附件 99.2
1納斯達克:瑞利2022年第三季度補充財務數據2022年11月3日
2 2 Reconciliation of U.S. GAAP to Non - GAAP Measures (Unaudited, dollars in thousands) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Adj. EBITDA and Operating Adj. EBITDA Reconciliation Net income (loss) attributable to B. Riley Financial, Inc. $ 50,550 $ 64,172 $ (10,062) $ (140,159) $ 47,837 EBITDA Adjustments: Provision for (benefit from) income taxes 22,693 23,847 (3,695) (52,513) 16,350 Interest expense 25,372 26,441 30,436 31,764 34,587 Interest income (70) (54) (67) (500) (686) Share based payments 9,374 12,503 17,013 14,202 14,613 Depreciation and amortization 6,142 6,805 7,848 7,961 10,717 Restructuring charge — — — — 8,016 Gain on extinguishment of loans — — (1,102) — — Transactions related costs and other 40 4,311 291 3,468 10,003 Total EBITDA Adjustments 63,551 73,853 50,724 4,382 93,600 Adjusted EBITDA $ 114,101 $ 138,025 $ 40,662 $ (135,777) $ 141,437 Operating EBITDA Adjustments: Trading (income) losses and fair value adjustments on loans (18,197) (68,858) 68,390 223,927 (12,154) Other investment related expenses 5,187 36,930 (24,865) (13,930) (23,039) Total Operating EBITDA Adjustments (13,010) (31,928) 43,525 209,997 (35,193) Operating Adjusted EBITDA $ 101,091 $ 106,097 $ 84,187 $ 74,220 $ 106,244
3 3 Operating Income Summary 1. Other investment related operating expenses. (Unaudited, dollars in thousands) Operating Investment Combined Operating Investment Combined Revenues: Services and fees $ 301,497 $ — $ 301,497 $ 266,485 $ — $ 266,485 Trading income and fair value adjustments on loans — 18,197 18,197 — 12,154 12,154 Interest income – loans & securities lending 26,869 — 26,869 57,594 — 57,594 Sale of goods 34,959 — 34,959 4,130 — 4,130 Total revenues $ 363,325 $ 18,197 $ 381,522 $ 328,209 $ 12,154 $ 340,363 Operating expenses: Direct cost of services $ 18,019 — $ 18,019 $ 44,523 — $ 44,523 Cost of goods sold 12,442 — 12,442 3,089 — 3,089 Selling, general and administrative expenses 239,031 5,187 (1) 244,218 185,937 (22,210) (1) 163,727 Restructuring charge — — — 8,016 — 8,016 Interest expense – securities lending & loan participations sold 10,097 — 10,097 17,447 — 17,447 Total operating expenses $ 279,589 $ 5,187 $ 284,776 $ 259,012 $ (22,210) $ 236,802 Operating income $ 83,736 $ 13,010 $ 96,746 $ 69,197 $ 34,364 $ 103,561 Three Months Ended September 30, 2021 Three Months Ended September 30, 2022
4 4季度營業收入和營業調整後EBITDA營業收入和營業調整後EBITDA(1)(3)(5)(6)(以千美元為單位)2021年第三季度2021年第四季度2021年第一季度2022第二季度2022第三季度2022第三季度營業收入(1)$363,325$353,252$273,979$266,627$328,209投資收益(虧損)(2)18,197 68,858(68,390)(223,927)12,154總收入$381,522$422,110$205,589$42,700$40,363 Q3 2021 Q4 2021 Q1 2022 Q2 Q3 2022101,091$106,097$84,187$74,220$106,244投資調整後EBITDA(4)13,010 31,928(43,525)(209,997)35,193調整後EBITDA(5)(6)$114,101$138,025$40,662$(135,777)$141,437季度收入和調整後EBITDA 1.營業收入定義為(I)服務和費用收入之和,(Ii)利息收入--貸款和證券出借以及(Iii)貨物銷售。2.投資收益(虧損)定義為貸款的交易收益(虧損)和公允價值調整。3.營業調整後EBITDA定義為調整後EBITDA,不包括(I)貸款的交易收入(虧損)和公允價值調整以及(Ii)其他投資相關費用。4.經投資調整的EBITDA定義為貸款的交易收益(虧損)和公允價值調整減去其他投資相關費用。5.調整後的EBITDA包括扣除利息、税項、折舊、攤銷、重組費用、基於股份的付款、貸款清償收益、商號減值、交易相關成本和其他成本前的收益。6.有關GAAP財務衡量標準的對賬,請參閲幻燈片2。3.633億美元3.533億美元2.740億美元2.666億美元3.282億美元1.011億美元1.061億美元8420萬美元7.42億美元2021年第三季度2021年第四季度2022年第一季度2022年第二季度2022年第三季度營業收入營業收入EBITDA
5 5 Cash and Investments Summary (Dollars in thousands) Sep 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Cash and Cash Equivalents $ 378,205 $ 278,933 $ 213,584 $ 216,098 $ 231,805 Restricted Cash 927 927 928 928 1,578 Due from/(to) Clearing Brokers, net 599,715 (39,741) 40,350 25,902 49,530 Advances Against Customer Contracts 200 200 200 200 200 Securities and Other Investments Owned Equity Securities 1,276,191 1,444,474 1,228,690 1,055,379 1,140,728 Corporate Bonds 5,401 7,632 10,508 8,231 6,761 Other Fixed Income Securities 4,436 2,606 3,681 2,321 8,649 Partnership Interests and Other 66,072 77,383 74,222 78,965 82,475 Securities Sold Not Yet Purchased (419,211) (28,623) (7,498) (5,403) (17,751) Loans Receivable, net of Loan Participations Sold 350,762 873,186 882,391 770,840 814,715 Other investments and deposits (1) 43,369 40,187 49,391 49,156 45,947 Noncontrolling interest (2) (16,558) (17,785) (17,135) (25,317) (32,038) Total Cash, Net Securities, and Other $ 2,289,509 $ 2,639,379 $ 2,479,312 $ 2,177,300 $ 2,332,599 (Dollars in thousands) Sep 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Term Loans, net $ 252,927 $ 346,385 $ 342,851 $ 367,815 $ 558,035 Revolving Credit Facility 80,000 80,000 80,000 80,000 74,700 Notes Payable 357 357 22,891 23,186 25,075 Senior Notes Payable, net 1,362,847 1,606,560 1,627,649 1,644,778 1,661,191 Total Debt 1,696,131 2,033,302 2,073,391 2,115,779 2,319,001 Total Cash and Investments, Net of Debt $ 593,378 $ 606,077 $ 405,921 $ 61,521 $ 13,598 1. Other investments and investment related deposits reported in prepaid and other assets. 2. Noncontrolling interest related to investments reported in Securities and Other Investments Owned. Debt Summary
6 6按資產類別劃分的現金及投資百分比-2022年9月30日(以千元為單位)佔總現金及受限制現金的百分比來自/(致)結算經紀的總現金及受限制現金$233,383 9.8%淨額49,530 2.1%公眾股權(1)(2)835,888 35.1%私募股權(1)346,903 14.6%應收貸款814,715 34.2%合夥企業債券及固定收益證券15,410 0.6%合夥企業權益及其他(1)86,559 3.6%總金額2,382,388 100.0%1.2.包括B.Riley在管理賬户中持有的5,200萬美元股票頭寸,客户利益公共股權損益35.1%應收貸款34.2%私募股權14.6%現金和限制性現金9.8%合夥企業權益和其他3.6%到期/(給)結算經紀商,公司債券和固定收益證券淨額2.1%0.6%
7簡明綜合資產負債表2021年9月30日(未經審計)現金及現金等價物$231,805$278,933結算經紀商欠下的限制性現金1,578 927 53,472 29,657證券及其他投資按公允價值擁有1,238,613 1,532,095證券借入2,243,306 2,090,966應收賬款淨額814,707 49,673應收貸款按公允價值814,715 873,186預付費用和其他資產355,875 46,502經營性租賃資產84,550 56,969淨額16,174 12,870商譽429,187,568其他無形資產遞延税項淨資產296,346 207,651遞延税項淨額2,845 2,848總資產5,833,987$5,851,919應付賬款22,167$6,326應計費用和其他負債278,889 343,750遞延收入89,157 69,507遞延税項負債淨額10,932 93,055應付關聯方和合作夥伴396-由於結算經紀人3,942 69,398售出但尚未購買的證券17,751 28,623證券借出2,239,250 2,088,685經營租賃負債96,049 69,072應付票據25,075 357循環信貸安排74,700 80,000應付票據淨額74,700淨負債1,661,191 1,606,560總負債5,077,534$4,801,718可贖回的非控股權益178,759 345,000總計B.萊利金融公司股東權益513,613 661,271非控制權益64,081 43,930總股本577,694 705,201總負債和股本$5,833,987$5,851,919
8 8合併經營報表(未經審計,以千美元計,股票數據除外)截至2021年9月30日的三個月收入:服務和費用$266,485$301,497貸款的交易收入和公允價值調整貸款12,154 18,197利息收入-貸款和證券貸款57,594 26,869貨物銷售4,130 34,959總收入340,363 381,522營業費用:直接服務成本44,523 18,019銷售貨物的成本3,089 12,442一般和行政費用163,727 244,218重組費用8,016-利息支出-證券借貸和貸款出售17,447 10,097總營業費用236,802 284,776營業收入103,561 96,746其他收入(費用):利息收入686 70金融工具公允價值變化和其他(574)1,758(虧損)股權投資收入(91)1,149利息支出(34,587)(25,372)所得税前準備68,995 74,351所得税準備金(16,350)(22,693)可歸因於非控制性權益和可贖回非控制性權益的淨收入52,645 51,658可歸因於B·萊利金融公司的淨收入4,808,1,108普通股股東可獲得的淨收益$45,835$48,621每股普通股基本收益$1.62$1.76每股稀釋後收益$1.53$1.69加權平均已發行基本普通股28,293,064 27,570,716加權平均已發行稀釋普通股29,968,417 28,794,066
9部門財務信息(未經審計,以千美元計)截至2022年9月30日的三個月資本市場部門:收入-服務和費用$113,217$134,849貸款的交易收入和公允價值調整11,127 16,935利息收入-貸款和證券借貸55,054 26,869總收入179,398 178,653銷售,一般和行政費用(35,673)(80,152)利息支出-證券借貸和貸款參與銷售(17,447)(10,097)折舊和攤銷(2,收入-服務和費用47,145 117,572貸款的交易收入和公允價值調整總收入48,172 118,834銷售、一般和行政費用(52,302)(110,157)重組費用(4,106)-折舊和攤銷(1,261)(2,093)部門(虧損)收入(9,497)6,584拍賣和清算部門:收入-服務和費用1,949 2,745收入-貨物銷售2,利息收入-貸款和證券借貸2,540-總收入7,039 37,072直接服務成本(2,999)(13,622)銷售成本(1,235)(11,999)銷售、一般和行政費用(2,228)(5,153)部門收入$577$6,298(截至2022年9月30日的三個月)財務諮詢部門:收入-服務和費用$22,835$21,291銷售、一般和行政費用(20,056)(18,436)折舊和攤銷(75)(86)分段收入2,704 2,769本金投資-通信和其他部門:收入-服務和費用76,316 18,669收入-銷售貨物1,580 631總收入77,896 19,300服務直接成本(41,524)(4,397)銷售貨物成本(1,854)(443)銷售、一般和行政費用(22,267)(5,458)重組費用(3,910)-折舊和攤銷(6,435)(2, 496)部門收入1,906 6,506品牌部門:收入-服務和費用5,023 6,372銷售、一般和管理費用(845)(972)折舊和攤銷(579)(714)部門收入3,599 4,686來自可報告部門的合併營業收入123,393美元114,733美元
10美國公認會計原則對非公認會計原則財務指標的定義可視為非公認會計原則財務指標,其中包括營業收入、調整後的EBITDA、營業調整後的EBITDA和投資調整後的EBITDA。b.Riley Financial認為,這些信息對投資者是有用的,因為它為衡量公司的可用資本資源、業務的經營業績以及收入和現金流提供了基礎,(I)不包括營業收入、交易收入(虧損)和貸款的公允價值調整,(Ii)不包括調整後的EBITDA、淨利息支出、所得税、折舊、攤銷、公允價值調整、重組費用、清償貸款收益、商號減值、基於股票的補償和交易以及其他費用。(Iii)就經經營調整的EBITDA而言,不包括上述經調整EBITDA的調整,以及貸款的交易收益(虧損)及公允價值調整,以及其他投資相關開支;及(Iv)就投資調整EBITDA而言,該等調整包括貸款的交易收益(虧損)及公允價值調整,扣除其他投資相關開支後,該等款項通常會計入根據公認會計原則(“公認會計原則”)計算及呈列的最直接可比計量。此外,公司管理層使用這些非GAAP財務指標以及最直接可比的GAAP財務指標來評估公司的經營業績、資本資源和現金流。不應將非GAAP財務指標與符合GAAP的財務信息分開考慮,或將其作為GAAP財務信息的替代品, 本公司報告的非財務計量可能無法與其他公司報告的類似標題的金額相比較。