Business
B. Riley Financial Reports Fourth Quarter and Full Year 2022 Results; Declares $1.00 Dividend
Q4 2022 GAAP Net Loss of ($59.4 million) Q4 2022 Total Revenues of $326.8 million Q4 2022 Operating Revenues of $450.4 million Q4 2022 Operating Adjusted
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Q4 2022 GAAP Net Loss of ($59.4 million)\nQ4 2022 Total Revenues of $326.8 million\nQ4 2022 Operating Revenues of $450.4 million\nQ4 2022 Operating Adjusted EBITDA of $101.8 million, had guided to $90-100 million\nQ4 2022 Investment loss of ($123.5 million), had guided to ($125-$150 million)\nDeclares Quarterly Dividend of $1.00 per common share\nLOS ANGELES, Feb. 22, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today released results for the three and twelve month periods ending December 31, 2022.\n\n \n \n \n \n \n \n\n \nQ4 and FY 2022 Summary and Highlights\nTotal revenues were $326.8 million for the quarter and $915.5 million for the year.Operating revenues increased to $450.4 million for the quarter and $1.3 billion for the year.Net losses of ($59.4 million) for the quarter and ($167.8 million) for the year were primarily driven by softness in small-cap markets throughout 2022 and related impact on investments.Operating adjusted EBITDA was $101.8 million for the quarter and $366.5 million for the year.Investment losses of ($123.5 million) for the quarter and ($403.7 million) for the year primarily reflected mark-to-market losses in the Company's equities portfolio.Completed multiple acquisitions during 2022, which are expected to enhance uncorrelated revenues and cash flow in 2023 and beyond.Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: \"Despite a challenging Capital Markets environment, we are proud to have delivered the second-best year of Operating Adjusted EBITDA in our firm's history. This achievement is a testament to the resiliency and diversification our platform. Capital Markets began to improve late in Q4 and this momentum has continued into Q1, which has us optimistic as our clients resume opportunistically accessing capital. We are also beginning to see increased activity in our Liquidation and Real Estate practices that are benefitting from pockets of distress.\"\nRiley continued: \"While our investments marks are not immune to broader market fluctuations, we believe the portfolio is well-positioned heading into 2023. Further, we continue to find attractive opportunities to deploy our excess liquidity in ways that competitively advantage our clients. We appreciate the trust o...