BRC Group Holdings, Inc. (RILY) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

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, which can be found on its investor relations website at ir.brileyspin.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, the reconciliations of these, as well as an explanation for the use of these metrics. and the definition of these terms is available in the press release, which is available on the company's investor relations website. And before we complete 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. Riley, please proceed. Thank you for joining the call this morning. As we announced this morning, we are continuing to finalize the financial statements for the second quarter and are working to file a quarterly report as soon as possible. In the meantime, we have released preliminary estimates for the second quarter, which included a net loss in the range of $435 million to $475 million. Operating adjusted EBITDA is expected to be in the range of $50 to $55 million for the second quarter, demonstrating the consistent contribution of our core businesses. The net loss for the quarter reflects a non-cash impairment charge of approximately $28 million for Targus, a charge of $25 million, which r...