B Riley Financial Inc (RILYL) 2024 Q4 法說會逐字稿

Good morning, and welcome to the B. Riley Financial preliminary fourth-quarter earnings results conference call. My name is Tom, and I will be your call coordinator.

早安，歡迎參加 B. Riley Financial 第四季初步收益結果電話會議。我叫湯姆，我將擔任您的通話協調員。

Earlier today, B. Riley issued a press release announcing our preliminary results for the fourth quarter of 2024, which can be found on its Investor Relations website at ir.brileyfin.com. Today's call includes prepared remarks from the company, followed by a question-and-answer session. 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.

今天早些時候，B. Riley 發布了一份新聞稿，宣布了我們 2024 年第四季度的初步業績，可在其投資者關係網站 ir.brileyfin.com 上找到。今天的電話會議包括公司準備好的發言，然後是問答環節。今天與我們一起參加 B. Riley 活動的有董事長、聯合創始人兼聯合首席執行官 Bryant Riley；湯姆·凱萊赫 (Tom Kelleher)，聯合創始人兼聯合首席執行官；以及首席財務官兼首席運營官 Phillip Ahn。

As a reminder, this call is being recorded, and an audio replay will be available on the company's Investor Relations website later today. Today's call will also include non-GAAP measures. The reconciliations for these as well as an explanation for the use of these metrics and the definition of these terms is available in the press release, which is available on the company's Investor Relations website.

提醒一下，本次通話正在錄音，音訊回放將於今天稍晚在該公司的投資者關係網站上提供。今天的電話會議還將包括非公認會計準則指標。這些指標的對帳以及使用這些指標的解釋和這些術語的定義均可在新聞稿中找到，該新聞稿可在本公司的投資者關係網站上找到。

And before we conclude today's call, I will provide the necessary cautions regarding forward-looking statements. Now I will turn the call over to Mr. Bryant Riley. Mr. Riley, please proceed.

在我們結束今天的電話會議之前，我將對前瞻性陳述提供必要的警告。現在我將電話轉給布萊恩特·萊利先生。萊利先生，請繼續。

Thank you, and good afternoon, everyone, on today's call. We appreciate everyone joining us. I want to start by expressing my appreciation for your patience as we work towards becoming current with our financials and regain Nasdaq listing compliance. And while we still need to finalize our fourth-quarter results and file our annual report for 2024, we wanted to provide investors with a brief update as to where things currently stand and our priorities for the year.

謝謝大家，今天的電話會議大家都很下午好。我們感謝大家的加入。首先，我要對您的耐心表示感謝，我們正在努力完善我們的財務狀況並重新獲得納斯達克上市合規性。雖然我們仍需確定第四季度業績並提交 2024 年年度報告，但我們希望向投資者簡要介紹當前情況以及今年的重點工作。

Given a substantial number of strategic initiatives we've undertaken, including several transactions, we thought it would be helpful to start with a recap of the actions we've taken since the start of the fourth quarter and an overview of where our business is today.

鑑於我們已經採取了大量戰略舉措，包括幾項交易，我們認為首先回顧一下自第四季度開始以來我們所採取的行動以及概述我們當前的業務狀況會很有幫助。

The common thread across all of these actions is our responsiveness to the challenges created by certain principal investments. These losses have been recognized. And while there is still work to do, we are moving forward with a stronger balance sheet and capacity to reinvest in our core businesses. Let me touch on a few notable developments.

所有這些行動的共同點是我們對某些主要投資所帶來的挑戰的回應能力。這些損失已經得到承認。儘管仍有工作要做，但我們正在以更強勁的資產負債表和對核心業務進行再投資的能力向前邁進。讓我談談一些值得注意的進展。

First, we established a joint venture with Oaktree Capital Management for Great American Group. Under the terms of this transaction, we contributed all of the interest on B. Riley's appraisal and valuation services; retail, wholesale, and industrial solutions; and real estate advisory businesses to a new holding company.

首先，我們與橡樹資本管理公司（Oaktree Capital Management）為大美國集團（Great American Group）成立了合資企業。根據本交易的條款，我們貢獻了 B. Riley 評估和估價服務的全部利息；零售、批發和工業解決方案；和房地產諮詢業務轉讓給一家新的控股公司。

At closing, B. Riley received total consideration consisting of approximately $203 million in cash plus ownership interest amounting to approximately 44% of the company. In effect, we sold a majority stake in these businesses, which provided substantial capital to meaningfully delever our balance sheet while still retaining significant equity upside in a business with compelling growth prospects.

