B Riley Financial Inc

For the period ended Dec 31, 2023. Filed Apr 24, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Apr 24, 2024

RILY$3.66-4.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Year Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net (loss) income	$(105,631)	$(156,594)	$450,802
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	49,604	39,969	25,871
Provision for credit losses	7,147	4,214	1,453
Share-based compensation	45,109	61,140	36,011
Fair value and remeasurement adjustments, non-cash	(10,699)	34,871	(7,562)
Non-cash interest and other	(9,652)	(3,204)	(22,322)
Depreciation of rental merchandise	4,070	—	—
Effect of foreign currency on operations	(310)	754	127
Loss (income) from equity method investments	181	(3,570)	(2,801)
Dividends from equity investments	434	4,038	2,136
Deferred income taxes	(40,945)	(80,431)	61,770
Impairment of goodwill and tradenames	70,333	—	—
(Gain) loss on sale of business, disposal of fixed assets, and other	(9,034)	4,922	(137)
Gain on bargain purchase	(15,903)	—	—
Change in fair value of financial instruments and other	—	—	(6,509)
Loss (gain) on extinguishment of debt	5,294	(1,102)	6,131
Gain on equity investment	—	(6,790)	(3,544)
De-consolidation of BRPM 150	—	(8,294)	—
Income allocated to and fair value adjustment for mandatorily redeemable noncontrolling interests	1,835	1,119	857
Change in operating assets and liabilities:
Amounts due to/from clearing brokers	(21,903)	(69,172)	40,628
Securities and other investments owned	123,196	390,635	(581,785)
Securities borrowed	(527,612)	(252,361)	(1,325,509)
Accounts receivable	26,397	6,599	(715)
Prepaid expenses and other assets	737	(54,273)	(3,737)

	Year Ended December 31,
	2023	2022	2021
Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities	(79,848)	(141,328)	37,798
Amounts due to/from related parties and partners	(1,045)	3,925	(1,415)
Securities sold, not yet purchased	2,704	(22,726)	18,011
Deferred revenue	(15,232)	8,966	(3,540)
Securities loaned	525,275	245,346	1,328,875
Net cash provided by operating activities	24,502	6,653	50,894
Cash flows from investing activities:
Purchases of loans receivable	(544,957)	(503,146)	(738,909)
Repayments of loans receivable	606,716	574,854	172,119
Sale of loans receivable	84,984	—	—
Repayment of loan participations sold	—	—	(15,216)
Acquisition of businesses and minority interest, net of $8,308, $50,733, and $34,942 cash acquired in 2023, 2022, and 2021, respectively	(26,240)	(261,693)	(28,254)
Purchases of property, equipment and intangible assets	(7,711)	(3,918)	(676)
Proceeds from sale of business and other	17,490	2	14
Funds received from trust account of subsidiary	175,763	172,584	—
Investment of subsidiaries initial public offering proceeds into trust account	—	—	(345,000)
Purchases of equity and other investments	(4,871)	(10,974)	(612)
Net cash provided by (used in) investing activities	301,174	(32,291)	(956,534)
Cash flows from financing activities:
Proceeds from revolving line of credit	219,157	64,878	80,000
Repayment of revolving line of credit	(303,034)	(17,200)	—
Repayment of notes payable and other	(13,806)	(530)	(37,610)
Proceeds from term loan	628,187	324,200	300,000
Repayment of term loan	(520,803)	(96,228)	(20,684)
Proceeds from issuance of senior notes	185	51,601	1,249,083
Redemption of senior notes	(58,924)	—	(507,348)
Payment of debt issuance and offering costs	(27,993)	(8,222)	(33,377)
Payment of contingent consideration	(1,905)	(1,776)	(3,714)
ESPP and payment of employment taxes on vesting of restricted stock	(7,591)	(10,286)	(9,620)
Common dividends paid	(141,099)	(119,454)	(347,135)
Preferred dividends paid	(8,057)	(8,008)	(7,457)
Repurchase of common stock	(69,479)	(6,516)	(2,656)
Distribution to noncontrolling interests	(6,520)	(4,208)	(16,542)
Contributions from noncontrolling interests	6,055	21,096	13,680
Redemption of subsidiary temporary equity and distributions	(175,763)	(172,584)	—
Proceeds from initial public offering of subsidiaries	—	—	345,000
Proceeds from issuance of common stock	115,000	—	64,713
Proceeds from issuance of preferred stock	467	874	14,712
Net cash (used in) provided by financing activities	(365,923)	17,637	1,081,045
(Decrease) increase in cash, cash equivalents and restricted cash	(40,247)	(8,001)	175,405

	Year Ended December 31,
	2023	2022	2021
Effect of foreign currency on cash, cash equivalents and restricted cash	3,160	(933)	(382)
Net (decrease) increase in cash, cash equivalents and restricted cash	(37,087)	(8,934)	175,023
Cash, cash equivalents and restricted cash, beginning of year	270,926	279,860	104,837
Cash, cash equivalents and restricted cash, end of year	$233,839	$270,926	$279,860
Supplemental disclosures:
Interest paid	$315,309	$193,387	$138,369
Taxes paid	$20,121	$49,357	$88,153

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.