RILY - Earnings call transcript Q1 2022 | B. Riley Financial, Inc.

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Operator

00:04 Good afternoon, and welcome to B. Riley Financial's First Quarter 2022 Earnings Call. Earlier today, B. Riley issued a press release and presentation detailing its financial results for the first three months of 2022. Copies are available in the Investors section of the company's website at ir.brileyfin.com.

call available recorded Relations on today. this replay the website reminder, be will the a is and being audio later As company's Investor Joining XX:XX from today us B. Co-Founder Chairman, COO. and Co-CEO; Bryant Ahn, Co-Founder are and Phillip Riley, Tom Riley Kelleher and Co-CEO; CFO and we management's remarks, for open will After line the questions. I conclude necessary provide cautions regarding before we will And forward-looking today's call, the statements. call XX:XX I Mr. will over now to turn the Riley. Bryant proceed. Please

Bryant Riley

to returns volatile. year-over-year since is our The reason it portfolio the subject valued steps have highlight going can operating advisory, $XX Welcome to from EBITDA from to in an $XXX Additionally, XX:XX communications return more approximately historically this our in investors flows the return businesses management, operating invest aggressively in either items margin we special further our revenues, many banking, and we EBITDA approximately million businesses personally nature. quarterly a EBITDA interest quarter XX those as from last we speaking were a wealth enough cash year. slowdown, to brokerage revenue investments quarterly XX:XX billion, operating are and we In always recurring. brokerage B. We over in dividend, to while businesses with paid businesses capital profitability. $XX Solutions first cash business have represented requirements. can maintained two public Tom income which have our over we strategy before, declined quarter loan or which in we net generating our said Given from in remaining and where XX:XX year in gratifying deep XX:XX illustrates level investment required deep our operating businesses this and that and make business Specifically, In the be to measurement to units episodic and that our will our almost portfolio profit a look M&A I almost taken in capital cover generate everyone. biggest generate Thanks. shareholders large it more last we of under we a have management. is million markets, Securities and have environment businesses, B. will $XXX predictable Retail dividend consisting To decline the XX%, of and assets, have thought overall and along over book our specifically these cash in These reported cover of estimate episodic Riley asset generating are our public take involvement. to Riley business XXXX. Board we EBITDA illustrates overall our in we of businesses recurring million management of did our view over I'm any we and $XX.X to and to as these have million Phil insulate years reiterate ways, and dividend episodic we and as the business. our the volatility. of investment much To $X.X are flow the brands, to addition equity recurring would drivers business the large The sense large in conviction expense down long-term dividends. market in that fixed or per the in and speak $XX extent in which by private million diversified tax call. commitment XX:XX the despite in we to have appreciation slowdown continuing in time markets As our review towards swings strong XX:XX later these urge have and being personnel and includes from and primary XX:XX business capital the categories, as flows regular group incremental investment and equity The EBITDA

to vast we to While confident shareholders. have XX:XX on the strong in saw decline Importantly, quarter, results for changes and low generate the can take our of base. on are investment covenant will outsized years. and for this quarter, portfolio mitigated continued that returns long-term the proprietary during has majority be while platform mature our investments a second our allows total cash in we generated book not and mark-to-market a This view into they're to capital a painful, enable continue strong these us debt four which all our by are which the our historically does investments with financed us

million, like declines, to first was $XXX total currently was our We while total million. million, EBITDA investment $XX.X we the XX:XX speak are quarter bringing opportunistic the to value million, that $XXX for are million million. revenues Operating while EBITDA our adjusted Operating investment for $XX.X to now $XX.X the look to have quarter. and quarter we'll the quarter that, found adjusted in investment meaningful create portfolio. the loss for losses our market experiencing, revenues EBITDA totaled to $XX With we were bringing be will one during I able

