrolling interests |
|
|
(400) |
|
|
(400) |
||
|
Provision for income taxes |
|
|
(3,000) |
|
|
— |
||
|
Interest expense |
|
|
55,600 |
|
|
56,000 |
||
|
Interest income |
|
|
(2,000) |
|
|
(2,000) |
||
|
Share based payments |
|
|
8,000 |
|
|
8,000 |
||
|
Depreciation and amortization |
|
|
18,600 |
|
|
19,000 |
||
|
Restructuring charge |
|
|
200 |
|
|
400 |
||
|
Net gain on extinguishment of loans and exchange of senior notes |
|
|
(40,000) |
|
|
(38,000) |
||
|
Transactions related costs, gains on divestures, and other |
|
|
(84,000) |
|
|
(75,000) |
||
|
|
Total EBITDA adjustments |
|
|
(47,000) |
|
|
(32,000) |
|
|
|
|
Adjusted EBITDA |
|
$ |
5,400 |
|
$ |
40,400 |
|
|
|
|
|
|
|
|
|
|
Operating EBITDA Adjustments: |
|
|
|
|
|
|
|||
|
Trading income |
|
|
(8,000) |
|
|
(12,000) |
||
|
Fair value adjustments on loans |
|
|
3,000 |
|
|
(7,000) |
||
|
Realized and unrealized (gain) losses on investments |
|
|
12,000 |
|
|
(4,000) |
||
|
Fixed Income Spread |
|
|
6,600 |
|
|
7,600 |
||
|
Other investment related expenses |
|
|
1,000 |
|
|
1,000 |
||
|
|
Total Operating EBITDA Adjustments |
|
|
14,600 |
|
|
(14,400) |
|
Operating Adjusted EBITDA |
|
$ |
20,000 |
|
$ |
26,000 |
|
|||||||
Estimated Total Investments and Net Debt |
|||||||
(Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
2025 |
||||
|
|
|
|
Low |
|
|
High |
Cash, cash equivalents, and restricted cash |
$ |
268,000 |
|
$ |
268,000 |
||
Due from clearing brokers |
|
46,000 |
|
|
46,000 |
||
|
|
|
|
|
|
|
|
Securities and other investments owned, at fair value |
|
231,000 |
|
|
251,000 |
||
Securities sold not yet purchased |
|
(13,000) |
|
|
(13,000) |
||
Loans receivable, at fair value |
|
51,000 |
|
|
60,000 |
||
Loan participations sold |
|
(11,000) |
|
|
(11,000) |
||
Other investments reported in prepaid and other assets |
|
82,000 |
|
|
83,000 |
||
Noncontrolling interest |
|
(30,000) |
|
|
(30,000) |
||
Total investments |
|
310,000 |
|
|
340,000 |
||
|
|
|
|
|
|
|
|
Revolving credit facility |
|
12,000 |
|
|
12,000 |
||
Term loans, net |
|
127,000 |
|
|
127,000 |
||
Senior notes payable, net |
|
1,324,000 |
|
|
1,324,000 |
||
|
Total debt |
|
1,463,000 |
|
|
1,463,000 |
|
|
|
|
|
|
|
|
|
|
|
Net debt |
$ |
839,000 |
|
$ |
809,000 |
Contacts
Investors
ir@brileyfin.com
Media
press@bileyfin.com
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