交易結束時，B. Riley 獲得的總對價包括約 2.03 億美元現金以及占公司約 44% 的所有權權益。實際上，我們出售了這些業務的多數股權，這為我們顯著降低資產負債表槓桿率提供了大量資本，同時仍在具有強勁增長前景的業務中保留了顯著的股權上升空間。

Critical to our thinking with this transaction is there are now two firms with a vested interest in seeing that GA will continue to thrive. We believe Oaktree's scale and expertise in alternative investments and the strength of a capital provider, combined with the GA Group's leading position as a provider of asset disposition, financial advisory, and real estate advisory services, will prove complementary as we join forces to deliver financial products and services to better serve our clients.

我們認為這筆交易的關鍵點在於，現在有兩家公司都希望 GA 能繼續蓬勃發展。我們相信，橡樹資本在另類投資方面的規模和專業知識以及作為資本提供者的實力，加上 GA 集團作為資產處置、財務諮詢和房地產諮詢服務提供商的領先地位，將實現互補，我們將聯手提供金融產品和服務，更好地服務於我們的客戶。

We've already seen the benefits of this partnership with last week's successful bid and a competitive bankruptcy process to manage the liquidation of all 800-plus JOANN's fabric and craft stores. This liquidation, which includes approximately $2 billion in retail inventory, represents one of the largest transactions in GA Group's 40-year history.

透過上週的成功競標和競爭性破產程序來管理超過 800 家 JOANN 布料和工藝品商店的清算，我們已經看到了這種合作關係帶來的好處。此次清算涉及價值約 20 億美元的零售庫存，是 GA 集團 40 年歷史上最大的交易之一。

Had we not established this JV, it is unlikely we'd have secured this opportunity, which we expect to be meaningful to the shareholders of B. Riley. I can safely say that the initial results are exceeding our expectations.

如果我們沒有建立這個合資企業，我們就不太可能獲得這個機會，我們希望這對 B. Riley 的股東來說意義重大。我可以肯定地說，初步結果超出了我們的預期。

Given the relationship and our involvement, B. Riley was able to participate in the transaction as a strategic investor and loan in the joint venture overseeing the liquidation. We invested approximately $30 million and expect to make a sizable return on the short-duration investment. Second, we received approximately $236 million in gross proceeds through the financing of our brand assets, including BB.

鑑於我們的關係和參與，B. Riley 能夠作為策略投資者參與交易，並為監督清算的合資企業提供貸款。我們投資了大約 3000 萬美元，預計短期投資將帶來可觀的回報。其次，我們透過融資包括 BB 在內的品牌資產獲得了約 2.36 億美元的總收益。

Third, we announced the signing of a definitive agreement to sell a portion of our traditional W-2 Wealth Management business to Stifel Financial Corp. The transaction does not include B. Riley's approximately 170 independent advisors and 81 W-2 advisors, and tax professionals with assets under management of $15 billion.

第三，我們宣布簽署最終協議，將部分傳統 W-2 財富管理業務出售給 Stifel Financial Corp。此交易不包括 B. Riley 的約 170 名獨立顧問和 81 名 W-2 顧問，以及管理資產達 150 億美元的稅務專業人士。

Subject to the terms of the agreement, the final consideration will be based on the number of advisors that join Stifel at closing. At this time, we expect that cash consideration will be approximately $26 million, but it is subject to change. We expect the transaction will close early in the second quarter of this year.

根據協議條款，最終對價將取決於交易完成時加入 Stifel 的顧問數量。目前，我們預計現金對價約為 2600 萬美元，但可能會發生變化。我們預計該交易將在今年第二季初完成。

Fourth, we completed the full redemption of our February 2025 senior notes through February '28, thereby retiring our only significant 2025 maturity. Fifth, last week, we announced a new $160 million senior secured credit facility with Oaktree.

第四，我們於 2028 年 2 月完成了 2025 年 2 月優先票據的全部贖回，從而贖回了我們唯一重要的 2025 年到期票據。第五，上週，我們宣布與橡樹資本（Oaktree）達成一項新的1.6億美元優先擔保信貸協議。

We use this facility to retire outstanding senior security credit facility with Nomura, providing working capital and to fund the previously mentioned investment in loan in JOANN's liquidation. This new three-year facility provides us with greater financial and strategic flexibility that we had under our previous loan with Nomura.

我們利用該筆貸款償還野村證券 (Nomura) 未償還的高級擔保信貸額度，提供營運資金，並為前面提到的 JOANN 清算貸款投資提供資金。這項新的三年期貸款為我們提供了比我們之前與野村證券的貸款更大的財務和戰略靈活性。

And lastly, just this afternoon, we announced the sale and close of Atlantic Coast Recycling for approximately $70 million in cash proceeds. Our total investment was approximately $39 million, and we expect to record a gain of about $30 million in the first quarter.

最後，就在今天下午，我們宣布以約 7,000 萬美元的現金收益出售並關閉大西洋海岸回收公司。我們的總投資約為3900萬美元，預計第一季將實現收益約3000萬美元。

This was a successful deal made by our principal investment team a few years ago. However, in light of our stated goal to reinvest in our core business, we continue to look for opportunities to monetize estates and investments that are no longer core to our future growth plans.

這是我們主要投資團隊幾年前達成的成功交易。然而，鑑於我們既定的再投資核心業務的目標，我們將繼續尋找機會將不再是我們未來成長計畫核心的房地產和投資貨幣化。

With this in mind, we will continue to look to monetize other noncore assets on our balance sheet as opportunities arise in the normal course of business. This will go a long way to further strengthening our balance sheet and providing the necessary foundation for renewed growth.

考慮到這一點，我們將在正常業務過程中不斷尋找將資產負債表上的其他非核心資產貨幣化的機會。這將大大加強我們的資產負債表並為新的成長提供必要的基礎。

So where does that leave us today? We expect to emerge from this period of asset monetization and debt reduction as a more nimble and focused company, concentrating predominantly on our leading middle market investment bank B. Riley Securities, wealth management, and our advisory services businesses, including our 44% ownership of Great American.

那今天我們該怎麼做呢？我們期望在這一資產貨幣化和債務削減時期後，公司能夠變得更加靈活和專注，主要集中於我們領先的中型市場投資銀行 B. Riley Securities、財富管理和我們的諮詢服務業務，包括我們對 Great American 的 44% 的所有權。

Those core businesses are supplemented by our other investments like Targus and our communications segment, which provides steady cash flow and EBITDA. Let me run through each briefly starting, first, with BRS.

這些核心業務由我們的其他投資（例如 Targus 和我們的通訊部門）補充，這些投資提供了穩定的現金流量和 EBITDA。讓我簡單介紹一下每一個，先從 BRS 開始。

B. Riley Securities is uniquely positioned as the top provider to the middle market segment. This group consists of a brokerage capital markets and advisory business with approximately 180 employees spanning core key offices. The key leadership of these units has remained in place despite the headwinds of the past year. Despite the noise, the broker-dealer ended the year with a strong December, and we are well positioned to invest resources to grow the team over the coming quarters.

B. Riley Securities 擁有獨特的優勢，是中端市場頂級供應商。該集團由經紀資本市場和諮詢業務組成，約有 180 名員工分佈在核心關鍵辦公室。儘管過去一年面臨諸多阻力，但這些部門的核心領導仍留任。儘管存在諸多噪音，但這家經紀交易商還是以強勁的 12 月結束了這一財年，而且我們已做好準備，在未來幾季投入資源來擴大團隊。

As a reminder, in a normalized environment, this is a business that can produce substantial operating EBITDA as detailed at our December 2023 Investor Day. At that time, we shared that BRS had produced $72 million and $84 million in operating adjusted EBITDA in 2022 and the trailing 12-month period, respectively.

提醒一下，在正常化環境下，這項業務可以產生可觀的營業 EBITDA，如我們在 2023 年 12 月的投資者日所詳述的那樣。當時，我們分享了 BRS 在 2022 年和過去 12 個月的調整後經營 EBITDA 分別實現 7,200 萬美元和 8,400 萬美元的消息。

I'm not implying we'll cover to those levels this year. But this is a business we strongly believe is capable of recovering to and eclipsing these levels in the near future. The team leading this business has spent 20-plus years establishing our middle market credibility.

我並不是暗示我們今年會達到這些水準。但我們堅信，在不久的將來，這項業務有能力恢復到這些水平，甚至超過這些水平。領導這項業務的團隊花了 20 多年的時間來建立我們的中端市場信譽。

They've outworked and out-executed the competition consistently. It's really a testament to the talent they've gathered and the culture they've built, one focused on placing the interest of our clients and our teammates ahead of their own. We continue to explore other strategic opportunities to further unlock value within this business and hope to share additional news in the near future.

他們一直比競爭對手付出更多努力，表現更出色。這確實證明了他們所聚集的人才和所建立的文化，這種文化專注於將客戶和隊友的利益放在首位。我們將繼續探索其他策略機會，進一步釋放該業務的價值，並希望在不久的將來分享更多新聞。

Turning to B. Riley Wealth, which has stabilized following the announced transaction with Stifel, this transaction provides an opportunity for W-2 employees who wanted a fresh start to transition to a new owner, with the sale expected to be completed in the early part of the second quarter of this year.

