Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 224

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 2
Chunk 224
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 by increases in interest expense of $2.1 million from the bebe term loan, and $0.6 million from the Nogin secured convertible promissory note. 

Loss from Continuing Operations Before Income Taxes. Loss from continuing operations before income taxes was $627.6 million during the nine months ended September 30, 2024 compared to loss before income taxes of $45.5 million during the nine months ended September 30, 2023. The change was due to a decrease in revenue of $514.7 million, a change in realized and unrealized losses on investments of $135.3 million, a decrease in operating expenses of $52.6 million, a decrease of $0.5 million in interest income, and a decrease of $5.4 million in dividend income, partially offset by a decrease in interest expense of $16.4 million.

Provision for Income Taxes. Provision for income taxes was $17.9 million during the nine months ended September 30, 2024 compared to a provision for income taxes of $3.0 million during the nine months ended September 30, 2023. The effective income tax rate was 2.9% for the nine months ended September 30, 2024 as compared to 6.7% for the nine months ended September 30, 2023.

Loss from Continuing Operations. Loss from continuing operations was $645.5 million during the nine months ended September 30, 2024 compared to loss of $48.5 million during the nine months ended September 30, 2023. The change was due to a change in operating (loss) income of $462.1 million, a decrease in realized and unrealized losses on investments of $135.3 million, a decrease of $0.5 million in interest income, and a decrease of $5.4 million in dividend income, partially offset by a change in provision for income taxes of $14.9 million and a decrease in interest expense of $16.4 million.

(Loss) Income from Discontinued Operations, Net of Income Taxes. On October 25, 2024, we and our subsidiary bebe stores, inc. (“bebe”) have completed a transaction for our brand assets yielding approximately $236.0 million in cash proceeds. The results have been presented as discontinued operations for the nine months ended September 30, 2024. Loss from discontinued operations, net of tax for Brands Transaction was $112.6 million