and the of activity. strategy, and out and portfolio broker build we've the to integration Within markets Securities asset taken Telecom. we of and management continue capital within Management saw brokerage communication the our mentioned, Within last Wealth the quarter, align the and growing underwriting, pending have offerings, years revenue our strength while sales our Bullseye As principal management recent with broaden with segment, declines out our investments, lending our over XX:XX within SPAC acquisitions continue restructuring, in efforts institutional and interest two loan trading our that with Holdings National XX:XX from business to mix from issuance diversify will dealer. acquisition our of segment ATM to FocalPoint Lingo securities in came Capital Markets book,

acquisition expected synergies, and in I source cash to $XX on Lingo million from recurring on, are and in of over book. receivables $XXX of previously EBITDA As strong XX:XX revenue touched comes flow Bullseye basis. our million another an investment annualized contribute and Before loan

from of return quarter performed we $XXX XX%. of loans an Group end, the metrics $XXX units. assets million to over then call Phil. will provide our XX:XX markets. generating million COO, approximately a portfolio rate available of rest and our maintained lack of the acquired far and EBITDA given is Tom and that, are As now in operating Phil contributor Over late will corporate approximately put context Ahn, equity receivables so across of Co-CEO, our and approximately had seeing CFO expectations and XXXX, I'll we has opportunities at continue quarterly loan loans, book. who average which significant the to receivable discuss the of these in Kelleher Furthermore, interest Babcock balance large above principal more to the of meaningfully generating to quarter capital to around operating capital to a our you, highlights a XX:XX at we higher rates are far Combined, our rate of in turn some end work With higher

Phillip Ahn

Bryant. Thanks, XX:XX

capital and due results quarter incurred investment the current impacted were by to markets a noted, in Bryant slowdown our losses As market in fourth conditions. the book

quarter, available Markets were primarily operating Operating segments or For Riley million. the starting revenues XX% includes results which $X.XX first down from lower quarter fund prior a loss well EBITDA and investment the was our B. a Total per our Net to $XX.X investment management, total and our first loss portfolio. institutional period. the share. million the to shareholders EBITDA from quarter XX:XX with in to our on Capital $XX.X basis, as banking, related operating of year the XX%, consolidated brokerage was banking reportable quarter, year-over-year as for Now investment $XXX XX:XX adjusted results of common revenues segment, from was first activity. adjusted reported $XXX.X decrease diluted quarter in turning million $XX.X million, first million

Capital B. investment decrease million, which period. of Riley's trading XXXX. primarily market National and and was banking a million Segment Markets the offerings, revenues primarily to liquidation $XX.X litigation in prior million, lending XX:XX million, and Holdings securities up was was in in partially $XX.X ATM offset a period. acquisition combined loss by investment segment segment prior which charge and related settlement first due Wealth segment Segment sales revenues of strong the were operating on million $XXX.X revenues from million quarter activity the the a by was to Management $X.X totaled our impact to XX% Results with in to income businesses. reduced loss activity, year-over-year environment were first our operating revenues XX% the by $X.X segment $XX.X year retail XX:XX from impacted quarter segment Liquidation prior year Excluding compared $XX.X XX% quarter and down Auction year-over-year. represents of to the was losses, million. the lower for slow increased driven

by Justice our XX. or common due segment about definition in May to $X.X segment balance segment operating of revenues refer large non-GAAP $XX.X to other period. As investments Board to platform. stated share, income and other dividend episodic on $X increased continues and Financial total a year. companies has totaled As loans of in prior nature related this completes contributions Brand These retail this reconciliation balance of had approximately strong to other revenues also this had valuation and Directors investments Riley of record metrics cash billion, equivalents, summary. investments end, $XXX our on and common and And lastly, segment segment from Financial these XX:XX $XX excludes to million March owned income. and in earnings the flows up make XX. additional year reconciliations approximately to Consulting XX:XX release GAAP XX:XX in dividend that million million. $X.X receivable. a $XXX be terms XX:XX XX:XX nearest of financial income metrics our continue of Online other capital EBITDA contributions from to Financial's both restructuring Investor financial segment investments the debt, from for $X.X quarter business, as segment, results million, finally, to principal of $XXX for can Please which the a million the to prior be at overall these increased includes investments XX our the details billion revenues At $XX.X and approved Our driven reported steady and million picked tend my our $X.X to up for quarterly income of which and Hurley, million. financial our engagements. from relating unrestricted results of B. variable Investors to in net which as prior Marconi as cash of Now liquidation on prepaid million per segment investment stream the cash of measures. And $X.X sheet. calls, Increases provide XX:XX in for B our measures. $X.X securities B. business. are approximately Riley find our and highlights million platform, generated At million in Net having contribute will our well from in advisory some are results up and Note, of stockholders approximately Riley Riley as Segment on segment our [Credo] magicJack, to $XX.X XX:XX $X.X B. adjusted million, in XX, in United assets. investments cash website. market Relations May bebe, That turning as reminder, companies regular supplement and cash were primarily (ph) the paid financial in our and appraisal well in million communications a we March of

