0001615774-17-006399.txt : 20171109 0001615774-17-006399.hdr.sgml : 20171109 20171109154051 ACCESSION NUMBER: 0001615774-17-006399 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 80 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171109 DATE AS OF CHANGE: 20171109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: B. Riley Financial, Inc. CENTRAL INDEX KEY: 0001464790 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 270223495 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37503 FILM NUMBER: 171190558 BUSINESS ADDRESS: STREET 1: 21255 BURBANK BLVD. STREET 2: SUITE 400 CITY: WOODLAND HILLS STATE: CA ZIP: 91367 BUSINESS PHONE: 818-884-3737 MAIL ADDRESS: STREET 1: 21255 BURBANK BLVD. STREET 2: SUITE 400 CITY: WOODLAND HILLS STATE: CA ZIP: 91367 FORMER COMPANY: FORMER CONFORMED NAME: Great American Group, Inc. DATE OF NAME CHANGE: 20090522 10-Q 1 s108021_10q.htm 10-Q

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2017

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from        to

 

Commission File Number 001-37503

 

 

B. RILEY FINANCIAL, INC.
(Exact Name of Registrant as Specified in Its Charter)

 

Delaware 27-0223495

(State or Other Jurisdiction of 

Incorporation or Organization)

(I.R.S. Employer Identification No.)
   

21255 Burbank Boulevard, Suite 400 

Woodland Hills, CA

91367

(Address of Principal Executive Offices) (Zip Code)

 

(818) 884-3737
(Registrant’s telephone number, including area code)

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one) 

 

  Large accelerated filer ☐   Accelerated filer ☒ 
  Non-accelerated filer ☐   Smaller reporting company ☐
  Emerging growth company☐    

              

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No ☒

 

As of November 6, 2017, there were 26,467,594 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

 

 

 

 

 

B. Riley Financial, Inc. 

Quarterly Report on Form 10-Q 

For The Quarter Ended September 30, 2017 

Table of Contents

 

    Page
     
PART I. FINANCIAL INFORMATION  
   
Item 1. Unaudited Financial Statements 3
     
  Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 3
     
  Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 4
     
  Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016 5
     
  Condensed Consolidated Statements of Equity for the nine months ended September 30, 2017 and 2016 6
     
  Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 7
     
  Notes to Condensed Consolidated Financial Statements 8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 49
     
Item 4. Controls and Procedures 49
     
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 50
     
Item 1A. Risk Factors 50
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51
     
Item 3. Defaults Upon Senior Securities 51
     
Item 4. Mine Safety Disclosures 51
     
Item 5. Other Information 51
     
Item 6. Exhibits 51
     
  Signatures 52

 

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Dollars in thousands, except par value)

 

   September 30,   December 31, 
   2017   2016 
   (Unaudited)     
Assets      
Assets    
Cash and cash equivalents  $102,409   $112,105 
Restricted cash   9,269    3,294 
Due from clearing brokers   21,580     
Securities and other investments owned, at fair value   95,965    16,579 
Securities borrowed   730,022     
Accounts receivable, net   19,924    18,989 
Due from related parties   6,082    3,009 
Advances against customer contracts   5,298    427 
Prepaid expenses and other assets   20,375    5,742 
Property and equipment, net   13,105    5,785 
Goodwill   100,903    48,903 
Other intangible assets, net   59,671    41,166 
Deferred income taxes   41,474    8,619 
Total assets  $1,226,077   $264,618 
Liabilities and Equity          
Liabilities          
Accounts payable  $4,046   $2,703 
Accrued expenses and other liabilities   58,954    53,168 
Deferred revenue   3,181    4,130 
Due to related parties and partners   1,244    10,037 
Securities sold not yet purchased   25,046    846 
Securities loaned   728,201     
Mandatorily redeemable noncontrolling interests   12,830    4,019 
Acquisition consideration payable       10,381 
Notes payable   2,364     
Senior notes payable   115,574    27,700 
Contingent consideration       1,242 
Total liabilities   951,440    114,226 
           
Commitments and contingencies          
B. Riley Financial, Inc. stockholders’ equity:          
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued        
Common stock, $0.0001 par value; 40,000,000 shares authorized; 26,461,568 and 19,140,342 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively   2    2 
Additional paid-in capital   259,047    141,170 
Retained earnings   15,956    9,887 
Accumulated other comprehensive loss   (321)   (1,712)
Total B. Riley Financial, Inc. stockholders’ equity   274,684    149,347 
Noncontrolling interests   (47)   1,045 
Total equity   274,637    150,392 
Total liabilities and equity  $1,226,077   $264,618 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3 

 

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except share data)

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2017   2016   2017   2016 
Revenues:         
Services and fees  $85,141   $50,300   $202,354   $90,505 
Interest income - Securities lending   7,206        9,424     
Sale of goods   79    6,666    221    6,668 
Total revenues   92,426    56,966    211,999    97,173 
Operating expenses:                    
Direct cost of services   10,138    12,841    46,224    25,084 
Cost of goods sold   124    2,391    313    2,393 
Selling, general and administrative expenses   70,962    22,727    132,836    48,844 
Restructuring charge   4,896    3,585    11,484    3,585 
Interest expense - Securities lending   4,950        6,515     
Total operating expenses   91,070    41,544    197,372    79,906 
Operating income   1,356    15,422    14,627    17,267 
Other income (expense):                    
Interest income   76    26    358    32 
Loss from equity investment   (157)       (157)    
Interest expense   (2,510)   (991)   (5,195)   (1,398)
(Loss) income before income taxes   (1,235)   14,457    9,633    15,901 
Benefit from (provision for) income taxes   1,357    (6,083)   7,753    (6,184)
Net income   122    8,374    17,386    9,717 
Net (loss) income attributable to noncontrolling interests   (246)   (565)   (283)   631 
Net income attributable to B. Riley Financial, Inc.  $368   $8,939   $17,669   $9,086 
                     
Basic income per share  $0.01   $0.47   $0.80   $0.51 
Diluted income per share  $0.01   $0.47   $0.76   $0.50 
                     
Cash dividends per share  $0.13   $0.03   $0.55   $0.03 
                     
Weighted average basic shares outstanding   26,059,490    18,977,072    22,180,808    17,805,127 
Weighted average diluted shares outstanding   27,639,862    19,191,035    23,385,014    18,009,158 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4 

 

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

 

   Three Months Ended
 September 30,
   Nine Months Ended
September 30,
 
   2017   2016   2017   2016 
Net income  $122   $8,374   $17,386   $9,717 
Other comprehensive income (loss):                    
Change in cumulative translation adjustment   345    (23)   1,391    (40)
Other comprehensive income (loss), net of tax   345    (23)   1,391    (40)
Total comprehensive income   467    8,351    18,777    9,677 
Comprehensive (loss) income attributable to noncontrolling interests   (246)   (565)   (283)   631 
Comprehensive income attributable to B. Riley Financial, Inc.  $713   $8,916   $19,060   $9,046 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5 

 

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(Unaudited)

(Dollars in thousands)

 

                   Accumulated         
                   Additional       Other         
   Preferred Stock   Common Stock   Paid-in   Retained   Comprehensive   Noncontrolling   Total 
   Shares   Amount   Shares   Amount   Capital   Earnings   Loss   Interests   Equity 
Balance, January 1, 2016      $    16,448,119   $2   $116,799   $(6,305)  $(1,058)  $(118)  $109,320 
Issuance of common stock for acquisition of MK Capital, LLC - contingent equity consideration on February 2, 2016           166,667                         
Vesting of restricted stock           7,306                         
Offering of common stock, net of offering expenses           2,420,980        22,759                22,759 
Share based payments                   1,831                1,831 
Dividends on common stock                       (571)           (571)
Net income for the nine months ended September 30, 2016                       9,086        1,209    10,295 
Foreign currency translation adjustment                           (40)       (40)
Balance, September 30, 2016      $    19,043,072   $2   $141,389   $2,210   $(1,098)  $1,091   $143,594 
                                              
Balance, January 1, 2017      $    19,140,342   $2   $141,170   $9,887   $(1,712)  $1,045   $150,392 
Issuance of common stock for acquisition of MK Capital, LLC - contingent equity consideration on February 2, 2017           166,666        1,151                1,151 
Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017           158,484        1,952                1,952 
Issuance of common stock for acquisition of FBR & Co. on June 1, 2017           4,779,354        73,472                73,472 
Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017           1,974,812        36,306                36,306 
Vesting of restricted stock, net of shares withheld for employer taxes           241,910        (2,683)               (2,683)
Share based payments                   7,679                7,679 
Dividends on common stock                       (11,600)           (11,600)
Net income for the nine months ended September 30, 2017                       17,669        (170)   17,499 
Distributions to noncontrolling interest                               (922)   (922)
Foreign currency translation adjustment                           1,391        1,391 
Balance, September 30, 2017      $    26,461,568   $2   $259,047   $15,956   $(321)  $(47)  $274,637 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6 

 

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

   Nine Months Ended
September 30,
 
   2017   2016 
Cash flows from operating activities:          
Net income  $17,386   $9,717 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
Depreciation and amortization   7,705    2,381 
Provision (recoveries) for doubtful accounts   827    (178)
Share-based compensation   7,679    1,831 
Recovery of key man life insurance   (6,000)    
Non-cash interest and other   319    147 
Effect of foreign currency on operations   (1,022)   640 
Loss from equity investment   157     
Deferred income taxes   (24,560)   1,839 
Impairment of leaseholds, lease loss accrual and loss on disposal of fixed assets   2,838     
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests   10,766    1,450 
Change in operating assets and liabilities:          
Due from clearing brokers   13,258     
Securities and other investments owned   (41,350)   16,515 
Securities borrowed   129,998     
Accounts receivable and advances against customer contracts   1,635    (1,871)
Goods held for sale or auction       (8,447)
Prepaid expenses and other assets   15,522    1,410 
Accounts payable, accrued payroll and related expenses, accrued value added tax payable and other accrued expenses   (38,597)   3,032 
Amounts due from related parties and partners   (12,313)   (488)
Securities sold, not yet purchased   7,700    (343)
Deferred revenue   (1,302)   963 
Securities loaned   (139,425)    
Auction and liquidation proceeds payable       (672)
Net cash (used in) provided by operating activities   (48,779)   27,926 
Cash flows from investing activities:          
Acquisition of Wunderlich, net of cash acquired $4,259   (25,478)    
Cash acquired from acquisition of FBR & Co.   15,738     
Acquisition of United Online, net of cash acquired $125,542 in 2016   (10,381)   (33,430)
Acquisition of other businesses   (2,052)    
Purchases of property and equipment   (550)   (297)
Proceeds from key man life insurance   6,000     
Proceeds from sale of property and equipment and intangible asset   619    15 
Equity investment   (1,015)    
Increase in restricted cash   (5,797)   (78,161)
Net cash used in investing activities   (22,916)   (111,873)
Cash flows from financing activities:          
Repayment of revolving line of credit       (272)
Proceeds from asset based credit facility   65,987    56,255 
Repayment of asset based credit facility   (65,987)   (56,255)
Repayment of notes payable   (8,214)    
Borrowings from participating note payable       61,400 
Payment of contingent consideration   (1,250)   (1,250)
Proceeds from issuance of senior notes   89,330     
Payment of debt issuance costs   (2,093)    
Proceeds from issuance of common stock       22,999 
Offering costs from issuance of common stock       (240)
Payment of employment taxes on vesting of restricted stock   (2,683)    
Dividends paid   (13,493)   (571)
Distribution to noncontrolling interests   (2,878)   (1,680)
Net cash provided by financing activities   58,719    80,386 
Decrease in cash and cash equivalents   (12,976)   (3,561)
Effect of foreign currency on cash   3,280    23 
Net decrease in cash and cash equivalents   (9,696)   (3,538)
Cash and cash equivalents, beginning of  year   112,105    30,012 
Cash and cash equivalents, end of period  $102,409   $26,474 
           
Supplemental disclosures:          
Interest paid  $11,513   $505 
Taxes paid  $11,668   $409 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

7 

 

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share data)

 

NOTE 1—ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Nature of Operations

 

B. Riley Financial, Inc. and its subsidiaries (collectively the “Company”) provide investment banking and financial services to corporate, institutional and high net worth clients, and asset disposition, valuation and appraisal and capital advisory services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional services firms throughout the United States, Australia, Canada, and Europe and with the acquisition of United Online, Inc. (“UOL”) on July 1, 2016, provide consumer Internet access and related subscription services.

 

The Company operates in four operating segments: (i) Capital Markets, through which the Company provides investment banking, corporate finance, securities lending, restructuring, research, sales and trading and wealth management services to corporate, institutional and high net worth clients; (ii) Auction and Liquidation, through which the Company provides auction and liquidation services to help clients dispose of assets that include multi-location retail inventory, wholesale inventory, trade fixtures, machinery and equipment, intellectual property and real property; (iii) Valuation and Appraisal, through which the Company provides valuation and appraisal services to clients with independent appraisals in connection with asset based loans, acquisitions, divestitures and other business needs; and (iv) Principal Investments - United Online, through which the Company provides consumer Internet access and related subscription services.

 

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a)Principles of Consolidation and Basis of Presentation

 

The condensed consolidated financial statements include the accounts of B. Riley Financial, Inc. and its wholly-owned and majority-owned subsidiaries. The condensed consolidated financial statements also include the accounts of (a) Great American Global Partners, LLC which is controlled by the Company as a result of its ownership of a 50% member interest, appointment of two of the three executive officers and significant influence over the funding of operations, and (b) GA Retail Investments, L.P. which is controlled by the Company as a result of its ownership of a 50% partnership interest, appointment of executive officers and significant influence over the operations. The condensed consolidated financial statements have been prepared by the Company, without audit, pursuant to interim financial reporting guidelines and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the periods presented have been included. These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on March 10, 2017. The results of operations for the nine months ended September 30, 2017 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future periods.

 

(b)Use of Estimates

 

The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items such as valuation of securities, reserves for accounts receivable and slow moving goods held for sale or auction, the carrying value of intangible assets and goodwill, the fair value of mandatorily redeemable noncontrolling interests, fair value of share-based arrangements, fair value of contingent consideration in business combination’s and accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.

 

8 

 

 

(c)

Revenue Recognition

 

Revenues are recognized in accordance with the accounting guidance when persuasive evidence of an arrangement exists, the related services have been provided, the fee is fixed or determinable, and collection is reasonably assured.

 

Revenues in the Capital Markets segment are primarily comprised of (i) fees earned from corporate finance, investment banking, restructuring and wealth management services; (ii) revenues from sales and trading activities; and (iii) interest income from securities lending activities.

 

Fees earned from corporate finance and investment banking services are derived from debt, equity and convertible securities offerings in which the Company acted as an underwriter or placement agent and from financial advisory services rendered in connection with client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. Fees from underwriting activities are recognized in earnings when the services related to the underwriting transaction are completed under the terms of the engagement and when the income was determined and is not subject to any other contingencies.

 

Fees earned from wealth management services consist primarily of investment management fees that are recognized over the period the services are provided. Investment management fees are primarily comprised of fees for investment management services and are generally based on the dollar amount of the assets being managed.

 

Revenues from sales and trading include (i) commissions resulting from equity securities transactions executed as agent or principal and are recorded on a trade date basis; (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders; (iii) fees paid for equity research; and (iv) principal transactions which include realized and unrealized gains and losses and interest and dividend income resulting from our principal investments in equity and other securities for the Company’s account.

 

Revenues from securities lending activities consist of interest income from equity and fixed income securities that are borrowed from one party and loaned to another. The Company maintains relationships with a broad group of banks and broker-dealers to facilitate the sourcing, borrowing and lending of equity and fixed income securities in a “matched book” to limit the Company’s exposure to fluctuations in the market value or securities borrowed and securities loaned.

 

Revenues in the Auction and Liquidation segment are comprised of (i) commissions and fees earned on the sale of goods at auctions and liquidations; (ii) revenues from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation; (iii) revenue from the sale of goods that are purchased by the Company for sale at auction or liquidation sales events; (iv) fees earned from real estate services and the origination of loans; (v) revenues from financing activities is recorded over the lives of related loans receivable using the interest method; and (vi) revenues from contractual reimbursable expenses incurred in connection with auction and liquidation contracts.

 

Commission and fees earned on the sale of goods at auction and liquidation sales are recognized when evidence of an arrangement exists, the sales price has been determined, title has passed to the buyer and the buyer has assumed the risks of ownership, and collection is reasonably assured. The commission and fees earned for these services are included in revenues in the accompanying condensed consolidated statements of operations. Under these types of arrangements, revenues also include contractual reimbursable costs.

 

Revenues earned from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation are recognized based on proceeds received. The Company records proceeds received from these types of engagements first as a reduction of contractual reimbursable expenses, second as a recovery of its guarantee and thereafter as revenue, subject to such revenue meeting the criteria of having been fixed or determinable. Contractual reimbursable expenses and amounts advanced to customers for minimum guarantees are initially recorded as advances against customer contracts in the accompanying condensed consolidated balance sheets. If, during the auction or liquidation sale, the Company determines that the proceeds from the sale will not meet the minimum guaranteed recovery value as defined in the auction or liquidation services contract, the Company accrues a loss on the contract in the period that the loss becomes known.

 

The Company also evaluates revenue from auction and liquidation contracts in accordance with the accounting guidance to determine whether to report Auction and Liquidation segment revenue on a gross or net basis. The Company has determined that it acts as an agent in a substantial majority of its auction and liquidation services contracts and therefore reports the auction and liquidation revenues on a net basis.

 

Revenues from the sale of goods are recorded gross and are recognized in the period in which the sale of goods held for sale or auction are completed, title to the property passes to the purchaser and the Company has fulfilled its obligations with respect to the transaction. These revenues are primarily the result of the Company acquiring title to merchandise with the intent of selling the items at auction or for augmenting liquidation sales. For liquidation contracts where we take title to retail goods, our net sales represent gross sales invoiced to customers, less certain related charges for discounts, returns, and other promotional allowances and are recorded net of sales or value added tax.

 

9 

 

 

Revenues in the Valuation and Appraisal segment are primarily comprised of fees for valuation and appraisal services. Revenues are recognized upon the delivery of the completed services to the related customers and collection of the fee is reasonably assured. Revenues in the Valuation and Appraisal segment also include contractual reimbursable costs.

 

Revenues in the Principal Investments - United Online segment are primarily comprised of services revenues, which are derived primarily from fees charged to pay accounts; advertising and other revenues; and products revenues, which are derived primarily from the sale mobile broadband service devices, including the related shipping and handling fees.

 

Service revenues are derived primarily from fees charged to pay accounts and are recognized in the period in which fees are fixed or determinable and the related services are provided to the customer. The Company’s pay accounts generally pay in advance for their services by credit card, PayPal, automated clearinghouse or check, and revenues are then recognized ratably over the service period. Advance payments from pay accounts are recorded in the condensed consolidated balance sheets as deferred revenue. In circumstances where payment is not received in advance, revenues are only recognized if collectability is reasonably assured.

 

Advertising revenues consist primarily of amounts from the Company’s Internet search partner that are generated as a result of users utilizing the partner’s Internet search services and amounts generated from display advertisements. The Company recognizes such advertising revenues in the period in which the advertisement is displayed or, for performance-based arrangements, when the related performance criteria are met. In determining whether an arrangement exists, the Company ensures that a written contract is in place, such as a standard insertion order or a customer-specific agreement. The Company assesses whether performance criteria have been met and whether the fees are fixed or determinable based on a reconciliation of the performance criteria and the payment terms associated with the transaction. The reconciliation of the performance criteria generally includes a comparison of customer-provided performance data to the contractual performance obligation and to internal or third-party performance data in circumstances where that data is available.

 

(d)Direct Cost of Services

 

Direct cost of services relate to service and fee revenues. The costs consist of employee compensation and related payroll benefits, travel expenses, the cost of consultants assigned to revenue-generating activities and direct expenses billable to clients in the Valuation and Appraisal segment. Direct costs of services include participation in profits under collaborative arrangements in which the Company is a majority participant. Direct costs of services also include the cost of consultants and other direct expenses related to auction and liquidation contracts pursuant to commission and fee based arrangements in the Auction and Liquidation segment. Direct cost of services in the Principal Investments - United Online segment include cost of telecommunications and data center costs, personnel and overhead-related costs associated with operating the Company’s networks and data centers, depreciation of network computers and equipment, third party advertising sales commissions, license fees, costs related to providing customer support, costs related to customer billing and processing of customer credit cards and associated bank fees. Direct cost of services does not include an allocation of the Company’s overhead costs.

 

(e)Interest Expense - Securities Lending Activities

 

Interest expense from securities lending activities is included in operating expenses related to operations in the Capital Markets segment.  Interest expense from securities lending activities is incurred from equity and fixed income securities that are loaned to the Company.

 

(f)Concentration of Risk

 

Revenue from one liquidation engagement represented 24.4% of total revenues during the three months ended September 30, 2016 and 15.6% of total revenues during the nine months ended September 30, 2016. Revenues in the Capital Markets, Valuation and Appraisal and Principal Investments - United Online segments are currently primarily generated in the United States. Revenues in the Auction and Liquidation segment are primarily generated in the United States, Australia, Canada and Europe.

 

The Company’s activities in the Auction and Liquidation segment are executed frequently with, and on behalf of, distressed customers and secured creditors. Concentrations of credit risk can be affected by changes in economic, industry, or geographical factors. The Company seeks to control its credit risk and potential risk concentration through risk management activities that limit the Company’s exposure to losses on any one specific liquidation services contract or concentration within any one specific industry. To mitigate the exposure to losses on any one specific liquidation services contract, the Company sometimes conducts operations with third parties through collaborative arrangements.

 

10 

 

 

The Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses in such accounts. The Company also has substantial cash balances from proceeds received from auctions and liquidation engagements that are distributed to parties in accordance with the collaborative arrangements.

 

(g)Advertising Expenses

 

The Company expenses advertising costs, which consist primarily of costs for printed materials, as incurred. Advertising costs totaled $183 and $339 for the three months ended September 30, 2017 and 2016, respectively, and $1,227 and $1,235 for the nine months ended September 30, 2017 and 2016, respectively. Advertising expense is included as a component of selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

(h)Share-Based Compensation

 

The Company’s share-based payment awards principally consist of grants of restricted stock and restricted stock units. In accordance with the applicable accounting guidance, share-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company measures compensation cost for the grant of membership interests at fair value on the date of grant and recognizes compensation expense in the condensed consolidated statements of operations over the requisite service or performance period the award is expected to vest. The fair value of the liability-classified award will be subsequently remeasured at each reporting date through the settlement date. Change in fair value during the requisite service period will be recognized as compensation cost over that period.

 

(i)Restructuring Charge

 

The Company recorded a restructuring charge in the amount of $11,484 during the nine months ended September 30, 2017. In the second and third quarters of 2017, the Company implemented costs savings measures taking into account the planned synergies as a result of the acquisition of FBR & Co. (“FBR”) and Wunderlich Investment Company, Inc. (“Wunderlich”), as more fully described in Note 3, which included a reduction in force for some of the corporate executives of FBR’s and Wunderlich and a restructuring to integrate FBR and Wunderlich’s operations with the Company’s existing operations. These initiatives resulted in a restructuring charge of $6,105 in the second quarter of 2017 and $4,746 in the third quarters of 2017. The restructuring charges during the second and third quarter of 2017 included $2,400 related to severance and $884 related to the accelerated vesting of restricted stock awards to former corporate executives of FBR and Wunderlich and $3,109 of severance and $1,710 related to accelerated vesting of stock awards to employees and $2,748 of lease loss accruals and impairments for the planned consolidation of office space related to operations of FBR and Wunderlich. Of the $10,851 of restructuring charges related to these initiatives, $7,245 related to the Capital Markets segment and $3,606 related to corporate overhead. The restructuring charge in 2017 also included employee termination costs of $150 and $633 in the third quarter and the nine months ended 2017, respectively, related to a reduction in personnel in the principal investments – United Online segment of our operations.

 

The following table summarizes the changes in accrued restructuring charge during the nine months ended September 30, 2017:

 

   Nine Months Ended
   September 30, 2017
Accrued restructuring charge, beginning of year  $694 
Restructuring charge   11,484 
Cash paid   (4,880)
Non-cash items   (3,939)
Accrued restructuring charge, end of period  $3,359 

  

11 

 

 

The following tables summarize the restructuring activities during the three and nine months ended September 30, 2017 and 2016:

  

   Three Months Ended September 30, 
   2017   2016 
   Capital
Markets
   Principal
Investments -
United
Online
   Corporate   Total   Capital
Markets
   Principal
Investments -
United
Online
   Corporate   Total 
Restructuring charge:                                        
Employee termination costs  $2,285   $150   $1,102   $3,537   $   $3,187   $   $3,187 
Facility closure and consolidation charge   1,037        322    1,359            398    398 
Total restructuring charge  $3,322   $150   $1,424   $4,896   $   $3,187   $398   $3,585 

  

   Nine Months Ended September 30, 
   2017   2016 
   Capital
Markets
   Principal
Investments -
United
Online
   Corporate   Total   Capital
Markets
   Principal
Investments -
United
Online
   Corporate   Total 
Restructuring charge:                                        
Employee termination costs  $4,819   $633   $3,284   $8,736   $   $3,187   $   $3,187 
Facility closure and consolidation charge   2,426        322    2,748            398    398 
Total restructuring charge  $7,245   $633   $3,606   $11,484   $   $3,187   $398   $3,585 

 

(j)Income Taxes

 

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced.

 

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Once this threshold has been met, the Company’s measurement of its expected tax benefits is recognized in its financial statements. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.

 

(k)Cash and Cash Equivalents

 

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

 

(l)Restricted Cash

 

As of September 30, 2017, restricted cash balance of $9,269 included $8,759 of cash collateral related to certain retail liquidation engagements and $510 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary and collateral for one of our telecommunication supplier. As of December 31, 2016, restricted cash balance of $3,294 included $1,440 of cash collateral related to a retail liquidation engagement in Australia, $1,320 of cash collateral for foreign exchange contracts and $534 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary and collateral for one of our telecommunication suppliers.

 

12 

 

 

(m)Securities Borrowed and Securities Loaned

 

Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate.

 

The Company accounts for securities lending transactions in accordance with Accounting Standards Update (“ASU”) 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” requiring companies to report disclosures of offsetting assets and liabilities. The Company does not net securities borrowed and securities loaned and these items are presented on a gross basis in the condensed consolidated balance sheets.

 

(n)Due from/to Brokers, Dealers, and Clearing Organizations

 

The Company clears all of its proprietary and customer transactions through other broker-dealers on a fully disclosed basis. The amount receivable from or payable to the clearing brokers represents the net of proceeds from unsettled securities sold, the Company’s clearing deposit and amounts receivable for commissions less amounts payable for unsettled securities purchased by the Company and amounts payable for clearing costs and other settlement charges. This amount also includes the cash collateral received for securities loaned less cash collateral for securities borrowed. Any amounts payable would be fully collateralized by all of the securities owned by the Company and held on deposit at the clearing broker.

 

(o)Accounts Receivable

 

Accounts receivable represents amounts due from the Company’s auction and liquidation, valuation and appraisal, capital markets and principal investments - United Online customers. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes a specific customer identification methodology. Management also considers historical losses adjusted for current market conditions and the customers’ financial condition and the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. Bad debt expense and changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2017 and 2016 are included in Note 5.

 

(p)Advances Against Customer Contracts

 

Advances against customer contracts represent advances of contractually reimbursable expenses incurred prior to, and during the term of the auction and liquidation services contract. These advances are charged to expense in the period that revenue is recognized under the contract.

 

(q)Property and Equipment

 

Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Property and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Depreciation and amortization expense was $1,243 and $531 for the three months ended September 30, 2017 and 2016, respectively, and $2,458 and $706 for the nine months ended September 30, 2017 and 2016, respectively.

 

(r)Securities Owned and Securities Sold Not Yet Purchased

 

Securities owned consist of marketable securities and investments in partnership interests and other securities recorded at fair value. Securities sold, but not yet purchased represents obligations of the Company to deliver the specified security at the contracted price and thereby create a liability to purchase the security in the market at prevailing prices. Changes in the value of these securities are reflected currently in the results of operations.

 

13 

 

 

As of September 30, 2017 and December 31, 2016, the Company’s securities owned and securities sold not yet purchased at fair value consisted of the following securities:

 

   September 30,
2017
   December 31,
2016
 
Securities and other investments owned:          
Common stocks and warrants  $41,412   $2,084 
Corporate bonds   6,328    1,025 
Loan receivable   26,868     
Partnership interests and other   21,357    13,470 
   $95,965   $16,579 
           
Securities sold not yet purchased:          
Common stocks  $23,570   $ 
Corporate bonds   982    846 
Partnership interests and other   494     
   $25,046   $846 

 

(s)Fair Value Measurements

 

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) for identical instruments that are highly liquid, observable and actively traded in over-the-counter markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

The Company’s securities and other investments owned and securities sold and not yet purchased are comprised of common stocks and warrants, corporate bonds, loans receivable and investments in partnerships. Investments in common stocks are based on quoted prices in active markets which are included in Level 1 of the fair value hierarchy. The Company also holds nonpublic common stocks and warrants for which there is little or no public market and fair value is determined by management on a consistent basis. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks. These investments are included in Level 3 of the fair value hierarchy. Investments in partnership interests include investments in private equity partnerships that primarily invest in equity securities, bonds, and direct lending funds. The Company’s partnership interests are valued based on the Company’s proportionate share of the net assets of the partnership which is derived from the most recent statements received from the general partner which are included in Level 2 of the fair value hierarchy. The Company also invests in proprietary investment funds that are valued at net asset value (“NAV”) determined by the fund administrator. The underlying securities held by these investment companies are primarily corporate and asset-backed fixed income securities and restrictions exist on the redemption of amounts invested by the Company. As a practical expedient, the Company relies on the NAV of these investments as their fair value. The NAVs that have been provided by the fund administrators are derived from the fair values of the underlying investments as of the reporting date. In accordance with ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” (“ASU 2015-07”), these investment funds are not categorized within the fair value hierarchy.

 

14 

 

 

The fair value of mandatorily redeemable noncontrolling interests is determined based on the issuance of similar interests for cash, references to industry comparables, and relied, in part, on information obtained from appraisal reports and internal valuation models.

 

The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2017 and December 31, 2016.

 

   Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at September 30, 2017, Using
 
   Fair value at
September 30,
2017
   Quoted prices in
active markets
identical assets
(Level 1)
   Other
observable inputs
(Level 2)
   Significant
unobservable
inputs
(Level 3)
 
Assets:                
Securities and other investments owned:                    
Common stocks and warrants  $41,412   $31,430   $   $9,982 
Corporate bonds   6,328        6,328     
Loan receivable   26,868            26,868 
Partnership interests and other   16,505    4,462    187    11,856 
Total assets measured at fair value  $91,113   $35,892   $6,515   $48,706 
                     
Liabilities:                    
Securities sold not yet purchased:                    
Common stocks  $23,569   $23,569   $   $ 
Corporate bonds   982        982      
Partnership interests and other   495        495     
Total securities sold not yet purchased   25,046    23,569    1,477     
                     
Mandatorily redeemable noncontrolling interests issued after November 5, 2003   12,830            12,830 
Total liabilities measured at fair value  $37,876   $23,569   $1,477   $12,830 

  

   Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at December 31, 2016, Using
 
   Fair value at
December 31,
2016
   Quoted prices in
active markets
identical assets
(Level 1)
   Other
observable
inputs
(Level 2)
   Significant
unobservable
inputs
(Level 3)
 
Assets:                
Securities and other investments owned:                    
Common stocks  $2,084   $1,785   $   $299 
Corporate bonds   1,025        865    160 
Partnership interests   13,470        44    13,426 
Total assets measured at fair value  $16,579   $1,785   $909   $13,885 
                     
Liabilities:                    
Securities sold not yet purchased:  $846   $   $846   $ 
Corporate bonds                    
                     
Mandatorily redeemable noncontrolling interests issued after November 5, 2003   3,214            3,214 
                     
Contingent consideration   1,242            1,242 
Total liabilities measured at fair value  $5,302   $   $846   $4,456 

 

15 

 

 

As of September 30, 2017, securities and other investments owned included $4,852 of investment funds valued at NAV per share. As such, total securities and other investments owned of $95,965 in the condensed consolidated balance sheets at September 30, 2017 included investments in investment funds of $4,852 and securities and other investments owned in the amount of $91,113 as outlined in the fair value table above.

 

As of September 30, 2017 and December 31, 2016, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $48,706 and $13,885, respectively, or 4.0% and 5.2%, respectively, of the Company’s total assets. In determining the fair value for these Level 3 financial assets, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable, over-the-counter market trading activity.

 

The changes in Level 3 fair value hierarchy during the nine months ended September 30, 2017 and 2016 are as follows:

 

                         
   Level 3   Level 3 Changes During the Period   Level 3 
   Balance at   Fair   Relating to   Purchases,   Transfer in   Balance at 
   Beginning of   Value   Undistributed   Sales and   and/or out   End of 
   Period   Adjustments   Earnings   Settlements   of Level 3   Period 
Nine Months Ended September 30, 2017                        
Common stocks and warrants  $299   $(463)  $   $10,146   $   $9,982 
Corporate bonds   160                (160)    
Loan receivable       1,375        25,493        26,868 
Partnership interests and other   13,426    2,820        (4,390)       11,856 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003   3,214    9,000    (190)       806    12,830 
Contingent consideration   1,242    8        (1,250)        
                               
Nine Months Ended September 30, 2016                              
Common stocks  $290   $(15)  $   $   $   $275 
Corporate bonds       (409)       569        160 
Partnership interests   1,766    123    418    94        2,401 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003   2,330        (96)           2,234 
Contingent consideration   2,391    78        (1,250)       1,219 

   

The fair value adjustment for contingent consideration of $8 and $78 represents imputed interest for the nine months ended September 30, 2017 and 2016, respectively. The Company had a triggering event in the second quarter of 2017 for the mandatorily redeemable noncontrolling interests that resulted in a fair value adjustment of $6,050 of the total fair value adjustment of $9,000 for the nine months ended September 30, 2017. In connection with this event, the Company received proceeds of $6,000 from key man life insurance. These amounts have been recorded in the condensed consolidated statements of operations in Selling, general and administrative expenses in the corporate segment. The amount reported in the table above also for the nine months ended September 30, 2017 and 2016 includes the amount of undistributed earnings attributable to the noncontrolling interests that is distributed on a quarterly basis.

 

The carrying amounts reported in the condensed consolidated financial statements for cash, restricted cash, accounts receivable, accounts payable, accrued payroll and related, accrued value added tax, income taxes payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturity of these instruments.

 

The carrying amount of the senior notes payable approximates fair value because the contractual interest rates or effective yields of such instruments are consistent with current market rates of interest for instruments of comparable credit risk.

 

During the nine months ended September 30, 2017 and 2016, there were no assets or liabilities measured at fair value on a non-recurring basis.

 

(t)Contingent Consideration

 

In connection with the acquisition of MK Capital Advisors, LLC (“MK Capital”) on February 2, 2015, the purchase agreement required the payment of contingent consideration to the former members of MK Capital in the form of future cash payments of $1,250 and issuance of 166,667 shares of common stock on the first anniversary date of the closing (February 2, 2016) and a final cash payment of $1,250 and issuance of 166,666 shares of common stock on the second anniversary date of the closing (February 2, 2017). The contingent cash consideration was classified as a liability in the condensed consolidated balance sheets in accordance with ASC 805, “Business Combination” (“ASC 805”). The fair value of the contingent cash consideration was discounted at 8.0%. The balance of the contingent consideration liability in the condensed consolidated balance sheets was $1,242 (discount of $8) at December 31, 2016. Imputed interest expense totaled $23 for the three months ended September 30, 2016 and $8 and $78 for the nine months ended September 30, 2017 and 2016, respectively. The fair value of the contingent stock consideration was classified as equity in accordance with ASC 805.

  

16 

 

 

The contingent cash and stock consideration was payable on the first and second anniversary dates of the closing provided that MK Capital generated a minimum amount of gross revenues as defined in the purchase agreement for the twelve months following the first and second anniversary dates of the closing. MK Capital achieved the minimum amount of revenues for the first and second anniversary periods and the contingent cash consideration and contingent stock consideration for the first anniversary period was paid and issued on February 2, 2016 and for the second anniversary period was paid and issued on February 2, 2017. Upon the payment of the contingent stock consideration on February 2, 2017, the Company recorded a deferred tax asset and an increase to additional paid-in capital in the amount of $1,151 in accordance with ASC 805.

 

(u)Derivative and Foreign Currency Translation

 

The Company periodically uses derivative instruments, which primarily consist of the purchase of forward exchange contracts, for certain auction and liquidation engagements with operations outside the United States. During the nine months ended September 30, 2017, the Company’s use of derivatives consisted of the purchase of forward exchange contracts in the amount of $25,000 Australian dollars that was settled on January 31, 2017. During the nine months ended September 30, 2016, the Company’s use of derivatives consisted of the purchase of forward exchange contracts (a) in the amount of $10,200 Canadian dollars that was settled at various periods prior to August 31, 2016, (b) in the amount of $20,000 Australian dollars that was settled on December 30, 2016, and (c) 5,600 Euro’s that was settled on December 30, 2016. The forward exchange contract was entered into to improve the predictability of cash flows related to a retail store liquidation engagement that was completed in December 2016. The net loss from forward exchange contracts was $33 and $103 during the three and nine months ended September 30, 2017, respectively, and $76 and $115 during the three and nine months ended September 30, 2016, respectively. This amount is reported as a component of selling, general and administrative expenses in the condensed consolidated statements of operations.

 

The Company transacts business in various foreign currencies. In countries where the functional currency of the underlying operations has been determined to be the local country’s currency, revenues and expenses of operations outside the United States are translated into United States dollars using average exchange rates while assets and liabilities of operations outside the United States are translated into United States dollars using period-end exchange rates. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Transaction losses were $389 and $511 during the three months ended September 30, 2017 and 2016, respectively, and $919 and $531 during the nine months ended September 30, 2017 and 2016, respectively. These amounts are included in selling, general and administrative expenses in our condensed consolidated statements of operations.

 

(v)Common Stock Warrants

 

The Company issued 821,816 warrants to purchase common stock of the Company in connection with the acquisition of Wunderlich on July 3, 2017. The common stock warrants entitle the holders of the warrants to acquire shares of the Company’s common stock from the Company at a price of $17.50 per share (the “Exercise Price”), subject to, among other matters, the proper completion of an exercise notice and payment. The Exercise Price and the number of shares of Company common stock issuable upon exercise are subject to customary anti-dilution and adjustment provisions, which include stock splits, subdivisions or reclassifications of the Company’s common stock. The common stock warrants expire on July 3, 2022.

 

(w)Recent Accounting Pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02: Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. ASU 2016-02 will be effective for the Company in fiscal year 2019, but early application is permitted. The Company is currently evaluating the impact of this update on the consolidated financial statements.

 

17 

 

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Under this guidance, revenue is recognized at the time when goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This standard sets forth a five-step revenue recognition model which replaces the current revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance. In March, April, May and December 2016, the FASB issued amendments to this new guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements and other narrow scope improvements. This standard is effective in the first quarter of 2018 for public companies and requires either a retrospective or a modified retrospective approach to adoption.  The Company believes the adoption of this standard may impact engagements that contain performance-based arrangements in which a success or completion fee is earned when and if certain predefined outcomes occur and engagements and contracts where services are provided under fixed-fees arrangements that have multiple performance obligations. The Company has not completed an assessment and has not yet determined whether the impact of the adoption of this standard on the consolidated financial statements will be material. The Company will adopt this standard on January 1, 2018 but have not concluded on a transition approach. The Company expects to complete the assessment process, including selecting a transition method for adoption during fourth quarter of 2017.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for us in our first quarter of fiscal year 2019, but early application is permitted. The Company has not yet adopted this update and is currently evaluating the impact it may have on its financial condition and results of operations.

 

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment.   This standard simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.  The revised guidance will be applied prospectively, and is effective for calendar year-end SEC filers for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019.  Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.  The Company has not yet adopted this update and currently evaluating the effect this new standard will have on its financial condition and results of operations.

 

NOTE 3— ACQUISITIONS

 

Acquisition of Wunderlich Investment Company, Inc.

 

On May 17, 2017, the Company entered into a Merger Agreement (the “Wunderlich Merger Agreement”) with Wunderlich, a Delaware Corporation. Pursuant to the Wunderlich Merger Agreement, customary closing conditions were satisfied and the acquisition was completed on July 3, 2017. In connection with the Wunderlich acquisition on July 3, 2017, the total consideration of $66,043 paid to Wunderlich shareholders was comprised of (a) cash in the amount of $29,737; (b) 1,974,812 newly issued shares of the Company’s common stock at closing which were valued at $31,414 for accounting purposes determined based on the closing market price of the Company’s shares of common stock on the acquisition date on July 3, 2017, less a 13.3% discount for lack of marketability as the shares issued are subject to certain escrow provisions and restrictions that limit their trade or transfer; and (c) 821,816 newly issued common stock warrants with an estimated fair value of $4,892. The common stock and common stock warrants issued includes 387,365 common shares and 167,352 common stock warrants that are held in escrow and subject to forfeiture to indemnify the Company for certain representations and warranties in connection with the acquisition. The Company believes that the acquisition of Wunderlich will allow the Company to benefit from wealth management, investment banking, corporate finance, and sales and trading services provided by Wunderlich. The acquisition of Wunderlich is accounted for using the purchase method of accounting. The Company also entered into a registration rights agreement with certain shareholders of Wunderlich (the “Registration Rights Agreement”) on July 3, 2017 for the shares issued in connection with the Wunderlich Merger Agreement. The Registration Rights Agreement provides the Wunderlich shareholders with the right to notice of and, subject to certain conditions, the right to register shares of the Company’s common stock in certain future registered offerings of shares of the Company’s common stock.

 

The assets and liabilities of Wunderlich, both tangible and intangible, were recorded at their estimated fair values as of the July 3, 2017 acquisition date for Wunderlich. The application of the purchase method of accounting resulted in goodwill of $33,568 which represents the benefits from synergies with our existing business and acquired workforce. Acquisition related costs, such as legal, accounting, valuation and other professional fees related to the acquisition of Wunderlich, were charged against earnings in the amount of approximately $53 and included in selling, general and administrative expenses in the condensed consolidated statements of operations for the nine months ended September 30, 2017. The preliminary purchase accounting for the acquisition has been accounted for as a stock purchase with all of the recognized goodwill is expected to be non-deductible for tax purposes.

 

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The preliminary purchase price allocation was as follows:

 

Consideration paid by B. Riley:     
Cash paid  $29,737 
Fair value of 1,974,812 B. Riley common shares issued   31,414 
Fair value of 821,816 B. Riley common stock warrants issued   4,892 
Total consideration  $66,043 

  

The preliminary assets acquired and assumed was as follows:

 

Tangible assets acquired and assumed:     
Cash and cash equivalents  $4,259 
Securities owned   1,413 
Accounts receivable   3,193 
Due from clearing broker   15,133 
Prepaid expenses and other assets   10,248 
Property and equipment   2,315 
Deferred taxes   8,067 
Accounts payable   (517)
Accrued payroll and related expenses   (6,387)
Accrued expenses and other liabilities   (9,773)
Securities sold, not yet purchased   (1,707)
Notes payable   (10,579)
Customer relationships   15,440 
Trademarks   1,370 
Goodwill   33,568 
Total  $66,043 

 

The revenue and loss of Wunderlich included in our condensed consolidated financial statements for the period from July 3, 2017 (the date of acquisition) through September 30, 2017 were $20,412 and $1,928, respectively. The loss from Wunderlich of $1,928 includes a restructuring charge in the amount of $1,387 related primarily to severance costs and lease loss accruals for the planned consolidation of office space related to operations in the Capital Markets segment.

 

Acquisition of FBR & Co.

 

On February 17, 2017, the Company entered into an Agreement and Plan of Merger (the “FBR Merger Agreement”) with FBR, pursuant to which FBR was to merge with and into the Company (or a subsidiary of the Company), with the Company (or its subsidiary) as the surviving corporation (the “Merger”). On May 1, 2017, the Company and FBR filed a registration statement for the planned Merger. The stockholders of the Company and FBR approved the acquisition on June 1, 2017, customary closing conditions were satisfied and the acquisition was completed on June 1, 2017. Subject to the terms and conditions of the FBR Merger Agreement, each outstanding share of FBR common stock (“FBR Common Stock”) was converted into the right to receive 0.671 of a share of the Company’s common stock as summarized below. The Company believes that the acquisition of FBR will allow the Company to benefit from investment banking, corporate finance, securities lending, research, and sales and trading services provided by FBR and planned synergies from the elimination of duplicate corporate overhead and management functions with the Company. The acquisition of FBR is accounted for using the purchase method of accounting.

 

The assets and liabilities of FBR, both tangible and intangible, were recorded at their estimated fair values as of the June 1, 2017 acquisition date for FBR. The application of the purchase method of accounting resulted in goodwill of $14,528 which represents expected overhead synergies and acquired workforce. Acquisition related costs, such as legal, accounting, valuation and other professional fees related to the acquisition of FBR, were charged against earnings in the amount of approximately $1,389 and included in selling, general and administrative expenses in the condensed consolidated statement of operations for the nine months ended September 30, 2017. The preliminary purchase accounting for the acquisition has been accounted for as a stock purchase with all of the recognized goodwill is expected to be non-deductible for tax purposes.

 

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The preliminary purchase price allocation was as follows:

 

Consideration paid by B. Riley:   
Number of FBR Common Shares outstanding at June 1, 2017   7,099,511 
Stock merger exchange ratio   0.671 
Number of B. Riley common shares   4,763,772 
Number of B. Riley common shares to be issued from acceleration of vesting for outstanding FBR stock options, restricted stock and RSU awards   67,861 
Total number of B. Riley common shares to be issued   4,831,633 
Closing market price of B. Riley common shares on December 31, 2016  $14.70 
Total value of B. Riley common shares   71,025 
Fair value of RSU’s attributable to service period prior to June 1, 2017 (a)   2,446 
Total consideration  $73,471 

 

(a)Outstanding FBR restricted stock awards at June 1, 2017, the date of the acquisition, were adjusted in accordance with the FBR Merger Agreement with the right to receive 0.671 shares of the Company’s common stock for each outstanding FBR stock award unit. The fair value of the FBR restricted stock awards at June 1, 2017 was determined based on the closing price of the Company’s common stock of $14.70 on June 1, 2017. The fair value of the FBR restricted stock awards were apportioned as purchase consideration based on service provided to FBR as of June 1, 2017 with the remaining fair value of the FBR restricted stock awards to be recognized prospectively over the restricted stock and FBR restricted stock awards remaining vesting period.

 

The preliminary assets acquired and assumed was as follows:

 

Tangible assets acquired and assumed:     
Cash and cash equivalents  $15,738 
Securities owned   11,188 
Securities borrowed   861,197 
Accounts receivable   4,341 
Due from clearing broker   29,169 
Prepaid expenses and other assets   5,486 
Property and equipment   8,663 
Deferred taxes   14,514 
Accounts payable   (1,524)
Accrued payroll and related expenses   (7,182)
Accrued expenses and other liabilities   (22,411)
Securities loaned   (867,626)
Customer relationships   5,600 
Tradename and other intangibles   1,790 
Goodwill   14,528 
Total  $73,471 

 

The revenue and loss of FBR included in our condensed consolidated financial statements for the period from June 1, 2017 (the date of acquisition) through September 30, 2017 were $37,745 and $12,706, respectively. The loss from FBR of $12,706 includes transaction costs of $3,551 related to an employment agreement with the former Chief Executive Officer of FBR and restructuring charges in the amount of $9,096 related primarily to severance costs and lease loss accruals for the planned consolidation of office space related to operations in the Capital Markets segment.

 

Acquisition of Rights to Manage Dialectic Hedge Funds

 

On April 13, 2017, the Company entered into an Asset Purchase and Assignment Agreement with Dialectic Capital Management, L.P., Dialectic Capital, LLC and John Fichthorn (collectively “Dialectic”), pursuant to which Dialectic assigned and transferred the rights to manage certain hedge funds to the Company (the “Dialectic Acquisition”). In addition to obtaining the rights to manage certain hedge funds previously managed by Dialectic, the Company hired the employees that were previously employed by the management company that managed the Dialectic hedge funds and assumed Dialectic’s office lease. In connection with the Dialectic Acquisition, the Company paid the Dialectic parties $700 in cash consideration and 158,484 shares of common stock which has a fair value of approximately $1,952 for total purchase consideration of $2,652. The Dialectic Acquisition expands the Company’s assets under management in the Capital Markets segment and the Company believes such acquisition will allow the Company to benefit from planned synergies from the elimination of duplicate administrative functions of the Company. The acquisition of Dialectic is accounted for using the purchase method of accounting.

 

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The assets acquired from Dialectic were recorded at fair value as of April 13, 2017, the acquisition date of Dialectic. The application of the purchase method of accounting resulted in preliminary purchase allocation of $2,552 to goodwill, which represents expected overhead synergies and acquired workforce, and $100 to other intangible assets - customer relationship for total acquisition consideration of $2,652. There were tangible assets or liabilities acquired in connection with Dialectic. The preliminary purchase accounting for the acquisition has been accounted for as an asset purchase with all of the recognized goodwill and other intangible assets expected to be deductible for tax purposes.

 

The revenue and loss of Dialectic included in our condensed consolidated financial statements for the period from April 13, 2017 (the date of acquisition) through September 30, 2017 were $714 and $392, respectively.

 

Acquisition of UOL

 

On May 4, 2016, the Company entered into a definitive agreement and plan of merger to acquire all of the outstanding common stock of UOL, a provider of consumer Internet access and related subscription services, for $11.00 per share, or approximately $169,354 in aggregate merger consideration plus an additional $1,352 of cash consideration paid to settle the legal matter as more fully described in Note 11. The shareholders of UOL approved the acquisition on June 29, 2016 and customary closing conditions were satisfied and the acquisition was completed on July 1, 2016. The acquisition of UOL allows the Company to benefit from the expected cash flows of UOL due in part to planned synergies from the elimination of duplicate overhead functions with the Company. The acquisition of UOL is accounted for using the purchase method of accounting.

 

The assets and liabilities of UOL, both tangible and intangible, were recorded at their estimated fair values as of the July 1, 2016 acquisition date for UOL. The application of the purchase method of accounting resulted in goodwill of $14,375 which represents expected overhead synergies and acquired workforce. The revenue and earnings of UOL included in our condensed consolidated financial statements for the three months ended September 30, 2017 were $12,327 and $4,944, respectively, and $38,724 and $14,220 respectively, for the nine months ended September 30, 2017. The revenue and earnings of UOL included in the condensed consolidated financial statements for the three and nine months ended September 30, 2016 were $15,646 and $3,423, respectively.

 

 

Pro Forma Financial Information

 

The unaudited financial information in the table below summarizes the combined results of operations of the Company, Wunderlich, FBR and UOL, as though the acquisitions had occurred as of January 1, of the respective periods presented. The pro forma financial information presented includes the effects of adjustments related to the amortization charges from the acquired intangible assets and the elimination of certain activities excluded from the transaction and transaction related costs. The pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the earliest period presented, nor does it intend to be a projection of future results.

  

   Pro Forma (Unaudited) 
   Three Months Ended September 30,   Nine Months Ended September 30, 
   2017   2016   2017   2016 
Revenues  $92,461   $111,340   $320,546   $298,118 
Net (loss) income attributable to B. Riley Financial, Inc.  $(42)  $2,843   $11,780   $(13,657)
                     
Basic (loss) earnings per share  $(0.00)  $0.11   $0.41   $(0.55)
Diluted (loss) earnings per share  $(0.00)  $0.11   $0.41   $(0.55)
                     
Weighted average basic shares outstanding   32,366,657    25,783,517    28,487,975    24,611,572 
Weighted average diluted shares outstanding   32,366,657    25,997,480    28,692,181    24,611,572 

   

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NOTE 4— SECURITIES LENDING

 

As a result of the acquisition of FBR, the Company has an active securities borrowed and loaned business in which it borrows securities from one party and lends them to another. Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate.

 

The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of September 30, 2017

                              
                     Amounts not      
                     offset in the      
                     consolidated balance      
       Gross amounts    Net amounts    sheets but eligible      
       offset in the    included in the    for offsetting      
   Gross amounts   consolidated    consolidated    upon counterparty      
   recognized   balance sheets (1)    balance sheets    default(2)    Net amounts 
As of September 30, 2017                               
Securities borrowed  $730,022   $     $ 730,022    $ 730,022    $ 
Securities loaned  $728,201   $     $ 728,201    $ 728,201    $ 

 

 

(1) Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
(2) Includes the amount of cash collateral held/posted. 

 

NOTE 5— ACCOUNTS RECEIVABLE

 

The components of accounts receivable, net, include the following:

 

   September 30,   December 31, 
   2017   2016 
Accounts receivable  $14,218   $16,610 
Investment banking fees, commissions and other receivables   5,074    576 
Unbilled receivables   1,260    2,058 
Total accounts receivable   20,552    19,244 
Allowance for doubtful accounts   (628)   (255)
Accounts receivable, net  $19,924   $18,989 

 

Additions and changes to the allowance for doubtful accounts consist of the following:

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2017   2016   2017   2016 
Balance, beginning of period  $599   $86   $255   $89 
Add: Additions to reserve   123    428    827    488 
Less: Write-offs   (94)   (15)   (262)   (49)
Less: Recoveries       (321)   (192)   (350)
Balance, end of period  $628   $178   $628   $178 

 

Unbilled receivables represent the amount of contractual reimbursable costs and fees for services performed in connection with fee and service based auction and liquidation contracts.

 

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NOTE 6— GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill was $100,903 and $48,903 at September 30, 2017 and December 31, 2016, respectively. Goodwill at September 30, 2017 is comprised of $79,488 in the Capital Markets segment, $1,975 in the Auction and Liquidation segment, $3,713 in the Valuation and Appraisal segment and $15,727 in the Principal Investments - United Online segment. Goodwill in the Capital Markets segment increased by $50,648 due to $33,568 from the acquisition of Wunderlich, $14,528 from the acquisition of FBR and $2,552 from the acquisition of Dialectic. Goodwill in the Principal Investments - United Online segment increased by $1,352 from the resolution of acquisition related legal matter as more fully described in Note 11. Goodwill at December 31, 2016 is comprised of $28,840 in the Capital Markets segment, $1,975 in the Auction and Liquidation segment, $3,713 in the Valuation and Appraisal segment and $14,375 in the Principal Investments - United Online segment.

 

Intangible assets consisted of the following:

 

      September 30, 2017   December 31, 2016 
      Gross           Gross         
      Carrying   Accumulated   Intangibles   Carrying   Accumulated   Intangibles 
   Useful Life  Value   Amortization   Net   Value   Amortization   Net 
Amortizable assets:                                 
Customer relationships   4 to 13 Years  $58,440   $7,301   $51,139   $37,300   $3,100   $34,200 
Domain names  7 Years   807    144    663    1,419    101    1,318 
Advertising relationships   8 Years   100    16    84    100    6    94 
Internally developed software and other intangibles  0.5 to 4 Years   3,373    1,245    2,128    3,333    550    2,783 
Trademarks   7 to 9 Years   4,220    302    3,918    1,100    69    1,031 
Total      66,940    9,008    57,932    43,252    3,826    39,426 
                                  
Non-amortizable assets:                                 
Tradenames      1,740        1,740    1,740    —     1,740 
Total intangible assets     $68,680   $9,008   $59,672   $44,992   $3,826   $41,166 

 

Amortization expense was $2,172 and $1,465 for the three months ended September 30, 2017 and 2016, respectively, and $5,248 and $1,688 for the nine months ended September 30, 2017 and 2016, respectively. At September 30, 2017, estimated future amortization expense is $2,205, $8,590, $8,470, $8,088 and $7,706 for the years ended December 31, 2017 (remaining three months), 2018, 2019, 2020 and 2021, respectively. The estimated future amortization expense after December 31, 2021 is $22,872.

 

NOTE 7— CREDIT FACILITIES

 

Credit facilities consist of the following arrangements:

 

(a)$200,000 Asset Based Credit Facility

 

On April 21, 2017, the Company amended its credit agreement (as amended, the “Credit Agreement”) governing its asset based credit facility with Wells Fargo Bank, National Association (“Wells Fargo Bank”) to increase the maximum borrowing limit from $100,000 to $200,000. Such amendment, among other things, also extended the expiration date of the credit facility from July 15, 2018 to April 21, 2022. The Credit Agreement continues to allow for borrowings under the separate credit agreement (a “UK Credit Agreement”) which was dated March 19, 2015 with an affiliate of Wells Fargo Bank which provides for the financing of transactions in the United Kingdom. Such facility allows the Company to borrow up to 50 million British Pounds. Any borrowings on the UK Credit Agreement reduce the availability on the asset based $200,000 credit facility. The UK Credit Agreement is cross collateralized and integrated in certain respects with the Credit Agreement. Cash advances and the issuance of letters of credit under the credit facility are made at the lender’s discretion. The letters of credit issued under this facility are furnished by the lender to third parties for the principal purpose of securing minimum guarantees under liquidation services contracts more fully described in Note 2(c). All outstanding loans, letters of credit, and interest are due on the expiration date which is generally within 180 days of funding. The credit facility is secured by the proceeds received for services rendered in connection with liquidation service contracts pursuant to which any outstanding loan or letters of credit are issued and the assets that are sold at liquidation related to such contract. The Company paid Wells Fargo Bank a closing fee in the amount of $500 in connection with the April 2017 amendment to the Credit Agreement. The interest rate for each revolving credit advance under the Credit Agreement is, subject to certain terms and conditions, equal to the LIBOR plus a margin of 2.25% to 3.25% depending on the type of advance and the percentage such advance represents of the related transaction for which such advance is provided. The credit facility also provides for success fees in the amount of 2.5% to 17.5% of the net profits, if any, earned on the liquidation engagements funded under the Credit Agreement as set forth therein. Interest expense totaled $168 and $813 (including amortization of deferred loan fees of $23) for the three months ended September 30, 2017 and 2016, respectively, and $863 and $1,087 (including amortization of deferred loan fees of $69) for the nine months ended September 30, 2017 and 2016, respectively. There was no outstanding balance of this credit facility at September 30, 2017 and December 31, 2016.

 

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The Credit Agreement governing the credit facility contains certain covenants, including covenants that limit or restrict the Company’s ability to incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, merge or consolidate and enter into certain transactions with affiliates. Upon the occurrence of an event of default under the Credit Agreement, the lender may cease making loans, terminate the Credit Agreement and declare all amounts outstanding under the Credit Agreement to be immediately due and payable. The Credit Agreement specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, nonpayment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, and material judgment defaults.

 

(b)$20,000 UOL Line of Credit

 

On April 13, 2017, UOL, in the capacity as borrower, entered into a credit agreement (the “UOL Credit Agreement”) with the Banc of California, N.A. in the capacity as agent and lender. The UOL Credit Agreement provides for a revolving credit facility under which UOL may borrow (or request the issuance of letters of credit) up to $20,000 which amount is reduced by $1,500 commencing on June 30, 2017 and on the last day of each calendar quarter thereafter. The final maturity date is April 13, 2020.  The proceeds of the UOL Credit Agreement can be used (a) for working capital and general corporate purposes and/or (b) to pay dividends or permitted tax distributions to its parent company, subject to the terms of the UOL Credit Agreement. Borrowings under the UOL Credit Agreement will bear interest at a rate equal to (a) (i) the base rate (the greater of the federal funds rate plus one half of one percent (0.5%), or the prime rate) for U.S. dollar loans or (ii) at UOL’s option, the LIBOR Rate for Eurodollar loans, plus (b) the applicable margin rate, which ranges from two percent (2%) to three and one-half percent (3.5%) per annum, based upon UOL’s ratio of funded indebtedness to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the preceding four (4) fiscal quarters. Interest payments are to be made each one, three or six months for Eurodollar loans, and quarterly for U.S. dollar loans.

 

UOL paid a commitment fee equal to 1.00% of the aggregate commitments upon the closing of the UOL Credit Agreement. The UOL Credit Agreement also provides for an unused line fee payable quarterly, in arrears, in an amount equal to: (a) 0.50% per annum times the amount of the unused revolving commitment that is less than or equal to the amount of the cash maintained in accounts with the agent (as depositary bank); plus (b) 1.00% per annum times the amount of the unused revolving commitment that is greater than the amount of the cash maintained in accounts with the agent (as depositary bank). Any amounts outstanding under the UOL Credit Facility are due at maturity. There was no outstanding balance under the UOL Credit Agreement at September 30, 2017.

 

Each of UOL’s U.S. subsidiaries is a guarantor of all obligations under the UOL Credit Agreement and are parties to the UOL Credit Agreement in such capacity (collectively, the “Secured Guarantors”). In addition, the Company and B. Riley Principal Investments, LLC, the parent corporation of UOL and a subsidiary of the Company, are guarantors of the obligations under the UOL Credit Agreement pursuant to standalone guaranty agreements pursuant to which the shares of outstanding capital stock of UOL are pledged as collateral. The obligations under the UOL Credit Agreement are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of UOL and the Secured Guarantors, including a pledge of (a) 100% of the equity interests of the Secured Guarantors and (b) 65% of the equity interests in United Online Software Development (India) Private Limited, a private limited company organized under the laws of India. Such security interests are evidenced by pledge, security and other related agreements.

 

The UOL Credit Agreement contains certain negative covenants, including those limiting UOL’s and its subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the UOL Credit Agreement requires UOL and its subsidiaries to maintain certain financial ratios.  

 

NOTE 8—NOTES PAYABLE

 

(a)  $34,034 Senior Notes Payable due October 31, 2021

 

At September 30, 2017, the Company had $34,034 of Senior Notes Payable (“2021 Notes”) due in 2021, interest payable quarterly at 7.5%. On November 2, 2016, the Company issued $28,750 of 2021 Notes and during the three months ended September 30, 2017, the Company issued an additional $5,284 of 2021 Notes pursuant to an At The Market Issuance Sales Agreement (the “Sales Agreement”) as further discussed below. The 2021 Notes are unsecured and due and payable in full on October 31, 2021. In connection with the issuance of the 2021 Notes on November 2, 2016, the Company received net proceeds of $27,664 (after underwriting commissions, fees and other issuance costs of $1,086). In connection with the issuance of the 2021 Notes in 2017 pursuant to the Sales Agreement, the Company received net proceeds of $5,364 (after premiums less underwriting commissions, fees and other issuance costs of $80). The outstanding balance of the 2021 Notes was $33,224 (net of unamortized debt issue costs and premiums of $810) and $27,700 (net of unamortized debt issue costs of $1,050) at September 30, 2017 and December 31, 2016, respectively. In connection with the offering of 2021 Notes on November 2, 2016, certain members of management and the Board of Directors of the Company purchased $2,731 or 9.5% of the 2021 Notes offered by the Company. Interest expense on the 2021 Notes totaled $643 and $1,829 for the three and nine months ended September 30, 2017, respectively.

 

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(b) $84,047 Senior Notes Payable due May 31, 2027

 

At September 30, 2017, the Company had $84,047 of Senior Notes Payable (“2027 Notes”) due in 2027, interest payable quarterly at 7.5%. On May 31, 2017, the Company issued $60,375 of 2027 Notes and during the three months ended September 30, 2017 the Company issued an additional $23,672 of 2027 Notes pursuant to the Sales Agreement as further discussed below. The 2027 Notes are unsecured and due and payable in full on May 31, 2027. In connection with the issuance of the 2027 Notes, the Company received net proceeds of $82,284 (after underwriting commissions, fees and other issuance costs of $1,763). The outstanding balance of the 2027 Notes was $82,350 (net of unamortized debt issue costs of $1,697) at September 30, 2017. Interest expense on the 2027 Notes totaled $1,407 and $1,810 for the three and nine months ended September 30, 2017.

 

(c) At Market Issuance Sales Agreement to Issue Up to Aggregate of $39,625 of 2021 Notes or 2027 Notes

 

On June 28, 2017, the Company entered into the Sales Agreement and filed a prospectus supplement, pursuant to which the Company may sell from time to time, at the Company’s option up to an aggregate of $39,625 of 2021 Notes or 2027 Notes. The Notes sold pursuant to the Sales Agreement will be issued pursuant to a prospectus dated March 29, 2017, as supplemented by a prospectus supplement dated June 28, 2017, in each case filed with the Securities and Exchange Commission pursuant to the Company’s effective Registration Statement on Form S-3 (File No. 333-216763), which was declared effective by the SEC on March 29, 2017. The Notes will be issued pursuant to the Indenture, dated as of November 2, 2016, as supplemented by a First Supplemental Indenture, dated as of November 2, 2016 and the Second Supplemental Indenture, dated as of May 31, 2017, each between the Company and U.S. Bank, National Association, as trustee. Future sales of the 2021 Notes and 2027 Notes pursuant to the Sales Agreement will depend on a variety of factors including, but not limited to, market conditions, the trading price of the notes and the Company’s capital needs. During the three months ended September 30, 2017, the Company issued $5,284 of 2021 Notes and $23,672 of 2027 Notes. At September 30, 2017, the Company has an additional $10,669 of 2021 Notes or 2027 Notes that may be sold pursuant to the Sales Agreement. There can be no assurance that the Company will be successful in consummating future sales based on prevailing market conditions or in the quantities or at the prices that the Company may deem appropriate.

 

(d) Australian Dollar $80,000 Note Payable

 

In August 2016, the Company formed GA Retail Investments, L.P., a Delaware limited partnership, (the “Partnership”) which required the Company to contribute $15,350. The Partnership borrowed $80,000 Australian dollars from a third party investor in connection with its formation and the $80,000 Australian dollars were exchanged for a 50% special limited partnership interest in the Partnership. The Partnership was formed to provide funding for the retail liquidation engagement the Company entered into to liquidate the Masters Home Improvement stores. The $80,000 Australian dollar participating note payable was non-interest bearing, shares in 50% of the all of the profits and losses of the Partnership and was subject to repayment upon the completion of the going-out-of-business sale of Masters Home Improvement stores as defined in the partnership agreement. Although the terms of the participating note payable included the issuance of a 50% equity interest in the Partnership, sharing in all profits and losses of the Partnership, and no repayment until certain events occur, in accordance with ASC 480 Distinguishing Liabilities From Equity, this financial instrument was classified as a participating note payable. The $80,000 Australian dollar participating note payable was repaid in December 2016 upon the completion of the going-out-of-business sale of Masters Home Improvement stores as defined in the partnership agreement. At September 30, 2017 and December 31, 2016, $524 and $10,037, respectively, were payable in accordance with the participating note payable share of profits and is included in due to related parties and partners in the condensed consolidated balance sheets.

 

(e) Other Notes Payable

 

Other notes payable include notes payable to a clearing organization for one of the Company’s broker dealers.  The notes payable accrue interest at rates ranging from the prime rate plus 0.25% to 2.0% (4.5% to 6.25% at September 30, 2017) payable annually. The principal payments on the notes payable are due annually in the amount of $121 on October 31, $214 on September 30, and $357 on January 31. The notes payable mature at various dates from January 31, 2018 through January 31, 2022. At September 30, 2017, the outstanding balance for the notes payable was $2,364.

 

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NOTE 9— INCOME TAXES

 

The Company’s effective income tax rate was a benefit of 80.5% and an expense of 38.9% for the nine months ended September 30, 2017 and 2016, respectively. During the nine months ended September 30, 2017, the Company elected to treat the acquisition of UOL as a taxable business combination for income tax purposes in accordance with Internal Revenue Code Section 338(g) (“IRS Code Section 338(g)”). This resulted in the Company foregoing the income tax attributes of UOL that existed at the acquisition date which included net operating loss carryforwards, capital loss carryforwards and foreign tax credits. The income tax election in accordance with IRS Code Section 338(g) provides the Company with a tax step-up in the basis of the intangible assets and goodwill acquired for tax purposes. In accordance with ASC 740, the impact of the election in accordance with IRS Code Section 338(g) on deferred income taxes resulted in the recording of a tax benefit in the amount of $8,389 during the nine months ended September 30, 2017. The effective income tax rate for the nine months ended September 30, 2016 was lower than the statutory federal and state income tax rate due to the tax differential on net income attributable to noncontrolling interests.

 

As of September 30, 2017, the Company had federal net operating loss carry forwards of approximately $65,500 and state net operating loss carry forwards of $77,200. The Company’s federal net operating loss carry forwards will expire in the tax year ending December 31, 2036, the state net operating loss carry forwards will expire in 2034, and the foreign tax credit carry forwards will expire in 2023.

 

The Company establishes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits of operating loss and tax credit carry forwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carry forward period, and other circumstances. As a result of the common stock offering by the Company that was completed on June 5, 2014, the Company had a more than 50% ownership shift in accordance with Internal Revenue Code Section 382. Accordingly, the Company is limited to the amount of net operating loss that may be utilized in future taxable years depending on the Company’s actual taxable income. As of September 30, 2017, the Company believes that the net operating loss that existed as of the more than 50% ownership shift will be utilized in future tax periods before the loss carry forwards expire and it is more-likely-than-not that future taxable earnings will be sufficient to realize its deferred tax assets and has not provided an allowance.

 

The Company files income tax returns in the U.S., various state and local jurisdictions, and certain other foreign jurisdictions. The Company is currently under audit by certain federal, state and local, and foreign tax authorities. The audits are in varying stages of completion. The Company evaluates its tax positions and establishes liabilities for uncertain tax positions that may be challenged by tax authorities. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, case law developments and closing of statutes of limitations. Such adjustments are reflected in the provision for income taxes, as appropriate. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the calendar years ended December 31, 2013 to 2016.

 

NOTE 10— EARNINGS PER SHARE

 

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Basic common shares outstanding exclude 453,365 common shares that are held in escrow and subject to forfeiture. The common shares held in escrow includes 66,000 common shares issued to the former members of Great American Group, LLC that are subject to forfeiture upon the final settlement of claims for goods held for sale in connection with the transaction with Alternative Asset Management Acquisition Corp. in 2009 and 387,365 common shares that are subject to forfeiture to indemnify the Company for certain representations and warranties in connection with the acquisition of Wunderlich. These shares are subject to forfeiture upon the final settlement of claims as more fully described in the related escrow instructions. Dilutive common shares outstanding includes contingently issuable shares that are currently in escrow and subject to release if the conditions for the final settlement of claims in accordance with the escrow instructions were satisfied at the end of the respective periods.

 

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Basic and diluted earnings per share was calculated as follows:

                 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2017   2016   2017   2016 
Net income attributable to B. Riley Financial, Inc.  $368   $8,939   $17,669   $9,086 
                     
Weighted average shares outstanding:                    
Basic   26,059,490    18,977,072    22,180,808    17,805,127 
Effect of dilutive potential common shares:                    
Restricted stock units and non-vested shares   1,193,007    169,311    816,841    159,376 
Contingently issuable shares   387,365    44,652    387,365    44,655 
Diluted   27,639,862    19,191,035    23,385,014    18,009,158 
                     
Basic income per share  $0.01   $0.47   $0.80   $0.51 
Diluted income per share  $0.01   $0.47   $0.76   $0.50 

 

NOTE 11— COMMITMENTS AND CONTINGENCIES

 

Legal Matters

 

The Company is subject to certain legal and other claims that arise in the ordinary course of its business. In particular, the Company and its subsidiaries are named in and subject to various proceedings and claims arising primarily from our securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims seek substantial compensatory, punitive, or indeterminate damages. The Company and its subsidiaries are also involved in other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding our business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. In view of the number and diversity of claims against our company, the number of jurisdictions in which litigation is pending, and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be.  Notwithstanding this uncertainty, the Company does not believe that the results of these claims are likely to have a material effect on its financial position or results of operations.

 

In 2012, Gladden v. Cumberland Trust, WSI, et al. filed a complaint in Circuit Court, Hamblen County, TN at Morristown, Case No. 12-CV-119.  This complaint alleges the improper distribution and misappropriation of trust funds. The plaintiff seeks damages of no less than $3,925, an accounting, and among other things, punitive damages. In October 2017, the Tennessee Supreme Court remanded the case to the Tennessee State Trial Court for determination of which claims are subject to arbitration and which are not. At the present time, the financial impact to the Company, if any, cannot be estimated.

 

In January 2015, Great American Group, LLC (“Great American Group”) was served with a lawsuit that seeks to assert claims of breach of contract and other matters in connection with auction services provided to a debtor.  The proceeding in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) is pending in the bankruptcy case of the debtor and its affiliates (the “Debtor”).  In the lawsuit, a former landlord of the Debtor generally alleges that Great American Group and a joint venture partner were responsible for contamination while performing services in connection with the auction of certain assets of the Debtor and is seeking approximately $10,000 in damages. In January 2017, the parties filed a proposed scheduling order with the Bankruptcy Court. Discovery in the action is currently proceeding. Great American Group is vigorously defending this lawsuit. This lawsuit is ongoing, and the financial impact to the Company, if any, cannot be estimated.

 

On July 5, 2016, Quadre Investments LP (“Quadre”) filed a petition with the Delaware Court of Chancery (the “Court”) seeking a determination of fair value for 943,769 shares of common stock of UOL in connection with the acquisition of UOL by the Company. Such transaction gave rise to appraisal rights pursuant to Section 262 of the General Corporation Law of the State of Delaware. As a result, Quadre petitioned the Court to receive fair value as determined by the Court. On June 30, 2017, the parties settled the action and the petition was dismissed. As discussed in Note 3, the settlement of this action resulted in an increased in goodwill.

 

In May 2014, Waterford Township Police & Fire Retirement System et al. v. Regional Management Corp et al., filed a complaint in the Southern District of New York (the “Court”), against underwriters alleging violations under sections 11 and 12 of the Securities Act of 1933, as amended (the “Securities Act”). FBR Capital Markets & Co. (“FBRCM”), a broker-dealer subsidiary of ours, was a co-manager of 2 offerings. On January 30, 2017, the Court denied the plaintiffs’ motion to file a first amended complaint, which would have revived claims previously dismissed by the Court on March 30, 2016. On March 1, 2017, the plaintiffs filed a notice of appeal and an opening brief on June 21, 2017. Defendant’s opposition motion was filed on September 12, 2017. Appellants filed their reply brief on October 17, 2017 and oral argument has been scheduled for November 17, 2017. Regional Management continues to indemnify all of the underwriters, including FBRCM, pursuant to the operative underwriting agreement. 

 

On January 5, 2017, complaints filed in November 2015 and May 2016 naming MLV & Co. (“MLV”), a broker-dealer subsidiary of FBR, as a defendant in putative class action lawsuits alleging claims under the Securities Act, in connection with the offerings of Miller Energy Resources, Inc. (“Miller”) have been consolidated. The Master Consolidated Complaint, styled Gaynor v. Miller et al., is pending in the United States District Court for the Eastern District of Tennessee, and, like its predecessor complaints, continues to allege claims under Sections 11 and 12 of the Securities Act against nine underwriters for alleged material misrepresentations and omissions in the registration statement and prospectuses issued in connection with six offerings (February 13, 2013; May 8, 2013; June 28, 2013; September 26, 2013; October 17, 2013 (as to MLV only) and August 21, 2014) with an alleged aggregate offering price of approximately $151,000. The plaintiffs seek unspecified compensatory damages and reimbursement of certain costs and expenses. In August 2017, the Court granted Defendant’s Motion to Dismiss on Section 12 claims and found that the plaintiffs had not sufficiently alleged a corrective disclosure prior to August 6, 2015, when an SEC civil action was announced. Defendant’s answer was filed on September 25, 2017. Although MLV is contractually entitled to be indemnified by Miller in connection with this lawsuit, Miller filed for bankruptcy in October 2015 and this likely will decrease or eliminate the value of the indemnity that MLV receives from Miller. 

 

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In April 2017, two purported shareholders of FBR filed a putative class action against FBR and the members of its board of directors that challenged the disclosures made in connection with the merger of FBR with the Company, styled Michael Rubin v. FBR & Co., et al., Case No. 1:17-cv-00410-LMB-MSN and Kim v. FBR & Co., et al. Case No.1:17-cv-004440LMB-IDD. The complaints alleged that the registration statement filed in connection with the Merger failed to disclose certain allegedly material information in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, and SEC Ru1e 14a-9 promulgated thereunder. On July 12, 2017, per stipulation, the complaints were dismissed - with prejudice as to the named plaintiffs only, without prejudice as to the class.  In August 2017, a mootness fee was paid and the case was dismissed.

 

In February 2017, certain former employees filed an arbitration claim with FINRA against Wunderlich Securities, Inc. (“WSI”) alleging misrepresentations in the recruitment of claimants to join WSI. Claimants also allege that WSI failed to support their mortgage trading business resulting in the loss of opportunities during their employment with WSI. Claimants are seeking $10 million in damages. WSI has counterclaimed alleging that claimants mispresented their process for doing business, particularly their capital needs, resulting in substantial losses to WSI. WSI believes the claims are meritless and intends to vigorously defend the action. A hearing has been scheduled for March 2018.

 

In March 2017, United Online, Inc. received a letter from PeopleConnect, Inc. (formerly, Classmates, Inc.) (“Classmates”) regarding a notice of investigation received from the Consumer Protection Divisions of the District Attorneys’ offices of four California counties (“California DAs”).  These entities suggest that Classmates may be in violation of California codes relating to unfair competition, false or deceptive advertising, and auto-renewal practices.  Classmates asserts that these claims are indemnifiable claims under the purchase agreement between United Online, Inc. and the buyer of Classmates.  A tolling agreement with the California DAs has been signed and informal discovery and production is in process.  At the present time, the financial impact to the Company, if any, cannot be estimated.

 

In July 2017, an arbitration claim was filed with FINRA by Dominick & Dickerman LLC and Michael Campbell  against WSI and Gary Wunderlich with respect to the acquisition by Wunderlich Investment Company, Inc. (“WIC”) (the parent corporation of WSI)  of certain assets of Dominick & Dominick LLC in 2015.  The Claimants allege that respondents overvalued WIC so that the purchase price paid to the Claimants in shares of WIC stock was artificially inflated.  The Statement of Claim includes claims for common law fraud, negligent misrepresentation, and breach of contract. Claimants are seeking damages of approximately $8 million plus unspecified punitive damages.  Respondents believe the claims are meritless and intend to vigorously defend the action.

  

In September 2017, a statement of claim was filed in a FINRA arbitration naming FBRCM and other underwriters related to the underwriting of the now-bankrupt, Quantum Fuel Systems Technologies Worldwide, Inc. (“Quantum”).  Claimants are seeking $37,000 in actual damages, plus $75,000 in punitive damages and attorney’s fees.  On October 24, 2017, we joined in a motion with the other underwriters requesting that the claim be dismissed on the grounds that it is improper under FINRA Rules 12204 and 122205 which prohibit class actions and derivative claims, respectively.  Our initial response is due in November 2017 and we have agreed to a dual representation arrangement with the other underwriters.  At the present time, the financial impact to the Company, if any, cannot be estimated.

 

NOTE 12— SHARE-BASED PAYMENTS

 

(a) Amended and Restated 2009 Stock Incentive Plan

 

During the nine months ended September 30, 2017, the Company granted restricted stock units representing 486,049 shares of common stock with a total fair value of $7,732 to certain employees of the Company under the Company’s Amended and Restated 2009 Stock Incentive Plan (the “Plan”). During the year ended December 31, 2016, the Company granted restricted stock units representing 544,605 shares of common stock with a total fair value of $5,301 to certain employees and directors of the Company under the Plan. Share-based compensation expense for such restricted stock units was $1,410 and $3,624 for the three and nine months ended September 30, 2017, respectively. Share-based compensation expense for such restricted stock units was $834 and $1,831 for the three and nine months ended September 30, 2016, respectively.

