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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
Or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-37503
B. RILEY FINANCIAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
Delaware | | 27-0223495 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
| | |
11100 Santa Monica Blvd., Suite 800 Los Angeles, CA | | 90025 |
(Address of Principal Executive Offices) | | (Zip Code) |
(310) 966-1444
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.0001 per share | | RILY | | Nasdaq Global Market |
Depositary Shares, each representing a 1/1000th fractional interest in a 6.875% share of Series A Cumulative Perpetual Preferred Stock | | 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 |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | x | | Accelerated filer | o |
Non-accelerated filer | o | | Smaller reporting company | o |
Emerging growth company | o | | | |
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of November 2, 2023, there were 30,582,871 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.
B. Riley Financial, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2023
Table of Contents
Explanatory Note
As previously disclosed in the Explanatory Note of the 2022 Annual Report on Form 10-K, we restated our audited consolidated financial statements as of and for the years ended December 31, 2020 and 2021 and each of our unaudited condensed consolidated financial statements for the quarterly and year-to-date periods during 2021 and for the first three quarters of the year ending 2022. The restatement of these periods was effective with the filing of our Annual Report on Form 10-K for the year ended December 31, 2022. See Note 2 to the consolidated financial statements in our 2022 Annual Report on Form 10-K for additional information related to the restatement.
Additionally, as previously disclosed in our 2022 Annual Report on Form 10-K, we restated the relevant unaudited financial information for the three months ended March 31, 2022, three and six months ended June 30, 2022, and three and nine months ended September 30, 2022. Accordingly, the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022 included in this Quarterly Report on Form 10-Q have been restated to reflect the restatement adjustments as described in the 2022 Form 10-K. See also Note 2 to our condensed consolidated
financial statements for further information on the impact of the restatement adjustments on the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 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 assets | 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 | |
Deferred income taxes | 6,677 | | | 29,548 | |
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 | |
Notes payable | 21,300 | | | 25,263 | |
| | | |
Revolving credit facility | 57,246 | | | 127,678 | |
Term loans, net | 618,301 | | | 572,079 | |
Senior notes payable, net | 1,667,088 | | | 1,721,751 | |
Total liabilities | 5,675,125 | | | 5,426,687 | |
| | | |
Commitments and contingencies (Note 17) | | | |
Redeemable noncontrolling interests in equity of subsidiaries | — | | | 178,622 | |
B. Riley Financial, Inc. equity: | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 and 4,545 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively; and liquidation preference of $114,082 and $113,615 as of September 30, 2023 and December 31, 2022, respectively | — | | | — | |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,582,729 and 28,523,764 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 3 | | | 3 | |
Additional paid-in capital | 576,947 | | | 494,201 | |
Accumulated deficit | (157,693) | | | (45,220) | |
Accumulated other comprehensive loss | (5,476) | | | (2,470) | |
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 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended 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 | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | |
| 2023 | | 2022 | | 2023 | | 2022 | | | | |
Net (loss) income | $ | (76,308) | | | $ | 52,645 | | | $ | (15,967) | | | $ | (93,139) | | | | | |
Other comprehensive (loss) income: | | | | | | | | | | | |
Change in cumulative translation adjustment | (4,879) | | | (2,842) | | | (3,006) | | | (5,646) | | | | | |
Other comprehensive loss, net of tax | (4,879) | | | (2,842) | | | (3,006) | | | (5,646) | | | | | |
Total comprehensive (loss) income | (81,187) | | | 49,803 | | | (18,973) | | | (98,785) | | | | | |
Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | (2,485) | | | 6,187 | | | (5,534) | | | 10,751 | | | | | |
Comprehensive (loss) income attributable to B. Riley Financial, Inc. | $ | (78,702) | | | $ | 43,616 | | | $ | (13,439) | | | $ | (109,536) | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited)
(Dollars in thousands, except share data)
For the Three Months Ended September 30, 2023 and 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Common Stock | | Additional Paid-in Capital | | (Accumulated Deficit) Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
Balance, July 1, 2023 | 4,563 | | | $ | — | | | 28,480,870 | | | $ | 3 | | | $ | 452,254 | | | $ | (49,140) | | | $ | (597) | | | $ | 59,418 | | | $ | 461,938 | |
Common stock issued, net of offering costs | — | | | — | | | 2,090,909 | | | — | | | 114,507 | | | — | | | — | | | — | | | 114,507 | |
| | | | | | | | | | | | | | | | | |
Vesting of restricted stock and other, net of shares withheld for employer taxes | — | | | — | | | 10,950 | | | — | | | (277) | | | — | | | — | | | — | | | (277) | |
Excise taxes | — | | | — | | | — | | | — | | | 115 | | | — | | | — | | | — | | | 115 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Share based payments | — | | | — | | | — | | | — | | | 10,561 | | | — | | | — | | | — | | | 10,561 | |
Share based payments in equity of subsidiary | — | | | — | | | — | | | — | | | 32 | | | — | | | — | | | — | | | 32 | |
Vesting of shares in equity of subsidiary | — | | | — | | | — | | | — | | | (245) | | | — | | | — | | | 245 | | | — | |
Dividends on common stock ($1.00 per share) | — | | | — | | | — | | | — | | | — | | | (32,715) | | | — | | | — | | | (32,715) | |
Dividends on preferred stock | — | | | — | | | — | | | — | | | — | | | (2,015) | | | — | | | — | | | (2,015) | |
Net loss | — | | | — | | | — | | | — | | | — | | | (73,823) | | | — | | | (2,485) | | | (76,308) | |
Distributions to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,527) | | | (4,527) | |
Contributions from noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 699 | | | 699 | |
Acquisition of noncontrolling interests | — | | | — | | | — | | | — | | | — | | | | | — | | | 600 | | | 600 | |
| | | | | | | | | | | | | | | | | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (4,879) | | | — | | | (4,879) | |
Balance, September 30, 2023 | 4,563 | | | $ | — | | | 30,582,729 | | | $ | 3 | | | $ | 576,947 | | | $ | (157,693) | | | $ | (5,476) | | | $ | 53,950 | | | $ | 467,731 | |
| | | | | | | | | | | | | | | | | |
Balance, July 1, 2022 | 4,535 | | | $ | — | | | 28,290,458 | | | $ | 3 | | | $ | 459,220 | | | $ | 32,570 | | | $ | (3,884) | | | $ | 55,467 | | | $ | 543,376 | |
| | | | | | | | | | | | | | | | | |
Vesting of restricted stock and other, net of shares withheld for employer taxes | — | | | — | | | 10,116 | | | — | | | (293) | | | — | | | — | | | — | | | (293) | |
Common stock repurchased and retired | — | | | — | | | (571) | | | — | | | (27) | | | — | | | — | | | — | | | (27) | |
Share based payments | — | | | — | | | — | | | — | | | 14,498 | | | — | | | — | | | — | | | 14,498 | |
Share based payments in equity of subsidiary | — | | | — | | | — | | | — | | | 57 | | | — | | | — | | | — | | | 57 | |
Vesting of shares in equity of subsidiary | — | | | — | | | — | | | — | | | (35) | | | — | | | — | | | 35 | | | — | |
Dividends on common stock ($1.00 per share) | — | | | — | | | — | | | — | | | — | | | (31,061) | | | — | | | — | | | (31,061) | |
Dividends on preferred stock | — | | | — | | | — | | | — | | | — | | | (2,002) | | | — | | | — | | | (2,002) | |
Net income | — | | | — | | | — | | | — | | | — | | | 47,837 | | | — | | | 6,187 | | | 54,024 | |
Remeasurement of B. Riley Principal 150 and 250 Merger Corporations subsidiary temporary equity | — | | | — | | | — | | | — | | | — | | | (428) | | | — | | | — | | | (428) | |
Distributions to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (431) | | | (431) | |
Contributions from noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,823 | | | 2,823 | |
| | | | | | | | | | | | | | | | | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (2,842) | | | — | | | (2,842) | |
Balance, September 30, 2022 | 4,535 | | | $ | — | | | 28,300,003 | | | $ | 3 | | | $ | 473,420 | | | $ | 46,916 | | | $ | (6,726) | | | $ | 64,081 | | | $ | 577,694 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
For the Nine Months Ended September 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Common Stock | | Additional Paid-in Capital | | (Accumulated Deficit) Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
Balance, January 1, 2023 | 4,545 | | | $ | — | | | 28,523,764 | | | $ | 3 | | | $ | 494,201 | | | $ | (45,220) | | | $ | (2,470) | | | $ | 59,379 | | | $ | 505,893 | |
Common stock issued, net of offering costs | — | | | — | | | 2,090,909 | | | — | | | 114,507 | | | — | | | — | | | — | | | 114,507 | |
Preferred stock issued | 18 | | | — | | | — | | | — | | | 467 | | | — | | | — | | | — | | | 467 | |
ESPP shares issued and vesting of restricted stock and other, net of shares withheld for employer taxes | — | | | — | | | 1,368,935 | | | — | | | (8,619) | | | — | | | — | | | — | | | (8,619) | |
Common stock repurchased and retired | — | | | — | | | (1,452,831) | | | — | | | (53,688) | | | — | | | — | | | — | | | (53,688) | |
Shares issued for the acquisition of a business | — | | | — | | | 51,952 | | | — | | | 2,111 | | | — | | | — | | | — | | | 2,111 | |
Remeasurement of Lingo redeemable minority interest | — | | | — | | | — | | | — | | | (6,483) | | | — | | | — | | | — | | | (6,483) | |
Share based payments | — | | | — | | | — | | | — | | | 34,528 | | | — | | | — | | | — | | | 34,528 | |
Share based payments in equity of subsidiary | — | | | — | | | — | | | — | | | 168 | | | — | | | — | | | — | | | 168 | |
Vesting of shares in equity of subsidiary | — | | | — | | | — | | | — | | | (245) | | | — | | | — | | | 245 | | | — | |
Dividends on common stock ($3.00 per share) | — | | | — | | | — | | | — | | | — | | | (94,150) | | | — | | | — | | | (94,150) | |
Dividends on preferred stock | — | | | — | | | — | | | — | | | — | | | (6,042) | | | — | | | — | | | (6,042) | |
Net loss | — | | | — | | | — | | | — | | | — | | | (10,287) | | | — | | | (5,534) | | | (15,821) | |