B. Riley Financial, Inc. Stock Price, News & Analysis

B. Riley Financial, a diversified financial services platform, has filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The report includes restated financial statements, correcting the classification of dividends and investment gains from 'Revenue' to 'Other Income.' This reclassification did not affect previously reported net income, earnings per share, or adjusted EBITDA. Key figures include total revenues of $1,080,670, operating expenses of $1,011,222, and a net loss of $167,837 for 2022. The full report can be accessed on the company's investor relations website.

B. Riley Financial, Inc. (RILY) reported Q4 2022 total revenues of $326.8 million and operating revenues of $450.4 million. The company experienced a net loss of ($59.4 million), impacted by investment losses of ($123.5 million). Despite these losses, operating adjusted EBITDA reached $101.8 million, surpassing guidance of $90-100 million. The company declared a quarterly dividend of $1.00 per common share, totaling approximately $113 million returned to shareholders in fiscal 2022. B. Riley's diversified portfolio is expected to stabilize amidst recovering market conditions.

B. Riley Financial (NASDAQ: RILY) announced the acquisition of the corporate division of Farber Group, a Toronto-based restructuring and advisory firm, on February 22, 2023. This acquisition enhances B. Riley's restructuring services by adding 45 staff, including 16 experienced professionals. Farber's offerings will integrate into B. Riley Advisory Services, now operating as B. Riley Farber. This strategic move expands B. Riley's capabilities across North America and strengthens its position in cross-border engagements, benefiting clients in the U.S., Canada, and Mexico. Financial terms of the acquisition were not disclosed.

B. Riley Financial (RILY) will disclose its financial results for Q4 and full year 2022 on February 22, 2023, after market close. An investor conference call, led by Co-CEOs Bryant Riley and Tom Kelleher, along with CFO Phillip Ahn, is scheduled for the same day at 4:30 p.m. ET. The call will include a Q&A session and will be accessible via the company’s investor relations website. Supplemental investor materials will be available ahead of the call, and a replay will be provided afterward.

B. Riley Securities has announced its 2023 Institutional Investor Conference scheduled for May 24-25 at The Beverly Hilton in Beverly Hills, California. The conference aims to bring together key executives from approximately 200 public and private companies, catering to over 1,000 attendees, including institutional investors and corporate clients. Key features include fireside chats, panel discussions, and one-on-one meetings, alongside a new private company track. Additionally, the conference will co-host the Big Fighters, Big Cause charity event benefiting childhood diabetes research. More information can be accessed here.

B. Riley Financial has announced cash dividends for its 6.875% Series A and 7.375% Series B Cumulative Perpetual Preferred Stock. The Series A dividend is set at $0.42968750 per depositary share and the Series B at $0.4609375, payable on January 31, 2023. Holders of record as of January 20, 2023 will receive these dividends, which reflect the company's commitment to rewarding shareholders while fortifying its financial position.

B. Riley Financial (NASDAQ: RILY) has announced its guidance for Q4 2022, estimating Operating Adjusted EBITDA between $90 million and $100 million, while the full year 2022 guidance ranges from $355 million to $365 million. However, the company anticipates investment losses between $125 million and $150 million for Q4, and $405 million to $430 million for the year. The Chairman emphasized that despite these losses, the company's diversified model has allowed for dividend payments and maintained liquidity for opportunities.

B. Riley Financial, one of the largest creditors of Core Scientific, is proposing a debt restructuring plan to avoid bankruptcy, which they believe would destruct value for all stakeholders. Following Core's significant share price drop (86% to $0.15), B. Riley suggests providing $72 million in new financing. This plan aims to stabilize the company and enhance liquidity. It includes restructuring terms that would allow Core to service its debts, particularly in light of fluctuating Bitcoin prices, which directly impact Core Scientific's financial health.

B. Riley Financial reported total revenues of $340.4 million for Q3 2022, down from $381.5 million in Q3 2021. Net income was $45.8 million, or $1.53 per diluted share, a decrease from $48.6 million or $1.69 per share year-over-year. However, Adjusted EBITDA rose to $141.4 million, compared to $114.1 million in the prior year. The company declared a quarterly dividend of $1.00 per share and approved a $50 million share repurchase plan. This performance highlights B. Riley's resilience and strategic investments despite challenging market conditions.