B. Riley Financial, Inc. (RILY) Q3 2022 Earnings Call Transcript

B. Riley Financial, Inc. (NASDAQ:RILY) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET

Company Participants

Bryant Riley – Chairman, Co-Founder and Co-Chief Executive Officer
Tom Kelleher – Co-Founder and Co-Chief Executive Officer
Phillip Ahn – Chief Financial Officer and Chief Operating Officer
Mike Frank – Investor Relations

Conference Call Participants

Stanford Wyatt – August Partners

Operator

Good afternoon and welcome to B. Riley Financial [Technical Difficulty] Investor Relations website at ir.brileyfin.com.

Joining us today from B. Riley are Bryant Riley, Chairman, 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 line for questions. And before we conclude today's call, I will provide the necessary cautions regarding forward-looking statements.

As a reminder, this call is being recorded. An audio replay will be available on the company's Investor website later today.

I will now turn the call over to Mr. Bryant Riley. Please go ahead.

Bryant Riley

Thanks and welcome to everyone joining our call this afternoon. Our Third Quarter Results represent the underlying strength and continued versatility of our diversified platform. The investments we've made to augment our steady and recurring earnings have enabled us to deliver solid operating results despite volatile markets and amid the effective shutdown in capital markets. Over the past nine months, our platform has delivered operating revenues of $869 million and operating adjusted EBITDA of $265 million.

During that same period, we have returned over $83 million to our shareholders in the form of dividends. While the recent market decline has created meaningful market-to-market losses, we think it is important to remind investors that this has come after a number of years of outsized gains, many of which were realized and were utilized to diversify our operating businesses through opportunistic acquisitions. We also use the last few