Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 150

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 1
Chunk 150
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 September 30, 2023. The increase was primarily due to increases of $9.6 million in payroll and related expenses related to a business acquired in the third quarter of 2023, an increase in headcount, and an increase in variable compensation, $1.4 million in change in fair value of contingent consideration, $0.9 million in legal settlements, $0.7 million in travel and entertainment expenses, $0.5 million in outside contractor expenses and $0.3 million in other expenses. 

Communications

Selling, general and administrative expenses in the Communications segment decreased $13.3 million to $70.9 million for the nine months ended September 30, 2024 from $84.2 million for the nine months ended September 30, 2023. The decrease was primarily due to decreases of $8.1 million in payroll and related expenses due to lower headcount, $3.0 million in depreciation and amortization expenses due to items being fully amortized, $1.6 million in regulatory taxes due to receiving credits, and $0.7 million in software and equipment. The decrease in payroll and related expenses and other expenses was primarily due to cost savings in 2024 resulting from the implementation of cost savings programs in second half of 2023 that included a reduction in headcount and other operating expenses and sale of the Lingo carrier business in the third quarter of 2024.

Consumer Products

Selling, general and administrative expenses in the Consumer Products segment decreased $8.3 million to $51.5 million for the nine months ended September 30, 2024 from $59.8 million during the nine months ended September 30, 2023. The decrease was primarily due to decreases of $1.9 million in depreciation and amortization expense due to items being fully amortized, $1.8 million in other expenses due to efforts to reduce costs, $1.5 million in professional fees partially due to large legal expense in the prior year, $1.2 million in payroll and related expenses due to reduced headcount, $0.6 million in travel and entertainment expenses, and $0.6 million in marketing costs, partially offset by an increase of $0.5 million in share based compensation due to a reversal of performance based shares in the prior year.

Corporate and All Other

Selling, general and administrative expenses for Corporate and All Other increased approximately $45.3 million to $114.1 million during the nine months