Heritage Global Inc. (NASDAQ:HGBL) Q4 2023 Earnings Conference Call March 14, 2024 5:00 PM ET

Company Participants

John Nesbett - Investor Relations

Ross Dove - Chief Executive Officer

Brian Cobb - Chief Financial Officer

Conference Call Participants

Mark Argento - Lake Street Capital Markets

George Sutton - Craig-Hallum

Michael Diana - Maxim Group

Operator

Ladies and gentlemen, greetings, and welcome to the Heritage Global Fourth Quarter and Year-End 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, John Nesbett, with IMS Investor Relations. Please go ahead.

John Nesbett

Thank you, and good afternoon, everyone. Before we begin, I’d to remind everyone that this conference call contains forward-looking statements based on our current expectations and projections about future events and are subject to change based on various important factors. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this call. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

Now I'd like to turn the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Ross?

Ross Dove

Thank you, John. Good evening, and thank you all for joining. This is a fun one. Even as a perennial optimist, this quarter exceeded my expectation, with us flowing by the $4 million goal for Q4, with $4.6 million in operating income. It brought our annual NOI past $14 million. I will soon turn the call over to Brian in a moment to give you the details in depth, then I'll come back and try to add some color on how and why and where we're headed.

When I was 12, I brought home a not-so-typical straight a report card. My mother, Zelda, sat at the kitchen table. She opened it up and said, now, kid, can you just keep doing this? Well, that's my goal here at Heritage Global. Thank you all. Brian, you're up.

Brian Cobb

Thank you, Ross, and welcome again to those tuning in. We greatly appreciate your ongoing support. Also, I want to thank the entire Heritage team for an outstanding year. I'm pleased to announce that we recorded full year 2023 operating income of $14.3 million. This was another strong quarter and year for Heritage Global as we saw continued progress across the business. We're continuing to see positive trends in our Industrial Assets division, with heightened macroeconomic pressures driving continued progress in our auction business.