Tom? Kelleher. call Now to Tom the I'll our turn over Co-CEO

Tom Kelleher

Thanks, XX:XX Phil.

our quarter well increased as Markets activity investment lower Capital presented conditions challenging levels book, given first business The for volatility. and market as

partially initiatives As drive can Bryant diversified the mitigate efforts to faced to non-correlated build able help by opportunities, performance build a industry, assets new times. remaining strengthened mentioned, we market as at previously but working complete headwinds XX:XX by acquisitions. firm the given announced even with ones entire platform lease integrate continuing our these our difficult position at during are that While to looking that well active our were as to

who under a Riley the team division, will National additional consulting has Now additions Tim Group, addition the Tim adding by offered by development of expansion compliance addition quarter. in Bryant our decelerated industry our Jo attract resilience to fixed-income Sullivan's private capital our Sullivan. added some Ji to Wealth highlights and increases B. investment the group XXX Securities, addition Group, capabilities. Robert over integration Mary to during veteran practice team significantly Advisory to Pak banking of leadership our the alongside Income, legacy and of of talent. fixed-income of great be of turning work two our and continued with risk Some added capital The division leadership. divisions, and top our FocalPoint include, XX:XX seasoned highly of has the professionals which noted, Fixed M&A as and markets dozen activity funds also long group's to the the of All-in, Holdings our The Hamel, time the to demonstrates are ability both XX:XX Collins -- Head

sales However, lending trading, quarter. and remained stable the ATM businesses offerings, securities and prior from

In loan book recently one and legacy scale, the cash stream activity addition, and while opportunities goal of we Wealth lending National with the continue to flow and outstanding steady services our one investment our with continues In Management, wealth to platform B. integrate differentiated in create platform. direct the to provide Riley management Wealth Riley XX:XX Holdings income to B. and acquired Riley Group delivering to B. to interest clients. mind, a ability robust

by of in integration, this In auctions cash retail its episodic liquidation and the our in growth flow segment, our large to market there contribute ability liquidation be XX:XX and United States. meaningfully business believe to the As the impacted both challenges, with potential historical continue we but any performance here steady profiles. slowdown are in and to

closings reduced XX:XX As in we However, will and activity. we quarter, relationships we Europe, completed continue have and quarter. pursuing before opportunities. stated business number the first revenue retail from our our store episodic an drive increasing nature is despite vary to are client earnings the call, strong to on In several of liquidation in quarter

advisory Our generate its to Consulting in business consistently gain to American continues delivered across Overall, difficult business, Financial market GlassRatner a Group platform. legacy from opportunities includes environment. which our quarter perform best revenue Great referral [indiscernible] services and share continues a and our the perspective. legacy XX:XX ever Restructuring GlassRatner Financial

business future and Looking contributions ahead, we're excited conditions about operating normalize. the this prospects for as

progress United Our CREDO to principal this recent Lingo our Management continue acquisitions Online generate our and the investment including flows. performance integration Also, deliver and business and to of pending Bullseye Mobile cash summer. strong magicJack and expecting we healthy with we Telecom are acquisition are of making close

cash contributor coming volume enterprise, an business term. million to further years. flow long all and EBITDA of $XX expect almost our over cash over Across remain businesses and is accelerating XX:XX of meaningful these activity in investments Lastly, will the delivered contribute We brand investments flow important levels reoccurring in the have recovered. brand the

brands value the In will Our only deliver continue the this XX:XX shareholders. while businesses a is been has benefits presented diversified to challenges, non-episodic our of platform growing quarter our space industry-wide never to and meaningful first believe clear. business for of we and enthusiasm number our closing,

