B. Riley Financial, Inc. (NASDAQ:RILY) Q1 2024 Earnings Conference Call May 15, 2024 4:30 PM ET
Company Participants
Bryant Riley - Chairman, Co-Founder & Co-CEO
Phillip Ahn - CFO & COO
Tom Kelleher - Co-Founder & Co-CEO
Conference Call Participants
Sean Haydon - Charles Lane Capital
Paul Dwyer - Punch & Associates
Robert Heimowitz - Concise Capital Management
Operator
Good afternoon, and welcome to B. Riley Financial's First Quarter 2024 Earnings Call. My name is Ariel, and I will be your call coordinator.
Earlier today, B. Riley issued a press release and financial supplement detailing its results for the first quarter of 2024, which can be found on its Investor Relations website at ir.brileyfin.com.
Today's call includes prepared remarks from the company, followed by a question-and-answer session. Joining us today from B. Riley are Bryant Riley, Chairman, Co-Founder and Co-CEO; Tom Kelleher, Co-Founder and Co-CEO; and Phillip Ahn, CFO and COO. After management's remarks, we will open the line for questions. [Operator Instructions] As a reminder, this call is being recorded. An audio replay will be available on the company's Investor Relations website later today.
Today's call will also include non-GAAP measures. The reconciliation for these, as well as an explanation for the use of these metrics and a definition of these terms is available in the earnings press release and financial supplement, both of which are available on the company's Investor Relations website.
And before we conclude today's call, I will provide the necessary cautions regarding forward-looking statements.
Now, I will turn the call over to Mr. Bryant Riley. Mr. Riley, please proceed.
Bryant Riley
Thank you for joining our call this afternoon.
Before we get into these results for the quarter, I want to thank our employees, investors and partners for your continued patience throughout what has been a highly unusual period for our firm.
Against that backdrop, I'd like to start by putting our operating performance for the quarter into perspective and then providing some context on our investments.
We had a solid quarter from an operating perspective. We generated $66 million of operating adjusted EBITDA compared to $88 million in the same period last year. Our Advisory Services business had a record Q1, [BRS] (ph) saw increased fee income year-over-year despite a decrease in overall Capital Markets segment revenues, and Wealth Management operating margins have continued to improve. At the same time, we monetized investments consistent with our business model and used this capital to both repay outstanding debt while investing in attractive new opportunities, such as Nogin.