Company: RILYN
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0001628280-25-001398
Chunk: 173

Company: B. Riley Financial, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 173
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 operating activities are conducted in U.S. dollars. Revenues generated from our foreign subsidiaries totaled $80.5 million and $86.9 million during the six months ended June 30, 2024 and 2023, respectively, or 16.4%  and 10.4% of our total revenues of $491.4 million and $838.4 million. The financial statements of our foreign subsidiaries are translated into U.S. dollars at period-end rates, with the exception of revenues, costs, and expenses, which are translated at average rates during the reporting period. We include gains and losses resulting from foreign currency transactions in income, while we exclude those resulting from translation of financial statements from income and include them as a component of accumulated other comprehensive income (loss). Transaction gains (losses), which were included in our condensed consolidated statements of operations, amounted to a gain of $3.0 million and loss of $0.6 million during the six months ended June 30, 2024 and 2023, respectively. We may be exposed to foreign currency risk; however, our operating results during the six months ended June 30, 2024 and 2023, included $80.5 million and $86.9 million of revenues, respectively, and $11.9 million and $17.2 million of operating expenses from our foreign subsidiaries, respectively, and a 10% appreciation or depreciation of the U.S. dollar relative to the local currency exchange rates would result in an approximately $1.1 million and $0.1 million change in our operating income during the six months ended June 30, 2024 and 2023, respectively.

Item 4. Controls and Procedures. 

Evaluation of Disclosure Controls and Procedures

We maintain a system of disclosure controls and procedures (as defined in the Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that is designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer,