XML 57 R39.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

ACQUISITIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Acquisition, Pro Forma Information | The pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition of the equity investment had taken place at the beginning of the earliest period presented, nor does it intend to be a projection of future results.
|  | Pro Forma (unaudited)
|  | Year Ended December 31,
|  | 2023 |  | 2022
Revenues |  | $ | 1,643,600 |  |  | $ | 1,080,670 |
Net loss attributable to B. Riley Financial, Inc. |  | $ | (105,750) |  |  | $ | (168,970) |
Net loss attributable to common shareholders |  | $ | (113,807) |  |  | $ | (176,978) |
Basic loss per share |  | $ | (3.74) |  |  | $ | (5.84) |
Diluted loss per share |  | $ | (3.74) |  |  | $ | (5.84) |
Weighted average basic shares outstanding |  | 30,456,631 |  |  | 30,279,439 |
Weighted average diluted shares outstanding |  | 30,456,631 |  |  | 30,279,439 |
The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of Targus as if it had occurred on January 1, 2021.
|  | Pro Forma (unaudited)
|  | Year Ended December 31,
|  | 2022 |  | 2021
Revenues |  | $ | 1,418,291 |  |  | $ | 1,887,385 |
Net (loss) income |  | $ | (138,448) |  |  | $ | 461,892 |
Net (loss) income attributable to B. Riley Financial, Inc. |  | $ | (141,683) |  |  | $ | 456,144 |
Net (loss) income attributable to common shareholders |  | $ | (149,691) |  |  | $ | 448,687 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The fair value of acquisition consideration and preliminary purchase price allocation was as follows:
Consideration paid: |  |
Cash |  | $ | 112,686 |
Fair value of seller financing |  | 54,000 |
Fair value of 2,400,000 RILYO shares issued in senior notes at $24.59 per share |  | 59,016 |
Fair value of 227,491 B. Riley common shares issued at $42.11 per share |  | 9,580 |
Fair value of 215,876 stock options attributable to service period prior to acquisition |  | 5,749 |
Fair value of deferred payments |  | 6,515 |
Total consideration |  | $ | 247,546 |
Assets acquired and liabilities assumed: |  |
Cash and cash equivalents |  | $ | 18,810 |
Accounts receivable |  | 91,039 |
Prepaid and other assets |  | 90,289 |
Right-of-use assets |  | 7,665 |
Property and equipment |  | 8,320 |
Other intangible assets |  | 89,000 |
Accounts payable |  | (54,553) |
Accrued expenses and other liabilities |  | (62,939) |
Deferred income taxes |  | (9,989) |
Contingent consideration |  | (2,212) |
Lease liability |  | (7,665) |
Net tangible assets acquired and liabilities assumed |  | 167,765 |
Goodwill |  | 79,781 |
Total |  | $ | 247,546 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:
Category |  | Useful life |  | Fair Value
Customer relationships |  | 9 years |  | $ | 50,000 |
Internally developed software and other intangibles |  | 1 to 3 years |  | 4,000 |
Tradenames |  | N/A |  | 35,000 |
Total |  |  |  | $ | 89,000 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration