Business
B. Riley Financial Reports Second Quarter 2022 Results; Declares $1.00 Dividend
Q2 GAAP Revenues of $42.7 million; Operating Revenues of $266.6 million Q2 GAAP Net Loss of ($142.2 million), Operating Adjusted EBITDA of $74.2 million
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Q2 GAAP Revenues of $42.7 million; Operating Revenues of $266.6 million\nQ2 GAAP Net Loss of ($142.2 million), Operating Adjusted EBITDA of $74.2 million\nDeclares Quarterly Dividend of $1.00 per common share\nLOS ANGELES, July 28, 2022 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today announced results for the three-month period ended June 30, 2022.\n\n \n \n \n \n \n \n\n \nBryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: \"Our second quarter results demonstrated the relative strength and ability of our non-cyclical businesses to steadily perform amid disruptive markets. Periods of volatility have historically presented our most attractive opportunities to differentiate ourselves with clients, attract top talent, and generate sustainable share gains across key business lines. We believe the current environment is no exception.\"\n\"Despite the markdown on our investments and declines in our underwriting business, our dynamic platform has demonstrated continued resiliency. We have earned over $17.00 per share for our shareholders since 2019, and despite a GAAP net loss of ($43.4 million) over the trailing twelve-month period, we delivered operating EBITDA of $366 million in the same period, representing a meaningful increase compared to $114 million in 2019. Increasing contributions from less cyclical and less episodic businesses have exceeded the capital needed to support our dividend while providing us flexibility to continue to invest across our business.\"\n\"At the same time, strategic investments remain an integral part of our business, as a strategy that helps competitively advantage our clients. Our cash and investment portfolio has been diversified to balance our allocation between debt and equity-related investments. In our credit positions, we have demonstrated an ability to structure lending opportunities that enable us to earn attractive spreads with minimal impairments over time. The remainder of our portfolio is focused on public and private small-cap companies where we have high conviction in capital appreciation over our investment horizon. Securities in our investment portfolio have exceeded the Russell 2000 Index in multiple market cycles, having generated total returns of more than...