Preliminary Q2 2024 B Riley Financial Inc Earnings Call Transcript
Key Points
- Operating adjusted EBITDA is expected to be in the range of $50 million to $55 million, indicating consistent contribution from core businesses.
- The company is focused on maximizing value from existing principal positions and has a strategic review process for the Great American Group business.
- B. Riley Financial Inc (RILY) has a strong history of returning capital to shareholders, having paid a dividend every quarter since becoming listed.
- The acquisition of Interface Consulting International is expected to enhance the company's forensic accounting and litigation support practice.
- There is renewed optimism in small-cap stocks, and B. Riley Financial Inc (RILY) is well-positioned in core financial services businesses.
- The company reported a significant net loss in the range of $435 million to $475 million for the second quarter.
- A non-cash write-down of approximately $330 million to $370 million was recorded in the Freedom VCM investment.
- The rapid deterioration in consumer spending negatively impacted the operating performance and investments, including a bankruptcy filing by a subsidiary.
- The company and its CEO received subpoenas from the SEC related to dealings with a former CEO, creating scrutiny and criticism.
- B. Riley Financial Inc (RILY) has paused its dividend to focus on retiring outstanding debt, indicating financial strain.
Good morning, and welcome to the B Riley Financial investor call. Earlier today, B Riley issued a press release detailing its preliminary results for the second quarter of 2024. It can be found on its Investor Relations website ir.brileyfin.com.
Today's call includes prepared remarks from the company, followed by a question-and-answer session. After management's remarks, we will open the line for questions. Please note that all participants will be on a listen only mode until the Q&A portion of the call. As a reminder, this call is being recorded and an audio replay will be available on the company's Investor Relations website later today.
Today's call will also include non-GAAP measures. Reconciliations of these as well as an explanation for the use of these metrics and the definition of these terms, it's available and the press release, which is available on the company Investor Relations website.
And before we conclude today's call, I will provide the necessary cautions regarding forward-looking statements. Now, I will turn the call over to Mr. Bryant Riley. Mr. Reilly.
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