Bryant as open over well remarks. Thanks. delivering we stabilize. for line In as Our market accelerated our With call our and And questions. the our clients. shareholders and remain ability drive we focused that, growth turn returns remains will teams on provide the capturing for conditions flow growth to opportunities drive then closing confident will platform direct are our as to will to the value XX:XX intact meantime now cash to

Operator

XX:XX Thank you.

begin question-and-answer now [Operator session Instructions]. the will We

Charles Haydon Please of Sean Lane ahead. Capital. from go comes question first Our

Sean Haydon

question good Congrats took on that the in guys. you a and a settlement the quantify Fist tough you on Hey quarter XX:XX Management environment. can there? here, Wealth section, that charge

Bryant Riley

XX:XX Yeah.

So happened an actually into issue was maybe is biggest management but from team was one get it the -- that we can the more and but the before you about bought million, -- before business current the $X.X there. one long detail,

the And number. rough so that's

Sean Haydon

else XX:XX future? we most Okay. the that through of anything And are expect in should or we

Bryant Riley

of -- a lot of of up, been I business management in have a lot XX:XX which -- got is tough the of there's brokers, them benefits. quality of under just for think, and side cleaned there years I independent, in the it's wealth there the noise always This to a a of the noise lot number terms going brokers team, lot the is there, say, was that but previous in should national be the of are business of

all sure are I roughly you businesses. the tell beneficial was We're up I consolidate are we couldn't We're at both to the value about and is that everything $XX excited mean, remaining. enterprise the they to make those deals to of cleaned there. We bought, the us. looking [indiscernible] brokers are working the to that But million. that people business it

clean expected I things, sit but going happy years up, We really it's some in acquisition. made we're the scheme whole from that now, we two think a if continued here we to be noisy, of

Sean Haydon

XX:XX to at thoughts is? the And worries that. shares see, Yeah, kind any accelerated is obviously, then safe, to or on about an stock pace hear repurchasing good you that, to the price but where given I of giving dividend no

Bryant Riley

buying through you have balancing long-term I think of on things all on math business aggressive the traditionally, thinking about think benefits of those. business business out pretty do another Look, you're your those been versus always we've to I buying with XX:XX the and own the and

non-episodic from think probably an some really we're anybody more So, resiliency I you the the meaningful the they you would but were businesses of putting internally about loans and opportunities and that the last a that excited sold boy, I including levels. bought Clearly, of would half saw insider then excited operating say, we -- higher of these at markets buying I we're seeing, who quarter to than -- kind back say that bit, just off receivable, side, we're were out.

We value to of if but them biz, we and raise capital balancing XX:XX for that provide markets by it's capital have that, really we're really businesses, are returns our putting the they understand to common you’d clients they through sometimes love So, act, is robust in companies the into maybe not not sell while super out for -- our feel to the are hold attractive. client. helping but but our position at to at and collateralized ability only not loans are at on to levels that also a always we're off IRRs, have and but because enable about the kind good ATM public able distressed in, think to that's a getting rates what shareholders, good our meantime, we're can XX%

about shy that's So we're to -- at. will we're our balance going of the way a be managing back and, sheet actively shares one is look long obviously, not buying we of saying components

Sean Haydon

here XX:XX see of I Great. it's that very we understand in on And when from then recent, kind to some that another but contribution should FocalPoint. expect question just numbers? the

Bryant Riley

closed Yeah, Houlihan in our large of this year. whatever. [indiscernible] XX:XX as especially lot a deals at as contribution A the Lokey a often one and that's saw M&A, you negative actually the end of quarter not