談到 B. Riley Wealth，該公司在宣布與 Stifel 的交易後已經穩定下來，此次交易為那些希望重新開始並轉向新東家的 W-2 員工提供了一個機會，預計此次出售將在今年第二季度初完成。

Following the sale, we will retain a core group of approximately 170 independent advisors and 81 W-2 advisors and 90 tax professionals. We believe there are substantial benefits and synergies to maintaining a wealth management business in our portfolio and expect this group to manage approximately $15 billion of client assets. The leadership of this business has done a tremendous job managing it and has remained profitable.

出售後，我們將保留約 170 名獨立顧問、81 名 W-2 顧問和 90 名稅務專業人士組成的核心團隊。我們相信，在我們的投資組合中保留財富管理業務具有巨大的利益和協同效應，並預計該集團將管理約 150 億美元的客戶資產。該企業的領導層在管理方面做出了巨大貢獻，並且一直保持盈利。

These two businesses are supplemented by our advisory services business, otherwise known as GlassRatner. This business continues to perform well across its core expertise in bankruptcy and turnaround management, forensic accounting, litigation support, and financial due diligence. And it had a record year in 2024. We have seen consistent growth in this business, which remains well positioned in its specialized industry.

我們的諮詢服務業務（也稱為 GlassRatner）是對這兩項業務的補充。該業務在破產和扭虧為盈管理、法務會計、訴訟支援和財務盡職調查等核心專業領域繼續表現良好。2024年，它創下了紀錄。我們看到該業務持續成長，並且在其專業行業中仍然佔據有利地位。

Before I turn it over to Phil to provide a brief update on our financials, I'd like to address the outstanding take-private proposal I put forward in August in my capacity as a shareholder of the company. This afternoon, I have communicated to my Board that I no longer propose to take B. Riley Financial private.

在請菲爾簡要介紹我們的財務狀況之前，我想先談談我以公司股東身份於八月提出的尚未完成的私有化提議。今天下午，我已向董事會表示，我不再提議將 B. Riley Financial 私有化。

There were a few key factors that went into this decision. One, there remains substantial potential in our business. And the steps we've taken to improve our balance sheet, I believe shareholders, many of which are employees, should have an opportunity to participate in this recovery. We have recognized significant losses in our principal investment portfolio. And I want our shareholders to realize the benefit of our business going forward.

影響這項決定的有幾個關鍵因素。第一，我們的業務仍有巨大潛力。我相信，對於我們為改善資產負債表所採取的措施，股東（其中許多是員工）應該有機會參與這項復甦。我們已經意識到我們的主要投資組合存在重大損失。我希望我們的股東能夠意識到我們未來業務的利益。

And two, our debt structure, notably of remaining baby bonds, complicated how a take-private to proceed at this time. Instead, I believe there are alternative ways of addressing our outstanding debt maturities at a public company -- as a public company, while at the same time, limiting dilution. While there are ways we could have pursued to take private, after careful consideration, I determined it was not the best course of action, given other priorities of the company.

其次，我們的債務結構，特別是剩餘的嬰兒債券，使得此時私有化過程變得複雜。相反，我相信，作為一家上市公司，還有其他方法可以解決我們未償還的債務到期問題——同時限制稀釋。儘管我們可以採取多種方式進行私有化，但經過仔細考慮後，我認為考慮到公司的其他優先事項，這不是最好的行動方案。

With that, I'd like to turn it over to Phil to provide a brief update on our financials and our preliminary Q4 results. Phil?

接下來，我想讓菲爾簡單介紹一下我們的財務狀況和第四季初步業績。菲爾？

Thanks, Bryant. As you saw in our press release, we released preliminary estimates of financial results for the fourth quarter ending December 31, 2024. As a reminder, these numbers are unaudited and subject to change.

謝謝，布萊恩特。正如您在我們的新聞稿中看到的，我們發布了截至 2024 年 12 月 31 日的第四季度財務業績的初步估計。提醒一下，這些數字未經審計並且可能會發生變化。

For the fourth quarter, we expect to report net income available to common shareholders of $48 million to $68 million, which includes approximately $236 million to $247 million of income from discontinued operations, primarily related to the divestiture of a majority interest in the Great American businesses.

