XML 58 R46.htm IDEA: XBRL DOCUMENT v3.23.2

BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following is a summary of certain financial data for each of the Company’s reportable segments:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Capital Markets segment:									(As Restated)												(As Restated)
Revenues - Services and fees			$	44,961					$	58,184					$	102,890					$	119,406
Trading income (loss) and fair value adjustments on loans			41,892						(119,292)						92,188						(139,091)
Interest income - Loans and securities lending			75,199						62,399						152,385						123,825
Total revenues			162,052						1,291						347,463						104,140
Selling, general and administrative expenses			(45,870)						(45,865)						(111,581)						(79,982)
Impairment of tradenames			(1,733)						—						(1,733)						—
Interest expense - Securities lending and loan participations sold			(35,780)						(14,544)						(68,204)						(26,310)
Depreciation and amortization			(993)						(2,204)						(2,249)						(4,097)
Segment income (loss)			77,676						(61,322)						163,696						(6,249)
Wealth Management segment:
Revenues - Services and fees			47,243						60,860						95,785						137,818
Trading income and fair value adjustments on loans			473						1,529						1,745						2,050
Total revenues			47,716						62,389						97,530						139,868
Selling, general and administrative expenses			(47,964)						(68,394)						(95,286)						(154,136)
Restructuring charge			(28)						—						(61)						—
Depreciation and amortization			(1,082)						(1,308)						(2,168)						(3,141)
Segment (loss) income			(1,358)						(7,313)						15						(17,409)
Auction and Liquidation segment:
Revenues - Services and fees			8,885						2,488						14,329						5,843
Revenues - Sale of goods			1,676						—						1,892						—
Interest Income - Loan			—						1,436						—						1,436
Total revenues			10,561						3,924						16,221						7,279
Direct cost of services			(3,453)						(1,296)						(6,581)						(3,631)
Cost of goods sold			(618)						—						(670)						—
Selling, general and administrative expenses			(2,302)						(2,177)						(4,582)						(3,997)
Segment income (loss)			4,188						451						4,388						(349)
Financial Consulting segment:
Revenues - Services and fees			31,212						24,310						56,222						50,246
Selling, general and administrative expenses			(22,791)						(19,948)						(43,940)						(40,891)
Depreciation and amortization			(103)						(78)						(181)						(159)
Segment income			8,318						4,284						12,101						9,196
Communications segment:
Revenues - Services and fees			83,316						40,035						168,368						70,122
Revenues - Sale of goods			1,640						1,887						3,507						3,765
Total revenues			84,956						41,922						171,875						73,887
Direct cost of services			(46,085)						(16,489)						(90,818)						(25,805)
Cost of goods sold			(2,046)						(1,994)						(4,214)						(4,245)
Selling, general and administrative expenses			(20,241)						(12,176)						(42,785)						(20,421)
Restructuring charge			(197)						—						(257)						—

Depreciation and amortization			(6,405)						(3,555)						(13,036)						(6,739)
Segment income			9,982						7,708						20,765						16,677
Consumer segment:
Revenues - Services and fees			5,041						5,174						9,350						9,731
Revenues - Sale of goods			55,071						—						120,765						—
Total revenues			60,112						5,174						130,115						9,731
Cost of goods sold			(37,653)						—						(83,059)						—
Selling, general and administrative expenses			(17,331)						(818)						(37,443)						(1,574)
Depreciation and amortization			(2,639)						(583)						(5,478)						(1,166)
Restructuring charge			(403)						—						(403)						—
Segment income			2,086						3,773						3,732						6,991
Consolidated operating income (loss) from reportable segments			100,892						(52,419)						204,697						8,857
All Other:
Revenues - Services and fees			9,669						611						18,942						1,310
Direct cost of services			(6,403)						—						(12,939)						—
Corporate and other expenses			(21,164)						(10,030)						(42,783)						(26,032)
Interest income			701						500						3,275						567
Dividend income			9,555						9,243						22,759						17,104
Realized and unrealized gains (losses) on investments			18,843						(106,164)						(9,599)						(155,276)
Change in fair value of financial instruments and other			381						4,321						172						10,302
Income (loss) on equity investments			143						(3,399)						133						3,376
Interest expense			(47,332)						(31,764)						(94,893)						(62,200)
Income (loss) before income taxes			65,285						(189,101)						89,764						(201,992)
(Provision for) benefit from income taxes			(21,504)						52,513						(29,423)						56,208
Net income (loss)			43,781						(136,588)						60,341						(145,784)
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests			(2,600)						3,571						(3,195)						4,437
Net income (loss) attributable to B. Riley Financial, Inc.			46,381						(140,159)						63,536						(150,221)
Preferred stock dividends			2,015						2,002						4,027						4,004
Net income (loss) available to common shareholders			$	44,366					$	(142,161)					$	59,509					$	(154,225)

Schedule of revenues by geographical area

The following table presents revenues by geographical area:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
									(As Restated)												(As Restated)
Revenues
Revenues - Services and fees
North America			$	229,911					$	189,841					$	464,841					$	390,702
Europe			416						1,821						1,045						3,774
Total Revenues - Services and fees			230,327						191,662						465,886						394,476
Trading income (loss) and fair value adjustments on loans
North America			42,365						(117,763)						93,933						(137,041)
Revenues - Sale of goods
North America			29,407						1,887						67,354						3,765
Australia			3,171						—						6,630						—
Europe, Middle East, and Africa			17,198						—						34,626						—
Asia			6,316						—						12,540						—
Latin America			2,295						—						5,014						—
Total Revenues - Sale of goods			58,387						1,887						126,164						3,765
Revenues - Interest income - Loans and securities lending
North America			75,199						62,399						152,385						123,825
Europe			—						1,436						—						1,436
Total Revenues - Interest income - Loans and securities lending			75,199						63,835						152,385						125,261
Total Revenues
North America			376,882						136,364						778,513						381,251
Australia			3,171						—						6,630						—
Europe, Middle East, and Africa			17,614						3,257						35,671						5,210
Asia			6,316						—						12,540						—
Latin America			2,295						—						5,014						—
Total Revenues			$	406,278					$	139,621					$	838,368					$	386,461

Long-Lived Assets by Geographic Areas

The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:

			June 30, 2023						December 31, 2022
Long-lived Assets - Property and Equipment, net:
North America			$	27,708					$	26,276
Europe			487						577
Asia Pacific			147						162
Australia			101						126
Total			$	28,443					$	27,141

X

- Definition

Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph b
-SubTopic 10
-Topic 280
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

+ Details

Name:	us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration