Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 439

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 8
Chunk 439
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 nine months ended September 30, 2024 and a loss of $4.0 million during the nine months ended September 30, 2023. Interest expense was $102.2 million during the nine months ended September 30, 2024 compared to $118.6 million during the nine months ended September 30, 2023. The decrease in interest expense was due to lower debt balances during the nine months ended September 30, 2024. The decreases in interest expense primarily consisted of $14.4 million from the Pathlight term loan, $8.1 million from the issuance of senior notes, $7.5 million from the Nomura term loan, $4.0 million from the Nomura revolving credit facility, $0.4 million and $1.7 million from the Targus term loan and revolver, respectively, and $1.2 million from the BRPAC term loan, partially offset 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