And that. we so -- and recognize

will I and cross and they're that So our So XX and a just is off that in think it's enthusiasm of in already. actually and matching QX, QX of lost charts and QX. acquisition starting and the a rate we've of been integration in the referrals teams the and that of see QX kind that benefit win of of the the little lot but their really seen XX:XX in seeing, they and things terms you bit money a

you're QX, So I than going to nice to but nice think some start see QX, -- there. some QX more revenue

Sean Haydon

it. Alright guys, XX:XX taking for thanks quarter and Got good questions. my

Bryant Riley

XX:XX All Sean. right. Thanks,

Operator

question & next comes XX:XX Perrella Please ahead. go of Our Punch Associates. from Anthony

Anthony Perrella

the taking gentlemen. Afternoon, for Good question. XX:XX Thanks

income just team build we there. as out continue is the fixed to to on question add First the

is capital a whole, add kind once markets potential of how little up just that could great?. earnings you would of the If a be in on team business relation fully the see ramped as to bit color you

Bryant Riley

capital would I it building is So budget we're speak something markets more to. we a the that XX:XX trying to business to and never just how budget upside in up then

and dealer, And adding leader is debt lot a what to reputation reason incremental at a Jefferies of broker fixed have we in would and We a great think that in thing leadership -- difficult for though other budget. -- we our the around budgeted equity and to going always one had -- if like firms that and capital the business, cap small to our we've -- really say I I so success, is are managing XX%. are of very and you has not we has of was income it's the our one even that out Imperial are margins particularly with biggest had the and -- markets business. we are a business position, capital had that always business little we we found firms that's there a and breakeven then look

have appraisals we baby we touch we ultimately X,XXX companies which do of lot equity markets have the of ton do Advisory work client we lending, business. other on companies, in relationships, a resemble through unbelievable But through direct capital side. a ways XX:XX bonds, our We

did and not when started boring a volatility, been think sudden distress, were not of we out profitable the investing think look volatility to, well by that. already fourth us would obviously would time, positioned I kind at lost lot we we I operating making of and to just year. -- were I at hopeful and to to same we lot EBITDA all started there. of will and we there we XX:XX we'll fixed to income we added the a bit when we've analysis be kind are that and that's like this wouldn't we that a what environment, we of which FocalPoint there and we business deals we're of way changed being an money is and money is, -- will of lot it we're in it income, have seeing be I at fixed the invested been so, quarter, of for gets pretty going number say, So got up running not a for say, little not really And get a be would a some it's this added this,

to the profitable can't by it's a continuing would will just to do you say just or and such we're and like market, QX, tight be we think have what for start on like equity give it's a So, invest I looks budget And at we'll to a just I side. we I that that QX -- -- hard we will do. because variable it's run

Anthony Perrella

That sense. business [indiscernible] episodic it it? on the Is the to a about almost right stream almost to quarter-to-quarter, that that being should a XX:XX be added to way fair basis less non-episodic volatile think or makes earnings characterize is year-to-year

Bryant Riley

You control don't in you it I bucket. don't control revenues, don't -- mean stick right? you would I issuance. the episodic XX:XX

don't -- we're to making to going and or high revenue. control businesses, markets we incremental we're in of that's margins those sure making actually and benefit always high money are You there just the be again, enables one we so have I think

recurring Bullseye close with X.X pre-synergy, Phil, about ultimately I we contribute be Lingo. I and that growth, Now a more will times on and are times we've million. both end those, I acquired on business in. episodic the cash to talking far, slow XX:XX actually think the them Those two that of great the, of talked side would synergistic think for business, but free think than we telecom at So I built thinking the it's July, of businesses that we flow, you're acquiring of XX:XX side. couple current X what we're into are buying small would about the bucket in put process infrastructure side, hopeful we'll So that $XX

to soon. annualized gotten going So loan just had far We getting on like income some run we collecting have some had to approval are and get million we not because some approval, which them probably been an we rate. closed -- we Lingo $X money basis about interest haven't we're

see that that's as close and later So recurring in deals. side the a year those this you'll big we pickup progress

Anthony Perrella

just hires have hires two how one, are of full And you That the far, think need scale to full percentage for more you idea so of guys? XX:XX I the great. of dozen scale what size, mentioned kind then get last many about any kind

Bryant Riley

I there think level. that So a XX:XX is

lot ground is I see. the our but people going too example patient, a what at relationships a we've an and I what people is in was our I think is XX have was what and resonating, going to build really we're we fixed we So, that just want much, issue, we We'll it think to and opportunity, that at force a see that do -- will say, if but people got XX, or floor would to build me a tight go a bigger established fixed I what be and the but shop, market not when people, the I -- going don't we saying. -- and I look this got level this on probably wait, get I of got people the platform get I've -- think was opportunities level really not we'll know, all around been the We've years. found it's look around and exciting. platform, the in business smallest I will be is, at XX XX:XX to we're it's in and income like XX I income and I -- to

a lot to leadership that market are I income think and we some it's the the is think side of and resonating opportunity over. come really the has respect people unique in I strong in leading fixed a there

right? in profitable. end, I would profitable, get the going we get high maybe So at we'll build we're end out as So, look XX, XX, low to

Anthony Perrella

XX:XX Makes sense. Thanks for Tom. questions. That's all I have. taking my

Tom Kelleher

XX:XX you. it. Thank appreciate I

Operator

XX:XX Brett go of Hendrickson [Operator Nokomis. comes ahead. question Please Our next Instructions] from

Brett Hendrickson

about talked dividend just a sure that think segment? want make XX:XX in is the Hurley right, release dividend, of come the you some Hurley heard press as coming revenue Justice the as all come going a royalty I I brand is -- into the of I -- to and the through the or

Bryant Riley

It XX:XX all dividend. comes as a

So that own of allocate because -- of component we that me valuation business, piece to we of those, it's of because it's we but them. frustrating also have to just a just way, think and have it that a Brett,

asset have quarter. we that evaluated get So to every

brand just So the just the million to rate. in $XX the but that's in run -- side, incremental it the of market obviously, of EBITDA business CapEx get with no stuck think is of capital $XX million kind adding

Brett Hendrickson

much? Sorry, how XX:XX

Bryant Riley

XX:XX $XX million. million, $XX

Speakers] up [Multiple those I at getting This is management if seeing has here, and Blue are that's was into they're a add Walmart. those around right? like $XX guys there job just and doing growing quarter, in great been million, Star, it $X and the and more So Justice think more you opportunities

So, a more there's lot there. opportunities

Brett Hendrickson

Yeah. XX:XX

at So, places what time. in the see has Hurley I worked, more and of I guys retail you every think

Tom Kelleher

number [indiscernible]. like out XX:XX the side I in was [indiscernible] have hanging

else. wanted just I So something

Brett Hendrickson

I already expense same this say -- we're million the wealth [indiscernible] to I'm seeing heard sorry, around make had to right, $X.X some I going want And off. the -- places, phone it ways, I lawsuit, did but, XX:XX anyways, lawsuit? you I just that Speakers] and make did with [Multiple someone capital want sure else that haven't leverage but is management question asked sure you to I markets. the my I in want great changed so,

Bryant Riley

the What number ? was Phil exact XX:XX

Phillip Ahn

took we reserve, [indiscernible] the but think I that we had quarter Yeah, the $X.X a is for roughly XX:XX million. charge

Brett Hendrickson

not it maybe I sometimes, how -- but Even the so And imply you in said know that management wealth does national, the business, you excluding then money of lawsuit lost you forget Okay. XX:XX or I said kind it's describe quarter. messy

Tom Kelleher

bit [indiscernible] I nicely wealth So, of able XX:XX been $XXX a just little into read going more management is million haven't and we month. is, a it's to money, has we wouldn't profitable, National gyrate the businesses. so, just and been much but it, the around I too a little chunkier merge answer -- events lost bit to

because an just and those we're -- money we and have have mean haven't to done things fact, that we have and opportunity that save doesn't not yet, infrastructures two contracts we So, there's businesses. all we in merge those -- two

accretes been in on little M&A businesses. referrals So is capital [Multiple and help Speakers] of all our read tell the much There to into a of -- have Another national our have has goes I benefit that. that. wouldn't I but money, say, is sometimes lost get deals that are The you participants that in markets. I side would of deals have done. would also -- into other for understand too there bit it you, parts been XX:XX They

in So sub, another get the that benefit there it's item doesn't line up benefit. big is picked but a of the

Brett Hendrickson

fall? contribution And kind that that XX:XX that's -- speaking Bryant? good. of that of that markets where falls Okay. of to Yeah. capital and your EBITDA segments, goes aware going in consulting I'm some FocalPoint, financial that of or does then revenue synergy in the where and in stuff and of goes is some

Bryant Riley

in that answer you can terms Phil, of the XX:XX breakup.

Phillip Ahn

can say you XX:XX sorry, – it FocalPoint The I'm again. Sorry,

Bryant Riley

XX:XX are we're to is the advisory, those where going of current that is All putting. be that -- revenues right? an

Phillip Ahn

markets. capital real The estate think management structuring advisory advisory. is our our I restructuring XX:XX is -- advisory, operations appraisal,

Brett Hendrickson

little Speakers] everything? make way as [Multiple make in XX:XX good. a less going we should different episodic Okay. forward. maybe capital I market mean a That sure episodic or That's let's got

Bryant Riley

restructuring Just to segment the I'm it referring as what it was we call referring to one to I side. I sorry, we our was on financial look what is, advisory, consulting is clarification. XX:XX

Brett Hendrickson

knew old XX:XX financial consulting GlassRatner that that's the is Yeah. I in side, right? the that businesses

Phillip Ahn

Right, correct. XX:XX

Bryant Riley

all then capital stay FocalPoint XX:XX markets? And in Yeah. of will

Brett Hendrickson

and Thanks hard time XX:XX great. insight the for Okay, up keep work. and your

Bryant Riley

XX:XXAll right. Thanks, Brett.

Operator

over his I'd back like remarks. our Mr. Riley closing to now This turn session. to call for concludes the question-and-answer XX:XX

Bryant Riley

the -- in I And to with can't team the to almost that would we I as guess in than volatile money market recurring highly better on be we quarter, last business. at of I'm that we come XX:XX year thanks have this for across as and the we demonstrate, clicking our and flows me, the is both conclude lose there, generated incredibly continue business cash business markets but made and We the -- when investment money I in, -- are the will. excuse first really and some time, base as obviously some excited lost our are, obviously our the imagine which big we members being going same gyrations strong the book a we position about numbers base $XXX book episodic will have – the we'll business markets to million and

and support when in forward and we'll Thank the And next quarter. that's you balance and our to know you really going days. everybody about very B. don't You and feel will. but XX look opportunities Riley talk to sheet Thank our happen good it shareholders reporting within to much.

Operator

you. Thank XX:XX

these impact for of statement, with Litigation may Before other constitute materially XX:XX as or plans XXXX not Investors in the any Thank actual and company discussed us regarding facts, call, and All made statements refer statements such Financial's events filings this of XXXX. Commission. undertakes new during obligation B. of earnings or required that COVID-XX revise Please no the are Security cautions Reform of first pandemic today. the forward-looking statements. by I any unpredictable we Safe meaning provide other within aware regarding important the risks B. are factors uncertainties made various and here forward-looking Financial's matters conclude the forward-looking that to cause could These statements differ this Riley any those from to Financial's call, and subject that will Securities of Act statements Harbor include during expectations, be about which call statements statements results Riley includes are forward-looking and historical future risk Private should prospects today's ongoing statements of and in Riley uncertainties the publicly more to whether to law, quarter filings detail information, and because discussion well except factors for call. update risks and XX:XX as statements risk detailed the joining explained for otherwise. you B. made the future company's a of forward-looking as forward-looking today as Exchange conference

disconnect. may You now

B. Riley Financial (RILY) 28 Apr 222022 Q1 Earnings call transcript