對於第四季度，我們預計普通股股東可獲得的淨利潤為 4,800 萬至 6,800 萬美元，其中包括來自停止營運的收入約 2.36 億至 2.47 億美元，主要與剝離 Great American 業務的多數股權有關。

Diluted net income per share -- per common share is expected to be $1.57 to $2.22 per share, and net loss from continuing operations of $178 million to $187 million. This net loss is primarily impacted by estimated impairment charges of goodwill and intangible assets of $73 million to $79 million, and $49 million of trading losses and realized and unrealized losses on investments. Additionally, we expect operating adjusted EBITDA from continuing operations to be $12 million to $14 million.

每股攤薄淨利潤－預計每股普通股 1.57 美元至 2.22 美元，持續經營淨虧損 1.78 億美元至 1.87 億美元。這項淨虧損主要受到商譽和無形資產減損費用估計 7,300 萬至 7,900 萬美元，以及交易損失和投資的已實現和未實現損失 4,900 萬美元的影響。此外，我們預計持續經營的調整後息稅折舊攤提前利潤將達到 1,200 萬美元至 1,400 萬美元。

As of the end of December 31, 2024, we had cash, cash equivalents, and restricted cash of approximately $257 million, which included approximately $156 million of cash and cash equivalents and $101 million of restricted cash primarily reserved for the redemption of the company's February 2025 senior notes. We had total debt of $1.78 billion as of December 31, 2024; and total debt, net of cash, and investments of approximately $991 million. Notably, this represented a decline of $221 million from the third quarter.

截至 2024 年 12 月 31 月底，我們擁有現金、現金等價物和受限現金約為 2.57 億美元，其中包括約 1.56 億美元的現金和現金等價物以及 1.01 億美元的受限現金，主要用於贖回公司 2025 年 2 月的優先票據。截至 2024 年 12 月 31 日，我們的總債務為 17.8 億美元；扣除現金和投資後的總債務約為 9.91 億美元。值得注意的是，這較第三季下降了 2.21 億美元。

And finally, I'd note that as an accelerated filer, our deadline for filing our 10-K this year is March 17. If we are unable to file the 10-K at that time, we would expect to file a Form 12b-25 with the SEC to receive a 15-day extension. After we file the 10-K, we expect to resume our normal quarterly filing cadence.

最後，我要指出，作為加速申報者，我們今年提交 10-K 表的截止日期是 3 月 17 日。如果我們當時無法提交 10-K 表，我們希望向美國證券交易委員會提交 12b-25 表，以獲得 15 天的延期。提交 10-K 表後，我們預計將恢復正常的季度提交節奏。

With that, I'll turn the call back to the operator for Q&A.

說完這些，我將把電話轉回給接線生進行問答。

(Operator Instructions) Amer, Imperial Capital.

（操作員指示）阿梅爾，帝國首都。

Thank you. Good evening. Thank you for the detailed summary of the transactions that you have accomplished. My question is, can you give us a sense of what you intend to accomplish in the next six months to sort of beef up liquidity and the balance sheet?

謝謝。晚安.感謝您對已完成的交易提供詳細的總結。我的問題是，您能否告訴我們，您打算在未來六個月內採取哪些措施來增強流動性和資產負債表？

So I would say to you that our strategies are fluid with the exception of one, which is that this is, as I said in the press release, the demarcation line of past and present, and near past and near present. And so our focus -- our complete focus is on investing in our business and investing in our broker-dealer and our wealth management and our advisory business and to grow.

因此我想告訴你們，我們的策略是流動的，但有一點除外，那就是，正如我在新聞稿中所說的，這是過去與現在、不久的過去與不久的現在的分界線。因此，我們的重點——我們的全部重點是投資我們的業務、投資我們的經紀交易商、我們的財富管理和我們的諮詢業務並實現成長。

I recognize that we have a fair amount of baby bonds out there. You know the maturities of them. We will proactively work to make sure that our balance sheet is aligned. I think we made a lot of progress in the last 12 months. But I don't know if you know we owned Atlantic Recycling. But as you can see today, we sold that for $70 million. We will continue to be opportunistic across that with the key focus of investing in our business.

我認識到，我們這裡有相當多的嬰兒債券。你知道他們的成熟度。我們將積極努力，確保我們的資產負債表保持一致。我認為我們在過去的 12 個月裡取得了很大進展。但我不知道您是否知道我們擁有大西洋回收公司。但正如你今天看到的，我們以 7000 萬美元的價格將其出售。我們將繼續抓住機遇，並專注於投資我們的業務。

Got it. Can you talk a little bit about your core business? You basically mentioned that it's the BRS business, the wealth management, and advisory. Can you give us some sense of how to think about it on a run rate basis or what kind of -- what I'm trying to understand is where potentially EBITDA -- or whether these businesses will be free cash flow positive for either the next quarter or for the full-year 2025?

知道了。能談談你們的核心業務嗎？您基本上提到這是 BRS 業務、財富管理和諮詢。您能否從運行率的角度告訴我們如何考慮這個問題，或者說，我想了解的是潛在的 EBITDA，或者這些業務在下一季或 2025 年全年的自由現金流是否為正？

Sure. I think the best way to look at it is go back and look at '21, '22, and '23. The only thing we don't have from our core business -- and it wasn't core, but it generated $40 million of EBITDA -- was our brands business.

當然。我認為看待這個問題的最好方法是回顧並看看21、22和23年。我們核心業務中唯一缺少的——雖然它不是核心業務，但它創造了 4,000 萬美元的 EBITDA——就是我們的品牌業務。

We sold 57% of our Great American business. But we have been greatly -- as we expected, there has been other opportunities with that joint venture that may work to replace some of that direct cash flow. I mentioned on the call the direct equity investment in JOANN's as an example and other -- some other lending opportunities.

我們出售了57%的Great American業務。但正如我們預期的那樣，該合資企業還存在其他機會，或許可以取代部分直接現金流。我在電話會議上提到了對 JOANN 的直接股權投資以及其他一些借貸機會的例子。

So our balance sheet, our cash balance sheet and our ability to invest in debt is smaller. But the wealth management business is a little smaller. Our broker-dealer has been with us for 27 years. Our telecom business is consistent and steady, and you can look at the historical EBITDA there. GlassRatner had a record year this year.

因此，我們的資產負債表、現金資產負債表和債務投資能力都較小。但財富管理業務規模較小。我們的經紀交易商已與我們合作了 27 年。我們的電信業務持續穩定，您可以查看歷史 EBITDA。GlassRatner 今年創下了紀錄。

So I think if you look at it, there are certainly -- we are certainly a smaller company than we were. We have utilized a lot of dollars to retire debt. The principal investments that hit us have hit us. But as I look at the overall core operating portfolio, we still feel really excited about the operating EBITDA potential there.

所以我認為，如果你看一下，你會發現我們肯定是一家比以前規模更小的公司。我們已經用了很多美元來償還債務。對我們造成打擊的本金投資已經給我們造成了打擊。但當我審視整體核心營運組合時，我們仍然對其營運 EBITDA 潛力感到非常興奮。

I'm not going to get into the numbers, but I'm happy to walk you through what we've done in the past. Or you can walk through -- I think we've been pretty detailed in our Investor Day, and you can see the businesses that we have. And we now have to go after it.

我不會談論數字，但我很樂意向你們介紹我們過去所做的事情。或者您可以瀏覽一下——我認為我們在投資者日上已經講得非常詳細了，您可以看到我們擁有的業務。我們現在必須去追求它。

And we need to make sure that our -- all of our work and all of my work and everybody here's work is to generate opportunities, revenue, and get back on track on the operating side of the business.

我們需要確保我們的所有工作、我的所有工作以及這裡每個人的工作都是為了創造機會、創造收入，並讓業務運作重回正軌。

Sure. Thank you. Maybe if I can sneak in one more, and then I'll get back in the queue. You have a pretty asset-rich balance sheet. Still, you mentioned you have GlassRatner. You have the telecom businesses, Targus. Can you talk about what you think or how we should think about the value of those businesses and the EBITDA generation potential? If you can just shed some light on that.

當然。謝謝。也許如果我可以再偷偷溜進去一次，然後我會回到隊列。你的資產負債表相當豐富。不過，你提到你有 GlassRatner。你有電信業務，塔格斯。您能談談您的想法或我們應該如何看待這些業務的價值和 EBITDA 創造潛力嗎？如果您能對此作出一些解釋的話。

So again, I'm not going to speculate on multiples, firstly. Secondly, the operating businesses that we have at this time might be different than a year from now or a year ago. Our focus is on investing in those operating businesses and growing those operating businesses, and going back to where we were without the noise and the distraction of some ill-timed investments.

所以再說一遍，首先我不會對倍數進行猜測。其次，我們目前的營運業務可能與一年後或一年前有所不同。我們的重點是投資那些營運中的企業並發展這些營運中的企業，並回到原來的狀態，不再受到一些不合時宜的投資的干擾和乾擾。

And so I appreciate that the goal is to kind of walk through a sum of the parts. But I think right now, based on where we are, which is not a normalized environment, still, having said that, staying profitable on our wealth management business, still generating meaningful EBITDA at the broker-dealer, having a record year of GlassRatner, having a record year of Great American. Telecom is still doing its thing.

因此，我很欣賞我們的目標是逐步總結出各個部分。但我認為，目前基於我們所處的環境，這不是一個正常化的環境，儘管如此，我們的財富管理業務仍然保持盈利，經紀交易商仍然產生有意義的 EBITDA，GlassRatner 創下了歷史新高，Great American 也創下了歷史新高。電信業仍在做自己的事。

I think that we have an unbelievable base and group to build on. We've taken some hits. I readily acknowledge that. But I think it's our job to make sure that our clients, our companies that we work with understand that this is the same B. Riley Financial that was -- that they were working with before and that we're getting our financials current. And it's go time for us. And so -- that's how I would answer that.

我認為我們擁有令人難以置信的基礎和團隊可供依賴。我們遭受了一些打擊。我欣然承認這一點。但我認為我們的工作是確保我們的客戶、與我們合作的公司明白，這與他們之前合作過的 B. Riley Financial 是同一個公司，而且我們的財務狀況是最新的。現在是我們出發的時間了。所以——這就是我的回答。

Okay. Can I sneak one more in, actually?

好的。實際上我可以再偷偷溜進去一個嗎？

Sneak, sure.

潛行，當然可以。

So you guys recently refired the Nomura facility. You have the Oaktree facility in place now. As cash comes in, for instance, from the sale that you announced and whatever cash is on the balance sheet, do you guys have the ability to buy back debt under this new credit agreement?

所以你們最近重新啟動了野村設施。您現在已經擁有 Oaktree 設施。例如，隨著你們宣布的銷售收入以及資產負債表上的現金流入，你們是否有能力根據這項新的信用協議回購債務？

No. The senior facility, they are clearly -- I think most senior facilities and -- not all -- but at this point, we do not have the ability to buy bonds in the open market.

不。高級信貸工具，顯然——我認為是大多數高級信貸工具——但並非全部——但目前，我們沒有能力在公開市場上購買債券。

Understood. I'll get back in the queue.

明白了。我會回到隊列中。

Thank you for your questions.

感謝您的提問。

Thank you.

謝謝。

Sean.

肖恩。

Hey, Bryant. It's Sean Haydon. How are you?

嘿，布萊恩特。我是肖恩·海頓。你好嗎？

I'm good. We are -- it's good to hear from you.

我很好。我們—很高興收到您的來信。

Yeah, yeah. It's been a little while. So a quick question for you on wealth. What does that business look like now? I'm just trying to get a sense of the kind of proportionality of the business you sold and what you held on to.

是啊是啊。已經有一段時間了。我想問您一個關於財富的快速問題。現在這個業務狀況怎麼樣？我只是想了解你出售的業務和你保留的業務的比例。

So the vast majority were W-2 employees. So I think I outlined the numbers in my presentation in the remaining wealth management group. But just to put it in perspective, assets under management before these sales and some attrition was closer to $24 billion, and now it's closer to $15 billion. So that should give you some perspective.

因此絕大多數都是 W-2 員工。所以我認為我在演講中概述了剩餘財富管理小組的數字。但從整體來看，在這些出售和流失之前，其管理的資產接近 240 億美元，而現在則接近 150 億美元。這應該能給你一些啟發。

Got it. Okay. Yeah, that's helpful. And then just as far as further asset monetization, is it safe to say most of that will be coming from the principal investment group going forward?

知道了。好的。是的，這很有幫助。那麼就進一步的資產貨幣化而言，是否可以肯定地說，其中大部分將來自於未來的主要投資集團？

Well, look, I think we've been really, I think, careful or intentional about monetizing what I would call noncore assets. And I will tell you that the day we sold brands at the price we sold brands was a tough day. But we had to make decisions particularly at that time based on where that money can be recirculated and how it can be used.

嗯，看，我認為我們一直非常謹慎或有意地將我所謂的非核心資產貨幣化。我要告訴你們，我們以當時的價格出售品牌的那一天是艱難的一天。但我們當時必須做出決定，特別考慮這些錢可以在哪裡循環以及如何使用。

And if you're selling something for $1 and you can get $2 back in some way, shape, or form, then those are the decisions you have to make. I don't think we're in that position now. We can be selective and thoughtful.

如果你以 1 美元的價格出售某件商品，並且可以透過某種方式、形式收回 2 美元，那麼這就是你必須做出的決定。我認為我們現在還沒有處於那種境地。我們可以有選擇性、深思熟慮。

It doesn't mean that I'm not recognizing that we have maturities in '26 and '28. But we need to we need to grow our businesses and get back to where we were and yes, focus on things that are -- continue to focus on things that do not disrupt that.

這並不意味著我沒有認識到我們在 26 年和 28 年就已經成熟。但我們需要發展我們的業務，回到原來的狀態，是的，專注於現有的事情——繼續專注於不會破壞現有狀態的事情。

Got it. All right. Well, that's all for me, and best of luck with everything. Thanks.

知道了。好的。好吧，我的一切都結束了，祝我一切順利。謝謝。

I appreciate it. Thank you.

我很感激。謝謝。

(Operator Instructions) It appears there are currently no further questions. Handing it back to Bryant Riley for any final remarks.

（操作員指示）目前似乎沒有其他問題。將其交還給布萊恩特·萊利以供做最後評論。

All right. Well, thank you. In closing, I want to again thank all our employees, shareholders, and partners for their patience and support in seeing through what has been a difficult period for our firm.

好的。好吧，謝謝你。最後，我要再次感謝我們所有的員工、股東和合作夥伴，感謝他們的耐心和支持，幫助我們度過這段困難時期。

I want to reinforce that the fourth quarter represented an important strategic line of demarcation, one of which our noncore principal investments have largely been monetized or written down, allowing us to focus on what we've done best for 28 years, being the go-to partner for small cap companies and those who invest in them.

我想強調的是，第四季度代表了一條重要的策略分界線，其中一條就是我們的非核心本金投資已基本貨幣化或減記，這使我們能夠專注於 28 年來我們最擅長的領域，即成為小型股公司及其投資者的首選合作夥伴。

While we still have work to do, I am excited to turn the corner. And I look forward to announcing more of our plans in the near future. Thank you.

儘管我們還有很多工作要做，但我很高興能取得突破。我期待在不久的將來宣布更多我們的計劃。謝謝。

Thank you, team. Ladies and gentlemen, before we conclude today's call, provide B. Riley's financial Safe Harbor statement, which includes important cautions regarding forward-looking statements made during this call.

謝謝你們，團隊。女士們，先生們，在我們結束今天的電話會議之前，請提供 B. Riley 的財務安全港聲明，其中包括對本次電話會議期間前瞻性陳述的重要警告。

Statements made during this call that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions, and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected.

本次電話會議中所做的非歷史事實描述的陳述是基於管理層當前預期和假設的前瞻性陳述，並受風險和不確定性的影響。如果此類風險或不確定性成為現實，或此類假設被證明不正確，我們的業務、經營業績、財務狀況和股價可能會受到重大負面影響。

You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. Such forward-looking statements include, but are not limited to, those regarding the expected growth and recovery of our business segments, our efforts to monetize noncore assets, and the review of our operating and capital structure.

您不應過度依賴此類前瞻性陳述，這些陳述基於我們目前掌握的信息，且僅代表截至今天的情況。此類前瞻性陳述包括但不限於有關我們業務部門預期的成長和復甦、我們將非核心資產貨幣化的努力以及我們的營運和資本結構審查的陳述。

Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks described from time to time in B. Riley Financial, Inc.'s periodic filings with the SEC, including, without limitation, the risks described in B. Riley's Financial Inc.'s annual report on Form 10-K for the year ended December 31, 2023, under the captions Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations.

可能導致實際結果與前瞻性陳述所預期或暗示的結果存在重大差異的因素包括但不限於 B. Riley Financial, Inc. 不時向美國證券交易委員會提交的定期文件中所述的風險，包括但不限於 B. Riley's Financial Inc. 截至 2023 年 12 月 31 日的 10-K 表年度報告中「風險狀況」和「財務狀況所述的年度報告中「風險狀況」和「財務狀況」的年度報告中「風險狀況」和「財務狀況」。

Additional information will be set forth in B. Riley Financial's quarterly report on Form 10-Q for the three-month period ended September 30, 2024. These factors should be considered carefully, and participants are cautioned not to place undue reliance on such forward-looking statements. All information is current as of today's call, and B. Riley Financial undertakes no duty to update this information.

更多資訊將在 B. Riley Financial 截至 2024 年 9 月 30 日的三個月 10-Q 表季度報告中公佈。應仔細考慮這些因素，並告誡參與者不要過度依賴此類前瞻性陳述。所有資訊均為截至今天通話時的最新信息，B. Riley Financial 不承擔更新這些資訊的義務。

Thank you for joining us for today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。