B. Riley Financial Reports Strong Performance and Provides Comprehensive Business Updates
B. Riley Financial, Inc. (NASDAQ: RILY), a leading diversified financial services platform, today announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The report provides a comprehensive overview of the company’s financial performance, business operations, and strategic initiatives.
Key Financial Highlights:
* Total cash and investments increased significantly, reflecting the company’s strong liquidity position.
* Adjusted EBITDA and Operating Adjusted EBITDA remained robust, demonstrating the company’s profitability and operating efficiency.
* Net income improved year-over-year, driven by growth in core business segments.
Business Highlights:
* B. Riley Financial’s core businesses, including investment banking, institutional brokerage, and wealth management, continued to perform well.
* The company made strategic investments in new opportunities, including the acquisition of boutique investment banking firm Imperial Capital and the launch of a new private credit fund.
* B. Riley Financial is actively pursuing the strategic review of its Great American Group subsidiary, with multiple interested parties expressing interest.
Independent Investigation and Transparency:
* The company engaged an independent counsel to conduct an investigation into historical allegations against the company and its affiliates.
* The investigation confirmed that the company and its executives had no involvement or knowledge of any misconduct.
* B. Riley Financial is committed to maintaining the highest standards of integrity and transparency in all its operations.
Outlook and Commitment to Clients:
* The company is excited about the growth opportunities in its core business segments.
* B. Riley Financial remains committed to delivering tailored solutions to meet the strategic, operational, and capital needs of its clients and partners.
* The company believes that its strong financial foundation and experienced team will enable it to continue creating value for shareholders in the years to come.
Additional Information:
The complete Annual Report is available on B. Riley Financial’s website and the SEC’s website. Investors and analysts are encouraged to review the report for detailed information on the company’s financial and operating performance, as well as its forward-looking plans.
