Entering text into the input field will update the search result below

B. Riley Financial's (RILY) Management on Q1 2021 Results - Earnings Call Transcript

SA Transcripts profile picture
SA Transcripts

B. Riley Financial, Inc. (NASDAQ:RILY) Q1 2021 Earnings Conference Call May 3, 2021 4:30 PM ET

Company Participants

Bryant Riley – Chairman and Co-Founder and Co-Chief Executive Officer

Phillip Ahn – Chief Financial Officer and Chief Operating Officer

Tom Kelleher – Co-Founder and Co-Chief Executive Officer

Conference Call Participants


Good afternoon, and welcome to B. Riley Financial's First Quarter 2021 Earnings Call. Earlier today, the company reported its first quarter results in a press release, which is available on the company's investor website at ir.brileyfin.com. Today's conference call will include a discussion of non-GAAP financial metrics. For more information about these metrics and a reconciliation to the nearest GAAP measures, please refer to the company's earnings release and a financial supplement, which can be found in the Investors section of the company's website.

As a reminder, today's call is being recorded, and the audio replay will also be available on the company's website later today. Joining us today from B. Riley are Bryant Riley, Chairman and Co-Founder and Co-CEO; Tom Kelleher, Co-Founder and Co-CEO; and Phillip Ahn, CFO and COO. After management's remarks, we will open the lines for questions.

Before we conclude today's call, I will provide the necessary cautions regarding forward-looking statements. I will now turn the call over to Mr. Bryant Riley. Mr. Riley, you may proceed.

Bryant Riley

Thanks. Good afternoon, and welcome, everyone. I'll begin with providing a summary of the quarter and a high-level overview of the current state of our overall business. Phil Ahn, our CFO and COO, will cover key financial metrics. And then my partner and Co-CEO, Tom Kelleher will share more detail about our individual business units. We're pleased to report another strong quarter for B. Riley Financial.

Revenues totaled $600.2 million with total adjusted EBITDA of $385.5 million. Our strong operating

Recommended For You

Comments (24)

smokyy profile picture
OPY 50 calls June over 500 traded yesterday ! sale $77!!
they have some interesting pfds. some are now way over call [too bad]. the new sr. notes is good at 5.5% but it is callable at anytime prior to 2026.
2whiteroses profile picture
@Fundflow Though RILYK is callable at any time, it's only callable at a "make whole" price up until Jan 1, 2026. That's a very punitive very expensive provision from the company's point in time and one used quite frequently in 1k bond issues. At this time, were it to be called today with almost 5 years left to maturity, the call price would be roughly 29.75 with the 5 Yr Treas = .79% + 50 basis...
@2whiteroses but RILYK is not floating rate. correct? Its flat rate even after the call date. If the company saw rates rising again and could refinance lower than 5.5% why wouldn't they call call RILYK? Btw, I did buy some
2whiteroses profile picture
@Fundflow Yes, RILYK is fixed rate.... The only optional call date @ 100 is only 3 months before maturity.... At one time I knew why some companies do this but I sure don't remember why anymore... lol... So yes, it's possible it could get called at 100 at some time, but the note would already have been priced like a 3 month piece of paper by then anyway so the risk of loss due to 100 call is minimal.
The sell side shops that would normally provide research coverage, and be on calls of RILY are often their direct competitors in capital markets: Cowen, Piper, Raymond James, KBW, etc.
@twhite113 yes and they don't need to raise capital so no opportunity to buy friends as it were, maybe one of the new smaller research shops or motley fool will notice at some point
They killed their quarter and stock went on sale due to some market turbulence. Picked up additional shares today at $67. No brainer.
Doubled my position. Thank you Mr.Market!!!!
gebby profile picture
One of my biggest holdings. Rily does everything I would be doing as an entrepreneur. Great to have them managing my businesses.
ImpatientValueInvestor profile picture
I'm pretty sure there were questions. At the end you can hear the operator being like "oh wait"
@ImpatientValueInvestor What a truly bizarre reaction by the market to a truly extraordinary earnings report (and special dividend announcement).
davenchop profile picture
@ImpatientValueInvestor ..its been happening to quite a few stocks the
last few weeks after blowout earnings...dont forget rily does buy back their
shares so that should help keep a floor..big run up lately so sooner or later
it had to correct.. bizarre though i do agree.. i bought some more this morning..you never know with the stock market.. will humble you indeed
ImpatientValueInvestor profile picture
@mb1099 Some of the quarterly results are due to them benefiting from the market being bubbly. The special dividend is because they recognize that too. It's not going to be immediately repeatable. That being said, I think its nuts too.
I didn't know when it was, I would have asked a few questions! Interested in Rubios thing. Love their food. Is riley going to IPO them soon?
Glad I bought in the $40s. Still buying when I can.
Lol 😂 No questions!!! Boy thhis market like to give me presents! Such a great company and the market still didn’t discover it....
what can i say?? Buy, buy, buy!!!
When the company value will be double- then we will see the geniuses from Wall Street.
davenchop profile picture
@bitelad ..the fact that no questions were asked at conf call
kind of tells you nobody knows we exist..dont ya think?
@davenchop their loss...
Wait for it to rise another 100% and then lets see.
The funny thing is that they are doing deals on the market but still no one is looking at them.
But i am happy with the company expanding, EPS and DIVIDENDS so i am just fine here.
To report an error in this transcript, .Contact us to add your company to our coverage or use transcripts in your business. Learn more about Seeking Alpha transcripts here. Your feedback matters to us!
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.