 

 The restricted stock units generally vest over a period of one to three years based on continued service. In determining the fair value of restricted stock units on the grant date, the fair value is adjusted for (a) estimated forfeitures, (b) expected dividends based on historical patterns and the Company’s anticipated dividend payments over the expected holding period and (c) the risk-free interest rate based on U.S. Treasuries for a maturity matching the expected holding period. As of September 30, 2017, the expected remaining unrecognized share-based compensation expense of $9,271 will be expensed over a weighted average period of 2.2 years.

 

A summary of equity incentive award activity under the Plan for the nine months ended September 30, 2017 was as follows:

 

       Weighted 
       Average 
   Shares   Fair Value 
Nonvested at December 31, 2016   680,135   $9.74 
Granted   486,049    15.91 
Vested   (193,626)   10.32 
Forfeited  (29,724)   10.49 
Nonvested at September 30, 2017   942,834   $12.78 

 

The per-share weighted average grant-date fair value of restricted stock units was $15.91 during the nine months ended September 30, 2017. There were 193,626 restricted stock units with a fair value of $1,999 that vested during the nine months ended September 30, 2017 under the Plan.

 

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Amended and Restated FBR & Co. 2006 Long-Term Stock Incentive Plan

 

In connection with the acquisition of FBR on June 1, 2017, the equity awards previously granted or available for issuance under the FBR & Co. 2006 Long-Term Stock Incentive Plan (the “FBR Stock Plan”) may be issued under the Plan. During the nine months ended September 30, 2017, the Company granted restricted stock units representing 784,638 shares of common stock with a total grant date fair value of $13,129. Share-based compensation expense was $1,383 and $1,687 for the three and nine months ended September 30, 2017, respectively, in connection with the June 13, 2017 restricted stock award. In connection with the restructuring discussed in Note 2(i), the Company recorded share-based compensation expense of $2,391 related to the accelerated vesting of restricted stock awards. Of the $2,391, $884 related to former corporate executives of FBR and $1,507 related to employees in the Capital Markets segment. As of September 30, 2017, the expected remaining unrecognized share-based compensation expense of $11,916 will be expensed over a weighted average period of 2.7 years.

 

A summary of equity incentive award activity for the period from June 1, 2017, the date of the acquisition of FBR, through September 30, 2017 was as follows:

 

       Weighted 
       Average 
   Shares   Fair Value 
Nonvested at June 1, 2017, acquisition date of FBR resulting from the exchange of previously existing FBR awards   530,661   $14.70 
Granted   784,638    16.73 
Vested   (200,905)   15.08 
Forfeited  (93,963)   15.93 
Nonvested at September 30, 2017   1,020,431   $16.14 

 

NOTE 13— NET CAPITAL REQUIREMENTS

 

B. Riley & Co., LLC (“BRC”), FBRCM, MLV and Wunderlich Securities, Inc. (“WSI”), the Company’s broker-dealer subsidiaries, are registered with the SEC as broker-dealers and are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”). As such, they are subject to the minimum net capital requirements promulgated by the SEC. As of September 30, 2017, BRC had net capital of $12,052, which was $11,728 in excess of its required net capital of $324, FBRCM had net capital of $38,976, which was $37,976 in excess of its required net capital of $1,000, MLV had net capital of $407, which was $307 in excess of its required net capital of $100, and WSI had net capital of $3,601, which was $2,891 in excess of its required net capital of $710.

 

NOTE 14— RELATED PARTY TRANSACTIONS

 

At September 30, 2017, amounts due from related parties include $5,452 from GACP I, L.P. and $30 from GACP II, L.P. for management fees, incentive fees and other operating expenses and $600 from CA Global Partners, LLC (“CA Global”) for advances on certain wholesale and industrial liquidation engagements. Amounts due to related parties includes $720 payable to CA Global for operating expenses related to wholesale and industrial liquidation engagements managed by CA Global. At December 31, 2016, amounts due from related parties include $2,050 from GACP I, L.P. for management fees, incentive fees and other operating expenses and $959 from CA Global. Great American Capital Partners, LLC, a subsidiary of the Company, is the general partner of GACP I, L.P. CA Global is one of the members of Great American Global Partners, LLC (“GA Global Ptrs”). The amounts receivable and payable from CA Global are comprised of amounts due to and due from CA Global in connection with certain auctions of wholesale and industrial machinery and equipment that they were managed by CA Global on behalf of GA Global Ptrs.

 

In connection with the offering of $28,750 of 2021 Notes as more fully described in Note 8, certain members of management and the Board of Directors of the Company purchased $2,731 or 9.5% of the Senior Notes offered by the Company.

 

NOTE 15— BUSINESS SEGMENTS

 

The Company’s operating segments reflect the manner in which the business is managed and how the Company allocates resources and assesses performance internally. The Company has several operating subsidiaries through which it delivers specific services. The Company provides investment banking, corporate finance, securities lending, restructuring, research, sales and trading and wealth management services to corporate, institutional and high net worth clients. The Company also provides auction and liquidation services to help clients dispose of assets that include multi-location retail inventory, wholesale inventory, trade fixtures, machinery and equipment, intellectual property and real property and valuation and appraisal services to clients with independent appraisals in connection with asset based loans, acquisitions, divestitures and other business needs. As a result of the acquisition of UOL on July 1, 2016, the Company provides consumer services and products over the Internet.

 

The Company’s business is classified into the Capital Markets segment, Auction and Liquidation segment, Valuation and Appraisal segment and Principal Investments - United Online segment. These reportable segments are all distinct businesses, each with a different marketing strategy and management structure.

 

 

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 The following is a summary of certain financial data for each of the Company’s reportable segments:

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2017   2016   2017   2016 
Capital Markets reportable segment:                    
Revenues - Services and fees  $56,473   $10,063   $95,872   $22,799 
Interest income - Securities lending   7,206        9,424     
Total revenues   63,679    10,063    105,296    22,799 
Selling, general, and administrative expenses   (53,955)   (8,916)   (87,753)   (22,535)
Restructuring costs   (3,322)       (7,245)    
Interest expense - Securities lending   (4,950)       (6,515)    
Depreciation and amortization   (1,636)   (138)   (2,167)   (406)
Segment (loss) income   (184)   1,009    1,616    (142)
Auction and Liquidation reportable segment:                    
Revenues - Services and fees   7,376    17,058    43,179    29,358 
Revenues - Sale of goods   1    6,503    1    6,505 
Total revenues   7,377    23,561    43,180    35,863 
Direct cost of services   (3,385)   (4,365)   (25,482)   (9,870)
Cost of goods sold   (2)   (2,223)   (2)   (2,225)
Selling, general, and administrative expenses   (1,963)   (3,976)   (6,562)   (6,840)
Depreciation and amortization   (5)   (6)   (15)   (22)
Segment income   2,022    12,991    11,119    16,906 
Valuation and Appraisal reportable segment:                    
Revenues - Services and fees   9,043    7,696    24,799    22,865 
Direct cost of services   (3,778)   (3,549)   (11,031)   (10,287)
Selling, general, and administrative expenses   (2,253)   (2,136)   (6,395)   (6,379)
Depreciation and amortization   (43)   (19)   (130)   (72)
Segment income   2,969    1,992    7,243    6,127 
Principal Investments - United Online segment:                    
Revenues - Services and fees   12,249    15,483    38,504    15,483 
Revenues - Sale of goods   78    163    220    163 
Total revenues   12,327    15,646    38,724    15,646 
Direct cost of services   (2,975)   (4,927)   (9,711)   (4,927)
Cost of goods sold   (122)   (168)   (311)   (168)
Selling, general, and administrative expenses   (2,433)   (2,139)   (8,536)   (2,139)
Depreciation and amortization   (1,703)   (1,802)   (5,313)   (1,802)
Restructuring costs   (150)   (3,187)   (633)   (3,187)
Segment income   4,944    3,423    14,220    3,423 
Consolidated operating income from reportable segments   9,751    19,415    34,198    26,314 
                     
Corporate and other expenses (including restructuring costs of $1,424 and $3,606 during the three and nine months ended September 30, 2017, respectively, and $398 during the three and nine months ended September 30, 2016)   (8,395)   (3,993)   (19,571)   (9,047)
Interest income   76    26    358    32 
Loss on equity investment   (157)       (157)    
Interest expense   (2,510)   (991)   (5,195)   (1,398)
(Loss) income before income taxes   (1,235)   14,457    9,633    15,901 
Benefit from (provision for) income taxes   1,357    (6,083)   7,753    (6,184)
Net income   122    8,374    17,386    9,717 
Net (loss) income attributable to noncontrolling interests   (246)   (565)   (283)   631 
Net income attributable to B. Riley Financial, Inc.  $368   $8,939   $17,669   $9,086 

  

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The following table presents revenues by geographical area:

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2017   2016   2017   2016 
Revenues:                
Revenues - Services and fees:                    
North America  $85,128   $49,882   $200,500   $89,790 
Australia           940     
Europe   13    418    914    715 
Total Revenues - Services and fees  $85,141   $50,300   $202,354   $90,505 
                     
Revenues - Sale of goods                    
North America  $79   $163   $221   $165 
Europe       6,503        6,503 
Total Revenues - Sale of goods  $79   $6,666   $221   $6,668 
                     
Revenues - Interest income - Securities lending:                    
North America  $7,206   $   $9,424   $ 
                     
Total Revenues:                    
North America  $92,406   $50,045   $210,138   $89,955 
Australia           940     
Europe   20    6,921    921    7,218 
Total Revenues  $92,426   $56,966   $211,999   $97,173 

 

The following table presents long-lived assets, which consists of property and equipment and other assets, by geographical area:

 

   As of   As of 
   September 30,   December 31, 
   2017   2016 
Long-lived Assets - Property and Equipment, net:          
North America  $13,105   $5,785 
Australia        
Europe        
Total  $13,105   $5,785 

 

Segment assets are not reported to, or used by, the Company’s Chief Operating Decision Maker to allocate resources to, or assess performance of, the segments and therefore, total segment assets have not been disclosed.

 

NOTE 16— SUBSEQUENT EVENTS

 

On November 8, 2017, the Company’s Board of Directors approved a regular quarterly dividend of $0.08 per share and a special dividend of $0.04 per share, which will be paid on or about November 30, 2017 to stockholders of record on November 22, 2017.

 

Acquisition of magicJack VocalTec Ltd.

 

On November 9, 2017, the Company entered into an Agreement and Plan of Merger with B. R. Acquisition Ltd., an Israeli corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and magicJack VocalTec Ltd., an Israeli corporation (“magicJack”), pursuant to which Merger Sub will merge with and into magicJack, with magicJack continuing as the surviving corporation and as an indirect subsidiary of the Company. Subject to the terms and conditions of the Agreement and Plan of Merger, each outstanding share of magicJack will be converted into the right to receive $8.71 in cash without interest, representing approximately $143,500 in aggregate merger consideration.  The closing of the transaction is subject to the receipt of certain regulatory approvals, the approval of the magicJack shareholder’s and the satisfaction of other closing conditions.  It is anticipated that the acquisition of magicJack will close in the first half of 2018.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

This report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially.

  

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. We are under no obligation to update any of the forward-looking statements after the filing of this Quarterly Report to conform such statements to actual results or to changes in our expectations.

 

The following discussion of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes and other financial information appearing elsewhere in this Quarterly Report. Readers are also urged to carefully review and consider the various disclosures made by us which attempt to advise interested parties of the factors which affect our business, including without limitation the disclosures made in Item 1A of Part II of this Quarterly Report under the caption “Risk Factors.”

 

Risk factors that could cause actual results to differ from those contained in the forward-looking statements include but are not limited to risks related to: volatility in our revenues and results of operations; changing conditions in the financial markets; our ability to generate sufficient revenues to achieve and maintain profitability; the short term nature of our engagements; the accuracy of our estimates and valuations of inventory or assets in “guarantee” based engagements; competition in the asset management business; potential losses related to our auction or liquidation engagements; our dependence on communications, information and other systems and third parties; potential losses related to purchase transactions in our auction and liquidations business; the potential loss of financial institution clients; potential losses from or illiquidity of our proprietary investments; changing economic and market conditions; potential liability and harm to our reputation if we were to provide an inaccurate appraisal or valuation; potential mark-downs in inventory in connection with purchase transactions; failure to successfully compete in any of our segments; loss of key personnel; our ability to borrow under our credit facilities or at-the-market offering as necessary; failure to comply with the terms of our credit agreements or senior notes; our ability to meet future capital requirements; our ability to realize the benefits of our completed acquisitions, including our ability to achieve anticipated opportunities and operating cost savings, and accretion to reported earnings estimated to result from completed and proposed acquisitions in the time frame expected by management or at all; the reaction to our recently completed acquisition of customers, employees and counterparties; and the diversion of management time on acquisition-related issues. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Except as otherwise required by the context, references in this Quarterly Report to the “Company,” “B. Riley,” “we,” “us” or “our” refer to the combined business of B. Riley Financial, Inc. and all of its subsidiaries.

 

Overview

 

B. Riley Financial, Inc. and its subsidiaries (NASDAQ: RILY) provide collaborative financial services and solutions through several subsidiaries, including:

 

B. Riley & Co., LLC (“BRC”), FBR Capital Markets & Co. and Wunderlich Securities, Inc., are mid-sized, full service investment banks providing financial advisory, corporate finance, research, securities lending and sales & trading services to corporate, institutional and high net worth individual clients. Wunderlich also provides wealth management services to high net worth individuals and families;

 

B. Riley Capital Management, LLC, a Securities and Exchange Commission (“SEC”) registered investment advisor, which includes:

 

B. Riley Asset Management, an advisor to certain private funds and to institutional and high net worth investors;

B. Riley Wealth Management (formerly MK Capital Advisors), a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families; and

Great American Capital Partners, LLC (“GACP”), the general partner of a private fund, GACP I, L.P. a direct lending fund that provides senior secured loans and second lien secured loan facilities to middle market public and private U.S. companies;

 

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Great American Group, LLC, a leading provider of asset disposition and auction solutions to a wide range of retail and industrial clients; and

 

Great American Group Advisory and Valuation Services, LLC, a leading provider of appraisal and valuation services for asset based lenders, private equity firms and corporate clients.

 

We also pursue a strategy of investing in or acquiring companies which we believe have attractive investment return characteristics. On July 1, 2016, we acquired United Online, Inc. (“UOL”) as part of our principal investment strategy.

 

UOL is a communications company that offers subscription services and products, consisting of Internet access services and devices under the NetZero and Juno brands primarily sold in the United States.

 

We are headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe.

 

For financial reporting purposes we classify our businesses into four segments: (i) capital markets, (ii) auction and liquidation, (iii) valuation and appraisal; and (vi) principal investments – United Online.

 

Capital Markets Segment. Our capital markets segment provides a full array of investment banking, corporate finance, research, securities lending, wealth management, sales and trading services to corporate, institutional and high net worth clients. Our corporate finance and investment banking services include merger and acquisitions as well as restructuring advisory services to public and private companies, initial and secondary public offerings, and institutional private placements. In addition, we trade equity securities as a principal for our account, including investments in funds managed by our subsidiaries. Our capital markets segment also includes our asset management businesses that manage various private and public funds for institutional and individual investors.

 

Auction and Liquidation Segment. Our auction and liquidation segment utilizes our significant industry experience, a scalable network of independent contractors and industry-specific advisors to tailor our services to the specific needs of a multitude of clients, logistical challenges and distressed circumstances. Furthermore, our scale and pool of resources allow us to offer our services across North American as well as parts of Europe, Asia and Australia. Our auction and liquidation segment operates through two main divisions, retail store liquidations and wholesale and industrial assets dispositions. Our wholesale and industrial assets dispositions division operates through limited liability companies that are controlled by us.

 

Valuation and Appraisal Segment. Our valuation and appraisal segment provides valuation and appraisal services to financial institutions, lenders, private equity firms and other providers of capital. These services primarily include the valuation of assets (i) for purposes of determining and monitoring the value of collateral securing financial transactions and loan arrangements and (ii) in connection with potential business combinations. Our valuation and appraisal segment operates through limited liability companies that are majority owned by us.

 

Principal Investments – United Online Segment. Our principal investments - United Online segment consists of businesses which have been acquired primarily for attractive investment return characteristics. Currently, this segment includes UOL, a company that offers consumer subscription services consisting of Internet access under the NetZero and Juno brands. Internet access includes paid dial-up, mobile broadband and DSL subscription services. We also offer email, Internet security, web hosting services, and other services.

 

Recent Developments

 

On February 17, 2017, we entered into an Agreement and Plan of Merger (the “FBR Merger Agreement”) with FBR & Co. (“FBR”), pursuant to which FBR was to merge with and into the Company (or a subsidiary of the Company), with the Company (or its subsidiary) as the surviving corporation (the “Merger”). On May 1, 2017, the Company and FBR filed a registration statement for the planned Merger. The shareholders of the Company and FBR approved the acquisition on June 1, 2017, customary closing conditions were satisfied and the acquisition was completed on June 1, 2017. Subject to the terms and conditions of the FBR Merger Agreement, each outstanding share of FBR common stock (“FBR Common Stock”) was converted into the right to receive 0.671 of a share of our common stock. The total acquisition consideration for FBR was estimated to be $73.5 million, which includes the issuance of approximately 4,831,633 shares of our common stock with an estimated fair value of $71.0 million (based on the closing price of our common stock on June 1, 2017) and restricted stock awards with a fair value of $2.5 million attributable to the service period prior to June 1, 2017. We believe that the acquisition of FBR will allow us to benefit from investment banking, corporate finance, securities lending, research, and sales and trading services provided by FBR and planned synergies from the elimination of duplicate corporate overhead and management functions with us.

 

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On May 17, 2017, we entered into a Merger Agreement with Wunderlich Investment Company, Inc., a Delaware corporation (“Wunderlich”), and Stephen Bonnema, in his capacity as the Stockholder Representative (the “Stockholder Representative”), collectively (the “Wunderlich Merger Agreement”). Pursuant to the Wunderlich Merger Agreement, customary closing conditions were satisfied and the acquisition was completed on July 3, 2017. We also entered into a registration rights agreement with certain shareholders of Wunderlich (the “Registration Rights Agreement”) on July 3, 2017. The Registration Rights Agreement provides the Wunderlich shareholder signatories with the right to notice of and, subject to certain conditions, the right to register shares of our common stock in certain future registered offerings of shares of our common stock. In connection with the acquisition Wunderlich on July 3, 2017, the total consideration of $66.0 million included $29.7 million of cash and the issuance of approximately 1,974,812 shares of the Company’s common stock with an estimated fair value of $31.4 million and 821,816 newly issued common stock warrants with an estimated fair value of $4.9 million.

 

In connection with terms of the Wunderlich Merger Agreement, on July 5, 2017 the number of directors comprising our full Board of Directors was increased by one, with Gary K. Wunderlich, Jr., Chief Executive Officer of Wunderlich, being appointed to fill the new seat in accordance with the terms of his employment agreement. Concurrently with the appointment of Mr. Wunderlich, the number of directors comprising our full Board of Directors was again increased by one, with Michael J. Sheldon appointed as an independent director to fill the new seat.

 

In second and third quarters of 2017, we implemented costs savings measures taking into account the planned synergies as a result of the acquisition of FBR and Wunderlich which included a reduction in force for some of the corporate executives of FBR and Wunderlich and a restructuring to integrate FBR and Wunderlich’s operations with our operations. These initiatives resulted in restructuring charges of $10.8 million in the second and third quarters of 2017. Restructuring charges included $3.3 million related to severance and accelerated vesting of restricted stock awards to former corporate executives of FBR and Wunderlich and $4.8 million of severance, accelerated vesting of stock awards to employees and $2.7 million of lease loss accruals for the planned consolidation of office space related to operations in the Capital Markets segment.

 

Critical Accounting Policies

 

Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), which require management to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience and on other factors that management believes to be reasonable. Actual results may differ from those estimates. Critical accounting policies represent the areas where more significant judgments and estimates are used in the preparation of our condensed consolidated financial statements. A discussion of such critical accounting policies, which include revenue recognition, reserves for accounts receivable and slow moving goods held for sale or auction, the carrying value of goodwill and other intangible assets, fair value measurements, share-based compensation and accounting for income tax valuation allowances can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. There have been no material changes to the policies noted above as of this quarterly report on Form 10-Q for the period ended September 30, 2017.

 

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Results of Operations

 

The following period to period comparisons of our financial results and our interim results are not necessarily indicative of future results.

 

Three Months Ended September 30, 2017 Compared to Three Months Ended September 30, 2016

 

Condensed Consolidated Statements of Operations

(Dollars in thousands) 

                            
    Three Months
September 30, 2017
    Three Months
September 30, 2016
 
    Amount     %    Amount    % 
Revenues:         
Services and fees  $85,141    92.1%  $50,300    88.3%
Interest income - Securities lending   7,206    7.8%       0.0%
Sale of goods   79    0.1%   6,666    11.7%
Total revenues   92,426    100.0%   56,966    100.0%
                     
Operating expenses:                    
Direct cost of services   10,138    11.0%   12,841    22.5%
Cost of goods sold   124    0.1%   2,391    4.2%
Selling, general and administrative expenses   70,962    76.8%   22,727    39.9%
Restructuring costs   4,896    5.3%   3,585    6.3%
Interest expense - Securities lending   4,950    5.4%       0.0%
Total operating expenses   91,070    98.5%   41,544    72.9%
Operating income   1,356    1.5%   15,422    27.1%
Other income (expense):                    
Interest income   76    0.1%   26    0.0%
Loss from equity investment   (157)   (0.2%)       0.0%
Interest expense   (2,510)   (2.7%)   (991)   (1.7%)
(Loss) income before income taxes   (1,235)   (1.3%)   14,457    25.3%
Benefit from (provision for) income taxes   1,357    1.5%   (6,083)   (10.7%)
Net income   122    0.1%   8,374    14.7%
Net loss attributable to noncontrolling interests   (246)   (0.3%)   (565)   (1.0%)
Net income attributable to B. Riley Financial, Inc.  $368    0.4%  $8,939    15.7%

 

 

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Revenues

 

The table below and the discussion that follows are based on how we analyze our business.  

                                
   Three Months Ended
September 30, 2017
   Three Months Ended
September 30, 2016
   Change  
   Amount   %   Amount   %   Amount  %  
Revenues - Services and Fees:                               
Capital Markets segment  $56,473    61.1%  $10,063    17.7%  $46,410   461.2 %
Auction and Liquidation segment   7,376    8.0%   17,058    29.9%   (9,682)  -56.8 %
Valuation and Appraisal segment   9,043    9.8%   7,696    13.5%   1,347   17.5 %
Principal Investments - United Online segment   12,249    13.3%   15,483    27.2%   (3,234)  -20.9 %
Subtotal   85,141    92.1%   50,300    88.3%   34,841   69.3 %
                                
Revenues - Sale of goods:                               
Auction and Liquidation segment   1    0.0%   6,503    11.4%   (6,502)  100.0 %
Principal Investments - United Online segment   78    0.1%   163    0.3%   (85)  -52.1 %
Subtotal   79    0.1%   6,666    11.7%   (6,587)  -98.8 %
                                
Interest income - Securities lending:                               
Capital Markets segment   7,206    7.8%       n/m    7,206   n/m  
Total revenues  $92,426    100.0%  $56,966    100.0%  $35,460   62.2 %

 

 

n/m - Not applicable or not meaningful. 

 

Total revenues increased $35.5 million to $92.4 million during the three months ended September 30, 2017 from $57.0 million during the three months ended September 30, 2016. The increase in revenues during the three months ended September 30, 2017 was primarily due to an increase in revenues from services and fees of $34.8 million and increase in revenues from interest income – securities lending of $7.2 million, offset by a decrease in revenues from the sale of goods of $6.5 million. The increase in revenues from services and fees of $34.8 million in 2017 was primarily due to an increase in revenues of $46.4 million in the capital markets segment and $1.3 million in the valuation and appraisal segment, offset by a decrease in revenues of $9.7 million in the auction and liquidation segment and a decrease of $3.2 million in the principal investments – United Online segment. The increase of $7.2 million in interest income – securities lending was as a result of the acquisition of FBR on June 1, 2017. The decrease in revenues from sale of goods of $6.6 million was due to the sale of retail goods that we acquired title to in September 2016 from the bankruptcy trustee of MS Mode, a retailer of women’s apparel that operates 130 retail locations throughout the Netherlands.

 

Revenues from services and fees in the capital markets segment increased $46.4 million, to $56.5 million during the three months ended September 30, 2017 from $10.1 million during the three months ended September 30, 2016. The increase in revenues was primarily due to an increase in revenues of $16.8 million from investment banking fees, $12.4 million from commissions, fees and other income primarily earned from research, sales and trading, $16.0 million from wealth management services and $1.2 million from trading income. The increase in revenues from investment banking fees was primarily due to an increase in the number of investment banking transactions where we acted as an advisor in 2017 as compared to the same period in 2016. Of the $16.8 million increase in investment banking fees, $14.4 million of the increase was primarily due to operations of FBR that we acquired on June 1, 2017 and Wunderlich that we acquired on July 3, 2017. The increase in revenues from commissions, fees and other income primarily earned from research, sales and trading, was primarily due to an increase in fees and commissions earned from research, sales and trading and incentive management fees earned from our various funds we manage which included $10.4 million of revenues from the acquisition of FBR on June 1, 2017 and Wunderlich on July 3, 2017. The increase in revenues from wealth management services included $15.9 million of revenues from the acquisition of Wunderlich on July 3, 2017. The increase in revenues from trading income in 2017 was primarily due to an increase in income we earned from trading activities in our propriety trading account.

 

Revenues from services and fees in the auction and liquidation solutions decreased $9.7 million, to $7.4 million during the three months ended September 30, 2017 from $17.1 million during the three months ended September 30, 2016. The decrease in revenues of $9.7 million was primarily due to a decrease in revenues of $10.1 million from services and fees from retail liquidation engagements, offset by an increase in revenues of $0.4 million from services and fees in our wholesale and industrial auction division. The decrease in revenues from services and fees from retail liquidation engagements in 2017 was primarily due to impact of the revenues we generated in the prior year from the going-out-of-business sale of 185 Hancock Fabric stores in the United States. In the third quarter of 2017, we did not have any similar large retail liquidation engagements that were completed. The increase in revenues from services and fees in our wholesale and industrial division was primarily due to an increase in the number of wholesale and industrial auction engagements in 2017 as compared to the same period in 2016. 

 

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Revenues from services and fees in the valuation and appraisal segment increased $1.3 million, or 17.5%, to $9.0 million during the three months ended September 30, 2017 from $7.7 million during the three months ended September 30, 2016. The increase in revenues was primarily due to increases of (a) $0.9 million related to appraisal engagements where we perform valuations for the monitoring of collateral for financial institutions, lenders, and private equity investors and (b) $0.4 million related to appraisal engagements where we perform valuations of intellectual property and business valuations.

 

Revenues from services and fees in the principal investments - United Online segment decreased $3.2 million to $12.2 million during the three months ended September 30, 2017 from $15.5 million during the three months ended September 30, 2016. The decrease in revenues was primarily due to lower paid subscribers to our services and lower advertising impressions as a result of a decline in active accounts.  Services revenues primarily from customer paid accounts related to our Internet access and related subscription services decreased $1.9 million to $9.3 million during the three months ended September 30, 2017 from $11.2 million during the three months ended September 30, 2016.   Advertising revenues from Internet display advertising and search related to our email and Internet access services decreased $1.4 million to $2.9 million during the three months ended September 30, 2017 from $4.3 million during the three months ended September 30, 2016.  Over the past several years revenues from paid subscription services have declined year over year as a result of a decline in the number of paid subscribers for our services. Management believes the decline in paid subscriber accounts is primarily attributable to the industry trends of consumers switching from dial-up Internet access to high speed Internet access such as cable and DSL. Management expects revenues in the principal investments - United Online segment to continue to decline year over year.

 

Operating Expenses

 

Direct Cost of Services. Direct cost of services and direct cost of services measured as a percentage of revenues – services and fees by segment during the three months ended September 30, 2017 and 2016 are as follows:

 

   Three Months Ended September 30, 2017   Three Months Ended September 30, 2016 
           Principal               Principal     
   Auction and   Valuation and   Investments -       Auction and   Valuation and   Investments -     
   Liquidation   Appraisal   United Online       Liquidation   Appraisal   United Online     
   Segment   Segment   Segment   Total   Segment   Segment   Segment   Total 
Revenues - Services and fees  $7,376   $9,043   $12,249        $17,058   $7,696   $15,483      
Direct cost of services   3,385    3,778    2,975   $10,138    4,365    3,549    4,927   $12,841 
Gross margin on services and fees  $3,991   $5,265   $9,274        $12,693   $4,147   $10,556      
Gross margin percentage   54.1%   58.2%   75.7%        74.4%   53.9%   68.2%     

 

Total direct costs decreased $2.7 million, to $10.1 million during the three months ended September 30, 2017 from $12.8 million during the three months ended September 30, 2016. Direct costs of services decreased by $1.0 million in the auction and liquidation segment and $1.9 million in the principal investments - United Online, offset by an increase of $0.2 million in the valuation and appraisal segment. The decrease in direct costs in the auction and liquidation segment was primarily due to a decrease in the number larger fee and commission retail liquidation engagements in 2017 as compared to the same period of 2016. The decrease in direct costs in the principal investments – United Online was primarily due to a decrease in costs to support the lower number of subscribers for dial-up internet service in 2017 as compared to the same period in 2016. The increase in direct costs of services in the valuation and appraisal segment was primarily due to an increase in payroll and related expenses in 2017 as compared to the same period in 2016.

 

Gross margin in the auction and liquidation segment for services and fees decreased to 54.1% of revenues during the three months ended September 30, 2017, as compared to 74.4% of revenues during the three months ended September 30, 2016. The decrease was primarily due to the impact of the revenues and margin we generated in the prior year from the going-out-of-business sale of 185 Hancock Fabric stores in the United States. In the third quarter of 2017, we did not have any similar large retail liquidation engagements that were completed which resulted in lower gross margins from retail liquidation engagements.

 

Gross margin in the valuation and appraisal segment for services and fees increased to 58.2% of revenues during the three months ended September 30, 2017, from 53.9% of revenues during the three months ended September 30, 2016. The increase in gross margin is primarily due to an increase in revenues due to higher average fees during the third quarter of 2017 and compared to the same period of 2016.

 

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Selling, General and Administrative Expenses. Selling, general and administrative expenses during the three months ended September 30, 2017 and 2016 were comprised of the following:

 

Selling, General and Administrative Expenses

 

   Three Months Ended
September 30, 2017
   Three Months Ended
September 30, 2016
   Change 
   Amount   %   Amount   %   Amount   % 
Capital Markets segment  55,591    78.4%  $9,054    39.9%  $46,537    514.0%
Auction and Liquidation segment   1,968    2.8%   3,982    17.5%   (2,014)   (50.6%)
Valuation and Appraisal segment   2,296    3.2%   2,155    9.5%   141    6.5%
Principal Investments - United Online segment   4,136    5.8%   3,941    17.3%   195    4.9%
Corporate and Other segment   6,971    9.8%   3,595    15.8%   3,376    93.9%
Total selling, general & administrative expenses  $70,962    100.0%  $22,727    100.0%  $48,235    212.2%

 

Total selling, general and administrative expenses increased $48.2 million, to $71.0 million during the three months ended September 30, 2017 from $22.7 million for the three months ended September 30, 2016. The increase was due to an increase in selling, general and administrative expenses of $46.5 million in the capital markets segment, $3.4 million in corporate and other segment, $0.2 million in the principal investments – United Online segment and $0.1 million in the valuation and appraisal segment, offset by a decrease of $2.0 million in the auction and liquidation segment.

 

Capital Markets

 

Selling, general and administrative expenses in the capital markets segment increased by $46.5 million to $55.6 million during the three months ended September 30, 2017 from $9.1 million during the three months ended September 30, 2016. The increase in expenses was primarily due to an increase in (a) payroll and related expenses of $15.2 million from the acquisition of Wunderlich on July 3, 2017 and $10.3 million from the acquisition of FBR on June 1, 2017, (b) $11.7 million of operating expenses related to the acquisition of FBR and $5.2 million of operating expenses related to the acquisition of Wunderlich, (c) payroll and related expenses of $2.6 million primarily related to an increases in incentive compensation as a result of the increase in revenues from investment banking fees in 2017 as compared to the same period in 2016, and (d) other operating expenses of $1.5 million.

 

Auction and Liquidation

 

Selling, general and administrative expenses in the auction and liquidation segment decreased $2.0 million, or 50.6%, to $2.0 million during the three months ended September 30, 2017 from $4.0 million for the three months ended September 30, 2016. The decrease in expenses was primarily due to a decrease in (a) payroll and related expenses in the amount of $1.3 million, (b) legal and professional fees of $0.5 million and (c) other administrative expenses of $0.2 million.

 

Valuation and Appraisal

 

Selling, general and administrative expenses in the valuation and appraisal segment were $2.3 million and $2.2 million during the three months ended September 30, 2017 and 2016, respectively.

 

Principal Investments - United Online

 

Selling, general and administrative expenses in the principal investments - United Online segment increased $0.2 million, or 4.9%, to $4.1 million during the three months ended September 30, 2017 from $3.9 million during the three months ended September 30, 2016. For the three months ended September 30, 2017, these expenses include $1.1 million of technology and development expenses, $0.3 million of sales and marketing expenses, $1.5 million of general and administrative expenses and $1.3 million of amortization of intangibles.   For the three months ended September 30, 2016, these expenses include $1.2 million of technology and development expenses, $0.4 million of sales and marketing expenses, $1.0 million of general and administrative expenses and $1.4 million of amortization of intangibles.  Technology and development expenses include expenses for product development, maintenance of existing software, technology and websites. Sales and marketing expenses include expenses associated personnel and overhead-related expenses for marketing, customer service, and advertising sales personnel to acquire and retain paid subscribers. Expenses associated with generating advertising revenues include sales commissions and personnel-related expenses. General and administrative expenses consist of personnel-related expenses for management in the principal investments - United Online segment, facilities, internal customer support personnel, personnel associated with operating our corporate systems and insurance recoveries. Amortization of intangibles includes amortization expense related to customer lists, advertising relationships, domain names and internally developed software.

 

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Corporate and Other

 

Selling, general and administrative expenses for corporate and other increased $3.4 million, to $7.0 million during the three months ended September 30, 2017 from $3.6 million for the three months ended September 30 2016. The increase was primarily due to an increase in (a) fair value adjustment on mandatorily redeemable noncontrolling interest of $2.8 million (b) transactions costs of $0.4 million incurred for professional fees that primarily related to the acquisitions of Wunderlich, FBR and Dialectic during the nine months ended September 30, 2017.

 

Restructuring Charge. During the three months ended September 30 2017, we incurred a restructuring charge of $4.9 million. In second and third quarters of 2017, we implemented costs savings measures taking into account the planned synergies as a result of the acquisitions of FBR and Wunderlich which included a reduction in force for some of the corporate executives of FBR and a restructuring to integrate FBR and Wunderlich’s operations with our operations. These initiatives resulted in a restructuring charge of $4.7 million in the third quarter of 2017. The restructuring charge included $1.1 million related to severance and accelerated vesting of restricted stock awards to former corporate executives of Wunderlich and $2.3 million of severance, accelerated vesting of stock awards to employees and $1.3 million of lease loss accruals for the planned consolidation of office space. The restructuring charge in 2017 also included employee termination costs of $0.2 million related to a reduction in personnel in the principal investments – United Online segment of our operations.

 

Restructuring charge of $3.6 million during the three months ended September 30, 2016 includes $3.2 million of employee termination costs related to a reduction in personnel in the corporate offices of UOL after our acquisition of UOL on July 1, 2016 and $0.4 million of charges related to combing our corporate office location with the offices of UOL.

 

Other Income (Expense). Other income included interest income of less than $0.1 million during each of the three months ended September 30, 2017 and 2016. Interest expense was $2.5 million during the three months ended September 30, 2017 as compared to $1.0 million during the three months ended September 30, 2016. The increase in interest expense during the three months ended September 30, 2017 was primarily due to interest expense of $2.0 million incurred in 2017 from the issuance of senior notes due in 2021 and 2027.

 

Income (Loss) Before Income Taxes. Income before income taxes decreased $15.7 million to loss before income taxes of $1.2 million during the three months ended September 30, 2017 from an income before income taxes of $14.5 million during the three months ended September 30, 2016. The decrease in income before income taxes was primarily due to (a) an increase in corporate and other expenses of $4.4 million, which includes an increase in restructuring charges of $1.0 million, (b) a decrease in operating income of $11.0 million in our auction and liquidation segment, (c) a decrease in operating income of $1.2 million in our capital markets segment, (d) an increase in interest expense of $1.5 million, and (e) loss on equity investment of $0.2 million, offset by (a) an increase in operating income of $1.5 million in our principal investments – United Online segment, (b) an increase in interest income of $0.1 million and (c) an increase in operating income of $1.0 million in our valuation and appraisal segment.

 

Benefit from (Provision for) Income Taxes. Benefit from income taxes was $1.4 million during the three months ended September 30, 2017 compared to provision for income taxes of $6.1 million during the three months ended September 30, 2016. The effective income tax rate was a benefit of 109.9% for the three months ended September 30, 2017 as compared to a provision of 42.1% for the three months ended September 30, 2016.

 

Net Loss Attributable to Noncontrolling Interest. Net loss attributable to noncontrolling interests represents the proportionate share of net income generated by Great American Global Partners, LLC, in which we have a 50% membership interest that we do not own. The net loss attributable to noncontrolling interests was $0.2 million during the three months ended September 30, 2017 compared to net loss attributable to noncontrolling interests of $0.6 million during the three months ended September 30, 2016.

 

Net Income Attributable to the Company. Net income attributable to the Company for the three months ended September 30, 2017 was $0.4 million, a decrease of net income of $8.6 million, from net income attributable to the Company of $8.9 million for the three months ended September 30, 2016. Decrease in net income attributable to the Company during the three months ended September 30, 2017 as compared to the same period in 2016 was primarily due to an increase in selling, general and administrate expenses of $48.2 million, offset by an increase in total revenues of $35.5 million and the impact of benefit from taxes as discussed above.

 

39 

 

 

Nine Months Ended September 30, 2017 Compared to Nine Months Ended September 30, 2016

 

Condensed Consolidated Statements of Operations

 (Dollars in thousands)

 

  

Nine Months
September 30, 2017

 

 

Nine Months
September 30, 2016

 
   Amount   %   Amount   % 
Revenues:         
Services and fees  $202,354    95.5%  $90,505    93.1%
Interest income - Securities lending   9,424    4.4%       0.0%
Sale of goods   221    0.1%   6,668    6.9%
Total revenues   211,999    100.0%   97,173    100.0%
                     
Operating expenses:                    
Direct cost of services   46,224    21.8%   25,084    25.8%
Cost of goods sold   313    0.1%   2,393    2.5%
Selling, general and administrative expenses   132,836    62.7%   48,844    50.3%
Restructuring costs   11,484    5.4%   3,585    3.7%
Interest expense - Securities lending   6,515    3.1%       0.0%
Total operating expenses   197,372    93.1%   79,906    82.2%
Operating income   14,627    6.9%   17,267    17.8%
Other income (expense):                    
Interest income   358    0.2%   32    0.0%
Loss from equity investment   (157)   (0.1%)       0.0%
Interest expense   (5,195)   (2.5%)   (1,398)   (1.4%)
Income before income taxes   9,633    4.5%   15,901    16.4%
Benefit from (provision for) income taxes   7,753    3.7%   (6,184)   (6.4%)
Net income   17,386    8.2%   9,717    10.0%
Net (loss) income attributable to noncontrolling interests   (283)   (0.1%)   631    0.5%
Net income attributable to B. Riley Financial, Inc.  $17,669    8.3%  $9,086    9.4%

  

Revenues

 

The table below and the discussion that follows are based on how we analyze our business. 

                           
   

Nine Months Ended 

September 30, 2017

  

Nine Months Ended 

September 30, 2016

   Change  
    Amount   %   Amount   %   Amount   %  
Revenues - Services and fees:                                
Capital Markets segment   $95,872    45.2%  $22,799    23.5%  $73,073   320.5 %
Auction and Liquidation segment    43,179    20.4%   29,358    30.2%   13,821   47.1 %
Valuation and Appraisal segment    24,799    11.7%   22,865    23.5%   1,934   8.5 %
Principal Investments - United Online segment    38,504    18.2%   15,483    15.9%   23,021   148.7 %
Subtotal    202,354    95.5%   90,505    93.1%   111,849   123.6 %
                                 
Revenues - Sale of goods:                                
Auction and Liquidation segment    1    n/m    6,505    6.7%   (6,504)  (100.0 %)
Principal Investments - United Online segment    220    0.1%   163    0.2%   57   35.0 %
Subtotal    221    0.1%   6,668    6.9%   (6,447)  (96.7 %)
                                 
Interest income - Securities lending:                                
Capital Markets segment    9,424    4.4%       n/m    9,424   n/m  
Total revenues   $211,999    100.0%  $97,173    100.0%  $114,826   118.2 %

  

 

n/m - Not applicable or not meaningful.

 

40 

 

 

Total revenues increased $114.8 million to $212.0 million during the nine months ended September 30, 2017 from $97.2 million during the nine months ended September 30, 2016. The increase in revenues during the nine months ended September 30, 2017 was primarily due to an increase in revenues from services and fees of $111.8 million and revenues from interest income – securities lending of $9.4, offset by a decrease in revenues from the sale of goods of $6.4 million. The increase in revenues from services and fees of $111.8 million in 2017 was due to an increase in revenues of (a) $73.1 million in the capital markets segment, (b) $13.8 million in the auction and liquidation segment, (c) $1.9 million in the valuation and appraisal segment, and (d) $23.0 million in the principal investments - United Online segment from the acquisition of UOL on July 1, 2016. Interest income from securities lending of $9.4 million in 2017 was as a result of the acquisition of FBR. The decrease in revenues from sale of goods of $6.4 million was primarily due to sale of certain products in the auction and liquidation segment in 2016.

 

Revenues from services and fees in the capital markets segment increased $73.1 million, to $95.9 million during the nine months ended September 30, 2017 from $22.8 million during the nine months ended September 30, 2016. The increase in revenues was primarily due to an increase in revenues of $33.3 million from investment banking fees, $20.1 million from commissions, fees and other income primarily earned from research, sales and trading, and $16.0 million from wealth management services and $3.7 million from trading income. The increase in revenues from investment banking fees was primarily due an increase in the number of investment banking transactions where we acted as an advisor in 2017 as compared to the same period in 2016. Of the $33.3 million increase in investment banking fees, $20.6 million of the increase was primarily due to operations of FBR that we acquired on June 1, 2017 and Wunderlich that we acquired on July 3, 2017. The increase in revenues from commissions, fees and other income primarily earned from research, sales and trading was primarily due to an increase in fees and commissions earned from research, sales and trading and incentive management fees earned from our various funds we manage which included $12.9 million of revenues from the acquisition of FBR on June 1, 2017 and Wunderlich on July 3, 2017. The increase in revenues from wealth management services included $15.9 million of revenues from the acquisition of Wunderlich on July 3, 2017. The increase in revenues from trading income in 2017 was primarily due to an increase in income we earned from trading activities in our propriety trading account.

 

Revenues from services and fees in the auction and liquidation solutions increased $13.8 million, to $43.2 million during the nine months ended September 30, 2017 from $29.4 million during the nine months ended September 30, 2016. The increase in revenues of $13.8 million was primarily due to an increase in revenues of $15.7 million from services and fees from retail liquidation engagements, offset by a decrease in revenues of $1.9 million from services and fees in our wholesale and industrial auction division. The increase in revenues from services and fees from retail liquidation engagements was primarily due to an increase in the number of fee and commission based retail liquidation engagements for store closings and going-out-of-business sales in 2017 as compared to the same period in 2016. The decrease in revenues from services and fees in our wholesale and industrial division was primarily due to a decrease in the number of wholesale and industrial auction engagements in 2017 as compared to the same period in 2016.

 

Revenues from services and fees in the valuation and appraisal segment increased $1.9 million, or 8.5%, to $24.8 million during the nine months ended September 30, 2017 from $22.9 million during the nine months ended September 30, 2016. The increase in revenues was primarily due to increases of (a) $1.1 million related to appraisal engagements where we perform valuations for the monitoring of collateral for financial institutions, lenders, and private equity investors; (b) $0.2 million related to appraisal engagements where we perform valuations of machinery and equipment, and (c) $0.6 million related to appraisal engagements where we perform valuations of intellectual property and business valuations.

 

Revenues from services and fees in the principal investments - United Online segment increased $23.0 million to $38.5 million during the nine months ended September 30, 2017 from $15.5 million during the nine months ended September 30, 2016. The increase was as a result of the acquisition of UOL on July 1, 2016. For the nine months ended September 30, 2017, the revenues include $29.8 million in services and fees primarily from customer paid accounts related to our Internet access and related subscription services and $8.7 million in advertising revenues from Internet display advertising and search related to our email and Internet access services.  For the nine months ended September 30, 2016, the revenues include $11.2 million in services and fees from customer paid accounts and $4.3 million in advertising revenues.  Over the past several years revenues from paid subscription services have declined year over year as a result of a decline in the number of paid subscribers for our services. Management believes the decline in paid subscriber accounts is primarily attributable to the industry trends of consumers switching from dial-up Internet access to high speed Internet access such as cable and DSL. Management expects revenues in the principal investments - United Online segment to continue to decline year over year.

 

41 

 

 

Operating Expenses

 

Direct Cost of Services. Direct cost of services and direct cost of services measured as a percentage of revenues – services and fees by segment during the nine months ended September 30, 2017 and 2016 are as follows:

 

   Nine Months Ended September 30, 2017   Nine Months Ended September 30, 2016 
           Principal               Principal     
   Auction and   Valuation and   Investments -       Auction and   Valuation and   Investments -     
   Liquidation   Appraisal   United Online       Liquidation   Appraisal   United Online     
   Segment   Segment   Segment   Total   Segment   Segment   Segment   Total 
Revenues - Services and fees  $43,179   $24,799   $38,504        $29,358   $22,865   $15,483      
Direct cost of services   25,482    11,031    9,711   $46,224    9,870    10,287    4,927   $25,084 
Gross margin on services and fees  $17,697   $13,768   $28,793        $19,488   $12,578   $10,556      
Gross margin percentage   41.0%   55.5%   74.8%        66.4%   55.0%   68.2%     

 

 

n/m - Not applicable or not meaningful.

 

Total direct costs increased $21.1 million, to $46.2 million during the nine months ended September 30, 2017 from $25.1 million during the nine months ended September 30, 2016. Direct costs of services increased by (a) $15.6 million in the auction and liquidation segment, (b) $0.7 million in the valuation and appraisal segment, and (c) $4.8 million in the principal investments - United Online segment as a result of the acquisition of UOL on July 1, 2016. The increase in direct costs in the auction and liquidation segment was primarily due to an increase in the number of fee and commission type engagements in 2017 compared to the same period in 2016. The increase in direct costs of services in the valuation and appraisal segment was primarily due to an increase in payroll and related expenses due to an increase headcount 2017 as compared to the same period in 2016.

 

Gross margin in the auction and liquidation segment for services and fees decreased to 41.0% of revenues during the nine months ended September 30, 2017, as compared to 66.4% of revenues during the nine months ended September 30, 2016. The decrease in gross margin in 2017 is primarily due to the increase in the number of fee and commission type retail liquidation engagements as compared to the same period in 2016.

 

Gross margin in the valuation and appraisal segment for services and fees increased to 55.5% of revenues during the nine months ended September 30, 2017, as compared to 55.0% of revenues during the nine months ended September 20, 2016.

 

Selling, General and Administrative Expenses. Selling, general and administrative expenses during the nine months ended June, 2017 and 2016 were comprised of the following:

 

Selling, General and Administrative Expenses

 

   Nine Months Ended   Nine Months Ended         
   September 30, 2017   September 30, 2016   Change 
   Amount   %   Amount   %   Amount   % 
Capital Markets segment  $89,920    67.7%  $22,941    47.0%  $66,979    292.0%
Auction and Liquidation segment   6,577    5.0%   6,862    14.0%   (285)   (4.2%)
Valuation and Appraisal segment   6,525    4.9%   6,451    13.2%   74    1.1%
Principal Investments - United Online segment   13,849    10.4%   3,941    8.1%   9,908    251.4%
Corporate and Other segment   15,965    12.0%   8,649    17.7%   7,316    84.6%
Total selling, general & administrative expenses  $132,836    100.0%  $48,844    100.0%  $83,992    172.0%

  

Total selling, general and administrative expenses increased $84.0 million, to $132.9 million during the nine months ended September 30, 2017 from $48.8 million for the nine months ended September 30, 2016. The increase was primarily due to an increase in selling, general and administrative expenses of (a) $67.0 million in the capital markets segment, (b) $9.9 million in the principal investments - United Online segment as a result of the acquisition of UOL on July 1, 2016, (c) $7.3 million in corporate and other, and (d) $0.1 million in the valuation and appraisal segment, offset by a decrease of $0.3 million in the auction and liquidation segment.

 

Capital Markets

 

Selling, general and administrative expenses in the capital markets segment increased by $67.0 million, or 292.0% to $90.0 million during the nine months ended September 30, 2017 from $22.9 million during the nine months ended September 30, 2016. The increase in expenses was primarily due to (a) payroll and related expenses of $15.2 million from the acquisition of Wunderlich on July 3, 2017 and $15.6 million from the acquisition of FBR on June 1, 2017, (b) $15.4 million operating expenses related to the acquisition of FBR and $5.2 million operating expenses related to the acquisition of Wunderlich, (c) payroll and related expenses of $9.8 primarily related to an increase in incentive compensation as a result of the increase in revenues from investment banking fees in 2017 as compared to the same period in 2016, and (d) other operating expenses of $1.3 million.

 

42 

 

 

Auction and Liquidation

 

Selling, general and administrative expenses in the auction and liquidation segment were $6.6 million and $6.9 million during the nine months ended September 30, 2017 and 2016, respectively. The decrease in expenses was primarily due a decrease in payroll and related expenses in the amount of $0.5 million and legal and professional fees of $0.2 million, offset by an increase in other expenses of $0.4 million.

 

Valuation and Appraisal

 

Selling, general and administrative expenses in the valuation and appraisal segment was $6.5 million during the nine months ended September 30, 2017, consistent with the same 2016 period.

 

Principal Investments - United Online

 

Selling, general and administrative expenses in the principal investments - United Online segment increased $9.9 million, or 251.4%, to $13.8 million during the nine months ended September 30, 2017 from $3.9 million during the nine months ended September 30, 2016 as a result of the acquisition of UOL on July 1, 2016. For the nine months ended September 30, 2017, these expenses include $3.6 million of technology and development expenses, $0.9 million of sales and marketing expenses, $5.2 million of general and administrative expenses and $4.1 million of amortization of intangibles.  For the nine months ended September 30, 2016, these expenses include $1.2 million of technology and development expenses, $0.4 million of sales and marketing expenses, $1.0 million of general and administrative expenses and $1.4 million of amortization of intangibles. Technology and development expenses include expenses for product development, maintenance of existing software, technology and websites. Sales and marketing expenses include expenses associated personnel and overhead-related expenses for marketing, customer service, and advertising sales personnel to acquire and retain paid subscribers. Expenses associated with generating advertising revenues include sales commissions and personnel-related expenses. General and administrative expenses consist of personnel-related expenses for management in the principal investments - United Online segment, facilities, internal customer support personnel, personnel associated with operating our corporate systems and insurance recoveries. Amortization of intangibles includes amortization expense related to customer lists, advertising relationships, domain names and internally developed software.

 

Corporate and Other

 

Selling, general and administrative expenses for corporate and other increased $7.3 million, to $16.0 million during the nine months ended September 30, 2017 from $8.6 million for the nine months ended September 30 2016. The increase was primarily due to an increase in (a) fair value adjustment of $9.0 million in connection with the mandatorily redeemable noncontrolling interests, (b) payroll and related expenses of $1.7 million and (c) transactions costs of $1.6 million incurred for professional fees that primarily related to the acquisition of Wunderlich, FBR and Dialectic during the second and third quarters of 2017. These increases in corporate overhead were offset by an insurance recovery in the amount of $6.0 million related to key man life insurance on one of our executives in our appraisal segment.

 

Restructuring Charge. During the nine months ended September 30 2017, we incurred a restructuring charge of $11.5 million. In the second and third quarters of 2017, we implemented costs savings measures taking into account the planned synergies as a result of the acquisitions of Wunderlich and FBR which included a reduction in force for some of the corporate executives of Wunderlich and FBR and a restructuring to integrate Wunderlich and FBR’s operations with our operations. These initiatives resulted in a restructuring charge of $10.9 million in the second and third quarter of 2017. The restructuring charge included $3.3 million related to severance and accelerated vesting of restricted stock awards to former corporate executives of Wunderlich and FBR and $4.8 million of severance, accelerated vesting of stock awards to employees and $2.8 million of lease loss accruals for the planned consolidation of office space related to operations. The restructuring charge in 2017 also included employee termination costs of $0.6 million related to a reduction in personnel in the principal investments – United Online segment of our operations.

 

Restructuring charge of $3.6 million during the three months ended September 30, 2016 include $3.2 million of employee termination costs related to a reduction in personnel in the corporate offices of UOL after our acquisition of UOL on July 1, 2016 and $0.4 million of charges related to combing our corporate office location with the offices of UOL.

 

Other Income (Expense). Other income (expense) included interest income of $0.4 million during the nine months ended September 30, 2017 and less than $0.1 million during the nine months ended September 30, 2016. Interest expense was $5.2 million during the nine months ended September 30, 2017 as compared to $1.4 million during the nine months ended September 30, 2016. The increase in interest expense during the nine months ended September 30, 2017 was primarily due to (a) interest expense of $0.4 million incurred on the acquisition consideration payable related to our acquisition of UOL on July 1, 2016 as a result of the Quadre Litigation; (b) an increase in interest expense of $0.2 million incurred on borrowing under our asset based credit facility for retail liquidation engagements; and (c) interest expense of $3.6 million incurred in 2017 from the issuance of senior notes.

 

43 

 

 

Income Before Income Taxes. Income before income taxes decreased $6.3 million to $9.6 million during the nine months ended September 30, 2017 from $15.9 million during the nine months ended September 30, 2016. The decrease in income before income taxes was primarily due to (a) an increase in corporate and other expenses of $10.5 million, which includes an increase in restructuring charges of $3.2 million, (b) a decrease in operating income of $5.8 million in our auction and liquidation segment, (c) an increase in interest expense of $3.8 million and (d) loss on equity investment of $0.2 million, offset by (a) an increase in operating income of $10.8 million in our principal investments – United Online segment as a result of the acquisition of UOL on July 1, 2016, (b) an increase in operating income of $1.8 million in our capital markets segment, (c) an increase in operating income of $1.1 million in our valuation and appraisal segment, and (d) an increase in interest income of $0.3 million.

 

Benefit from (Provision for) Income Taxes. Benefit from taxes was $7.8 million during the nine months ended September 30, 2017 compared to provision for taxes of $6.2 million during the nine months ended September 30, 2016. The benefit for income taxes during the nine months ended September 30, 2017 included a tax benefit of $8.4 million related to our election to treat the acquisition of UOL as a taxable business combination for income tax purposes in accordance with Internal Revenue Code Section 338(g) as more fully discussed in note 9 in the condensed consolidated financial statements. The tax provision during the nine months ended September 30, 2017 also a tax benefit due to a non-taxable insurance recovery in the amount of $6.0 million that was received in the second quarter of 2017. The effective income tax rate was a benefit of 80.5% for the nine months ended September 30, 2017 compared to provision of 38.9% for the nine months ended September 30, 2016.

 

Net (Loss) Income Attributable to Noncontrolling Interest. Net income attributable to noncontrolling interests represents the proportionate share of net income generated by Great American Global Partners, LLC, in which we have a 50% membership interest that we do not own. The net loss attributable to noncontrolling interests was $0.3 million during the nine months ended September 30, 2017 compared to net income attributable to noncontrolling interests of $0.6 million during the nine months ended September 30, 2016.

 

Net Income Attributable to the Company. Net income attributable to the Company for the nine months ended September 30, 2017 was $17.7 million, an increase of $8.6 million, from $9.1 million for the nine months ended September 30, 2016. The increase in net income during the nine months ended September 30, 2017 as compared to the same period in 2016 was primarily due to (a) operating income from the principal investments - United Online segment as a result of the acquisition of UOL on July 1, 2016 as discussed above, (b) an increase in operating income in the valuation and appraisal segment; (c) an increase in operating income in the capital markets segment; and (d) the impact of the benefit from income taxes as discussed above.

 

Liquidity and Capital Resources

 

Our operations are funded through a combination of existing cash on hand, cash generated from operations, proceeds from the issuance of common stock, and borrowings under our senior notes payable, credit facility and special purposes financing arrangements. On May 10, 2016, we completed a secondary offering of 2,420,980 shares of common stock at a price to the public of $9.50 per share. The net proceeds from the offering were $22.8 million after deducting underwriting commissions and other offering expenses.  On November 2, 2016, we issued $28.8 million of Senior Notes due in 2021 (the “2021 Notes”), and during the third quarter of 2017, we issued an additional $5.3 million of 2021 Notes pursuant to an At The Market Issuance Sales Agreement (the “Sales Agreement”) as further discussed below. Interest on the 2021 Notes are payable quarterly at 7.5% commencing January 31, 2017. The 2021 Notes are unsecured and due and payable in full on October 31, 2021. In connection with the issuance of the 2021 Notes on November 2, 2016, we received net proceeds of $27.7 million (after underwriting commissions, fees and other issuance costs of $1.1 million). In connection with the issuance of the 2021 Notes in 2017 pursuant to the Sales Agreement, we received net proceeds of $5.4 million (after premium less underwriting commissions, fees and other issuance costs of $0.1 million).  On May 31, 2017, we issued $60.4 million of Senior Notes due in 2027 (the “2027 Notes”), and during the third quarter of 2017, we issued an additional $23.7 million of 2027 Notes pursuant to the Sales Agreement. Interests are payable quarterly at 7.5% commencing July 31, 2017. The 2027 Notes are unsecured and due and payable in full on July 31, 2027. In connection with the issuance of the 2027 Notes, we received net proceeds of $82.3 million (after premium, underwriting commissions, fees and other issuance costs of $1.8 million). During the nine months ended September 30, 2017 and year ended December 31, 2016, we generated net income of $17.7 million and $21.5 million, respectively. Our cash flows and profitability are impacted by the number and size of retail liquidation and capital markets engagements performed on a quarterly and annual basis.

 

As of September 30, 2017, we had $102.4 million of unrestricted cash, $9.3 million of restricted cash, investments in securities and other investments of $96.0 million, and $117.9 million of borrowings outstanding. The borrowings outstanding of approximately $117.9 million at September 30, 2017 included (a) $33.2 million of borrowings from the issuance of the 2021 Notes, (b) $82.4 million of borrowings from the issuance of the 2027 Notes, and (c) other notes payable of $2.4 million. We believe that our current cash and cash equivalents, securities and other investments owned, funds available under our asset based credit facility, UOL line of credit and cash expected to be generated from operating activities will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from issuance date of the accompanying financial statements. We continue to monitor our financial performance to ensure sufficient liquidity to fund operations and execute on our business plan.

 

44 

 

 

From time to time, we may decide to pay dividends which will be dependent upon our financial condition and results of operations. During the nine months ended September 30, 2017 and year ended December 31, 2016, we paid cash dividends of $11.6 million and $5.3 million, respectively, on our common stock. While it is the Board’s current intention to make regular dividend payments of $0.08 per share each quarter and special dividend payments dependent upon exceptional circumstances from time to time, our Board of Directors may reduce or discontinue the payment of dividends at any time for any reason it deems relevant. The declaration and payment of any future dividends or repurchases of our common stock will be made at the discretion of our Board of Directors and will be dependent upon our financial condition, results of operations, cash flows, capital expenditures, and other factors that may be deemed relevant by our Board of Directors.

 

Our principal sources of liquidity to finance our business is our existing cash on hand, cash flows generated from operating activities, funds available under revolving credit facilities and special purpose financing arrangements.

 

Cash Flow Summary

 

   Nine Months Ended
September 30,
 
   2017   2016 
   (Dollars in thousands) 
Net cash (used in) provided by:          
Operating activities  $(48,779)  $27,926 
Investing activities   (22,916)   (111,873)
Financing activities   58,719    80,386 
Effect of foreign currency on cash   3,280    23 
Net decrease in cash and cash equivalents  $(9,696)  $(3,538)

 

Cash used in operating activities was $48.8 million for the nine months ended September 30, 2017, an increase of $76.7 million, from cash provided by operating activities of $27.9 million for the nine months ended September 30, 2016. Cash used in operating activities for the nine months ended September 30, 2017 includes net income of $17.4 million adjusted for noncash items and changes in operating assets and liabilities. The increase in cash used in operating activities of $76.7 million was primarily due to (a) a decrease in non-cash charges and other items of $1.3 million, which included recovery of key man life insurance of $(6.0) million and deferred income taxes of $(24.6) million, effect on foreign currency on operations of $(1.0) million, loss on equity investment of $0.2 million, depreciation and amortization of $7.7 million, share-based compensation $7.7 million, income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests of $10.8 million and impairment of leaseholds lease loss accrual and loss on disposal of fixed assets of $2.8 and $0.3 million for non-cash interest and other, and (b) changes in operating assets and liabilities that resulted in a decrease of $64.9 million in cash flows from operations during the nine months ended September 30, 2017, offset by an increase in net income of $7.7 million to $17.4 million during the nine months ended September 30, 2017, from $9.7 million during the comparable period in 2016.

 

Cash used in investing activities was $22.9 million during the nine months ended September 30, 2017 compared to cash used in investing activities of $111.9 million for the nine months ended September 30, 2016. During the nine months ended September 30, 2017, cash used in investing activities consisted of (a) cash used to purchase Wunderlich and United Online in the amounts of $25.4 million and $10.4 million, respectively, (b) an increase in restricted cash of $5.8 million, (c) cash use of $2.1 million for the acquisition of other businesses, (d) cash use of $1.0 million for an equity investment, and (e) cash use of $0.5 million for purchases of property and equipment, offset by (a) cash acquired from the acquisition of FBR of $15.7 million, (b) proceeds from key man life insurance of $6.0 million, and (c) proceeds from sale of property, equipment and other intangibles of $0.6 million. During the nine months ended September 30, 2016, cash used in investing activities was primarily comprised of an increase in restricted cash of $78.2 million and cash used to acquire United Online of $33.4 million.

 

Cash provided by financing activities was $58.7 million during the nine months ended September 30, 2017 compared to $80.4 million during the nine months ended September 30, 2016. During the nine months ended September 30, 2017, cash provided by financing activities primarily consisted of (a) $66.0 million proceeds from asset based credit facility and (b) $89.3 million proceeds from issuance of senior notes, offset by (a) $66.0 million used to repay the asset based credit facility, (b) $13.5 million used to pay cash dividends, (c) $8.2 million used to repay other notes payable in connection with the acquisition of Wunderlich, (d) $2.9 million distributions to noncontrolling interests, (e) $2.0 million used for debt issuance costs, (f) $1.3 million used for the payment of contingent consideration, and (g) $2.7 million used for the payment of employment taxes on vesting of restricted stock. During the nine months ended September 30, 2016, cash provided by financing activities primarily consisted of (a) $23.0 million of net proceeds from the issuance of common stock in May 2016, (b) $61.4 million of borrowings in connection with the participating notes payable, (c) $1.3 million payment of contingent consideration in connection with the acquisition of MK Capital, (d) $0.3 million used to repay a revolving line of credit, (e) $0.6 million of dividends paid on our common stock and (f) $1.7 million of distributions to noncontrolling interest.

 

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Contingent Consideration

 

In connection with the acquisition of MK Capital on February 2, 2015 for a total purchase price of $9.4 million, at closing $2.5 million of the purchase price was paid in cash and 333,333 newly issued shares of our common stock with a fair value of $2.7 million were issued to the former members of MK Capital. The purchase agreement also required the payment of contingent consideration in the form of future cash payments with a fair value of $2.2 million and the issuance of shares of common stock with a fair value of $2.0 million. The contingent cash consideration of $2.2 million payable to the former members of MK Capital represents the fair value of the contingent cash consideration of $1.25 million due on the first anniversary date of the closing (February 2, 2016) and a final cash payment of $1.25 million due on the second anniversary date of the closing (February 2, 2017), with imputed interest expense calculated at 8% per annum. The contingent stock consideration of $2.0 million was comprised of the issuance of 166,667 shares of common stock on the first anniversary date of the closing (February 2, 2016) and 166,666 shares of common stock on the second anniversary date of the closing (February 2, 2017). The contingent cash and stock consideration was payable on the first and second anniversary dates of the closing provided that MK Capital generated a minimum amount of gross revenues as defined in the purchase agreement for the twelve months following the first and second anniversary dates of the closing. MK Capital achieved the minimum amount of revenues for the first and second anniversary periods. The contingent cash consideration for such first anniversary period of $1.25 million was paid and contingent stock consideration for such first anniversary period of 166,667 common shares was issued to the former members of MK Capital on February 2, 2016. The contingent cash consideration for such second anniversary period of $1.25 million was paid and contingent stock consideration for such second anniversary period of 166,666 common shares was issued to the former members of MK Capital on February 2, 2017.

 

Credit Agreements

 

On April 21, 2017, we amended the credit agreement (as amended, the “Credit Agreement”) governing our asset based credit facility with Wells Fargo Bank, National Association (“Wells Fargo Bank”) to increase the maximum borrowing limit from $100.0 million to $200.0 million. Such amendment, among other things, also extended the expiration date of the credit facility from July 15, 2018 to April 21, 2022. The Credit Agreement continues to allow for borrowings under the separate credit agreement (a “UK Credit Agreement”) which was dated March 19, 2015 with an affiliate of Wells Fargo Bank which provides for the financing of transactions in the United Kingdom with borrowings up to 50.0 million British Pounds. The UK Credit Agreement is cross collateralized and integrated in certain respects with the credit agreement governing the credit facility.  The Credit Agreement continues to include the addition of our Canadian subsidiary, from the October 5, 2016 amendment to the Credit Agreement, to facilitate borrowings to fund retail liquidation transactions in Canada. From time to time, we utilize this credit facility to fund costs and expenses incurred in connection with liquidation engagements. We also utilize this credit facility in order to issue letters of credit in connection with liquidation engagements conducted on a guaranteed basis. Subject to certain limitations and offsets, we are permitted to borrow up to $200.0 million under the credit facility, less the aggregate principal amount borrowed under the UK Credit Agreement (if in effect). Borrowings under the credit facility are only made at the discretion of the lender and are generally required to be repaid within 180 days. The interest rate for each revolving credit advance under the related credit agreement is, subject to certain terms and conditions, equal to the LIBOR plus a margin of 2.25% to 3.25% depending on the type of advance and the percentage such advance represents of the related transaction for which such advance is provided. The credit facility is secured by the proceeds received for services rendered in connection with the liquidation service contracts pursuant to which any outstanding loan or letters of credit are issued and the assets that are sold at liquidation related to such contract, if any. The credit facility also provides for success fees in the amount of 2.5% to 17.5% of the net profits, if any, earned on liquidation engagements that are financed under the credit facility as set forth in the related credit agreement. We typically seek borrowings on an engagement-by- engagement basis. The credit agreement governing the credit facility contains certain covenants, including covenants that limit or restrict our ability to incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, merge or consolidate and enter into certain transactions with affiliates. At September 30, 2017 and December 31, 2016, there were no borrowings or letters of credits outstanding under the credit facility.

 

On April 13, 2017, UOL, in the capacity as borrower, entered into a credit agreement (the “UOL Credit Agreement”) with the Banc of California, N.A. in the capacity as agent and lender. The UOL Credit Agreement provides for a revolving credit facility under which UOL may borrow (or request the issuance of letters of credit) up to $20.0 million which amount is reduced by $1.5 million commencing on June 30, 2017 and on the last day of each calendar quarter thereafter. The final maturity date is April 13, 2020.  The proceeds of the UOL Credit Agreement can be used (a) for working capital and general corporate purposes and/or (b) to pay dividends or permitted tax distributions to its parent company, subject to the terms of the UOL Credit Agreement. Borrowings under the UOL Credit Agreement will bear interest at a rate equal to (a) (i) the base rate (the greater of the federal funds rate plus one half of one percent (0.5%), or the prime rate) for U.S. dollar loans or (ii) at UOL’s option, the LIBOR Rate for Eurodollar loans, plus (b) the applicable margin rate, which ranges from two percent (2%) to three and one-half percent (3.5%) per annum, based upon UOL’s ratio of funded indebtedness to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the preceding four (4) fiscal quarters. Interest payments are to be made each one, three or six months for Eurodollar loans, and quarterly for U.S. dollar loans.

 

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UOL paid a commitment fee equal to 1.00% of the aggregate commitments upon the closing of the UOL Credit Agreement. The UOL Credit Agreement also provides for an unused line fee payable quarterly, in arrears, in an amount equal to: (a) 0.50% per annum times the amount of the unused revolving commitment that is less than or equal to the amount of the cash maintained in accounts with the agent (as depositary bank); plus (b) 1.00% per annum times the amount of the unused revolving commitment that is greater than the amount of the cash maintained in accounts with the agent (as depositary bank). Any amounts outstanding under the UOL Credit Facility are due at maturity. At September 30, 2017, there were no borrowings or letters of credits outstanding under this credit facility.

 

On November 2, 2016, we issued $28.8 million of 2021 Notes, and during the three months ended September 30, 2017, we issued an additional $5.3 million of 2021 Notes, pursuant to Sales Agreement as further discussed below. Interest is payable quarterly at 7.5% commencing January 31, 2017. The 2021 Notes are unsecured and due and payable in full on October 31, 2021. In connection with the issuance of the 2021 Notes, we received net proceeds of $33.1 million (after premium, underwriting commissions, fees and other issuance costs of $1.0 million). The outstanding balance of the 2021 Notes was $33.2 million (net of unamortized debt issue costs and premiums of $0.9 million) at September 30, 2017. In connection with the offering of 2021 Notes, certain members of our management and the Board of Directors purchased $2.7 million or 9.5% of the 2021 Notes offered by us. 

 

On May 31, 2017, we issued $60.4 million of 2027 Notes, and during the three months ended September 30, 2017 we issued an additional $23.7 million of 2027 Notes pursuant to the Sales Agreement as further discussed below. Interest is payable quarterly at 7.5% commencing July 31, 2017. The 2027 Notes are unsecured and due and payable in full on May 31, 2027. In connection with the issuance of the 2027 Notes, we received net proceeds of $82.3 million (after underwriting commissions, fees and other issuance costs of $1.8 million). The outstanding balance of the 2027 Notes was $82.4 million (net of unamortized debt issue costs of $1.7 million) at September 30, 2017.

 

On June 28, 2017, we entered into the Sales Agreement and filed a prospectus supplement, pursuant to which we may sell from time to time, at our option up to an aggregate of $39.6 million of 2021 Notes or 2027 Notes. The Notes sold pursuant to the Sales Agreement will be issued pursuant to a prospectus dated March 29, 2017, as supplemented by a prospectus supplement dated June 28, 2017, in each case filed with the Securities and Exchange Commission pursuant to our effective Registration Statement on Form S-3 (File No. 333-216763), which was declared effective by the Securities and Exchange Commission on March 29, 2017. The Notes will be issued pursuant to the Indenture, dated as of November 2, 2016, as supplemented by a First Supplemental Indenture, dated as of November 2, 2016 and the Second Supplemental Indenture, dated as of May 31, 2017, each between us and U.S. Bank, National Association, as trustee. Future sales of the 2021 Notes and 2027 Notes pursuant to the Sales Agreement will depend on a variety of factors including, but not limited to, market conditions, the trading price of the notes and our capital needs. During the three months ended September 30, 2017, we issued $5.3 million of 2021 Notes and $23.7 million of 2027 Notes. At September 30, 2017, we have an additional $10.6 million of 2021 Notes or 2027 Notes that may be sold pursuant to the Sales Agreement. There can be no assurance we will be successful in consummating future sales based on prevailing market conditions or in the quantities or at the prices that we may deem appropriate.

 

Other Borrowings

 

In August 2016, we formed GA Retail Investments, L.P., a Delaware limited partnership, (the “Partnership”) which required us to contribute $15.4 million. The Partnership borrowed $80.0 million Australian dollars from a third party investor in connection with its formation and the $80.0 million Australian dollars was exchanged for a 50% special limited partnership interest in the Partnership. The Partnership was formed to provide funding for the retail liquidation engagement we entered into to liquidate the Masters Home Improvement stores. The $80.0 million Australian dollar participating note payable was non-interest bearing, shares in 50% of the all of the profits and losses of the Partnership and the principal amount was repaid in December 2016 upon the completion of the going-out-of-business sale of Masters Home Improvement stores as defined in the partnership agreement. At September 30, 2017 and December 31, 2016, $0.5 million and $10.0 million, respectively, was payable in accordance with the participating note payable share of profits and is included net income attributable to noncontrolling interests and amounts due to related parties and partners in the condensed consolidated financial statements.

 

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Other notes payable include notes payable to a clearing organization for one of the Company’s broker dealers.  The notes payable accrue interest at rates ranging from the prime rate plus 0.25% to 2.0% (4.5% to 6.25% at September 30, 2017) payable annually. The principal payments on the notes payable are due annually in the amount of $0.1 million on October 31, $0.2 million on September 30, and $0.4 million on January 31. The notes payable mature at various dates from January 31, 2018 through January 31, 2022. At September 30, 2017, the outstanding balance for the notes payable were $2.4 million.  

 

Off-Balance Sheet Arrangements

 

We have no obligations, assets or liabilities which would be considered off-balance sheet arrangements and do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, established for the purpose of facilitating off-balance sheet arrangements. We have not guaranteed any debt or commitments of other entities or entered into any options on non-financial assets.

 

New Accounting Standards

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02: Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. ASU 2016-02 will be effective for the Company in fiscal year 2019, but early application is permitted. The Company is currently evaluating the impact of this update on the consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).   Under this ASU and subsequently issued amendments, revenue are recognized at the time when goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This standard sets forth a five-step revenue recognition model which replaces the current revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance.  This standard is effective in the first quarter of 2018 for public companies and requires either a retrospective or a modified retrospective approach to adoption.  The Company believes the adoption of this standard may impact engagements that contain performance-based arrangements in which a success or completion fee is earned when and if certain predefined outcomes occur and engagements and contracts where services are provided under fixed-fees arrangements that have multiple performance obligations. The Company has not completed an assessment and has not yet determined whether the impact of the adoption of this standard on the consolidated financial statements will be material. The Company will adopt this standard on January 1, 2018 but have not concluded on a transition approach. The Company expects to complete the assessment process, including selecting a transition method for adoption during fourth quarter of 2017.

 

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The amendments in this update do not change the core principle of the guidance as noted above at ASU No. 2014-09. The amendments clarify the implementation guidance on principal versus agent considerations. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU No. 2014-09. The Company has not yet adopted this update and is currently evaluating the impact it may have on its financial condition and results of operations.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for us in our first quarter of fiscal year 2019, but early application is permitted. The Company has not yet adopted this update and is currently evaluating the impact it may have on its financial condition and results of operations.

 

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In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment.   This standard simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.  The revised guidance will be applied prospectively, and is effective for calendar year-end SEC filers for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019.  Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.  The Company has not yet adopted this update and currently evaluating the effect this new standard will have on its financial condition and results of operations.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

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 Chief Executive Officer 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 Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act. Based upon the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that as of September 30, 2017 our disclosure controls and procedures were effective at the reasonable assurance level.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes to our internal control over financial reporting during the fiscal quarter covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Inherent Limitation on Effectiveness of Controls

 

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of controls to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

 

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PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

The Company is subject to certain legal and other claims that arise in the ordinary course of its business. In particular, the Company and its subsidiaries are named in and subject to various proceedings and claims arising primarily from our securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims seek substantial compensatory, punitive, or indeterminate damages. The Company and its subsidiaries are also involved in other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding our business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. In view of the number and diversity of claims against our company, the number of jurisdictions in which litigation is pending, and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be.  Notwithstanding this uncertainty, the Company does not believe that the results of these claims are likely to have a material effect on its financial position or results of operations.

 

In 2012, Gladden v. Cumberland Trust, WSI, et al. filed a complaint in Circuit Court, Hamblen County, TN at Morristown, Case No. 12-CV-119.  This complaint alleges the improper distribution and misappropriation of trust funds. The plaintiff seeks damages of no less than $3.9 million, an accounting, and among other things, punitive damages. In October 2017, the Tennessee Supreme Court remanded the case to the Tennessee State Trial Court for determination of which claims are subject to arbitration and which are not. At the present time, the financial impact to the Company, if any, cannot be estimated.

 

In January 2015, we were served with a lawsuit that seeks to assert claims of breach of contract and other matters in connection with auction services provided to a debtor.  The proceeding in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) is pending in the bankruptcy case of the debtor and its affiliates (the “Debtor”).  In the lawsuit, a former landlord of the Debtor generally alleges that the Company and a joint venture partner were responsible for contamination while performing services in connection with the auction of certain assets of the Debtor and is seeking approximately $10.0 million in damages.  In January 2017, the parties filed a proposed scheduling order with the Bankruptcy Court. Discovery in the action is currently proceeding. We intend to vigorously defending this lawsuit. This lawsuit is ongoing, and the financial impact to the Company, if any, cannot be estimated.

 

On July 5, 2016, Quadre Investments LP (“Quadre”) filed a petition with the Delaware Court of Chancery (the “Court”) seeking a determination of fair value for 943,769 shares of common stock of UOL in connection with the acquisition of UOL by us. Such transaction gave rise to appraisal rights pursuant to Section 262 of the General Corporation Law of the State of Delaware. As a result, Quadre petitioned the Court to receive fair value as determined by the Court. On June 29, 2017, the parties settled the action and the petition was dismissed.

 

In May 2014, Waterford Township Police & Fire Retirement System et al. v. Regional Management Corp et al., filed a complaint in the Southern District of New York (the “Court”), against underwriters alleging violations under sections 11 and 12 of the Securities Act of 1933, as amended (the “Securities Act”). FBR Capital Markets & Co. (“FBRCM”), a broker-dealer subsidiary of ours, was a co-manager of 2 offerings. On January 30, 2017, the Court denied the plaintiffs’ motion to file a first amended complaint, which would have revived claims previously dismissed by the Court on March 30, 2016. On March 1, 2017, the plaintiffs filed a notice of appeal and an opening brief on June 21, 2017. Defendant’s opposition motion was filed on September 12, 2017. Appellants filed their reply brief on October 17, 2017 and oral argument has been scheduled for November 17, 2017. Regional Management continues to indemnify all of the underwriters, including FBRCM, pursuant to the operative underwriting agreement. 

 

On January 5, 2017, complaints filed in November 2015 and May 2016 naming MLV & Co. (“MLV”), a broker-dealer subsidiary of FBR, as a defendant in putative class action lawsuits alleging claims under the Securities Act, in connection with the offerings of Miller Energy Resources, Inc. (“Miller”) have been consolidated. The Master Consolidated Complaint, styled Gaynor v. Miller et al., is pending in the United States District Court for the Eastern District of Tennessee, and, like its predecessor complaints, continues to allege claims under Sections 11 and 12 of the Securities Act against nine underwriters for alleged material misrepresentations and omissions in the registration statement and prospectuses issued in connection with six offerings (February 13, 2013; May 8, 2013; June 28, 2013; September 26, 2013; October 17, 2013 (as to MLV only) and August 21, 2014) with an alleged aggregate offering price of approximately $151.0 million. The plaintiffs seek unspecified compensatory damages and reimbursement of certain costs and expenses. In August 2017, the Court granted Defendant’s Motion to Dismiss on Section 12 claims and found that the plaintiffs had not sufficiently alleged a corrective disclosure prior to August 6, 2015, when an SEC civil action was announced. Defendant’s answer was filed on September 25, 2017. Although MLV is contractually entitled to be indemnified by Miller in connection with this lawsuit, Miller filed for bankruptcy in October 2015 and this likely will decrease or eliminate the value of the indemnity that MLV receives from Miller.

 

In March 2017, United Online, Inc. received a letter from PeopleConnect, Inc. (formerly, Classmates, Inc.) (“Classmates”) regarding a notice of investigation received from the Consumer Protection Divisions of the District Attorneys’ offices of four California counties (“California DAs”).  These entities suggest that Classmates may be in violation of California codes relating to unfair competition, false or deceptive advertising, and auto-renewal practices.  Classmates asserts that these claims are indemnifiable claims under the purchase agreement between United Online, Inc. and the buyer of Classmates.  A tolling agreement with the California DAs has been signed and informal discovery and production is in process. At the present time, the financial impact to the Company, if any, cannot be estimated.

 

In April 2017, two purported shareholders of FBR filed a putative class action against FBR and the members of its board of directors that challenged the disclosures made in connection with the merger of FBR with the Company, styled Michael Rubin v. FBR & Co., et al., Case No. 1:17-cv-00410-LMB-MSN and Kim v. FBR & Co., et al. Case No.1:17-cv-004440LMB-IDD. The complaints alleged that the registration statement filed in connection with the Merger failed to disclose certain allegedly material information in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, and SEC Ru1e 14a-9 promulgated thereunder. On July 12, 2017, per stipulation, the complaints were dismissed - with prejudice as to the named plaintiffs only, without prejudice as to the class.  In August 2017, a mootness fee was paid and the case was dismissed.

 

In September 2017, a statement of claim was filed in a FINRA arbitration naming FBRCM and other underwriters related to the underwriting of the now-bankrupt, Quantum Fuel Systems Technologies Worldwide, Inc. (“Quantum”).  Claimants are seeking $37.0 million in actual damages, plus $75.0 million in punitive damages and attorney’s fees.  On October 24, 2017, we joined in a motion with the other underwriters requesting that the claim be dismissed on the grounds that it is improper under FINRA Rules 12204 and 122205 which prohibit class actions and derivative claims, respectively.  Our initial response is due in November 2017 and we have agreed to a dual representation arrangement with the other underwriters.  At the present time, the financial impact to the Company, if any, cannot be estimated.

  

Item 1A. Risk Factors.

 

There are certain risks and uncertainties in our business that could cause our actual results to differ materially from those anticipated. A detailed discussion of our risk factors was included in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 10, 2017. These risk factors should be read carefully in connection with evaluating our business and in connection with the forward-looking statements and other information contained in this Quarterly Report on Form 10-Q. Any of the risks described in the Annual Report on Form 10-K for the year ended December 31, 2016 could materially affect our business, financial condition or future results and the actual outcome of matters as to which forward-looking statements are made. There have been no material changes to the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2016.

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

The exhibits filed as part of this Quarterly Report are listed in the index to exhibits immediately preceding such exhibits, which index to exhibits is incorporated herein by reference.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    B. Riley Financial, Inc.
     
Date: November 9, 2017 By:

/s/ PHILLIP J. AHN

    Name: Phillip J. Ahn
    Title: Chief Financial Officer and Chief Operating Officer
    (Principal Financial Officer)

 

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Exhibit Index

 

Exhibit No.   Description  
     
4.1(1)   Base Indenture, dated as of November 2, 2016, by and between the registrant and U.S. Bank National Association, as Trustee
4.2(1)   First Supplemental Indenture, dated as of November 2, 2016, by and between the registrant and U.S. Bank National Association, as Trustee
4.3(2)   Second Supplemental Indenture, dated as of May 31, 2017, by and between the registrant and U.S. Bank National Association, as Trustee
4.4(2)   Form of 7.50% Senior Note due 2027
     
4.5(1)   Form of 7.50% Senior Note due 2021
     
10.1(3)   Warrant Agreement, dated as of July 3, 2017, by and between the registrant and Continental Stock Transfer & Trust Company
     
10.2(3)#   Employment Agreement, dated as of May 17, 2017, by and among the registrant, Wunderlich Investment Company, Inc. and Gary K. Wunderlich, Jr.
     
10.3(3)   Registration Rights Agreement, dated as of July 3, 2017, by and among the registrant and the persons listed on the signature pages thereto
     
10.4(4)   Consulting Services Agreement, dated as of July 3, 2017, by and between Richard J. Hendrix and FBR Capital Markets & Co.
     
10.5(4)#   Severance Agreement and General Release, dated as of July 3, 2017, by and among the registrant, Richard J. Hendrix, FBR Capital Markets & Co. and B. Riley & Co., LLC
     
31.1*   Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934
31.2*   Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934
32.1*†   Certification required by 18 United States Code Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*†   Certification required by 18 United States Code Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS*   XBRL Instance Document
     
101.SCH*   XBRL Taxonomy Extension Schema Document
     
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document

 

*Filed herewith.

These exhibits are being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

#Management contract or compensatory plan or arrangement.

(1)Incorporated by reference to the registrant’s Current Report on Form 8-K filed with the SEC on November 2, 2016.

(2)Incorporated by reference to the registrant’s Current Report on Form 8-K filed with the SEC on May 31, 2017.

(3)Incorporated by reference to the registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2017.

(4)Incorporated by reference to the registrant’s Quarterly Report on Form 10-Q filed with the SEC on August 8, 2017.

 

 

 

EX-31.1 2 s108021_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Bryant R. Riley, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of B. Riley Financial, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 9, 2017 

   
  /s/ BRYANT R. RILEY
 

Bryant R. Riley

Chairman and Chief Executive Officer

(Principal Executive Officer)

 

 

 

EX-31.2 3 s108021_ex31-2.htm EXHIBIT 31.2

  

EXHIBIT 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Phillip J. Ahn, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of B. Riley Financial, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 9, 2017 

   
 

/s/ PHILLIP J. AHN

  Phillip J. Ahn
  Chief Financial Officer and Chief Operating Officer
  (Principal Financial Officer)

 

 

EX-32.1 4 s108021_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of B. Riley Financial, Inc. (the “Company”) for the quarter ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bryant R. Riley, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ BRYANT R. RILEY

 
Bryant R. Riley  
Chairman and Chief Executive Officer  
   
November 9, 2017  

 

 

 

EX-32.2 5 s108021_ex32-2.htm EXHIBI 32.2

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of B. Riley Financial, Inc. (the “Company”) for the quarter ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Phillip J. Ahn, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ PHILLIP J. AHN

 
Phillip J. Ahn  
Chief Financial Officer and Chief Operating Officer  
   
November 9, 2017  

 

 

 

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Riley Financial, Inc. 0001464790 10-Q RILY 2017-09-30 false --12-31 No No Yes Accelerated Filer Q3 2017 26467594 16448119 19043072 19140342 26461568 7099511 1151000 1151000 166667 166666 1952000 1952000 158484 73472000 73472000 4779354 36306000 36306000 1974812 -2683000 -2683000 7306 241910 22759000 22759000 2420980 821816 7679000 1831000 1831000 7679000 11600000 571000 571000 11600000 922000 922000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 1&#8212;ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Organization and Nature of Operations</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">B. 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Hendrix [Member] Income Statement Location [Axis] Selling, General and Administrative Expenses [Member] Asset Purchase and Assignment Agreement [Member] Dialectic Capital Management, L.P., Dialectic Capital, LLC and John Fichthorn [Member] Warrant [Member] Second Amended and Restated Credit Agreement [Member] Legal Entity [Axis] Wells Fargo Bank, National Association [Member] Credit Facility [Axis] Asset Based Credit Facility [Member] UK Credit Agreement [Member] Line of Credit [Member] GBP [Member] Credit Agreement [Member] Line of Credit [Member] United Online, Inc. ("UOL") [Member] Debt Instrument [Axis] 7.5% Senior Notes Due 2021 [Member] At The Market Issuance Sales Agreement [Member] 7.5% Senior Notes Senior Notes Due 2021 [Member] Management And Board Of Directors [Member] GA Retail Investments, L.P [Member] Third Party Investor [Member] 7.5% Senior Notes Due 2027 [Member] 7.5% Senior Notes Due 2021/ 7.5% Senior Notes Due 2027 [Member] Income Tax Authority [Axis] Federal Tax Authority [Member] State and Local Jurisdiction [Member] Antidilutive Securities [Axis] Escrow Subject to Cancellation Escrow Claims [Member] Great American Group, LLC [Member] Litigation Case [Axis] Bankruptcy Case [Member] Aquistion Letigation Case [Member] Arbitration Claim Against Wunderlich Securities, Inc. [Member] Arbitration Claim Against WSI and Gary Wunderlich [Member] MLV & Co. [Member] B. Riley & Co., LLC [Member] Wunderlich Securities, Inc. [Member] GACP I, L.P [Member] GACP II, L.P [Member] CA Global Partners, LLC [Member] Geographical [Axis] North America Australia Europe Canada, Dollars [Member] Euro [Member] Other Notes Payable [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Gladden Vs Cumberland Trust [Member] MagicJack VocalTec [Member] Arbitration Claim Against Quantum Fuel Systems Technologies Worldwide, Inc. [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Assets Cash and cash equivalents Restricted cash Due from clearing brokers Securities and other investments owned, at fair value Securities borrowed Accounts receivable, net Due from related parties Advances against customer contracts Prepaid expenses and other assets Property and equipment, net Goodwill Other intangible assets, net Deferred income taxes Total assets Liabilities and Equity (Deficit) Liabilities Accounts payable Accrued expenses and other liabilities Deferred revenue Due to related parties and partners Securities sold not yet purchased Securities loaned Mandatorily redeemable noncontrolling interests Acquisition consideration payable Notes payable Senior notes payable Contingent consideration Total liabilities Commitments and contingencies B. Riley Financial, Inc. stockholders' equity: Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued Common stock, $0.0001 par value; 40,000,000 shares authorized; 26,461,568 and 19,140,342 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total B. Riley Financial, Inc. stockholders' equity Noncontrolling interests Total equity Total liabilities and equity Preferred stock, par value (in dollars per share) Preferred stock, authorized Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Revenues: Services and fees Interest income - Securities lending Sale of goods Total revenues Operating expenses: Direct cost of services Cost of goods sold Selling, general and administrative expenses Restructuring charge Interest expense - Securities lending Total operating expenses Operating income Other income (expense): Interest income Loss from equity investment Interest expense (Loss) income before income taxes Benefit from (provision for) income taxes Net income Net (loss) income attributable to noncontrolling interests Net income attributable to B. Riley Financial, Inc. Basic income per share (in dollars per share) Diluted income per share (in dollars per share) Cash dividends per share (in dollars per share) Weighted average basic shares outstanding (in shares) Weighted average diluted shares outstanding (in shares) Net income Other comprehensive income (loss): Change in cumulative translation adjustment Other comprehensive income (loss), net of tax Total comprehensive income Comprehensive (loss) income attributable to noncontrolling interests Comprehensive income attributable to B. Riley Financial, Inc. Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance at Beginning Balance at Beginning (in shares) Issuance of common stock for acquisition of MK Capital, LLC - contigent equity consideration on February 2, 2017 Issuance of common stock for acquisition of MK Capital, LLC - contigent equity consideration on February 2, 2017 (in shares) Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017 Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017 (in shares) Issuance of common stock for acquisition of FBR & Co. on June 1, 2017 Issuance of common stock for acquisition of FBR & Co. on June 1, 2017 (in shares) Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017 Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017 (in shares) Vesting of restricted stock, net of shares withheld for employer taxes Vesting of restricted stock, net of shares withheld for employer taxes (in shares) Offering of common stock, net of offering expenses Offering of common stock, net of offering expenses (in shares) Share based payments Dividends on common stock Net income for the nine months ended September 30, 2017 Distributions to noncontrolling interest Foreign currency translation adjustment Balance at End Balance at End (in shares) Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization Provision (recoveries) for doubtful accounts Share-based compensation Recovery of key man life insurance Non-cash interest and other Effect of foreign currency on operations Loss from equity investment Deferred income taxes Impairment of leaseholds, lease loss accrual and loss on disposal of fixed assets Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests Change in operating assets and liabilities: Due from clearing brokers Securities and other investments owned Securities borrowed Accounts receivable and advances against customer contracts Goods held for sale or auction Prepaid expenses and other assets Accounts payable, accrued payroll and related expenses, accrued value added tax payable and other accrued expenses Amounts due from related parties and partners Securities sold, not yet purchased Deferred revenue Securities loaned Auction and liquidation proceeds payable Net cash (used in) provided by operating activities Cash flows from investing activities: Acquisition of Wunderlich, net of cash acquired $4,259 Cash acquired from acquisition of FBR & Co. Acquisition of United Online, net of cash acquired $125,542 in 2016 Acquisition of other businesses Purchases of property and equipment Proceeds from key man life insurance Proceeds from sale of property and equipment and intangible asset Equity investment Increase in restricted cash Net cash provided by (used in) investing activities Cash flows from financing activities: Repayment of revolving line of credit Proceeds from asset based credit facility Repayment of asset based credit facility Repayment of notes payable Borrowings from participating note payable Payment of contingent consideration Proceeds from issuance of senior notes Payment of debt issuance costs Proceeds from issuance of common stock Offering costs from issuance of common stock Payment of employment taxes on vesting of restricted stock Dividends paid Distribution to noncontrolling interests Net cash provided by financing activities Decrease in cash and cash equivalents Effect of foreign currency on cash Net decrease in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of period Supplemental disclosures: Interest paid Taxes paid Cash and cash equivalents for aquired Organization, Consolidation and Presentation of Financial Statements [Abstract] ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Combinations [Abstract] ACQUISITIONS Securities Lending SECURITIES LENDING Receivables [Abstract] ACCOUNTS RECEIVABLE Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND OTHER INTANGIBLE ASSETS Line of Credit Facility [Abstract] CREDIT FACILITIES Notes Payable [Abstract] NOTES PAYABLE Income Tax Disclosure [Abstract] INCOME TAXES Earnings Per Share [Abstract] EARNINGS PER SHARE Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Disclosure of Compensation Related Costs, Share-based Payments [Abstract] SHARE BASED PAYMENTS Brokers and Dealers [Abstract] NET CAPITAL REQUIREMENTS Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Segment Reporting [Abstract] BUSINESS SEGMENTS Subsequent Events [Abstract] SUBSEQUENT EVENTS Principles of Consolidation and Basis of Presentation Use of Estimates Revenue Recognition Direct Cost of Services Interest Expense - Securities Lending Activities Concentration of Risk Advertising Expense Share-Based Compensation Restructuring Charge Income Taxes Cash and Cash Equivalents Restricted Cash Securities Borrowed and Securities Loaned Due from/to Brokers, Dealers, and Clearing Organizations Accounts Receivable Advances Against Customer Contracts Property and Equipment Securities and Other Investments Owned and Securities Sold Not Yet Purchased Fair Value Measurements Contingent Consideration Derivative and Foreign Currency Translation Common Stock Warrants Recent Accounting Pronouncements Schedule of restructuring charges Schedule of securities owned and securities sold not yet purchased at fair value Schedule of financial assets and liabilities measured on recurring basis Schedule of changes in Level 3 fair value hierarchy Schedule of purchase consideration Schedule of pro forma financial information Securities Lending Tables Schedule of contractual gross and net securities borrowing and lending balances Schedule of components of accounts receivable Schedule of allowance for doubtful accounts Schedule of intangible assets Schedule of basic and diluted earnings per share Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Schedule of equity incentive award activity Schedule of company's reportable segments Number of operating segment Restructuring Reserve [Roll Forward] Accrued restructuring charge, beginning of year Cash paid Non-cash items Accrued restructuring charge, end of period Security Owned and Sold, Not yet Purchased, at Fair Value [Table] Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] Securities and other investments owned Securities owned Securities sold not yet purchased: Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Assets: Securities and other investments owned: Total assets measured at fair value Liabilities: Securities sold not yet purchased Mandatorily redeemable noncontrolling interests issued after November 5, 2003 Total liabilities measured at fair value Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Balance at Beginning of Period Fair Value Adjustments Relating to Undistributed Earnings Purchases, Sales and Settlements Transfer in and/or out of Level 3 Balance at End of Period Short-term Debt, Type [Axis] Concentration risk, percentage Advertising costs Restricted cash and cash equivalents Cash collateral Depreciation and amortization expense Initial discount on contingent consideration Contingent consideration- current portion Derivatives Net loss from forward exchange contracts Transaction losses Phased wise repayment of contingent consideration Percentage of initial discount on contingent consideration Securities and other investments owned Fair Value Adjustments Lease loss accruals and impairments Number of shares issued upon contingent consideration Deferred tax benefit and increase in additional paid-in capital Imputed interest Number of shares issued Exercise price (in dollars per share) Consideration paid by B. Riley: Cash paid Number of FBR Common Shares outstanding at June 1, 2017 Stock merger exchange ratio Number of B. Riley common shares Number of B. Riley common shares to be issued from acceleration of vesting for outstanding FBR stock options, restricted stock and RSU awards Total number of B. Riley common shares to be issued Fair value of shares issued for acquisition Closing market price of B. Riley common shares on December 31, 2016 Total value of B. Riley common shares Fair value of RSU's attributable to service period prior to June 1, 2017 Total consideration Tangible assets acquired and assumed: Cash and cash equivalents Securities owned Accounts receivables Due from clearing broker Prepaid expenses and other assets Property and equipment Deferred taxes Accounts payable Accrued payroll and related expenses Accrued expenses and other liabilities Securities loaned Notes payable Customer relationships Trade name and trademarks Total consideration Revenues Net (loss) income attributable to B. Riley Financial, Inc. Basic (loss) earnings per share (in dollars per share) Diluted (loss) earnings per share (in dollars per shares) Share price (in dollars per share) Merger consideration Increase in goodwill Cash consideration paid Acquisition related costs Total revenues Payroll and severance costs Office closure Number of shares issued for acquisition Fair value of total purchase consideration Expected overhead synergies Net income (loss) Number of shares issued held in escrow account Securities Lending Details Securities borrowed Gross amounts recognized Gross amounts offset in the consolidated balance sheets Net amounts included in the consolidated balance sheets Amounts not offset in the consolidated balance sheets but eligible for offsetting upon counterparty default Net amounts Securities loaned Gross amounts recognized Gross amounts offset in the consolidated balance sheets Net amounts included in the consolidated balance sheets Amounts not offset in the consolidated balance sheets but eligible for offsetting upon counterparty default Net amounts Accounts receivable Investment banking fees, commissions and other receivables Unbilled receivables Total accounts receivable Allowance for doubtful accounts Accounts receivable, net Balance, beginning of period Add: Additions to reserve Less: Write-offs Less: Recoveries Balance, ending of period Amortizable assets: Gross Carrying Value Accumulated Amortization Intangibles Net Useful Life Non-amortizable assets: Gross Carrying Value Accumulated Amortization Intangibles Net Amortization expense Estimated future amortization expense Estimated future amortization expense 2017 (Remaining nine month) Estimated future amortization expense 2018 Estimated future amortization expense 2019 Estimated future amortization expense 2020 Estimated future amortization expense 2021 Estimated future amortization expense after 2021 Credit facility Outstanding balance credit facility Amortization of deferred loan fees Credit facility expiration date Maximum borrowing capacity credit facility Description of interest rate Description of success fees Interest expense Description of collateral Payment for closing fee Description of line of credit Percent of commitment fees Description of unused line fee payable Principal amount Capital contributed Description of non interest bearing notes payable Due to related parties Proceeds from note payable Debt issuance cost Interest rate Unamortized debt issuance cost and premiums Proceeds from Notes Payable Underwriting commissions, fees and other issuance costs Notes payable amount due Payment terms Maturity date, description Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Line Items] Effective income tax rate Tax benefit Net operating loss carryforwards Expiration date Net income attributable to B. Riley Financial, Inc. Weighted average shares outstanding: Basic (in shares) Effect of dilutive potential common shares: Restricted stock units and non-vested shares Contingently issuable shares Diluted Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Number of shares held in escrow account Loss Contingencies [Table] Loss Contingencies [Line Items] Damages value Punitive damages and attorney's fees Number of shares connection with the acquisition Name of plaintiff Description of allegation Accrued interest payable Offering price Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Nonvested at beginning Granted Vested Forfeited Nonvested at end Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] Nonvested at beginning Granted Vested Forfeited Nonvested at end Number of shares granted Number of shares vested Total fair value Vesting periods Share based compensation expense Unrecognized share based compensation expense Unrecognized share based compensation weighted average period Weighted average grant date fair value (in dollars per share) Net capital Excess capital Long-term Debt, Type [Axis] Due from related party Due to related party Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Revenues - Services and fees Revenues - Sale of goods Direct cost of services Cost of goods sold Selling, general, and administrative expenses Depreciation and amortization Restructuring costs Segment (loss) income Consolidated operating income from reportable segments Corporate and other expenses (including restructuring costs of $1,424 and $3,606 during the three and nine months ended September 30, 2017, respectively, and $398 during the three and nine months ended September 30, 2016) Interest income Loss on equity investment (Loss) income before income taxes Corporate and other expenses, restructuring costs Total Revenues - Services and fees Total Revenues - Sale of goods Total Revenues - Interest income - Securities lending Total Long-lived Assets - Property and Equipment, net Subsequent Event [Table] Subsequent Event [Line Items] Dividends approved (in dollars per share) Special dividends approved (in dollars per share) Transferred equity interests issued The current amount of advances against customer contracts. Carrying amount of acquisition consideration payable as on balance sheet date. Refers to the amount of interest income associate with securities lending incurred during the period. Refers to the amount of interest expenses associate with securities lending incurred during the period. It refers to the amount of stock issued for acquisition. It refers to the number of shares issued for acquisition. Value of stock issued pursuant to acquisitions during the period. Number of shares of stock issued during the period pursuant to acquisitions. Value of stock issued pursuant to acquisitions during the period. Number of shares of stock issued during the period pursuant to acquisitions. The entire disclosure for securities lending. Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Disclosure of accounting policy for interest expense - securities lending activities. Disclosure of accounting policy for resturcturing charges. Disclosure of accounting policy for securities borrowed and securities loaned. Disclosure of accounting policy for due from/to brokers, dealers, and clearing organizations. Disclosure of accounting policy for determining advances against customer contracts. Disclosure of accounting policy for contingent consideration. Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Disclosure of accounting policy for common stock warrants. Tabular disclosure of contractual gross and net securities borrowing and lending balances. Information by plan name pertaining to equity-based compensation arrangements. Information by plan name pertaining to equity-based compensation arrangements. Amount of decrease in the reserve for full or partial settlement through consideration cash. Information by business segments. Information related to communications segment. Information by business segments. Group of financial instruments held by a broker-dealer for their own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased. Group of financial instruments held by a broker-dealer for their own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased. Loan receivable member. Custom Element. Group of financial instruments held by a broker-dealer for their own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased. Group of financial instruments held by a broker-dealer for their own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased. The amount represent the fair value adjustments. Refers to as a type of agreement. Information related to acqusition of MK Capital Advisors, LLC. Custom Element. Information by type of short-term debt arrangement. It represents the amount discount on initial contingent consideration. Transaction losses and gains. It represents the amount of phased wise repayment of contingent consideration. It represents the percentage of initial discount on contingent consideration. Value of the not readily marketable security or category which has been determined by management based upon fair value methods, including pricing of similar securities and valuation techniques and is included in the schedule of financial condition or the balance sheet. The amount represent the fair value adjustments. Information by business combination or series of individually immaterial business combinations. Information by type of related party. Related parties include, but not limited to, affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Information by type of restructuring cost. Information by type of related party. Related parties include, but not limited to, affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Information by type of restructuring cost. Refers to amount of lease loss accruals and impairments of office space incurred during the period. It represents the number of shares issued upon contingent consideration. It refers to the amount representing deferred tax benefit and increase in additional paid-in capital. It represents the amount of investment banking fees, commissions and other receivables. Information related to domain names. Information related to advertising relationships. Information of class of finite-lived intangible assets. Amount before amortization of amortizable assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Accumulated amount of amortization of amortizable assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Amount after amortization of amortizable assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Custom Element. Information by business combination entity. Information by business combination or series of individually immaterial business combinations. Refers to amount of increase and decrease in goodwill during the period. It represents value of recovery of key man life insurance. Refers to the amount of impairment of leaseholds, lease loss accrual and loss on disposal of fixed assets incurred during the period. The increase (decrease) during the reporting period in the total amount due the entity arising from securities and other invesment owned. The increase (decrease) during the reporting period in the value of goods held for sale or auction. The increase (decrease) during the reporting period in the liability arising from auction and liquidation proceeds payable. The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Refers to cash outflow from offering costs from issuance of common stock during the period. Refers to cash outflow from payment of employment taxes on vesting of restricted stock during the period. Information by business combination entity. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. Refers to business combination stock merger exchange ratio. Refers to number of shares of acquirer entity issued during the period. Refers to number of shares of acquirer entity issued for from acceleration of vesting for outstanding FBR stock options, restricted stock and RSU awards during the period. Amount of assets incurred for goods and services received that are used in an entity's securities owned, assumed at the acquisition date. Amount of assets incurred for goods and services received that are used in an entity's due from clearing broker, assumed at the acquisition date. Amount of liabilities incurred for goods and services received that are used in an entity's accrued payroll and related exenses, assumed at the acquisition date. Amount of accrued expenses and other liabilities due within one year or within the normal operating cycle, if longer, assumed at the acquisition date. Amount of liabilities incurred for goods and services received that are used in an entity's business and notes payables, assumed at the acquisition date. Amount of intangible assets, excluding goodwill, acquired at the acquisition date. Amount of intangible assets, excluding goodwill, acquired at the acquisition date. Information by business segments. Refers to as a type of agreement. Information by business combination or series of individually immaterial business combinations. Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition. Refers to amount of expected overhead synergies incurred during the period. Number of shares held in escrow during the period. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. Refers to as a legal entity. Information by type of credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing. Refers to as a type of agreement. Credit agreement member. Refers to as a type of agreement. Refers to as a desription of line of credit facility success fees. It refers to the amount of payment for closing fee. It represents percentage of line of credit facility commitment fee. Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements. Person or persons controlling and directing and board of directors of an entity. The set of legal entities associated with a report. Business entity or individual that puts money, by purchase or expenditure, in something offering potential profitable returns, such as interest income or appreciation in value. Information by type of debt instrument, including, but not limited to, draws against credit facilities. Information by type of debt instrument, including, but not limited to, draws against credit facilities. Ir represents value of underwriting commissions, fees and other issuance costs less from premiums. Information related to escrow subject to cancellation escrow claims. The set of legal entities associated with a report. Information by type of judicial proceeding, alternative dispute resolution or claim. Information by type of judicial proceeding, alternative dispute resolution or claim. Information by type of judicial proceeding, alternative dispute resolution or claim. Information by type of judicial proceeding, alternative dispute resolution or claim. Information by business combination entity. Amount of offering price. Refers to as a legal entity. Information by business combination entity. Refers to as a legal entity. Refers to as a legal entity. Refers to as a legal entity. Information by business segments. This element represents that, the amount of expenses incurred for which an entity that usually provides financial and operational oversight and administrative support for other segments. Refers to amount of corporate and other expenses,restructuring costs incurred during the period. The per share amount of a special dividend declared, but not paid, as of the financial reporting date. Information by type of judicial proceeding, alternative dispute resolution or claim. Information by business combination or series of individually immaterial business combinations. The value (monetary amount) of the award the plaintiff seeks in the legal matter. Information by type of judicial proceeding, alternative dispute resolution or claim. EmployeeTerminationCostsMember Line of Credit [Member] [Default Label] Assets [Default Label] Liabilities [Default Label] Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Operating Expenses Interest Expense Other Comprehensive Income (Loss), Net of Tax Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Dividends, Common Stock, Stock Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Other Noncash Income (Expense) Foreign Currency Transaction Gain (Loss), Unrealized Deferred Income Tax Expense (Benefit) Increase (Decrease) in Payables to Broker-Dealers and Clearing Organizations IncreaseDecreaseSecuritiesAndOtherInvestmentsOwned Increase (Decrease) in Securities Borrowed Increase (Decrease) in Accounts Receivable and Other Operating Assets IncreaseDecreaseInGoodsHeldForSaleOrAuction Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Due from Related Parties Increase (Decrease) in Deferred Revenue Increase (Decrease) in Securities Loaned Transactions IncreaseDecreaseAuctionAndLiquidationProceedsPayable Net Cash Provided by (Used in) Operating Activities PaymentsToAcquireBusinessesNetOfCashAcquired1 Payments to Acquire Businesses, Net of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired2 Other Payments to Acquire Businesses Payments to Acquire Property, Plant, and Equipment Payments to Acquire Equity Method Investments Increase (Decrease) in Restricted Cash Net Cash Provided by (Used in) Investing Activities Repayments of Notes Payable Payments of Merger Related Costs, Financing Activities Payments of Dividends Payments of Ordinary Dividends, Noncontrolling Interest Net Cash Provided by (Used in) Financing Activities Net Cash Provided by (Used in) Continuing Operations Income Taxes Paid, Net Restructuring Reserve Restructuring Reserve, Settled without Cash Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Value of Instruments Classified in Shareholders' Equity SecurityOwnedNotReadilyMarketableFairValue1 FairValueAdjustments1 SecuritiesOwned Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable AccruedPayrollAndRelatedExpenses BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherLiabilities BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesNotesPayable Securities Loaned, Gross Securities Loaned, Not Subject to Master Netting Arrangement Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election Securities Loaned, Fair Value of Collateral Accounts Receivable, Gross Allowance for Doubtful Accounts Receivable, Current Allowance for Doubtful Accounts Receivable Allowance for Doubtful Accounts Receivable, Write-offs Allowance for Doubtful Accounts Receivable, Recoveries Finite-Lived Intangible Assets, Gross Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Net Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Cost of Services Cost of Goods Sold Investment Income, Interest EX-101.PRE 11 rily-20170930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2017
Nov. 06, 2017
Document And Entity Information    
Entity Registrant Name B. Riley Financial, Inc.  
Entity Central Index Key 0001464790  
Document Type 10-Q  
Trading Symbol RILY  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   26,467,594
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Assets    
Cash and cash equivalents $ 102,409 $ 112,105
Restricted cash 9,269 3,294
Due from clearing brokers 21,580
Securities and other investments owned, at fair value 95,965 16,579
Securities borrowed 730,022
Accounts receivable, net 19,924 18,989
Due from related parties 6,082 3,009
Advances against customer contracts 5,298 427
Prepaid expenses and other assets 20,375 5,742
Property and equipment, net 13,105 5,785
Goodwill 100,903 48,903
Other intangible assets, net 59,671 41,166
Deferred income taxes 41,474 8,619
Total assets 1,226,077 264,618
Liabilities    
Accounts payable 4,046 2,703
Accrued expenses and other liabilities 58,954 53,168
Deferred revenue 3,181 4,130
Due to related parties and partners 1,244 10,037
Securities sold not yet purchased 25,046 846
Securities loaned 728,201
Mandatorily redeemable noncontrolling interests 12,830 4,019
Acquisition consideration payable 10,381
Notes payable 2,364
Senior notes payable 115,574 27,700
Contingent consideration 1,242
Total liabilities 951,440 114,226
Commitments and contingencies
B. Riley Financial, Inc. stockholders' equity:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
Common stock, $0.0001 par value; 40,000,000 shares authorized; 26,461,568 and 19,140,342 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively 2 2
Additional paid-in capital 259,047 141,170
Retained earnings 15,956 9,887
Accumulated other comprehensive loss (321) (1,712)
Total B. Riley Financial, Inc. stockholders' equity 274,684 149,347
Noncontrolling interests (47) 1,045
Total equity 274,637 150,392
Total liabilities and equity $ 1,226,077 $ 264,618
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 1,000,000 1,000,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized 40,000,000 40,000,000
Common stock, issued 26,461,568 19,140,342
Common stock, outstanding 26,461,568 19,140,342
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Services and fees $ 85,141 $ 50,300 $ 202,354 $ 90,505
Interest income - Securities lending 7,206 9,424
Sale of goods 79 6,666 221 6,668
Total revenues 92,426 56,966 211,999 97,173
Operating expenses:        
Direct cost of services 10,138 12,841 46,224 25,084
Cost of goods sold 124 2,391 313 2,393
Selling, general and administrative expenses 70,962 22,727 132,836 48,844
Restructuring charge 4,896 3,585 11,484 3,585
Interest expense - Securities lending 4,950 6,515
Total operating expenses 91,070 41,544 197,372 79,906
Operating income 1,356 15,422 14,627 17,267
Other income (expense):        
Interest income 76 26 358 32
Loss from equity investment (157) (157)
Interest expense (2,510) (991) (5,195) (1,398)
(Loss) income before income taxes (1,235) 14,457 9,633 15,901
Benefit from (provision for) income taxes 1,357 (6,083) 7,753 (6,184)
Net income 122 8,374 17,386 9,717
Net (loss) income attributable to noncontrolling interests (246) (565) (283) 631
Net income attributable to B. Riley Financial, Inc. $ 368 $ 8,939 $ 17,669 $ 9,086
Basic income per share (in dollars per share) $ 0.01 $ 0.47 $ 0.80 $ 0.51
Diluted income per share (in dollars per share) 0.01 0.47 0.76 0.50
Cash dividends per share (in dollars per share) $ 0.13 $ 0.03 $ 0.55 $ 0.03
Weighted average basic shares outstanding (in shares) 26,059,490 18,977,072 22,180,808 17,805,127
Weighted average diluted shares outstanding (in shares) 27,639,862 19,191,035 23,385,014 18,009,158
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Net income $ 122 $ 8,374 $ 17,386 $ 9,717
Other comprehensive income (loss):        
Change in cumulative translation adjustment 345 (23) 1,391 (40)
Other comprehensive income (loss), net of tax 345 (23) 1,391 (40)
Total comprehensive income 467 8,351 18,777 9,677
Comprehensive (loss) income attributable to noncontrolling interests (246) (565) (283) 631
Comprehensive income attributable to B. Riley Financial, Inc. $ 713 $ 8,916 $ 19,060 $ 9,046
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Preferred Stock {Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Noncontrolling Interest [Member]
Total
Balance at Beginning at Dec. 31, 2015 $ 2 $ 116,799 $ (6,305) $ (1,058) $ (118) $ 109,320
Balance at Beginning (in shares) at Dec. 31, 2015 16,448,119          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock for acquisition of MK Capital, LLC - contigent equity consideration on February 2, 2017
Issuance of common stock for acquisition of MK Capital, LLC - contigent equity consideration on February 2, 2017 (in shares) 166,667          
Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017            
Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017 (in shares)            
Issuance of common stock for acquisition of FBR & Co. on June 1, 2017            
Issuance of common stock for acquisition of FBR & Co. on June 1, 2017 (in shares)            
Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017            
Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017 (in shares)            
Vesting of restricted stock, net of shares withheld for employer taxes
Vesting of restricted stock, net of shares withheld for employer taxes (in shares) 7,306          
Offering of common stock, net of offering expenses 22,759 22,759
Offering of common stock, net of offering expenses (in shares) 2,420,980          
Share based payments 1,831 1,831
Dividends on common stock (571) (571)
Net income for the nine months ended September 30, 2017 9,086 1,209 9,717
Distributions to noncontrolling interest            
Foreign currency translation adjustment (40) (40)
Balance at End at Sep. 30, 2016 $ 2 141,389 2,210 (1,098) 1,091 143,594
Balance at End (in shares) at Sep. 30, 2016 19,043,072          
Balance at Beginning at Dec. 31, 2016 $ 2 141,170 9,887 (1,712) 1,045 150,392
Balance at Beginning (in shares) at Dec. 31, 2016 19,140,342          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock for acquisition of MK Capital, LLC - contigent equity consideration on February 2, 2017 1,151 1,151
Issuance of common stock for acquisition of MK Capital, LLC - contigent equity consideration on February 2, 2017 (in shares) 166,666          
Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017 1,952 1,952
Issuance of common stock for acquisition of Dialectic general partner interests on April 13, 2017 (in shares) 158,484          
Issuance of common stock for acquisition of FBR & Co. on June 1, 2017 73,472 73,472
Issuance of common stock for acquisition of FBR & Co. on June 1, 2017 (in shares) 4,779,354          
Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017 36,306 36,306
Issuance of common stock and common stock warrants for acquisition of Wunderlich on July 3, 2017 (in shares) 1,974,812          
Vesting of restricted stock, net of shares withheld for employer taxes (2,683) (2,683)
Vesting of restricted stock, net of shares withheld for employer taxes (in shares) 241,910          
Offering of common stock, net of offering expenses
Offering of common stock, net of offering expenses (in shares)            
Share based payments 7,679 7,679
Dividends on common stock (11,600)   (11,600)
Net income for the nine months ended September 30, 2017 17,669 (170) 17,386
Distributions to noncontrolling interest (922) (922)
Foreign currency translation adjustment 1,391 1,391
Balance at End at Sep. 30, 2017 $ 2 $ 259,047 $ 15,956 $ (321) $ (47) $ 274,637
Balance at End (in shares) at Sep. 30, 2017 26,461,568          
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 17,386 $ 9,717
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,705 2,381
Provision (recoveries) for doubtful accounts 827 (178)
Share-based compensation 7,679 1,831
Recovery of key man life insurance (6,000)
Non-cash interest and other 319 147
Effect of foreign currency on operations (1,022) 640
Loss from equity investment 157
Deferred income taxes (24,560) 1,839
Impairment of leaseholds, lease loss accrual and loss on disposal of fixed assets 2,838
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests 10,766 1,450
Change in operating assets and liabilities:    
Due from clearing brokers 13,258
Securities and other investments owned (41,350) 16,515
Securities borrowed 129,998
Accounts receivable and advances against customer contracts 1,635 (1,871)
Goods held for sale or auction (8,447)
Prepaid expenses and other assets 15,522 1,410
Accounts payable, accrued payroll and related expenses, accrued value added tax payable and other accrued expenses (38,597) 3,032
Amounts due from related parties and partners (12,313) (488)
Securities sold, not yet purchased 7,700 (343)
Deferred revenue (1,302) 963
Securities loaned (139,425)
Auction and liquidation proceeds payable (672)
Net cash (used in) provided by operating activities (48,779) 27,926
Cash flows from investing activities:    
Acquisition of Wunderlich, net of cash acquired $4,259 (25,478)
Cash acquired from acquisition of FBR & Co. 15,738
Acquisition of United Online, net of cash acquired $125,542 in 2016 (10,381) (33,430)
Acquisition of other businesses (2,052)
Purchases of property and equipment (550) (297)
Proceeds from key man life insurance 6,000
Proceeds from sale of property and equipment and intangible asset 619 15
Equity investment (1,015)
Increase in restricted cash (5,797) (78,161)
Net cash provided by (used in) investing activities (22,916) (111,873)
Cash flows from financing activities:    
Repayment of revolving line of credit (272)
Proceeds from asset based credit facility 65,987 56,255
Repayment of asset based credit facility (65,987) (56,255)
Repayment of notes payable (8,214)
Borrowings from participating note payable 61,400
Payment of contingent consideration (1,250) (1,250)
Proceeds from issuance of senior notes 89,330
Payment of debt issuance costs (2,093)
Proceeds from issuance of common stock 22,999
Offering costs from issuance of common stock (240)
Payment of employment taxes on vesting of restricted stock (2,683)
Dividends paid (13,493) (571)
Distribution to noncontrolling interests (2,878) (1,680)
Net cash provided by financing activities 58,719 80,386
Decrease in cash and cash equivalents (12,976) (3,561)
Effect of foreign currency on cash 3,280 23
Net decrease in cash and cash equivalents (9,696) (3,538)
Cash and cash equivalents, beginning of year 112,105 30,012
Cash and cash equivalents, end of period 102,409 26,474
Supplemental disclosures:    
Interest paid 11,513 505
Taxes paid $ 11,668 $ 409
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2017
Sep. 30, 2016
Wunderlich Securities, Inc. [Member]    
Cash and cash equivalents for aquired $ 4,259  
United Online, Inc. ("UOL") [Member]    
Cash and cash equivalents for aquired   $ 125,542
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 1—ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Nature of Operations

 

B. Riley Financial, Inc. and its subsidiaries (collectively the “Company”) provide investment banking and financial services to corporate, institutional and high net worth clients, and asset disposition, valuation and appraisal and capital advisory services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional services firms throughout the United States, Australia, Canada, and Europe and with the acquisition of United Online, Inc. (“UOL”) on July 1, 2016, provide consumer Internet access and related subscription services.

 

The Company operates in four operating segments: (i) Capital Markets, through which the Company provides investment banking, corporate finance, securities lending, restructuring, research, sales and trading and wealth management services to corporate, institutional and high net worth clients; (ii) Auction and Liquidation, through which the Company provides auction and liquidation services to help clients dispose of assets that include multi-location retail inventory, wholesale inventory, trade fixtures, machinery and equipment, intellectual property and real property; (iii) Valuation and Appraisal, through which the Company provides valuation and appraisal services to clients with independent appraisals in connection with asset based loans, acquisitions, divestitures and other business needs; and (iv) Principal Investments - United Online, through which the Company provides consumer Internet access and related subscription services.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

  (a) Principles of Consolidation and Basis of Presentation

 

The condensed consolidated financial statements include the accounts of B. Riley Financial, Inc. and its wholly-owned and majority-owned subsidiaries. The condensed consolidated financial statements also include the accounts of (a) Great American Global Partners, LLC which is controlled by the Company as a result of its ownership of a 50% member interest, appointment of two of the three executive officers and significant influence over the funding of operations, and (b) GA Retail Investments, L.P. which is controlled by the Company as a result of its ownership of a 50% partnership interest, appointment of executive officers and significant influence over the operations. The condensed consolidated financial statements have been prepared by the Company, without audit, pursuant to interim financial reporting guidelines and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the periods presented have been included. These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on March 10, 2017. The results of operations for the nine months ended September 30, 2017 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future periods.

  

  (b) Use of Estimates

 

 

The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items such as valuation of securities, reserves for accounts receivable and slow moving goods held for sale or auction, the carrying value of intangible assets and goodwill, the fair value of mandatorily redeemable noncontrolling interests, fair value of share-based arrangements, fair value of contingent consideration in business combination’s and accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.

 

 

(c)

Revenue Recognition

 

Revenues are recognized in accordance with the accounting guidance when persuasive evidence of an arrangement exists, the related services have been provided, the fee is fixed or determinable, and collection is reasonably assured.

 

Revenues in the Capital Markets segment are primarily comprised of (i) fees earned from corporate finance, investment banking, restructuring and wealth management services; (ii) revenues from sales and trading activities; and (iii) interest income from securities lending activities.

 

Fees earned from corporate finance and investment banking services are derived from debt, equity and convertible securities offerings in which the Company acted as an underwriter or placement agent and from financial advisory services rendered in connection with client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. Fees from underwriting activities are recognized in earnings when the services related to the underwriting transaction are completed under the terms of the engagement and when the income was determined and is not subject to any other contingencies.

 

Fees earned from wealth management services consist primarily of investment management fees that are recognized over the period the services are provided. Investment management fees are primarily comprised of fees for investment management services and are generally based on the dollar amount of the assets being managed.

 

Revenues from sales and trading include (i) commissions resulting from equity securities transactions executed as agent or principal and are recorded on a trade date basis; (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders; (iii) fees paid for equity research; and (iv) principal transactions which include realized and unrealized gains and losses and interest and dividend income resulting from our principal investments in equity and other securities for the Company’s account.

 

Revenues from securities lending activities consist of interest income from equity and fixed income securities that are borrowed from one party and loaned to another. The Company maintains relationships with a broad group of banks and broker-dealers to facilitate the sourcing, borrowing and lending of equity and fixed income securities in a “matched book” to limit the Company’s exposure to fluctuations in the market value or securities borrowed and securities loaned.

 

Revenues in the Auction and Liquidation segment are comprised of (i) commissions and fees earned on the sale of goods at auctions and liquidations; (ii) revenues from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation; (iii) revenue from the sale of goods that are purchased by the Company for sale at auction or liquidation sales events; (iv) fees earned from real estate services and the origination of loans; (v) revenues from financing activities is recorded over the lives of related loans receivable using the interest method; and (vi) revenues from contractual reimbursable expenses incurred in connection with auction and liquidation contracts.

 

Commission and fees earned on the sale of goods at auction and liquidation sales are recognized when evidence of an arrangement exists, the sales price has been determined, title has passed to the buyer and the buyer has assumed the risks of ownership, and collection is reasonably assured. The commission and fees earned for these services are included in revenues in the accompanying condensed consolidated statements of operations. Under these types of arrangements, revenues also include contractual reimbursable costs.

 

Revenues earned from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation are recognized based on proceeds received. The Company records proceeds received from these types of engagements first as a reduction of contractual reimbursable expenses, second as a recovery of its guarantee and thereafter as revenue, subject to such revenue meeting the criteria of having been fixed or determinable. Contractual reimbursable expenses and amounts advanced to customers for minimum guarantees are initially recorded as advances against customer contracts in the accompanying condensed consolidated balance sheets. If, during the auction or liquidation sale, the Company determines that the proceeds from the sale will not meet the minimum guaranteed recovery value as defined in the auction or liquidation services contract, the Company accrues a loss on the contract in the period that the loss becomes known.

 

The Company also evaluates revenue from auction and liquidation contracts in accordance with the accounting guidance to determine whether to report Auction and Liquidation segment revenue on a gross or net basis. The Company has determined that it acts as an agent in a substantial majority of its auction and liquidation services contracts and therefore reports the auction and liquidation revenues on a net basis.

 

Revenues from the sale of goods are recorded gross and are recognized in the period in which the sale of goods held for sale or auction are completed, title to the property passes to the purchaser and the Company has fulfilled its obligations with respect to the transaction. These revenues are primarily the result of the Company acquiring title to merchandise with the intent of selling the items at auction or for augmenting liquidation sales. For liquidation contracts where we take title to retail goods, our net sales represent gross sales invoiced to customers, less certain related charges for discounts, returns, and other promotional allowances and are recorded net of sales or value added tax.

 

Revenues in the Valuation and Appraisal segment are primarily comprised of fees for valuation and appraisal services. Revenues are recognized upon the delivery of the completed services to the related customers and collection of the fee is reasonably assured. Revenues in the Valuation and Appraisal segment also include contractual reimbursable costs.

 

Revenues in the Principal Investments - United Online segment are primarily comprised of services revenues, which are derived primarily from fees charged to pay accounts; advertising and other revenues; and products revenues, which are derived primarily from the sale mobile broadband service devices, including the related shipping and handling fees.

 

Service revenues are derived primarily from fees charged to pay accounts and are recognized in the period in which fees are fixed or determinable and the related services are provided to the customer. The Company’s pay accounts generally pay in advance for their services by credit card, PayPal, automated clearinghouse or check, and revenues are then recognized ratably over the service period. Advance payments from pay accounts are recorded in the condensed consolidated balance sheets as deferred revenue. In circumstances where payment is not received in advance, revenues are only recognized if collectability is reasonably assured.

 

Advertising revenues consist primarily of amounts from the Company’s Internet search partner that are generated as a result of users utilizing the partner’s Internet search services and amounts generated from display advertisements. The Company recognizes such advertising revenues in the period in which the advertisement is displayed or, for performance-based arrangements, when the related performance criteria are met. In determining whether an arrangement exists, the Company ensures that a written contract is in place, such as a standard insertion order or a customer-specific agreement. The Company assesses whether performance criteria have been met and whether the fees are fixed or determinable based on a reconciliation of the performance criteria and the payment terms associated with the transaction. The reconciliation of the performance criteria generally includes a comparison of customer-provided performance data to the contractual performance obligation and to internal or third-party performance data in circumstances where that data is available.

 

  (d) Direct Cost of Services

 

Direct cost of services relate to service and fee revenues. The costs consist of employee compensation and related payroll benefits, travel expenses, the cost of consultants assigned to revenue-generating activities and direct expenses billable to clients in the Valuation and Appraisal segment. Direct costs of services include participation in profits under collaborative arrangements in which the Company is a majority participant. Direct costs of services also include the cost of consultants and other direct expenses related to auction and liquidation contracts pursuant to commission and fee based arrangements in the Auction and Liquidation segment. Direct cost of services in the Principal Investments - United Online segment include cost of telecommunications and data center costs, personnel and overhead-related costs associated with operating the Company’s networks and data centers, depreciation of network computers and equipment, third party advertising sales commissions, license fees, costs related to providing customer support, costs related to customer billing and processing of customer credit cards and associated bank fees. Direct cost of services does not include an allocation of the Company’s overhead costs.

 

  (e) Interest Expense - Securities Lending Activities

 

Interest expense from securities lending activities is included in operating expenses related to operations in the Capital Markets segment.  Interest expense from securities lending activities is incurred from equity and fixed income securities that are loaned to the Company.

 

  (f) Concentration of Risk

 

Revenue from one liquidation engagement represented 24.4% of total revenues during the three months ended September 30, 2016 and 15.6% of total revenues during the nine months ended September 30, 2016. Revenues in the Capital Markets, Valuation and Appraisal and Principal Investments - United Online segments are currently primarily generated in the United States. Revenues in the Auction and Liquidation segment are primarily generated in the United States, Australia, Canada and Europe.

 

The Company’s activities in the Auction and Liquidation segment are executed frequently with, and on behalf of, distressed customers and secured creditors. Concentrations of credit risk can be affected by changes in economic, industry, or geographical factors. The Company seeks to control its credit risk and potential risk concentration through risk management activities that limit the Company’s exposure to losses on any one specific liquidation services contract or concentration within any one specific industry. To mitigate the exposure to losses on any one specific liquidation services contract, the Company sometimes conducts operations with third parties through collaborative arrangements.

 

The Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses in such accounts. The Company also has substantial cash balances from proceeds received from auctions and liquidation engagements that are distributed to parties in accordance with the collaborative arrangements.

 

  (g) Advertising Expenses

 

The Company expenses advertising costs, which consist primarily of costs for printed materials, as incurred. Advertising costs totaled $183 and $339 for the three months ended September 30, 2017 and 2016, respectively, and $1,227 and $1,235 for the nine months ended September 30, 2017 and 2016, respectively. Advertising expense is included as a component of selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

  (h) Share-Based Compensation

 

The Company’s share-based payment awards principally consist of grants of restricted stock and restricted stock units. In accordance with the applicable accounting guidance, share-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company measures compensation cost for the grant of membership interests at fair value on the date of grant and recognizes compensation expense in the condensed consolidated statements of operations over the requisite service or performance period the award is expected to vest. The fair value of the liability-classified award will be subsequently remeasured at each reporting date through the settlement date. Change in fair value during the requisite service period will be recognized as compensation cost over that period.

 

  (i) Restructuring Charge

 

The Company recorded a restructuring charge in the amount of $11,484 during the nine months ended September 30, 2017. In the second and third quarters of 2017, the Company implemented costs savings measures taking into account the planned synergies as a result of the acquisition of FBR & Co. (“FBR”) and Wunderlich Investment Company, Inc. (“Wunderlich”), as more fully described in Note 3, which included a reduction in force for some of the corporate executives of FBR’s and Wunderlich and a restructuring to integrate FBR and Wunderlich’s operations with the Company’s existing operations. These initiatives resulted in a restructuring charge of $6,105 in the second quarter of 2017 and $4,746 in the third quarters of 2017. The restructuring charges during the second and third quarter of 2017 included $2,400 related to severance and $884 related to the accelerated vesting of restricted stock awards to former corporate executives of FBR and Wunderlich and $3,109 of severance and $1,710 related to accelerated vesting of stock awards to employees and $2,748 of lease loss accruals and impairments for the planned consolidation of office space related to operations of FBR and Wunderlich. Of the $10,851 of restructuring charges related to these initiatives, $7,245 related to the Capital Markets segment and $3,606 related to corporate overhead. The restructuring charge in 2017 also included employee termination costs of $150 and $633 in the third quarter and the nine months ended 2017, respectively, related to a reduction in personnel in the principal investments – United Online segment of our operations.

 

The following table summarizes the changes in accrued restructuring charge during the nine months ended September 30, 2017:

 

  Nine Months Ended
    September 30, 2017
Accrued restructuring charge, beginning of year   $ 694  
Restructuring charge     11,484  
Cash paid     (4,880 )
Non-cash items     (3,939 )
Accrued restructuring charge, end of period   $ 3,359  

  

The following tables summarize the restructuring activities during the three and nine months ended September 30, 2017 and 2016:

 

    Three Months Ended September 30,  
    2017     2016  
    Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total     Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total  
Restructuring charge:                                                                
Employee termination costs   $ 2,285     $ 150     $ 1,102     $ 3,537     $     $ 3,187     $     $ 3,187  
Facility closure and consolidation charge     1,037             322       1,359                   398       398  
Total restructuring charge   $ 3,322     $ 150     $ 1,424     $ 4,896     $     $ 3,187     $ 398     $ 3,585  

  

    Nine Months Ended September 30,  
    2017     2016  
    Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total     Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total  
Restructuring charge:                                                                
Employee termination costs   $ 4,819     $ 633     $ 3,284     $ 8,736     $     $ 3,187     $     $ 3,187  
Facility closure and consolidation charge     2,426             322       2,748                   398       398  
Total restructuring charge   $ 7,245     $ 633     $ 3,606     $ 11,484     $     $ 3,187     $ 398     $ 3,585  

 

  (j) Income Taxes

 

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced.

 

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Once this threshold has been met, the Company’s measurement of its expected tax benefits is recognized in its financial statements. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.

 

  (k) Cash and Cash Equivalents

 

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

 

  (l) Restricted Cash

 

As of September 30, 2017, restricted cash balance of $9,269 included $8,759 of cash collateral related to certain retail liquidation engagements and $510 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary and collateral for one of our telecommunication supplier. As of December 31, 2016, restricted cash balance of $3,294 included $1,440 of cash collateral related to a retail liquidation engagement in Australia, $1,320 of cash collateral for foreign exchange contracts and $534 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary and collateral for one of our telecommunication suppliers.

 

  (m) Securities Borrowed and Securities Loaned

 

Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate.

 

The Company accounts for securities lending transactions in accordance with Accounting Standards Update (“ASU”) 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” requiring companies to report disclosures of offsetting assets and liabilities. The Company does not net securities borrowed and securities loaned and these items are presented on a gross basis in the condensed consolidated balance sheets.

 

  (n) Due from/to Brokers, Dealers, and Clearing Organizations

 

The Company clears all of its proprietary and customer transactions through other broker-dealers on a fully disclosed basis. The amount receivable from or payable to the clearing brokers represents the net of proceeds from unsettled securities sold, the Company’s clearing deposit and amounts receivable for commissions less amounts payable for unsettled securities purchased by the Company and amounts payable for clearing costs and other settlement charges. This amount also includes the cash collateral received for securities loaned less cash collateral for securities borrowed. Any amounts payable would be fully collateralized by all of the securities owned by the Company and held on deposit at the clearing broker.

 

  (o) Accounts Receivable

 

Accounts receivable represents amounts due from the Company’s auction and liquidation, valuation and appraisal, capital markets and principal investments - United Online customers. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes a specific customer identification methodology. Management also considers historical losses adjusted for current market conditions and the customers’ financial condition and the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. Bad debt expense and changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2017 and 2016 are included in Note 5.

 

  (p) Advances Against Customer Contracts

 

Advances against customer contracts represent advances of contractually reimbursable expenses incurred prior to, and during the term of the auction and liquidation services contract. These advances are charged to expense in the period that revenue is recognized under the contract.

 

  (q) Property and Equipment

 

Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Property and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Depreciation and amortization expense was $1,243 and $531 for the three months ended September 30, 2017 and 2016, respectively, and $2,458 and $706 for the nine months ended September 30, 2017 and 2016, respectively.

 

  (r) Securities Owned and Securities Sold Not Yet Purchased

 

Securities owned consist of marketable securities and investments in partnership interests and other securities recorded at fair value. Securities sold, but not yet purchased represents obligations of the Company to deliver the specified security at the contracted price and thereby create a liability to purchase the security in the market at prevailing prices. Changes in the value of these securities are reflected currently in the results of operations.

 

As of September 30, 2017 and December 31, 2016, the Company’s securities owned and securities sold not yet purchased at fair value consisted of the following securities:

 

    September 30,
2017
    December 31,
2016
 
Securities and other investments owned:                
Common stocks and warrants   $ 41,412     $ 2,084  
Corporate bonds     6,328       1,025  
Loan receivable     26,868        
Partnership interests and other     21,357       13,470  
    $ 95,965     $ 16,579  
                 
Securities sold not yet purchased:                
Common stocks   $ 23,570     $  
Corporate bonds     982       846  
Partnership interests and other     494        
    $ 25,046     $ 846  

 

  (s) Fair Value Measurements

 

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) for identical instruments that are highly liquid, observable and actively traded in over-the-counter markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

The Company’s securities and other investments owned and securities sold and not yet purchased are comprised of common stocks and warrants, corporate bonds, loans receivable and investments in partnerships. Investments in common stocks are based on quoted prices in active markets which are included in Level 1 of the fair value hierarchy. The Company also holds nonpublic common stocks and warrants for which there is little or no public market and fair value is determined by management on a consistent basis. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks. These investments are included in Level 3 of the fair value hierarchy. Investments in partnership interests include investments in private equity partnerships that primarily invest in equity securities, bonds, and direct lending funds. The Company’s partnership interests are valued based on the Company’s proportionate share of the net assets of the partnership which is derived from the most recent statements received from the general partner which are included in Level 2 of the fair value hierarchy. The Company also invests in proprietary investment funds that are valued at net asset value (“NAV”) determined by the fund administrator. The underlying securities held by these investment companies are primarily corporate and asset-backed fixed income securities and restrictions exist on the redemption of amounts invested by the Company. As a practical expedient, the Company relies on the NAV of these investments as their fair value. The NAVs that have been provided by the fund administrators are derived from the fair values of the underlying investments as of the reporting date. In accordance with ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” (“ASU 2015-07”), these investment funds are not categorized within the fair value hierarchy.

 

The fair value of mandatorily redeemable noncontrolling interests is determined based on the issuance of similar interests for cash, references to industry comparables, and relied, in part, on information obtained from appraisal reports and internal valuation models.

 

The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2017 and December 31, 2016.

 

    Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at September 30, 2017, Using
 
    Fair value at
September 30,
2017
    Quoted prices in
active markets
identical assets
(Level 1)
    Other
observable inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Assets:                        
Securities and other investments owned:                                
Common stocks and warrants   $ 41,412     $ 31,430     $     $ 9,982  
Corporate bonds     6,328             6,328        
Loan receivable     26,868                   26,868  
Partnership interests and other     16,505       4,462       187       11,856  
Total assets measured at fair value   $ 91,113     $ 35,892     $ 6,515     $ 48,706  
                                 
Liabilities:                                
Securities sold not yet purchased:                                
Common stocks   $ 23,569     $ 23,569     $     $  
Corporate bonds     982             982          
Partnership interests and other     495             495        
Total securities sold not yet purchased     25,046       23,569       1,477        
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     12,830                   12,830  
Total liabilities measured at fair value   $ 37,876     $ 23,569     $ 1,477     $ 12,830  

  

    Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at December 31, 2016, Using
 
    Fair value at
December 31,
2016
    Quoted prices in
active markets
identical assets
(Level 1)
    Other
observable
inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Assets:                        
Securities and other investments owned:                                
Common stocks   $ 2,084     $ 1,785     $     $ 299  
Corporate bonds     1,025             865       160  
Partnership interests     13,470             44       13,426  
Total assets measured at fair value   $ 16,579     $ 1,785     $ 909     $ 13,885  
                                 
Liabilities:                                
Securities sold not yet purchased:   $ 846     $     $ 846     $  
Corporate bonds                                
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     3,214                   3,214  
                                 
Contingent consideration     1,242                   1,242  
Total liabilities measured at fair value   $ 5,302     $     $ 846     $ 4,456  

  

As of September 30, 2017, securities and other investments owned included $4,852 of investment funds valued at NAV per share. As such, total securities and other investments owned of $95,965 in the condensed consolidated balance sheets at September 30, 2017 included investments in investment funds of $4,852 and securities and other investments owned in the amount of $91,113 as outlined in the fair value table above.

 

As of September 30, 2017 and December 31, 2016, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $48,706 and $13,885, respectively, or 4.0% and 5.2%, respectively, of the Company’s total assets. In determining the fair value for these Level 3 financial assets, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable, over-the-counter market trading activity.

 

The changes in Level 3 fair value hierarchy during the nine months ended September 30, 2017 and 2016 are as follows:

                                     
    Level 3     Level 3 Changes During the Period     Level 3  
    Balance at     Fair     Relating to     Purchases,     Transfer in     Balance at  
    Beginning of     Value     Undistributed     Sales and     and/or out     End of  
    Period     Adjustments     Earnings     Settlements     of Level 3     Period  
Nine Months Ended September 30, 2017                                    
Common stocks and warrants   $ 299     $ (463 )   $     $ 10,146     $     $ 9,982  
Corporate bonds     160                         (160 )      
Loan receivable           1,375             25,493             26,868  
Partnership interests and other     13,426       2,820             (4,390 )           11,856  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     3,214       9,000       (190 )           806       12,830  
Contingent consideration     1,242       8             (1,250 )            
                                                 
Nine Months Ended September 30, 2016                                                
Common stocks   $ 290     $ (15 )   $     $     $     $ 275  
Corporate bonds           (409 )           569             160  
Partnership interests     1,766       123       418       94             2,401  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     2,330             (96 )                 2,234  
Contingent consideration     2,391       78             (1,250 )           1,219  

 

The fair value adjustment for contingent consideration of $8 and $78 represents imputed interest for the nine months ended September 30, 2017 and 2016, respectively. The Company had a triggering event in the second quarter of 2017 for the mandatorily redeemable noncontrolling interests that resulted in a fair value adjustment of $6,050 of the total fair value adjustment of $9,000 for the nine months ended September 30, 2017. In connection with this event, the Company received proceeds of $6,000 from key man life insurance. These amounts have been recorded in the condensed consolidated statements of operations in Selling, general and administrative expenses in the corporate segment. The amount reported in the table above also for the nine months ended September 30, 2017 and 2016 includes the amount of undistributed earnings attributable to the noncontrolling interests that is distributed on a quarterly basis.

 

The carrying amounts reported in the condensed consolidated financial statements for cash, restricted cash, accounts receivable, accounts payable, accrued payroll and related, accrued value added tax, income taxes payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturity of these instruments.

 

The carrying amount of the senior notes payable approximates fair value because the contractual interest rates or effective yields of such instruments are consistent with current market rates of interest for instruments of comparable credit risk.

 

During the nine months ended September 30, 2017 and 2016, there were no assets or liabilities measured at fair value on a non-recurring basis.

 

  (t) Contingent Consideration

 

In connection with the acquisition of MK Capital Advisors, LLC (“MK Capital”) on February 2, 2015, the purchase agreement required the payment of contingent consideration to the former members of MK Capital in the form of future cash payments of $1,250 and issuance of 166,667 shares of common stock on the first anniversary date of the closing (February 2, 2016) and a final cash payment of $1,250 and issuance of 166,666 shares of common stock on the second anniversary date of the closing (February 2, 2017). The contingent cash consideration was classified as a liability in the condensed consolidated balance sheets in accordance with ASC 805, “Business Combination” (“ASC 805”). The fair value of the contingent cash consideration was discounted at 8.0%. The balance of the contingent consideration liability in the condensed consolidated balance sheets was $1,242 (discount of $8) at December 31, 2016. Imputed interest expense totaled $23 for the three months ended September 30, 2016 and $8 and $78 for the nine months ended September 30, 2017 and 2016, respectively. The fair value of the contingent stock consideration was classified as equity in accordance with ASC 805.

 

The contingent cash and stock consideration was payable on the first and second anniversary dates of the closing provided that MK Capital generated a minimum amount of gross revenues as defined in the purchase agreement for the twelve months following the first and second anniversary dates of the closing. MK Capital achieved the minimum amount of revenues for the first and second anniversary periods and the contingent cash consideration and contingent stock consideration for the first anniversary period was paid and issued on February 2, 2016 and for the second anniversary period was paid and issued on February 2, 2017. Upon the payment of the contingent stock consideration on February 2, 2017, the Company recorded a deferred tax asset and an increase to additional paid-in capital in the amount of $1,151 in accordance with ASC 805.

 

  (u) Derivative and Foreign Currency Translation

 

The Company periodically uses derivative instruments, which primarily consist of the purchase of forward exchange contracts, for certain auction and liquidation engagements with operations outside the United States. During the nine months ended September 30, 2017, the Company’s use of derivatives consisted of the purchase of forward exchange contracts in the amount of $25,000 Australian dollars that was settled on January 31, 2017. During the nine months ended September 30, 2016, the Company’s use of derivatives consisted of the purchase of forward exchange contracts (a) in the amount of $10,200 Canadian dollars that was settled at various periods prior to August 31, 2016, (b) in the amount of $20,000 Australian dollars that was settled on December 30, 2016, and (c) 5,600 Euro’s that was settled on December 30, 2016. The forward exchange contract was entered into to improve the predictability of cash flows related to a retail store liquidation engagement that was completed in December 2016. The net loss from forward exchange contracts was $33 and $103 during the three and nine months ended September 30, 2017, respectively, and $76 and $115 during the three and nine months ended September 30, 2016, respectively. This amount is reported as a component of selling, general and administrative expenses in the condensed consolidated statements of operations.

 

The Company transacts business in various foreign currencies. In countries where the functional currency of the underlying operations has been determined to be the local country’s currency, revenues and expenses of operations outside the United States are translated into United States dollars using average exchange rates while assets and liabilities of operations outside the United States are translated into United States dollars using period-end exchange rates. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Transaction losses were $389 and $511 during the three months ended September 30, 2017 and 2016, respectively, and $919 and $531 during the nine months ended September 30, 2017 and 2016, respectively. These amounts are included in selling, general and administrative expenses in our condensed consolidated statements of operations.

 

  (v) Common Stock Warrants

 

The Company issued 821,816 warrants to purchase common stock of the Company in connection with the acquisition of Wunderlich on July 3, 2017. The common stock warrants entitle the holders of the warrants to acquire shares of the Company’s common stock from the Company at a price of $17.50 per share (the “Exercise Price”), subject to, among other matters, the proper completion of an exercise notice and payment. The Exercise Price and the number of shares of Company common stock issuable upon exercise are subject to customary anti-dilution and adjustment provisions, which include stock splits, subdivisions or reclassifications of the Company’s common stock. The common stock warrants expire on July 3, 2022.

 

  (w) Recent Accounting Pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02: Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. ASU 2016-02 will be effective for the Company in fiscal year 2019, but early application is permitted. The Company is currently evaluating the impact of this update on the consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Under this guidance, revenue is recognized at the time when goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This standard sets forth a five-step revenue recognition model which replaces the current revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance. In March, April, May and December 2016, the FASB issued amendments to this new guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements and other narrow scope improvements. This standard is effective in the first quarter of 2018 for public companies and requires either a retrospective or a modified retrospective approach to adoption.  The Company believes the adoption of this standard may impact engagements that contain performance-based arrangements in which a success or completion fee is earned when and if certain predefined outcomes occur and engagements and contracts where services are provided under fixed-fees arrangements that have multiple performance obligations. The Company has not completed an assessment and has not yet determined whether the impact of the adoption of this standard on the consolidated financial statements will be material. The Company will adopt this standard on January 1, 2018 but have not concluded on a transition approach. The Company expects to complete the assessment process, including selecting a transition method for adoption during fourth quarter of 2017.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for us in our first quarter of fiscal year 2019, but early application is permitted. The Company has not yet adopted this update and is currently evaluating the impact it may have on its financial condition and results of operations.

 

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment.   This standard simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.  The revised guidance will be applied prospectively, and is effective for calendar year-end SEC filers for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019.  Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.  The Company has not yet adopted this update and currently evaluating the effect this new standard will have on its financial condition and results of operations.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITIONS
9 Months Ended
Sep. 30, 2017
Business Combinations [Abstract]  
ACQUISITIONS

NOTE 3— ACQUISITIONS

 

Acquisition of Wunderlich Investment Company, Inc.

 

On May 17, 2017, the Company entered into a Merger Agreement (the “Wunderlich Merger Agreement”) with Wunderlich, a Delaware Corporation. Pursuant to the Wunderlich Merger Agreement, customary closing conditions were satisfied and the acquisition was completed on July 3, 2017. In connection with the Wunderlich acquisition on July 3, 2017, the total consideration of $66,043 paid to Wunderlich shareholders was comprised of (a) cash in the amount of $29,737; (b) 1,974,812 newly issued shares of the Company’s common stock at closing which were valued at $31,414 for accounting purposes determined based on the closing market price of the Company’s shares of common stock on the acquisition date on July 3, 2017, less a 13.3% discount for lack of marketability as the shares issued are subject to certain escrow provisions and restrictions that limit their trade or transfer; and (c) 821,816 newly issued common stock warrants with an estimated fair value of $4,892. The common stock and common stock warrants issued includes 387,365 common shares and 167,352 common stock warrants that are held in escrow and subject to forfeiture to indemnify the Company for certain representations and warranties in connection with the acquisition. The Company believes that the acquisition of Wunderlich will allow the Company to benefit from wealth management, investment banking, corporate finance, and sales and trading services provided by Wunderlich. The acquisition of Wunderlich is accounted for using the purchase method of accounting. The Company also entered into a registration rights agreement with certain shareholders of Wunderlich (the “Registration Rights Agreement”) on July 3, 2017 for the shares issued in connection with the Wunderlich Merger Agreement. The Registration Rights Agreement provides the Wunderlich shareholders with the right to notice of and, subject to certain conditions, the right to register shares of the Company’s common stock in certain future registered offerings of shares of the Company’s common stock.

 

The assets and liabilities of Wunderlich, both tangible and intangible, were recorded at their estimated fair values as of the July 3, 2017 acquisition date for Wunderlich. The application of the purchase method of accounting resulted in goodwill of $33,568 which represents the benefits from synergies with our existing business and acquired workforce. Acquisition related costs, such as legal, accounting, valuation and other professional fees related to the acquisition of Wunderlich, were charged against earnings in the amount of approximately $53 and included in selling, general and administrative expenses in the condensed consolidated statements of operations for the nine months ended September 30, 2017. The preliminary purchase accounting for the acquisition has been accounted for as a stock purchase with all of the recognized goodwill is expected to be non-deductible for tax purposes.

 

The preliminary purchase price allocation was as follows:

 

Consideration paid by B. Riley:        
Cash paid   $ 29,737  
Fair value of 1,974,812 B. Riley common shares issued     31,414  
Fair value of 821,816 B. Riley common stock warrants issued     4,892  
Total consideration   $ 66,043  

 

The preliminary assets acquired and assumed was as follows:

 

Tangible assets acquired and assumed:        
Cash and cash equivalents   $ 4,259  
Securities owned     1,413  
Accounts receivable     3,193  
Due from clearing broker     15,133  
Prepaid expenses and other assets     10,248  
Property and equipment     2,315  
Deferred taxes     8,067  
Accounts payable     (517 )
Accrued payroll and related expenses     (6,387 )
Accrued expenses and other liabilities     (9,773 )
Securities sold, not yet purchased     (1,707 )
Notes payable     (10,579 )
Customer relationships     15,440  
Trademarks     1,370  
Goodwill     33,568  
Total   $ 66,043  

 

The revenue and loss of Wunderlich included in our condensed consolidated financial statements for the period from July 3, 2017 (the date of acquisition) through September 30, 2017 were $20,412 and $1,928, respectively. The loss from Wunderlich of $1,928 includes a restructuring charge in the amount of $1,387 related primarily to severance costs and lease loss accruals for the planned consolidation of office space related to operations in the Capital Markets segment.

 

Acquisition of FBR & Co.

 

On February 17, 2017, the Company entered into an Agreement and Plan of Merger (the “FBR Merger Agreement”) with FBR, pursuant to which FBR was to merge with and into the Company (or a subsidiary of the Company), with the Company (or its subsidiary) as the surviving corporation (the “Merger”). On May 1, 2017, the Company and FBR filed a registration statement for the planned Merger. The stockholders of the Company and FBR approved the acquisition on June 1, 2017, customary closing conditions were satisfied and the acquisition was completed on June 1, 2017. Subject to the terms and conditions of the FBR Merger Agreement, each outstanding share of FBR common stock (“FBR Common Stock”) was converted into the right to receive 0.671 of a share of the Company’s common stock as summarized below. The Company believes that the acquisition of FBR will allow the Company to benefit from investment banking, corporate finance, securities lending, research, and sales and trading services provided by FBR and planned synergies from the elimination of duplicate corporate overhead and management functions with the Company. The acquisition of FBR is accounted for using the purchase method of accounting.

 

The assets and liabilities of FBR, both tangible and intangible, were recorded at their estimated fair values as of the June 1, 2017 acquisition date for FBR. The application of the purchase method of accounting resulted in goodwill of $14,528 which represents expected overhead synergies and acquired workforce. Acquisition related costs, such as legal, accounting, valuation and other professional fees related to the acquisition of FBR, were charged against earnings in the amount of approximately $1,389 and included in selling, general and administrative expenses in the condensed consolidated statement of operations for the nine months ended September 30, 2017. The preliminary purchase accounting for the acquisition has been accounted for as a stock purchase with all of the recognized goodwill is expected to be non-deductible for tax purposes.

 

The preliminary purchase price allocation was as follows:

 

Consideration paid by B. Riley:    
Number of FBR Common Shares outstanding at June 1, 2017     7,099,511  
Stock merger exchange ratio     0.671  
Number of B. Riley common shares     4,763,772  
Number of B. Riley common shares to be issued from acceleration of vesting for outstanding FBR stock options, restricted stock and RSU awards     67,861  
Total number of B. Riley common shares to be issued     4,831,633  
Closing market price of B. Riley common shares on December 31, 2016   $ 14.70  
Total value of B. Riley common shares     71,025  
Fair value of RSU’s attributable to service period prior to June 1, 2017 (a)     2,446  
Total consideration   $ 73,471  

 

  (a) Outstanding FBR restricted stock awards at June 1, 2017, the date of the acquisition, were adjusted in accordance with the FBR Merger Agreement with the right to receive 0.671 shares of the Company’s common stock for each outstanding FBR stock award unit. The fair value of the FBR restricted stock awards at June 1, 2017 was determined based on the closing price of the Company’s common stock of $14.70 on June 1, 2017. The fair value of the FBR restricted stock awards were apportioned as purchase consideration based on service provided to FBR as of June 1, 2017 with the remaining fair value of the FBR restricted stock awards to be recognized prospectively over the restricted stock and FBR restricted stock awards remaining vesting period.

 

The preliminary assets acquired and assumed was as follows:

 

Tangible assets acquired and assumed:        
Cash and cash equivalents   $ 15,738  
Securities owned     11,188  
Securities borrowed     861,197  
Accounts receivable     4,341  
Due from clearing broker     29,169  
Prepaid expenses and other assets     5,486  
Property and equipment     8,663  
Deferred taxes     14,514  
Accounts payable     (1,524 )
Accrued payroll and related expenses     (7,182 )
Accrued expenses and other liabilities     (22,411 )
Securities loaned     (867,626 )
Customer relationships     5,600  
Tradename and other intangibles     1,790  
Goodwill     14,528  
Total   $ 73,471  

  

The revenue and loss of FBR included in our condensed consolidated financial statements for the period from June 1, 2017 (the date of acquisition) through September 30, 2017 were $37,745 and $12,706, respectively. The loss from FBR of $12,706 includes transaction costs of $3,551 related to an employment agreement with the former Chief Executive Officer of FBR and restructuring charges in the amount of $9,096 related primarily to severance costs and lease loss accruals for the planned consolidation of office space related to operations in the Capital Markets segment.

 

Acquisition of Rights to Manage Dialectic Hedge Funds

 

On April 13, 2017, the Company entered into an Asset Purchase and Assignment Agreement with Dialectic Capital Management, L.P., Dialectic Capital, LLC and John Fichthorn (collectively “Dialectic”), pursuant to which Dialectic assigned and transferred the rights to manage certain hedge funds to the Company (the “Dialectic Acquisition”). In addition to obtaining the rights to manage certain hedge funds previously managed by Dialectic, the Company hired the employees that were previously employed by the management company that managed the Dialectic hedge funds and assumed Dialectic’s office lease. In connection with the Dialectic Acquisition, the Company paid the Dialectic parties $700 in cash consideration and 158,484 shares of common stock which has a fair value of approximately $1,952 for total purchase consideration of $2,652. The Dialectic Acquisition expands the Company’s assets under management in the Capital Markets segment and the Company believes such acquisition will allow the Company to benefit from planned synergies from the elimination of duplicate administrative functions of the Company. The acquisition of Dialectic is accounted for using the purchase method of accounting.

 

The assets acquired from Dialectic were recorded at fair value as of April 13, 2017, the acquisition date of Dialectic. The application of the purchase method of accounting resulted in preliminary purchase allocation of $2,552 to goodwill, which represents expected overhead synergies and acquired workforce, and $100 to other intangible assets - customer relationship for total acquisition consideration of $2,652. There were tangible assets or liabilities acquired in connection with Dialectic. The preliminary purchase accounting for the acquisition has been accounted for as an asset purchase with all of the recognized goodwill and other intangible assets expected to be deductible for tax purposes.

 

The revenue and loss of Dialectic included in our condensed consolidated financial statements for the period from April 13, 2017 (the date of acquisition) through September 30, 2017 were $714 and $392, respectively.

 

Acquisition of UOL

 

On May 4, 2016, the Company entered into a definitive agreement and plan of merger to acquire all of the outstanding common stock of UOL, a provider of consumer Internet access and related subscription services, for $11.00 per share, or approximately $169,354 in aggregate merger consideration plus an additional $1,352 of cash consideration paid to settle the legal matter as more fully described in Note 11. The shareholders of UOL approved the acquisition on June 29, 2016 and customary closing conditions were satisfied and the acquisition was completed on July 1, 2016. The acquisition of UOL allows the Company to benefit from the expected cash flows of UOL due in part to planned synergies from the elimination of duplicate overhead functions with the Company. The acquisition of UOL is accounted for using the purchase method of accounting.

 

The assets and liabilities of UOL, both tangible and intangible, were recorded at their estimated fair values as of the July 1, 2016 acquisition date for UOL. The application of the purchase method of accounting resulted in goodwill of $14,375 which represents expected overhead synergies and acquired workforce. The revenue and earnings of UOL included in our condensed consolidated financial statements for the three months ended September 30, 2017 were $12,327 and $4,944, respectively, and $38,724 and $14,220 respectively, for the nine months ended September 30, 2017. The revenue and earnings of UOL included in the condensed consolidated financial statements for the three and nine months ended September 30, 2016 were $15,646 and $3,423, respectively.

  

Pro Forma Financial Information

 

The unaudited financial information in the table below summarizes the combined results of operations of the Company, Wunderlich, FBR and UOL, as though the acquisitions had occurred as of January 1, of the respective periods presented. The pro forma financial information presented includes the effects of adjustments related to the amortization charges from the acquired intangible assets and the elimination of certain activities excluded from the transaction and transaction related costs. The pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the earliest period presented, nor does it intend to be a projection of future results.

 

    Pro Forma (Unaudited)  
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
Revenues   $ 92,461     $ 111,340     $ 320,546     $ 298,118  
Net (loss) income attributable to B. Riley Financial, Inc.   $ (42 )   $ 2,843     $ 11,780     $ (13,657 )
                                 
Basic (loss) earnings per share   $ (0.00 )   $ 0.11     $ 0.41     $ (0.55 )
Diluted (loss) earnings per share   $ (0.00 )   $ 0.11     $ 0.41     $ (0.55 )
                                 
Weighted average basic shares outstanding     32,366,657       25,783,517       28,487,975       24,611,572  
Weighted average diluted shares outstanding     32,366,657       25,997,480       28,692,181       24,611,572  

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES LENDING
9 Months Ended
Sep. 30, 2017
Securities Lending  
SECURITIES LENDING

NOTE 4— SECURITIES LENDING

 

As a result of the acquisition of FBR, the Company has an active securities borrowed and loaned business in which it borrows securities from one party and lends them to another. Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate.

 

The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of September 30, 2017

 

                          Amounts not        
                          offset in the        
                          consolidated balance        
          Gross amounts     Net amounts     sheets but eligible        
          offset in the     included in the     for offsetting        
    Gross amounts     consolidated     consolidated     upon counterparty        
    recognized     balance sheets (1)     balance sheets     default(2)     Net amounts  
As of September 30, 2017                                        
Securities borrowed   $ 730,022     $     $ 730,022     $ 730,022     $  
Securities loaned   $ 728,201     $     $ 728,201     $ 728,201     $  

 

(1) Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
(2) Includes the amount of cash collateral held/posted. 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS RECEIVABLE
9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
ACCOUNTS RECEIVABLE

NOTE 5— ACCOUNTS RECEIVABLE

 

The components of accounts receivable, net, include the following:

 

    September 30,     December 31,  
    2017     2016  
Accounts receivable   $ 14,218     $ 16,610  
Investment banking fees, commissions and other receivables     5,074       576  
Unbilled receivables     1,260       2,058  
Total accounts receivable     20,552       19,244  
Allowance for doubtful accounts     (628 )     (255 )
Accounts receivable, net   $ 19,924     $ 18,989  

 

Additions and changes to the allowance for doubtful accounts consist of the following:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
Balance, beginning of period   $ 599     $ 86     $ 255     $ 89  
Add: Additions to reserve     123       428       827       488  
Less: Write-offs     (94 )     (15 )     (262 )     (49 )
Less: Recoveries           (321 )     (192 )     (350 )
Balance, end of period   $ 628     $ 178     $ 628     $ 178  

 

Unbilled receivables represent the amount of contractual reimbursable costs and fees for services performed in connection with fee and service based auction and liquidation contracts.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 6— GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill was $100,903 and $48,903 at September 30, 2017 and December 31, 2016, respectively. Goodwill at September 30, 2017 is comprised of $79,488 in the Capital Markets segment, $1,975 in the Auction and Liquidation segment, $3,713 in the Valuation and Appraisal segment and $15,727 in the Principal Investments - United Online segment. Goodwill in the Capital Markets segment increased by $50,648 due to $33,568 from the acquisition of Wunderlich, $14,528 from the acquisition of FBR and $2,552 from the acquisition of Dialectic. Goodwill in the Principal Investments - United Online segment increased by $1,352 from the resolution of acquisition related legal matter as more fully described in Note 11. Goodwill at December 31, 2016 is comprised of $28,840 in the Capital Markets segment, $1,975 in the Auction and Liquidation segment, $3,713 in the Valuation and Appraisal segment and $14,375 in the Principal Investments - United Online segment.

 

Intangible assets consisted of the following:

 

        September 30, 2017     December 31, 2016  
        Gross                 Gross              
        Carrying     Accumulated     Intangibles     Carrying     Accumulated     Intangibles  
    Useful Life   Value     Amortization     Net     Value     Amortization     Net  
Amortizable assets:                                                    
Customer relationships    4 to 13 Years   $ 58,440     $ 7,301     $ 51,139     $ 37,300     $ 3,100     $ 34,200  
Domain names   7 Years     807       144       663       1,419       101       1,318  
Advertising relationships    8 Years     100       16       84       100       6       94  
Internally developed software and other intangibles   0.5 to 4 Years     3,373       1,245       2,128       3,333       550       2,783  
Trademarks    7 to 9 Years     4,220       302       3,918       1,100       69       1,031  
Total         66,940       9,008       57,932       43,252       3,826       39,426  
                                                     
Non-amortizable assets:                                                    
Tradenames         1,740             1,740       1,740       —        1,740  
Total intangible assets       $ 68,680     $ 9,008     $ 59,672     $ 44,992     $ 3,826     $ 41,166  

 

Amortization expense was $2,172 and $1,465 for the three months ended September 30, 2017 and 2016, respectively, and $5,248 and $1,688 for the nine months ended September 30, 2017 and 2016, respectively. At September 30, 2017, estimated future amortization expense is $2,205, $8,590, $8,470, $8,088 and $7,706 for the years ended December 31, 2017 (remaining three months), 2018, 2019, 2020 and 2021, respectively. The estimated future amortization expense after December 31, 2021 is $22,872.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
CREDIT FACILITIES
9 Months Ended
Sep. 30, 2017
Line of Credit Facility [Abstract]  
CREDIT FACILITIES

NOTE 7— CREDIT FACILITIES

 

Credit facilities consist of the following arrangements:

 

  (a) $200,000 Asset Based Credit Facility

 

On April 21, 2017, the Company amended its credit agreement (as amended, the “Credit Agreement”) governing its asset based credit facility with Wells Fargo Bank, National Association (“Wells Fargo Bank”) to increase the maximum borrowing limit from $100,000 to $200,000. Such amendment, among other things, also extended the expiration date of the credit facility from July 15, 2018 to April 21, 2022. The Credit Agreement continues to allow for borrowings under the separate credit agreement (a “UK Credit Agreement”) which was dated March 19, 2015 with an affiliate of Wells Fargo Bank which provides for the financing of transactions in the United Kingdom. Such facility allows the Company to borrow up to 50 million British Pounds. Any borrowings on the UK Credit Agreement reduce the availability on the asset based $200,000 credit facility. The UK Credit Agreement is cross collateralized and integrated in certain respects with the Credit Agreement. Cash advances and the issuance of letters of credit under the credit facility are made at the lender’s discretion. The letters of credit issued under this facility are furnished by the lender to third parties for the principal purpose of securing minimum guarantees under liquidation services contracts more fully described in Note 2(c). All outstanding loans, letters of credit, and interest are due on the expiration date which is generally within 180 days of funding. The credit facility is secured by the proceeds received for services rendered in connection with liquidation service contracts pursuant to which any outstanding loan or letters of credit are issued and the assets that are sold at liquidation related to such contract. The Company paid Wells Fargo Bank a closing fee in the amount of $500 in connection with the April 2017 amendment to the Credit Agreement. The interest rate for each revolving credit advance under the Credit Agreement is, subject to certain terms and conditions, equal to the LIBOR plus a margin of 2.25% to 3.25% depending on the type of advance and the percentage such advance represents of the related transaction for which such advance is provided. The credit facility also provides for success fees in the amount of 2.5% to 17.5% of the net profits, if any, earned on the liquidation engagements funded under the Credit Agreement as set forth therein. Interest expense totaled $168 and $813 (including amortization of deferred loan fees of $23) for the three months ended September 30, 2017 and 2016, respectively, and $863 and $1,087 (including amortization of deferred loan fees of $69) for the nine months ended September 30, 2017 and 2016, respectively. There was no outstanding balance of this credit facility at September 30, 2017 and December 31, 2016.

 

The Credit Agreement governing the credit facility contains certain covenants, including covenants that limit or restrict the Company’s ability to incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, merge or consolidate and enter into certain transactions with affiliates. Upon the occurrence of an event of default under the Credit Agreement, the lender may cease making loans, terminate the Credit Agreement and declare all amounts outstanding under the Credit Agreement to be immediately due and payable. The Credit Agreement specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, nonpayment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, and material judgment defaults.

 

  (b) $20,000 UOL Line of Credit

 

On April 13, 2017, UOL, in the capacity as borrower, entered into a credit agreement (the “UOL Credit Agreement”) with the Banc of California, N.A. in the capacity as agent and lender. The UOL Credit Agreement provides for a revolving credit facility under which UOL may borrow (or request the issuance of letters of credit) up to $20,000 which amount is reduced by $1,500 commencing on June 30, 2017 and on the last day of each calendar quarter thereafter. The final maturity date is April 13, 2020.  The proceeds of the UOL Credit Agreement can be used (a) for working capital and general corporate purposes and/or (b) to pay dividends or permitted tax distributions to its parent company, subject to the terms of the UOL Credit Agreement. Borrowings under the UOL Credit Agreement will bear interest at a rate equal to (a) (i) the base rate (the greater of the federal funds rate plus one half of one percent (0.5%), or the prime rate) for U.S. dollar loans or (ii) at UOL’s option, the LIBOR Rate for Eurodollar loans, plus (b) the applicable margin rate, which ranges from two percent (2%) to three and one-half percent (3.5%) per annum, based upon UOL’s ratio of funded indebtedness to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the preceding four (4) fiscal quarters. Interest payments are to be made each one, three or six months for Eurodollar loans, and quarterly for U.S. dollar loans.

 

UOL paid a commitment fee equal to 1.00% of the aggregate commitments upon the closing of the UOL Credit Agreement. The UOL Credit Agreement also provides for an unused line fee payable quarterly, in arrears, in an amount equal to: (a) 0.50% per annum times the amount of the unused revolving commitment that is less than or equal to the amount of the cash maintained in accounts with the agent (as depositary bank); plus (b) 1.00% per annum times the amount of the unused revolving commitment that is greater than the amount of the cash maintained in accounts with the agent (as depositary bank). Any amounts outstanding under the UOL Credit Facility are due at maturity. There was no outstanding balance under the UOL Credit Agreement at September 30, 2017.

 

Each of UOL’s U.S. subsidiaries is a guarantor of all obligations under the UOL Credit Agreement and are parties to the UOL Credit Agreement in such capacity (collectively, the “Secured Guarantors”). In addition, the Company and B. Riley Principal Investments, LLC, the parent corporation of UOL and a subsidiary of the Company, are guarantors of the obligations under the UOL Credit Agreement pursuant to standalone guaranty agreements pursuant to which the shares of outstanding capital stock of UOL are pledged as collateral. The obligations under the UOL Credit Agreement are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of UOL and the Secured Guarantors, including a pledge of (a) 100% of the equity interests of the Secured Guarantors and (b) 65% of the equity interests in United Online Software Development (India) Private Limited, a private limited company organized under the laws of India. Such security interests are evidenced by pledge, security and other related agreements.

 

The UOL Credit Agreement contains certain negative covenants, including those limiting UOL’s and its subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the UOL Credit Agreement requires UOL and its subsidiaries to maintain certain financial ratios.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTES PAYABLE
9 Months Ended
Sep. 30, 2017
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 8—NOTES PAYABLE

 

(a)  $34,034 Senior Notes Payable due October 31, 2021

 

At September 30, 2017, the Company had $34,034 of Senior Notes Payable (“2021 Notes”) due in 2021, interest payable quarterly at 7.5%. On November 2, 2016, the Company issued $28,750 of 2021 Notes and during the three months ended September 30, 2017, the Company issued an additional $5,284 of 2021 Notes pursuant to an At The Market Issuance Sales Agreement (the “Sales Agreement”) as further discussed below. The 2021 Notes are unsecured and due and payable in full on October 31, 2021. In connection with the issuance of the 2021 Notes on November 2, 2016, the Company received net proceeds of $27,664 (after underwriting commissions, fees and other issuance costs of $1,086). In connection with the issuance of the 2021 Notes in 2017 pursuant to the Sales Agreement, the Company received net proceeds of $5,364 (after premiums less underwriting commissions, fees and other issuance costs of $80). The outstanding balance of the 2021 Notes was $33,224 (net of unamortized debt issue costs and premiums of $810) and $27,700 (net of unamortized debt issue costs of $1,050) at September 30, 2017 and December 31, 2016, respectively. In connection with the offering of 2021 Notes on November 2, 2016, certain members of management and the Board of Directors of the Company purchased $2,731 or 9.5% of the 2021 Notes offered by the Company. Interest expense on the 2021 Notes totaled $643 and $1,829 for the three and nine months ended September 30, 2017, respectively.

 

(b) $84,047 Senior Notes Payable due May 31, 2027

 

At September 30, 2017, the Company had $84,047 of Senior Notes Payable (“2027 Notes”) due in 2027, interest payable quarterly at 7.5%. On May 31, 2017, the Company issued $60,375 of 2027 Notes and during the three months ended September 30, 2017 the Company issued an additional $23,672 of 2027 Notes pursuant to the Sales Agreement as further discussed below. The 2027 Notes are unsecured and due and payable in full on May 31, 2027. In connection with the issuance of the 2027 Notes, the Company received net proceeds of $82,284 (after underwriting commissions, fees and other issuance costs of $1,763). The outstanding balance of the 2027 Notes was $82,350 (net of unamortized debt issue costs of $1,697) at September 30, 2017. Interest expense on the 2027 Notes totaled $1,407 and $1,810 for the three and nine months ended September 30, 2017.

 

(c) At Market Issuance Sales Agreement to Issue Up to Aggregate of $39,625 of 2021 Notes or 2027 Notes

 

On June 28, 2017, the Company entered into the Sales Agreement and filed a prospectus supplement, pursuant to which the Company may sell from time to time, at the Company’s option up to an aggregate of $39,625 of 2021 Notes or 2027 Notes. The Notes sold pursuant to the Sales Agreement will be issued pursuant to a prospectus dated March 29, 2017, as supplemented by a prospectus supplement dated June 28, 2017, in each case filed with the Securities and Exchange Commission pursuant to the Company’s effective Registration Statement on Form S-3 (File No. 333-216763), which was declared effective by the SEC on March 29, 2017. The Notes will be issued pursuant to the Indenture, dated as of November 2, 2016, as supplemented by a First Supplemental Indenture, dated as of November 2, 2016 and the Second Supplemental Indenture, dated as of May 31, 2017, each between the Company and U.S. Bank, National Association, as trustee. Future sales of the 2021 Notes and 2027 Notes pursuant to the Sales Agreement will depend on a variety of factors including, but not limited to, market conditions, the trading price of the notes and the Company’s capital needs. During the three months ended September 30, 2017, the Company issued $5,284 of 2021 Notes and $23,672 of 2027 Notes. At September 30, 2017, the Company has an additional $10,669 of 2021 Notes or 2027 Notes that may be sold pursuant to the Sales Agreement. There can be no assurance that the Company will be successful in consummating future sales based on prevailing market conditions or in the quantities or at the prices that the Company may deem appropriate.

 

(d) Australian Dollar $80,000 Note Payable

 

In August 2016, the Company formed GA Retail Investments, L.P., a Delaware limited partnership, (the “Partnership”) which required the Company to contribute $15,350. The Partnership borrowed $80,000 Australian dollars from a third party investor in connection with its formation and the $80,000 Australian dollars were exchanged for a 50% special limited partnership interest in the Partnership. The Partnership was formed to provide funding for the retail liquidation engagement the Company entered into to liquidate the Masters Home Improvement stores. The $80,000 Australian dollar participating note payable was non-interest bearing, shares in 50% of the all of the profits and losses of the Partnership and was subject to repayment upon the completion of the going-out-of-business sale of Masters Home Improvement stores as defined in the partnership agreement. Although the terms of the participating note payable included the issuance of a 50% equity interest in the Partnership, sharing in all profits and losses of the Partnership, and no repayment until certain events occur, in accordance with ASC 480 Distinguishing Liabilities From Equity, this financial instrument was classified as a participating note payable. The $80,000 Australian dollar participating note payable was repaid in December 2016 upon the completion of the going-out-of-business sale of Masters Home Improvement stores as defined in the partnership agreement. At September 30, 2017 and December 31, 2016, $524 and $10,037, respectively, were payable in accordance with the participating note payable share of profits and is included in due to related parties and partners in the condensed consolidated balance sheets.

 

(e) Other Notes Payable

 

Other notes payable include notes payable to a clearing organization for one of the Company’s broker dealers.  The notes payable accrue interest at rates ranging from the prime rate plus 0.25% to 2.0% (4.5% to 6.25% at September 30, 2017) payable annually. The principal payments on the notes payable are due annually in the amount of $121 on October 31, $214 on September 30, and $357 on January 31. The notes payable mature at various dates from January 31, 2018 through January 31, 2022. At September 30, 2017, the outstanding balance for the notes payable was $2,364.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES
9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 9— INCOME TAXES

 

The Company’s effective income tax rate was a benefit of 80.5% and an expense of 38.9% for the nine months ended September 30, 2017 and 2016, respectively. During the nine months ended September 30, 2017, the Company elected to treat the acquisition of UOL as a taxable business combination for income tax purposes in accordance with Internal Revenue Code Section 338(g) (“IRS Code Section 338(g)”). This resulted in the Company foregoing the income tax attributes of UOL that existed at the acquisition date which included net operating loss carryforwards, capital loss carryforwards and foreign tax credits. The income tax election in accordance with IRS Code Section 338(g) provides the Company with a tax step-up in the basis of the intangible assets and goodwill acquired for tax purposes. In accordance with ASC 740, the impact of the election in accordance with IRS Code Section 338(g) on deferred income taxes resulted in the recording of a tax benefit in the amount of $8,389 during the nine months ended September 30, 2017. The effective income tax rate for the nine months ended September 30, 2016 was lower than the statutory federal and state income tax rate due to the tax differential on net income attributable to noncontrolling interests.

 

As of September 30, 2017, the Company had federal net operating loss carry forwards of approximately $65,500 and state net operating loss carry forwards of $77,200. The Company’s federal net operating loss carry forwards will expire in the tax year ending December 31, 2036, the state net operating loss carry forwards will expire in 2034, and the foreign tax credit carry forwards will expire in 2023.

 

The Company establishes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits of operating loss and tax credit carry forwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carry forward period, and other circumstances. As a result of the common stock offering by the Company that was completed on June 5, 2014, the Company had a more than 50% ownership shift in accordance with Internal Revenue Code Section 382. Accordingly, the Company is limited to the amount of net operating loss that may be utilized in future taxable years depending on the Company’s actual taxable income. As of September 30, 2017, the Company believes that the net operating loss that existed as of the more than 50% ownership shift will be utilized in future tax periods before the loss carry forwards expire and it is more-likely-than-not that future taxable earnings will be sufficient to realize its deferred tax assets and has not provided an allowance.

 

The Company files income tax returns in the U.S., various state and local jurisdictions, and certain other foreign jurisdictions. The Company is currently under audit by certain federal, state and local, and foreign tax authorities. The audits are in varying stages of completion. The Company evaluates its tax positions and establishes liabilities for uncertain tax positions that may be challenged by tax authorities. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, case law developments and closing of statutes of limitations. Such adjustments are reflected in the provision for income taxes, as appropriate. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the calendar years ended December 31, 2013 to 2016.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 10— EARNINGS PER SHARE

 

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Basic common shares outstanding exclude 453,365 common shares that are held in escrow and subject to forfeiture. The common shares held in escrow includes 66,000 common shares issued to the former members of Great American Group, LLC that are subject to forfeiture upon the final settlement of claims for goods held for sale in connection with the transaction with Alternative Asset Management Acquisition Corp. in 2009 and 387,365 common shares that are subject to forfeiture to indemnify the Company for certain representations and warranties in connection with the acquisition of Wunderlich. These shares are subject to forfeiture upon the final settlement of claims as more fully described in the related escrow instructions. Dilutive common shares outstanding includes contingently issuable shares that are currently in escrow and subject to release if the conditions for the final settlement of claims in accordance with the escrow instructions were satisfied at the end of the respective periods.

 

Basic and diluted earnings per share was calculated as follows:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2017     2016     2017     2016  
Net income attributable to B. Riley Financial, Inc.   $ 368     $ 8,939     $ 17,669     $ 9,086  
                                 
Weighted average shares outstanding:                                
Basic     26,059,490       18,977,072       22,180,808       17,805,127  
Effect of dilutive potential common shares:                                
Restricted stock units and non-vested shares     1,193,007       169,311       816,841       159,376  
Contingently issuable shares     387,365       44,652       387,365       44,655  
Diluted     27,639,862       19,191,035       23,385,014       18,009,158  
                                 
Basic income per share   $ 0.01     $ 0.47     $ 0.80     $ 0.51  
Diluted income per share   $ 0.01     $ 0.47     $ 0.76     $ 0.50  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 11— COMMITMENTS AND CONTINGENCIES

 

Legal Matters

 

The Company is subject to certain legal and other claims that arise in the ordinary course of its business. In particular, the Company and its subsidiaries are named in and subject to various proceedings and claims arising primarily from our securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims seek substantial compensatory, punitive, or indeterminate damages. The Company and its subsidiaries are also involved in other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding our business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. In view of the number and diversity of claims against our company, the number of jurisdictions in which litigation is pending, and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be.  Notwithstanding this uncertainty, the Company does not believe that the results of these claims are likely to have a material effect on its financial position or results of operations.

 

In 2012, Gladden v. Cumberland Trust, WSI, et al. filed a complaint in Circuit Court, Hamblen County, TN at Morristown, Case No. 12-CV-119.  This complaint alleges the improper distribution and misappropriation of trust funds. The plaintiff seeks damages of no less than $3,925, an accounting, and among other things, punitive damages. In October 2017, the Tennessee Supreme Court remanded the case to the Tennessee State Trial Court for determination of which claims are subject to arbitration and which are not. At the present time, the financial impact to the Company, if any, cannot be estimated.

 

In January 2015, Great American Group, LLC (“Great American Group”) was served with a lawsuit that seeks to assert claims of breach of contract and other matters in connection with auction services provided to a debtor.  The proceeding in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) is pending in the bankruptcy case of the debtor and its affiliates (the “Debtor”).  In the lawsuit, a former landlord of the Debtor generally alleges that Great American Group and a joint venture partner were responsible for contamination while performing services in connection with the auction of certain assets of the Debtor and is seeking approximately $10,000 in damages. In January 2017, the parties filed a proposed scheduling order with the Bankruptcy Court. Discovery in the action is currently proceeding. Great American Group is vigorously defending this lawsuit. This lawsuit is ongoing, and the financial impact to the Company, if any, cannot be estimated.

 

On July 5, 2016, Quadre Investments LP (“Quadre”) filed a petition with the Delaware Court of Chancery (the “Court”) seeking a determination of fair value for 943,769 shares of common stock of UOL in connection with the acquisition of UOL by the Company. Such transaction gave rise to appraisal rights pursuant to Section 262 of the General Corporation Law of the State of Delaware. As a result, Quadre petitioned the Court to receive fair value as determined by the Court. On June 30, 2017, the parties settled the action and the petition was dismissed. As discussed in Note 3, the settlement of this action resulted in an increased in goodwill.

 

In May 2014, Waterford Township Police & Fire Retirement System et al. v. Regional Management Corp et al., filed a complaint in the Southern District of New York (the “Court”), against underwriters alleging violations under sections 11 and 12 of the Securities Act of 1933, as amended (the “Securities Act”). FBR Capital Markets & Co. (“FBRCM”), a broker-dealer subsidiary of ours, was a co-manager of 2 offerings. On January 30, 2017, the Court denied the plaintiffs’ motion to file a first amended complaint, which would have revived claims previously dismissed by the Court on March 30, 2016. On March 1, 2017, the plaintiffs filed a notice of appeal and an opening brief on June 21, 2017. Defendant’s opposition motion was filed on September 12, 2017. Appellants filed their reply brief on October 17, 2017 and oral argument has been scheduled for November 17, 2017. Regional Management continues to indemnify all of the underwriters, including FBRCM, pursuant to the operative underwriting agreement. 

 

On January 5, 2017, complaints filed in November 2015 and May 2016 naming MLV & Co. (“MLV”), a broker-dealer subsidiary of FBR, as a defendant in putative class action lawsuits alleging claims under the Securities Act, in connection with the offerings of Miller Energy Resources, Inc. (“Miller”) have been consolidated. The Master Consolidated Complaint, styled Gaynor v. Miller et al., is pending in the United States District Court for the Eastern District of Tennessee, and, like its predecessor complaints, continues to allege claims under Sections 11 and 12 of the Securities Act against nine underwriters for alleged material misrepresentations and omissions in the registration statement and prospectuses issued in connection with six offerings (February 13, 2013; May 8, 2013; June 28, 2013; September 26, 2013; October 17, 2013 (as to MLV only) and August 21, 2014) with an alleged aggregate offering price of approximately $151,000. The plaintiffs seek unspecified compensatory damages and reimbursement of certain costs and expenses. In August 2017, the Court granted Defendant’s Motion to Dismiss on Section 12 claims and found that the plaintiffs had not sufficiently alleged a corrective disclosure prior to August 6, 2015, when an SEC civil action was announced. Defendant’s answer was filed on September 25, 2017. Although MLV is contractually entitled to be indemnified by Miller in connection with this lawsuit, Miller filed for bankruptcy in October 2015 and this likely will decrease or eliminate the value of the indemnity that MLV receives from Miller. 

 

In April 2017, two purported shareholders of FBR filed a putative class action against FBR and the members of its board of directors that challenged the disclosures made in connection with the merger of FBR with the Company, styled Michael Rubin v. FBR & Co., et al., Case No. 1:17-cv-00410-LMB-MSN and Kim v. FBR & Co., et al. Case No.1:17-cv-004440LMB-IDD. The complaints alleged that the registration statement filed in connection with the Merger failed to disclose certain allegedly material information in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, and SEC Ru1e 14a-9 promulgated thereunder. On July 12, 2017, per stipulation, the complaints were dismissed - with prejudice as to the named plaintiffs only, without prejudice as to the class.  In August 2017, a mootness fee was paid and the case was dismissed.

 

In February 2017, certain former employees filed an arbitration claim with FINRA against Wunderlich Securities, Inc. (“WSI”) alleging misrepresentations in the recruitment of claimants to join WSI. Claimants also allege that WSI failed to support their mortgage trading business resulting in the loss of opportunities during their employment with WSI. Claimants are seeking $10 million in damages. WSI has counterclaimed alleging that claimants mispresented their process for doing business, particularly their capital needs, resulting in substantial losses to WSI. WSI believes the claims are meritless and intends to vigorously defend the action. A hearing has been scheduled for March 2018.

 

In March 2017, United Online, Inc. received a letter from PeopleConnect, Inc. (formerly, Classmates, Inc.) (“Classmates”) regarding a notice of investigation received from the Consumer Protection Divisions of the District Attorneys’ offices of four California counties (“California DAs”).  These entities suggest that Classmates may be in violation of California codes relating to unfair competition, false or deceptive advertising, and auto-renewal practices.  Classmates asserts that these claims are indemnifiable claims under the purchase agreement between United Online, Inc. and the buyer of Classmates.  A tolling agreement with the California DAs has been signed and informal discovery and production is in process.  At the present time, the financial impact to the Company, if any, cannot be estimated.

 

In July 2017, an arbitration claim was filed with FINRA by Dominick & Dickerman LLC and Michael Campbell  against WSI and Gary Wunderlich with respect to the acquisition by Wunderlich Investment Company, Inc. (“WIC”) (the parent corporation of WSI)  of certain assets of Dominick & Dominick LLC in 2015.  The Claimants allege that respondents overvalued WIC so that the purchase price paid to the Claimants in shares of WIC stock was artificially inflated.  The Statement of Claim includes claims for common law fraud, negligent misrepresentation, and breach of contract. Claimants are seeking damages of approximately $8 million plus unspecified punitive damages.  Respondents believe the claims are meritless and intend to vigorously defend the action.

 

In September 2017, a statement of claim was filed in a FINRA arbitration naming FBRCM and other underwriters related to the underwriting of the now-bankrupt, Quantum Fuel Systems Technologies Worldwide, Inc. (“Quantum”).  Claimants are seeking $37,000 in actual damages, plus $75,000 in punitive damages and attorney’s fees.  On October 24, 2017, we joined in a motion with the other underwriters requesting that the claim be dismissed on the grounds that it is improper under FINRA Rules 12204 and 122205 which prohibit class actions and derivative claims, respectively.  Our initial response is due in November 2017 and we have agreed to a dual representation arrangement with the other underwriters.  At the present time, the financial impact to the Company, if any, cannot be estimated.

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE BASED PAYMENTS
9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE BASED PAYMENTS

NOTE 12— SHARE-BASED PAYMENTS

 

(a) Amended and Restated 2009 Stock Incentive Plan

 

During the nine months ended September 30, 2017, the Company granted restricted stock units representing 486,049 shares of common stock with a total fair value of $7,732 to certain employees of the Company under the Company’s Amended and Restated 2009 Stock Incentive Plan (the “Plan”). During the year ended December 31, 2016, the Company granted restricted stock units representing 544,605 shares of common stock with a total fair value of $5,301 to certain employees and directors of the Company under the Plan. Share-based compensation expense for such restricted stock units was $1,410 and $3,624 for the three and nine months ended September 30, 2017, respectively. Share-based compensation expense for such restricted stock units was $834 and $1,831 for the three and nine months ended September 30, 2016, respectively.

 

 The restricted stock units generally vest over a period of one to three years based on continued service. In determining the fair value of restricted stock units on the grant date, the fair value is adjusted for (a) estimated forfeitures, (b) expected dividends based on historical patterns and the Company’s anticipated dividend payments over the expected holding period and (c) the risk-free interest rate based on U.S. Treasuries for a maturity matching the expected holding period. As of September 30, 2017, the expected remaining unrecognized share-based compensation expense of $9,271 will be expensed over a weighted average period of 2.2 years.

 

A summary of equity incentive award activity under the Plan for the nine months ended September 30, 2017 was as follows:

 

          Weighted  
          Average  
    Shares     Fair Value  
Nonvested at December 31, 2016     680,135     $ 9.74  
Granted     486,049       15.91  
Vested     (193,626 )     10.32  
Forfeited     (29,724 )     10.49  
Nonvested at September 30, 2017     942,834     $ 12.78  

 

The per-share weighted average grant-date fair value of restricted stock units was $15.91 during the nine months ended September 30, 2017. There were 193,626 restricted stock units with a fair value of $1,999 that vested during the nine months ended September 30, 2017 under the Plan.

  

Amended and Restated FBR & Co. 2006 Long-Term Stock Incentive Plan

 

In connection with the acquisition of FBR on June 1, 2017, the equity awards previously granted or available for issuance under the FBR & Co. 2006 Long-Term Stock Incentive Plan (the “FBR Stock Plan”) may be issued under the Plan. During the nine months ended September 30, 2017, the Company granted restricted stock units representing 784,638 shares of common stock with a total grant date fair value of $13,129. Share-based compensation expense was $1,383 and $1,687 for the three and nine months ended September 30, 2017, respectively, in connection with the June 13, 2017 restricted stock award. In connection with the restructuring discussed in Note 2(i), the Company recorded share-based compensation expense of $2,391 related to the accelerated vesting of restricted stock awards. Of the $2,391, $884 related to former corporate executives of FBR and $1,507 related to employees in the Capital Markets segment. As of September 30, 2017, the expected remaining unrecognized share-based compensation expense of $11,916 will be expensed over a weighted average period of 2.7 years.

 

A summary of equity incentive award activity for the period from June 1, 2017, the date of the acquisition of FBR, through September 30, 2017 was as follows:

 

          Weighted  
          Average  
    Shares     Fair Value  
Nonvested at June 1, 2017, acquisition date of FBR resulting from the exchange of previously existing FBR awards     530,661     $ 14.70  
Granted     784,638       16.73  
Vested     (200,905 )     15.08  
Forfeited     (93,963 )     15.93  
Nonvested at September 30, 2017     1,020,431     $ 16.14  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET CAPITAL REQUIREMENTS
9 Months Ended
Sep. 30, 2017
Brokers and Dealers [Abstract]  
NET CAPITAL REQUIREMENTS

NOTE 13— NET CAPITAL REQUIREMENTS

 

B. Riley & Co., LLC (“BRC”), FBRCM, MLV and Wunderlich Securities, Inc. (“WSI”), the Company’s broker-dealer subsidiaries, are registered with the SEC as broker-dealers and are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”). As such, they are subject to the minimum net capital requirements promulgated by the SEC. As of September 30, 2017, BRC had net capital of $12,052, which was $11,728 in excess of its required net capital of $324, FBRCM had net capital of $38,976, which was $37,976 in excess of its required net capital of $1,000, MLV had net capital of $407, which was $307 in excess of its required net capital of $100, and WSI had net capital of $3,601, which was $2,891 in excess of its required net capital of $710.

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 14— RELATED PARTY TRANSACTIONS

 

At September 30, 2017, amounts due from related parties include $5,452 from GACP I, L.P. and $30 from GACP II, L.P. for management fees, incentive fees and other operating expenses and $600 from CA Global Partners, LLC (“CA Global”) for advances on certain wholesale and industrial liquidation engagements. Amounts due to related parties includes $720 payable to CA Global for operating expenses related to wholesale and industrial liquidation engagements managed by CA Global. At December 31, 2016, amounts due from related parties include $2,050 from GACP I, L.P. for management fees, incentive fees and other operating expenses and $959 from CA Global. Great American Capital Partners, LLC, a subsidiary of the Company, is the general partner of GACP I, L.P. CA Global is one of the members of Great American Global Partners, LLC (“GA Global Ptrs”). The amounts receivable and payable from CA Global are comprised of amounts due to and due from CA Global in connection with certain auctions of wholesale and industrial machinery and equipment that they were managed by CA Global on behalf of GA Global Ptrs.

 

In connection with the offering of $28,750 of 2021 Notes as more fully described in Note 8, certain members of management and the Board of Directors of the Company purchased $2,731 or 9.5% of the Senior Notes offered by the Company.

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS SEGMENTS
9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
BUSINESS SEGMENTS

NOTE 15— BUSINESS SEGMENTS

 

The Company’s operating segments reflect the manner in which the business is managed and how the Company allocates resources and assesses performance internally. The Company has several operating subsidiaries through which it delivers specific services. The Company provides investment banking, corporate finance, securities lending, restructuring, research, sales and trading and wealth management services to corporate, institutional and high net worth clients. The Company also provides auction and liquidation services to help clients dispose of assets that include multi-location retail inventory, wholesale inventory, trade fixtures, machinery and equipment, intellectual property and real property and valuation and appraisal services to clients with independent appraisals in connection with asset based loans, acquisitions, divestitures and other business needs. As a result of the acquisition of UOL on July 1, 2016, the Company provides consumer services and products over the Internet.

 

The Company’s business is classified into the Capital Markets segment, Auction and Liquidation segment, Valuation and Appraisal segment and Principal Investments - United Online segment. These reportable segments are all distinct businesses, each with a different marketing strategy and management structure.

 

 The following is a summary of certain financial data for each of the Company’s reportable segments:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
Capital Markets reportable segment:                                
Revenues - Services and fees   $ 56,473     $ 10,063     $ 95,872     $ 22,799  
Interest income - Securities lending     7,206             9,424        
Total revenues     63,679       10,063       105,296       22,799  
Selling, general, and administrative expenses     (53,955 )     (8,916 )     (87,753 )     (22,535 )
Restructuring costs     (3,322 )           (7,245 )      
Interest expense - Securities lending     (4,950 )           (6,515 )      
Depreciation and amortization     (1,636 )     (138 )     (2,167 )     (406 )
Segment (loss) income     (184 )     1,009       1,616       (142 )
Auction and Liquidation reportable segment:                                
Revenues - Services and fees     7,376       17,058       43,179       29,358  
Revenues - Sale of goods     1       6,503       1       6,505  
Total revenues     7,377       23,561       43,180       35,863  
Direct cost of services     (3,385 )     (4,365 )     (25,482 )     (9,870 )
Cost of goods sold     (2 )     (2,223 )     (2 )     (2,225 )
Selling, general, and administrative expenses     (1,963 )     (3,976 )     (6,562 )     (6,840 )
Depreciation and amortization     (5 )     (6 )     (15 )     (22 )
Segment income     2,022       12,991       11,119       16,906  
Valuation and Appraisal reportable segment:                                
Revenues - Services and fees     9,043       7,696       24,799       22,865  
Direct cost of services     (3,778 )     (3,549 )     (11,031 )     (10,287 )
Selling, general, and administrative expenses     (2,253 )     (2,136 )     (6,395 )     (6,379 )
Depreciation and amortization     (43 )     (19 )     (130 )     (72 )
Segment income     2,969       1,992       7,243       6,127  
Principal Investments - United Online segment:                                
Revenues - Services and fees     12,249       15,483       38,504       15,483  
Revenues - Sale of goods     78       163       220       163  
Total revenues     12,327       15,646       38,724       15,646  
Direct cost of services     (2,975 )     (4,927 )     (9,711 )     (4,927 )
Cost of goods sold     (122 )     (168 )     (311 )     (168 )
Selling, general, and administrative expenses     (2,433 )     (2,139 )     (8,536 )     (2,139 )
Depreciation and amortization     (1,703 )     (1,802 )     (5,313 )     (1,802 )
Restructuring costs     (150 )     (3,187 )     (633 )     (3,187 )
Segment income     4,944       3,423       14,220       3,423  
Consolidated operating income from reportable segments     9,751       19,415       34,198       26,314  
                                 
Corporate and other expenses (including restructuring costs of $1,424 and $3,606 during the three and nine months ended September 30, 2017, respectively, and $398 during the three and nine months ended September 30, 2016)     (8,395 )     (3,993 )     (19,571 )     (9,047 )
Interest income     76       26       358       32  
Loss on equity investment     (157 )           (157 )      
Interest expense     (2,510 )     (991 )     (5,195 )     (1,398 )
(Loss) income before income taxes     (1,235 )     14,457       9,633       15,901  
Benefit from (provision for) income taxes     1,357       (6,083 )     7,753       (6,184 )
Net income     122       8,374       17,386       9,717  
Net (loss) income attributable to noncontrolling interests     (246 )     (565 )     (283 )     631  
Net income attributable to B. Riley Financial, Inc.   $ 368     $ 8,939     $ 17,669     $ 9,086  

 

The following table presents revenues by geographical area:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2017     2016     2017     2016  
Revenues:                        
Revenues - Services and fees:                                
North America   $ 85,128     $ 49,882     $ 200,500     $ 89,790  
Australia                 940        
Europe     13       418      

914 

      715  
Total Revenues - Services and fees   $ 85,141     $ 50,300     $ 202,354     $ 90,505  
                                 
Revenues - Sale of goods                                
North America   $ 79     $ 163     $ 221     $ 165  
Europe           6,503             6,503  
Total Revenues - Sale of goods   $ 79     $ 6,666     $ 221     $ 6,668  
                                 
Revenues - Interest income - Securities lending:                                
North America   $ 7,206     $     $ 9,424     $  
                                 
Total Revenues:                                
North America   $ 92,406     $ 50,045     $ 210,138     $ 89,955  
Australia                 940        
Europe     20       6,921       921       7,218  
Total Revenues   $ 92,426     $ 56,966     $ 211,999     $ 97,173  

 

The following table presents long-lived assets, which consists of property and equipment and other assets, by geographical area:

 

    As of     As of  
    September 30,     December 31,
    2017     2016  
Long-lived Assets - Property and Equipment, net:                
North America   $ 13,105     $ 5,785  
Australia            
Europe            
Total   $ 13,105     $ 5,785  

 

Segment assets are not reported to, or used by, the Company’s Chief Operating Decision Maker to allocate resources to, or assess performance of, the segments and therefore, total segment assets have not been disclosed.

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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16— SUBSEQUENT EVENTS

 

On November 8, 2017, the Company’s Board of Directors approved a regular quarterly dividend of $0.08 per share and a special dividend of $0.04 per share, which will be paid on or about November 30, 2017 to stockholders of record on November 22, 2017.

 

Acquisition of magicJack VocalTec Ltd.

 

On November 9, 2017, the Company entered into an Agreement and Plan of Merger with B. R. Acquisition Ltd., an Israeli corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and magicJack VocalTec Ltd., an Israeli corporation (“magicJack”), pursuant to which Merger Sub will merge with and into magicJack, with magicJack continuing as the surviving corporation and as an indirect subsidiary of the Company. Subject to the terms and conditions of the Agreement and Plan of Merger, each outstanding share of magicJack will be converted into the right to receive $8.71 in cash without interest, representing approximately $143,500 in aggregate merger consideration.  The closing of the transaction is subject to the receipt of certain regulatory approvals, the approval of the magicJack shareholder’s and the satisfaction of other closing conditions.  It is anticipated that the acquisition of magicJack will close in the first half of 2018.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
  (a) Principles of Consolidation and Basis of Presentation

  

The condensed consolidated financial statements include the accounts of B. Riley Financial, Inc. and its wholly-owned and majority-owned subsidiaries. The condensed consolidated financial statements also include the accounts of (a) Great American Global Partners, LLC which is controlled by the Company as a result of its ownership of a 50% member interest, appointment of two of the three executive officers and significant influence over the funding of operations, and (b) GA Retail Investments, L.P. which is controlled by the Company as a result of its ownership of a 50% partnership interest, appointment of executive officers and significant influence over the operations. The condensed consolidated financial statements have been prepared by the Company, without audit, pursuant to interim financial reporting guidelines and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the periods presented have been included. These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on March 10, 2017. The results of operations for the nine months ended September 30, 2017 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future periods.

Use of Estimates
  (b) Use of Estimates

  

The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items such as valuation of securities, reserves for accounts receivable and slow moving goods held for sale or auction, the carrying value of intangible assets and goodwill, the fair value of mandatorily redeemable noncontrolling interests, fair value of share-based arrangements, fair value of contingent consideration in business combination’s and accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.

Revenue Recognition
 

(c)

Revenue Recognition

 

Revenues are recognized in accordance with the accounting guidance when persuasive evidence of an arrangement exists, the related services have been provided, the fee is fixed or determinable, and collection is reasonably assured.

 

Revenues in the Capital Markets segment are primarily comprised of (i) fees earned from corporate finance, investment banking, restructuring and wealth management services; (ii) revenues from sales and trading activities; and (iii) interest income from securities lending activities.

 

Fees earned from corporate finance and investment banking services are derived from debt, equity and convertible securities offerings in which the Company acted as an underwriter or placement agent and from financial advisory services rendered in connection with client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. Fees from underwriting activities are recognized in earnings when the services related to the underwriting transaction are completed under the terms of the engagement and when the income was determined and is not subject to any other contingencies.

 

Fees earned from wealth management services consist primarily of investment management fees that are recognized over the period the services are provided. Investment management fees are primarily comprised of fees for investment management services and are generally based on the dollar amount of the assets being managed.

 

Revenues from sales and trading include (i) commissions resulting from equity securities transactions executed as agent or principal and are recorded on a trade date basis; (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders; (iii) fees paid for equity research; and (iv) principal transactions which include realized and unrealized gains and losses and interest and dividend income resulting from our principal investments in equity and other securities for the Company’s account.

 

Revenues from securities lending activities consist of interest income from equity and fixed income securities that are borrowed from one party and loaned to another. The Company maintains relationships with a broad group of banks and broker-dealers to facilitate the sourcing, borrowing and lending of equity and fixed income securities in a “matched book” to limit the Company’s exposure to fluctuations in the market value or securities borrowed and securities loaned.

 

Revenues in the Auction and Liquidation segment are comprised of (i) commissions and fees earned on the sale of goods at auctions and liquidations; (ii) revenues from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation; (iii) revenue from the sale of goods that are purchased by the Company for sale at auction or liquidation sales events; (iv) fees earned from real estate services and the origination of loans; (v) revenues from financing activities is recorded over the lives of related loans receivable using the interest method; and (vi) revenues from contractual reimbursable expenses incurred in connection with auction and liquidation contracts.

 

Commission and fees earned on the sale of goods at auction and liquidation sales are recognized when evidence of an arrangement exists, the sales price has been determined, title has passed to the buyer and the buyer has assumed the risks of ownership, and collection is reasonably assured. The commission and fees earned for these services are included in revenues in the accompanying condensed consolidated statements of operations. Under these types of arrangements, revenues also include contractual reimbursable costs.

 

Revenues earned from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation are recognized based on proceeds received. The Company records proceeds received from these types of engagements first as a reduction of contractual reimbursable expenses, second as a recovery of its guarantee and thereafter as revenue, subject to such revenue meeting the criteria of having been fixed or determinable. Contractual reimbursable expenses and amounts advanced to customers for minimum guarantees are initially recorded as advances against customer contracts in the accompanying condensed consolidated balance sheets. If, during the auction or liquidation sale, the Company determines that the proceeds from the sale will not meet the minimum guaranteed recovery value as defined in the auction or liquidation services contract, the Company accrues a loss on the contract in the period that the loss becomes known.

 

The Company also evaluates revenue from auction and liquidation contracts in accordance with the accounting guidance to determine whether to report Auction and Liquidation segment revenue on a gross or net basis. The Company has determined that it acts as an agent in a substantial majority of its auction and liquidation services contracts and therefore reports the auction and liquidation revenues on a net basis.

 

Revenues from the sale of goods are recorded gross and are recognized in the period in which the sale of goods held for sale or auction are completed, title to the property passes to the purchaser and the Company has fulfilled its obligations with respect to the transaction. These revenues are primarily the result of the Company acquiring title to merchandise with the intent of selling the items at auction or for augmenting liquidation sales. For liquidation contracts where we take title to retail goods, our net sales represent gross sales invoiced to customers, less certain related charges for discounts, returns, and other promotional allowances and are recorded net of sales or value added tax.

 

Revenues in the Valuation and Appraisal segment are primarily comprised of fees for valuation and appraisal services. Revenues are recognized upon the delivery of the completed services to the related customers and collection of the fee is reasonably assured. Revenues in the Valuation and Appraisal segment also include contractual reimbursable costs.

 

Revenues in the Principal Investments - United Online segment are primarily comprised of services revenues, which are derived primarily from fees charged to pay accounts; advertising and other revenues; and products revenues, which are derived primarily from the sale mobile broadband service devices, including the related shipping and handling fees.

 

Service revenues are derived primarily from fees charged to pay accounts and are recognized in the period in which fees are fixed or determinable and the related services are provided to the customer. The Company’s pay accounts generally pay in advance for their services by credit card, PayPal, automated clearinghouse or check, and revenues are then recognized ratably over the service period. Advance payments from pay accounts are recorded in the condensed consolidated balance sheets as deferred revenue. In circumstances where payment is not received in advance, revenues are only recognized if collectability is reasonably assured.

 

Advertising revenues consist primarily of amounts from the Company’s Internet search partner that are generated as a result of users utilizing the partner’s Internet search services and amounts generated from display advertisements. The Company recognizes such advertising revenues in the period in which the advertisement is displayed or, for performance-based arrangements, when the related performance criteria are met. In determining whether an arrangement exists, the Company ensures that a written contract is in place, such as a standard insertion order or a customer-specific agreement. The Company assesses whether performance criteria have been met and whether the fees are fixed or determinable based on a reconciliation of the performance criteria and the payment terms associated with the transaction. The reconciliation of the performance criteria generally includes a comparison of customer-provided performance data to the contractual performance obligation and to internal or third-party performance data in circumstances where that data is available.

Direct Cost of Services
  (d) Direct Cost of Services

  

Direct cost of services relate to service and fee revenues. The costs consist of employee compensation and related payroll benefits, travel expenses, the cost of consultants assigned to revenue-generating activities and direct expenses billable to clients in the Valuation and Appraisal segment. Direct costs of services include participation in profits under collaborative arrangements in which the Company is a majority participant. Direct costs of services also include the cost of consultants and other direct expenses related to auction and liquidation contracts pursuant to commission and fee based arrangements in the Auction and Liquidation segment. Direct cost of services in the Principal Investments - United Online segment include cost of telecommunications and data center costs, personnel and overhead-related costs associated with operating the Company’s networks and data centers, depreciation of network computers and equipment, third party advertising sales commissions, license fees, costs related to providing customer support, costs related to customer billing and processing of customer credit cards and associated bank fees. Direct cost of services does not include an allocation of the Company’s overhead costs.

Interest Expense - Securities Lending Activities
  (e) Interest Expense - Securities Lending Activities

 

Interest expense from securities lending activities is included in operating expenses related to operations in the Capital Markets segment.  Interest expense from securities lending activities is incurred from equity and fixed income securities that are loaned to the Company.

Concentration of Risk
  (f) Concentration of Risk

 

Revenue from one liquidation engagement represented 24.4% of total revenues during the three months ended September 30, 2016 and 15.6% of total revenues during the nine months ended September 30, 2016. Revenues in the Capital Markets, Valuation and Appraisal and Principal Investments - United Online segments are currently primarily generated in the United States. Revenues in the Auction and Liquidation segment are primarily generated in the United States, Australia, Canada and Europe.

 

The Company’s activities in the Auction and Liquidation segment are executed frequently with, and on behalf of, distressed customers and secured creditors. Concentrations of credit risk can be affected by changes in economic, industry, or geographical factors. The Company seeks to control its credit risk and potential risk concentration through risk management activities that limit the Company’s exposure to losses on any one specific liquidation services contract or concentration within any one specific industry. To mitigate the exposure to losses on any one specific liquidation services contract, the Company sometimes conducts operations with third parties through collaborative arrangements.

 

The Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses in such accounts. The Company also has substantial cash balances from proceeds received from auctions and liquidation engagements that are distributed to parties in accordance with the collaborative arrangements. 

Advertising Expense
  (g) Advertising Expenses

 

The Company expenses advertising costs, which consist primarily of costs for printed materials, as incurred. Advertising costs totaled $183 and $339 for the three months ended September 30, 2017 and 2016, respectively, and $1,227 and $1,235 for the nine months ended September 30, 2017 and 2016, respectively. Advertising expense is included as a component of selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Share-Based Compensation
  (h) Share-Based Compensation

 

The Company’s share-based payment awards principally consist of grants of restricted stock and restricted stock units. In accordance with the applicable accounting guidance, share-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company measures compensation cost for the grant of membership interests at fair value on the date of grant and recognizes compensation expense in the condensed consolidated statements of operations over the requisite service or performance period the award is expected to vest. The fair value of the liability-classified award will be subsequently remeasured at each reporting date through the settlement date. Change in fair value during the requisite service period will be recognized as compensation cost over that period.

Restructuring Charge
  (i) Restructuring Charge

  

The Company recorded a restructuring charge in the amount of $11,484 during the nine months ended September 30, 2017. In the second and third quarters of 2017, the Company implemented costs savings measures taking into account the planned synergies as a result of the acquisition of FBR & Co. (“FBR”) and Wunderlich Investment Company, Inc. (“Wunderlich”), as more fully described in Note 3, which included a reduction in force for some of the corporate executives of FBR’s and Wunderlich and a restructuring to integrate FBR and Wunderlich’s operations with the Company’s existing operations. These initiatives resulted in a restructuring charge of $6,105 in the second quarter of 2017 and $4,746 in the third quarters of 2017. The restructuring charges during the second and third quarter of 2017 included $2,400 related to severance and $884 related to the accelerated vesting of restricted stock awards to former corporate executives of FBR and Wunderlich and $3,109 of severance and $1,710 related to accelerated vesting of stock awards to employees and $2,748 of lease loss accruals and impairments for the planned consolidation of office space related to operations of FBR and Wunderlich. Of the $10,851 of restructuring charges related to these initiatives, $7,245 related to the Capital Markets segment and $3,606 related to corporate overhead. The restructuring charge in 2017 also included employee termination costs of $150 and $633 in the third quarter and the nine months ended 2017, respectively, related to a reduction in personnel in the principal investments – United Online segment of our operations.

 

The following table summarizes the changes in accrued restructuring charge during the nine months ended September 30, 2017: 

 

    Nine Months Ended
    September 30, 2017
Accrued restructuring charge, beginning of year   $ 694  
Restructuring charge     11,484  
Cash paid     (4,880 )
Non-cash items     (3,939 )
Accrued restructuring charge, end of period   $ 3,359  

 

The following tables summarize the restructuring activities during the three and nine months ended September 30, 2017 and 2016:

 

    Three Months Ended September 30,  
    2017     2016  
    Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total     Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total  
Restructuring charge:                                                                
Employee termination costs   $ 2,285     $ 150     $ 1,102     $ 3,537     $     $ 3,187     $     $ 3,187  
Facility closure and consolidation charge     1,037             322       1,359                   398       398  
Total restructuring charge   $ 3,322     $ 150     $ 1,424     $ 4,896     $     $ 3,187     $ 398     $ 3,585  

  

    Nine Months Ended September 30,  
    2017     2016  
    Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total     Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total  
Restructuring charge:                                                                
Employee termination costs   $ 4,819     $ 633     $ 3,284     $ 8,736     $     $ 3,187     $     $ 3,187  
Facility closure and consolidation charge     2,426             322       2,748                   398       398  
Total restructuring charge   $ 7,245     $ 633     $ 3,606     $ 11,484     $     $ 3,187     $ 398     $ 3,585  
Income Taxes
  (j) Income Taxes

  

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced. 

 

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Once this threshold has been met, the Company’s measurement of its expected tax benefits is recognized in its financial statements. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.

Cash and Cash Equivalents
  (k) Cash and Cash Equivalents

 

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Restricted Cash
  (l) Restricted Cash

  

As of September 30, 2017, restricted cash balance of $9,269 included $8,759 of cash collateral related to certain retail liquidation engagements and $510 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary and collateral for one of our telecommunication supplier. As of December 31, 2016, restricted cash balance of $3,294 included $1,440 of cash collateral related to a retail liquidation engagement in Australia, $1,320 of cash collateral for foreign exchange contracts and $534 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary and collateral for one of our telecommunication suppliers.

Securities Borrowed and Securities Loaned
  (m) Securities Borrowed and Securities Loaned

 

Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate.

 

The Company accounts for securities lending transactions in accordance with Accounting Standards Update (“ASU”) 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” requiring companies to report disclosures of offsetting assets and liabilities. The Company does not net securities borrowed and securities loaned and these items are presented on a gross basis in the condensed consolidated balance sheets.

Due from/to Brokers, Dealers, and Clearing Organizations
  (n) Due from/to Brokers, Dealers, and Clearing Organizations

 

The Company clears all of its proprietary and customer transactions through other broker-dealers on a fully disclosed basis. The amount receivable from or payable to the clearing brokers represents the net of proceeds from unsettled securities sold, the Company’s clearing deposit and amounts receivable for commissions less amounts payable for unsettled securities purchased by the Company and amounts payable for clearing costs and other settlement charges. This amount also includes the cash collateral received for securities loaned less cash collateral for securities borrowed. Any amounts payable would be fully collateralized by all of the securities owned by the Company and held on deposit at the clearing broker.

Accounts Receivable
  (o) Accounts Receivable

  

Accounts receivable represents amounts due from the Company’s auction and liquidation, valuation and appraisal, capital markets and principal investments - United Online customers. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes a specific customer identification methodology. Management also considers historical losses adjusted for current market conditions and the customers’ financial condition and the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. Bad debt expense and changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2017 and 2016 are included in Note 5.

Advances Against Customer Contracts
  (p) Advances Against Customer Contracts

  

Advances against customer contracts represent advances of contractually reimbursable expenses incurred prior to, and during the term of the auction and liquidation services contract. These advances are charged to expense in the period that revenue is recognized under the contract.

Property and Equipment
  (q) Property and Equipment

 

Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Property and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Depreciation and amortization expense was $1,243 and $531 for the three months ended September 30, 2017 and 2016, respectively, and $2,458 and $706 for the nine months ended September 30, 2017 and 2016, respectively.

Securities and Other Investments Owned and Securities Sold Not Yet Purchased
  (r) Securities Owned and Securities Sold Not Yet Purchased

  

Securities owned consist of marketable securities and investments in partnership interests and other securities recorded at fair value. Securities sold, but not yet purchased represents obligations of the Company to deliver the specified security at the contracted price and thereby create a liability to purchase the security in the market at prevailing prices. Changes in the value of these securities are reflected currently in the results of operations. 

 

As of September 30, 2017 and December 31, 2016, the Company’s securities owned and securities sold not yet purchased at fair value consisted of the following securities: 

 

    September 30,
2017
    December 31,
2016
 
Securities and other investments owned:                
Common stocks and warrants   $ 41,412     $ 2,084  
Corporate bonds     6,328       1,025  
Loan receivable     26,868        
Partnership interests and other     21,357       13,470  
    $ 95,965     $ 16,579  
                 
Securities sold not yet purchased:                
Common stocks   $ 23,570     $  
Corporate bonds     982       846  
Partnership interests and other     494        
    $ 25,046     $ 846  
Fair Value Measurements
  (s) Fair Value Measurements

 

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) for identical instruments that are highly liquid, observable and actively traded in over-the-counter markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

The Company’s securities and other investments owned and securities sold and not yet purchased are comprised of common stocks and warrants, corporate bonds, loans receivable and investments in partnerships. Investments in common stocks are based on quoted prices in active markets which are included in Level 1 of the fair value hierarchy. The Company also holds nonpublic common stocks and warrants for which there is little or no public market and fair value is determined by management on a consistent basis. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks. These investments are included in Level 3 of the fair value hierarchy. Investments in partnership interests include investments in private equity partnerships that primarily invest in equity securities, bonds, and direct lending funds. The Company’s partnership interests are valued based on the Company’s proportionate share of the net assets of the partnership which is derived from the most recent statements received from the general partner which are included in Level 2 of the fair value hierarchy. The Company also invests in proprietary investment funds that are valued at net asset value (“NAV”) determined by the fund administrator. The underlying securities held by these investment companies are primarily corporate and asset-backed fixed income securities and restrictions exist on the redemption of amounts invested by the Company. As a practical expedient, the Company relies on the NAV of these investments as their fair value. The NAVs that have been provided by the fund administrators are derived from the fair values of the underlying investments as of the reporting date. In accordance with ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” (“ASU 2015-07”), these investment funds are not categorized within the fair value hierarchy.

 

The fair value of mandatorily redeemable noncontrolling interests is determined based on the issuance of similar interests for cash, references to industry comparables, and relied, in part, on information obtained from appraisal reports and internal valuation models.

 

The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2017 and December 31, 2016.

 

    Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at September 30, 2017, Using
 
    Fair value at
September 30,
2017
    Quoted prices in
active markets
identical assets
(Level 1)
    Other
observable inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Assets:                        
Securities and other investments owned:                                
Common stocks and warrants   $ 41,412     $ 31,430     $     $ 9,982  
Corporate bonds     6,328             6,328        
Loan receivable     26,868                   26,868  
Partnership interests and other     16,505       4,462       187       11,856  
Total assets measured at fair value   $ 91,113     $ 35,892     $ 6,515     $ 48,706  
                                 
Liabilities:                                
Securities sold not yet purchased:                                
Common stocks   $ 23,569     $ 23,569     $     $  
Corporate bonds     982             982          
Partnership interests and other     495             495        
Total securities sold not yet purchased     25,046       23,569       1,477        
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     12,830                   12,830  
Total liabilities measured at fair value   $ 37,876     $ 23,569     $ 1,477     $ 12,830  

  

    Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at December 31, 2016, Using
 
    Fair value at
December 31,
2016
    Quoted prices in
active markets
identical assets
(Level 1)
    Other
observable
inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Assets:                        
Securities and other investments owned:                                
Common stocks   $ 2,084     $ 1,785     $     $ 299  
Corporate bonds     1,025             865       160  
Partnership interests     13,470             44       13,426  
Total assets measured at fair value   $ 16,579     $ 1,785     $ 909     $ 13,885  
                                 
Liabilities:                                
Securities sold not yet purchased:   $ 846     $     $ 846     $  
Corporate bonds                                
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     3,214                   3,214  
                                 
Contingent consideration     1,242                   1,242  
Total liabilities measured at fair value   $ 5,302     $     $ 846     $ 4,456  

  

As of September 30, 2017, securities and other investments owned included $4,852 of investment funds valued at NAV per share. As such, total securities and other investments owned of $95,965 in the condensed consolidated balance sheets at September 30, 2017 included investments in investment funds of $4,852 and securities and other investments owned in the amount of $91,113 as outlined in the fair value table above.

 

As of September 30, 2017 and December 31, 2016, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $48,706 and $13,885, respectively, or 4.0% and 5.2%, respectively, of the Company’s total assets. In determining the fair value for these Level 3 financial assets, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable, over-the-counter market trading activity.

 

The changes in Level 3 fair value hierarchy during the nine months ended September 30, 2017 and 2016 are as follows: 

                                     
    Level 3     Level 3 Changes During the Period     Level 3  
    Balance at     Fair     Relating to     Purchases,     Transfer in     Balance at  
    Beginning of     Value     Undistributed     Sales and     and/or out     End of  
    Period     Adjustments     Earnings     Settlements     of Level 3     Period  
Nine Months Ended September 30, 2017                                    
Common stocks and warrants   $ 299     $ (463 )   $     $ 10,146     $     $ 9,982  
Corporate bonds     160                         (160 )      
Loan receivable           1,375             25,493             26,868  
Partnership interests and other     13,426       2,820             (4,390 )           11,856  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     3,214       9,000       (190 )           806       12,830  
Contingent consideration     1,242       8             (1,250 )            
                                                 
Nine Months Ended September 30, 2016                                                
Common stocks   $ 290     $ (15 )   $     $     $     $ 275  
Corporate bonds           (409 )           569             160  
Partnership interests     1,766       123       418       94             2,401  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     2,330             (96 )                 2,234  
Contingent consideration     2,391       78             (1,250 )           1,219  

 

The fair value adjustment for contingent consideration of $8 and $78 represents imputed interest for the nine months ended September 30, 2017 and 2016, respectively. The Company had a triggering event in the second quarter of 2017 for the mandatorily redeemable noncontrolling interests that resulted in a fair value adjustment of $6,050 of the total fair value adjustment of $9,000 for the nine months ended September 30, 2017. In connection with this event, the Company received proceeds of $6,000 from key man life insurance. These amounts have been recorded in the condensed consolidated statements of operations in Selling, general and administrative expenses in the corporate segment. The amount reported in the table above also for the nine months ended September 30, 2017 and 2016 includes the amount of undistributed earnings attributable to the noncontrolling interests that is distributed on a quarterly basis.

 

The carrying amounts reported in the condensed consolidated financial statements for cash, restricted cash, accounts receivable, accounts payable, accrued payroll and related, accrued value added tax, income taxes payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturity of these instruments.

 

The carrying amount of the senior notes payable approximates fair value because the contractual interest rates or effective yields of such instruments are consistent with current market rates of interest for instruments of comparable credit risk.

 

During the nine months ended September 30, 2017 and 2016, there were no assets or liabilities measured at fair value on a non-recurring basis.

Contingent Consideration
  (t) Contingent Consideration

 

In connection with the acquisition of MK Capital Advisors, LLC (“MK Capital”) on February 2, 2015, the purchase agreement required the payment of contingent consideration to the former members of MK Capital in the form of future cash payments of $1,250 and issuance of 166,667 shares of common stock on the first anniversary date of the closing (February 2, 2016) and a final cash payment of $1,250 and issuance of 166,666 shares of common stock on the second anniversary date of the closing (February 2, 2017). The contingent cash consideration was classified as a liability in the condensed consolidated balance sheets in accordance with ASC 805, “Business Combination” (“ASC 805”). The fair value of the contingent cash consideration was discounted at 8.0%. The balance of the contingent consideration liability in the condensed consolidated balance sheets was $1,242 (discount of $8) at December 31, 2016. Imputed interest expense totaled $23 for the three months ended September 30, 2016 and $8 and $78 for the nine months ended September 30, 2017 and 2016, respectively. The fair value of the contingent stock consideration was classified as equity in accordance with ASC 805.

 

The contingent cash and stock consideration was payable on the first and second anniversary dates of the closing provided that MK Capital generated a minimum amount of gross revenues as defined in the purchase agreement for the twelve months following the first and second anniversary dates of the closing. MK Capital achieved the minimum amount of revenues for the first and second anniversary periods and the contingent cash consideration and contingent stock consideration for the first anniversary period was paid and issued on February 2, 2016 and for the second anniversary period was paid and issued on February 2, 2017. Upon the payment of the contingent stock consideration on February 2, 2017, the Company recorded a deferred tax asset and an increase to additional paid-in capital in the amount of $1,151 in accordance with ASC 805.

Derivative and Foreign Currency Translation
  (u) Derivative and Foreign Currency Translation

 

The Company periodically uses derivative instruments, which primarily consist of the purchase of forward exchange contracts, for certain auction and liquidation engagements with operations outside the United States. During the nine months ended September 30, 2017, the Company’s use of derivatives consisted of the purchase of forward exchange contracts in the amount of $25,000 Australian dollars that was settled on January 31, 2017. During the nine months ended September 30, 2016, the Company’s use of derivatives consisted of the purchase of forward exchange contracts (a) in the amount of $10,200 Canadian dollars that was settled at various periods prior to August 31, 2016, (b) in the amount of $20,000 Australian dollars that was settled on December 30, 2016, and (c) 5,600 Euro’s that was settled on December 30, 2016. The forward exchange contract was entered into to improve the predictability of cash flows related to a retail store liquidation engagement that was completed in December 2016. The net loss from forward exchange contracts was $33 and $103 during the three and nine months ended September 30, 2017, respectively, and $76 and $115 during the three and nine months ended September 30, 2016, respectively. This amount is reported as a component of selling, general and administrative expenses in the condensed consolidated statements of operations.

 

The Company transacts business in various foreign currencies. In countries where the functional currency of the underlying operations has been determined to be the local country’s currency, revenues and expenses of operations outside the United States are translated into United States dollars using average exchange rates while assets and liabilities of operations outside the United States are translated into United States dollars using period-end exchange rates. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Transaction losses were $389 and $511 during the three months ended September 30, 2017 and 2016, respectively, and $919 and $531 during the nine months ended September 30, 2017 and 2016, respectively. These amounts are included in selling, general and administrative expenses in our condensed consolidated statements of operations.

Common Stock Warrants
  (v) Common Stock Warrants

 

The Company issued 821,816 warrants to purchase common stock of the Company in connection with the acquisition of Wunderlich on July 3, 2017. The common stock warrants entitle the holders of the warrants to acquire shares of the Company’s common stock from the Company at a price of $17.50 per share (the “Exercise Price”), subject to, among other matters, the proper completion of an exercise notice and payment. The Exercise Price and the number of shares of Company common stock issuable upon exercise are subject to customary anti-dilution and adjustment provisions, which include stock splits, subdivisions or reclassifications of the Company’s common stock. The common stock warrants expire on July 3, 2022.

Recent Accounting Pronouncements
  (w) Recent Accounting Pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02: Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. ASU 2016-02 will be effective for the Company in fiscal year 2019, but early application is permitted. The Company is currently evaluating the impact of this update on the consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Under this guidance, revenue is recognized at the time when goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This standard sets forth a five-step revenue recognition model which replaces the current revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance. In March, April, May and December 2016, the FASB issued amendments to this new guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements and other narrow scope improvements. This standard is effective in the first quarter of 2018 for public companies and requires either a retrospective or a modified retrospective approach to adoption.  The Company believes the adoption of this standard may impact engagements that contain performance-based arrangements in which a success or completion fee is earned when and if certain predefined outcomes occur and engagements and contracts where services are provided under fixed-fees arrangements that have multiple performance obligations. The Company has not completed an assessment and has not yet determined whether the impact of the adoption of this standard on the consolidated financial statements will be material. The Company will adopt this standard on January 1, 2018 but have not concluded on a transition approach. The Company expects to complete the assessment process, including selecting a transition method for adoption during fourth quarter of 2017.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for us in our first quarter of fiscal year 2019, but early application is permitted. The Company has not yet adopted this update and is currently evaluating the impact it may have on its financial condition and results of operations.

 

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment.   This standard simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.  The revised guidance will be applied prospectively, and is effective for calendar year-end SEC filers for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019.  Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.  The Company has not yet adopted this update and currently evaluating the effect this new standard will have on its financial condition and results of operations.

 

 

 

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of restructuring charges

The following table summarizes the changes in accrued restructuring charge during the nine months ended September 30, 2017:

  

    Nine Months Ended
    September 30, 2017
Accrued restructuring charge, beginning of year   $ 694  
Restructuring charge     11,484  
Cash paid     (4,880 )
Non-cash items     (3,939 )
Accrued restructuring charge, end of period   $ 3,359  

  

The following tables summarize the restructuring activities during the three and nine months ended September 30, 2017 and 2016:

  

    Three Months Ended September 30,  
    2017     2016  
    Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total     Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total  
Restructuring charge:                                                                
Employee termination costs   $ 2,285     $ 150     $ 1,102     $ 3,537     $     $ 3,187     $     $ 3,187  
Facility closure and consolidation charge     1,037             322       1,359                   398       398  
Total restructuring charge   $ 3,322     $ 150     $ 1,424     $ 4,896     $     $ 3,187     $ 398     $ 3,585  

  

    Nine Months Ended September 30,  
    2017     2016  
    Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total     Capital
Markets
    Principal
Investments -
United
Online
    Corporate     Total  
Restructuring charge:                                                                
Employee termination costs   $ 4,819     $ 633     $ 3,284     $ 8,736     $     $ 3,187     $     $ 3,187  
Facility closure and consolidation charge     2,426             322       2,748                   398       398  
Total restructuring charge   $ 7,245     $ 633     $ 3,606     $ 11,484     $     $ 3,187     $ 398     $ 3,585
Schedule of securities owned and securities sold not yet purchased at fair value

As of September 30, 2017 and December 31, 2016, the Company’s securities owned and securities sold not yet purchased at fair value consisted of the following securities:

 

    September 30,
2017
    December 31,
2016
 
Securities and other investments owned:                
Common stocks and warrants   $ 41,412     $ 2,084  
Corporate bonds     6,328       1,025  
Loan receivable     26,868        
Partnership interests and other     21,357       13,470  
    $ 95,965     $ 16,579  
                 
Securities sold not yet purchased:                
Common stocks   $ 23,570     $  
Corporate bonds     982       846  
Partnership interests and other     494        
    $ 25,046     $ 846
Schedule of financial assets and liabilities measured on recurring basis

The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2017 and December 31, 2016.

 

    Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at September 30, 2017, Using
 
    Fair value at
September 30,
2017
    Quoted prices in
active markets
identical assets
(Level 1)
    Other
observable inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3
)
 
Assets:                        
Securities and other investments owned:                                
Common stocks and warrants   $ 41,412     $ 31,430     $     $ 9,982  
Corporate bonds     6,328             6,328        
Loan receivable     26,868                   26,868  
Partnership interests and other     16,505       4,462       187       11,856  
Total assets measured at fair value   $ 91,113     $ 35,892     $ 6,515     $ 48,706  
                                 
Liabilities:                                
Securities sold not yet purchased:                                
Common stocks   $ 23,569     $ 23,569     $     $  
Corporate bonds     982             982          
Partnership interests and other     495             495        
Total securities sold not yet purchased     25,046       23,569       1,477        
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     12,830                   12,830  
Total liabilities measured at fair value   $ 37,876     $ 23,569     $ 1,477     $ 12,830  

  

    Financial Assets and Liabilities Measured at Fair Value
on a Recurring Basis at December 31, 2016, Using
 
    Fair value at
December 31,
2016
    Quoted prices in
active markets
identical assets
(Level 1)
    Other
observable
inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Assets:                        
Securities and other investments owned:                                
Common stocks   $ 2,084     $ 1,785     $     $ 299  
Corporate bonds     1,025             865       160  
Partnership interests     13,470             44       13,426  
Total assets measured at fair value   $ 16,579     $ 1,785     $ 909     $ 13,885  
                                 
Liabilities:                                
Securities sold not yet purchased:   $ 846     $     $ 846     $  
Corporate bonds                                
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     3,214                   3,214  
                                 
Contingent consideration     1,242                   1,242  
Total liabilities measured at fair value   $ 5,302     $     $ 846     $ 4,456  
Schedule of changes in Level 3 fair value hierarchy

The changes in Level 3 fair value hierarchy during the nine months ended September 30, 2017 and 2016 are as follows:

 

                                     
    Level 3     Level 3 Changes During the Period     Level 3  
    Balance at     Fair     Relating to     Purchases,     Transfer in     Balance at  
    Beginning of     Value     Undistributed     Sales and     and/or out     End of  
    Period     Adjustments     Earnings     Settlements     of Level 3     Period  
Nine Months Ended September 30, 2017                                    
Common stocks and warrants   $ 299     $ (463 )   $     $ 10,146     $     $ 9,982  
Corporate bonds     160                         (160 )      
Loan receivable           1,375             25,493             26,868  
Partnership interests and other     13,426       2,820             (4,390 )           11,856  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     3,214       9,000       (190 )           806       12,830  
Contingent consideration     1,242       8             (1,250 )            
                                                 
Nine Months Ended September 30, 2016                                                
Common stocks   $ 290     $ (15 )   $     $     $     $ 275  
Corporate bonds           (409 )           569             160  
Partnership interests     1,766       123       418       94             2,401  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     2,330             (96 )                 2,234  
Contingent consideration     2,391       78             (1,250 )           1,219  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITIONS (Tables)
9 Months Ended
Sep. 30, 2017
Business Combinations [Abstract]  
Schedule of purchase consideration

 

The preliminary purchase price allocation was as follows:

 

Consideration paid by B. Riley:        
Cash paid   $ 29,737  
Fair value of 1,974,812 B. Riley common shares issued     31,414  
Fair value of 821,816 B. Riley common stock warrants issued     4,892  
Total consideration   $ 66,043  

 

The preliminary assets acquired and assumed was as follows:

 

Tangible assets acquired and assumed:        
Cash and cash equivalents   $ 4,259  
Securities owned     1,413  
Accounts receivable     3,193  
Due from clearing broker     15,133  
Prepaid expenses and other assets     10,248  
Property and equipment     2,315  
Deferred taxes     8,067  
Accounts payable     (517 )
Accrued payroll and related expenses     (6,387 )
Accrued expenses and other liabilities     (9,773 )
Securities sold, not yet purchased     (1,707 )
Notes payable     (10,579 )
Customer relationships     15,440  
Trademarks     1,370  
Goodwill     33,568  
Total   $ 66,043  

 

The preliminary purchase price allocation was as follows:

 

Consideration paid by B. Riley:    
Number of FBR Common Shares outstanding at June 1, 2017     7,099,511  
Stock merger exchange ratio     0.671  
Number of B. Riley common shares     4,763,772  
Number of B. Riley common shares to be issued from acceleration of vesting for outstanding FBR stock options, restricted stock and RSU awards     67,861  
Total number of B. Riley common shares to be issued     4,831,633  
Closing market price of B. Riley common shares on December 31, 2016   $ 14.70  
Total value of B. Riley common shares     71,025  
Fair value of RSU’s attributable to service period prior to June 1, 2017 (a)     2,446  
Total consideration   $ 73,471  

 

The preliminary assets acquired and assumed was as follows:

 

Tangible assets acquired and assumed:        
Cash and cash equivalents   $ 15,738  
Securities owned     11,188  
Securities borrowed     861,197  
Accounts receivable     4,341  
Due from clearing broker     29,169  
Prepaid expenses and other assets     5,486  
Property and equipment     8,663  
Deferred taxes     14,514  
Accounts payable     (1,524 )
Accrued payroll and related expenses     (7,182 )
Accrued expenses and other liabilities     (22,411 )
Securities loaned     (867,626 )
Customer relationships     5,600  
Tradename and other intangibles     1,790  
Goodwill     14,528  
Total   $ 73,471
Schedule of pro forma financial information

Pro Forma Financial Information

 

The unaudited financial information in the table below summarizes the combined results of operations of the Company, Wunderlich, FBR and UOL, as though the acquisitions had occurred as of January 1, of the respective periods presented. The pro forma financial information presented includes the effects of adjustments related to the amortization charges from the acquired intangible assets and the elimination of certain activities excluded from the transaction and transaction related costs. The pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the earliest period presented, nor does it intend to be a projection of future results.

  

 

    Pro Forma (Unaudited)  
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
Revenues   $ 92,461     $ 111,340     $ 320,546     $ 298,118  
Net (loss) income attributable to B. Riley Financial, Inc.   $ (42 )   $ 2,843     $ 11,780     $ (13,657 )
                                 
Basic (loss) earnings per share   $ (0.00 )   $ 0.11     $ 0.41     $ (0.55 )
Diluted (loss) earnings per share   $ (0.00 )   $ 0.11     $ 0.41     $ (0.55 )
                                 
Weighted average basic shares outstanding     32,366,657       25,783,517       28,487,975       24,611,572  
Weighted average diluted shares outstanding     32,366,657       25,997,480       28,692,181       24,611,572  

XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES LENDING (Tables)
9 Months Ended
Sep. 30, 2017
Securities Lending  
Schedule of contractual gross and net securities borrowing and lending balances

The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of September 30, 2017

 

                          Amounts not        
                          offset in the        
                          consolidated balance        
          Gross amounts     Net amounts     sheets but eligible        
          offset in the     included in the     for offsetting        
    Gross amounts     consolidated     consolidated     upon counterparty        
    recognized     balance sheets (1)     balance sheets     default(2)     Net amounts  
As of September 30, 2017                                        
Securities borrowed   $ 730,022     $     $ 730,022     $ 730,022     $  
Securities loaned   $ 728,201     $     $ 728,201     $ 728,201     $  

 

(1) Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
(2) Includes the amount of cash collateral held/posted. 

XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS RECEIVABLE (Tables)
9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Schedule of components of accounts receivable

The components of accounts receivable, net, include the following:

 

    September 30,     December 31,  
    2017     2016  
Accounts receivable   $ 14,218     $ 16,610  
Investment banking fees, commissions and other receivables     5,074       576  
Unbilled receivables     1,260       2,058  
Total accounts receivable     20,552       19,244  
Allowance for doubtful accounts     (628 )     (255 )
Accounts receivable, net   $ 19,924     $ 18,989
Schedule of allowance for doubtful accounts

Additions and changes to the allowance for doubtful accounts consist of the following:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
Balance, beginning of period   $ 599     $ 86     $ 255     $ 89  
Add: Additions to reserve     123       428       827       488  
Less: Write-offs     (94 )     (15 )     (262 )     (49 )
Less: Recoveries           (321 )     (192 )     (350 )
Balance, end of period   $ 628     $ 178     $ 628     $ 178  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets

Intangible assets consisted of the following:

 

        September 30, 2017     December 31, 2016  
        Gross                 Gross              
        Carrying     Accumulated     Intangibles     Carrying     Accumulated     Intangibles  
    Useful Life   Value     Amortization     Net     Value     Amortization     Net  
Amortizable assets:                                                    
Customer relationships    4 to 13 Years   $ 58,440     $ 7,301     $ 51,139     $ 37,300     $ 3,100     $ 34,200  
Domain names   7 Years     807       144       663       1,419       101       1,318  
Advertising relationships    8 Years     100       16       84       100       6       94  
Internally developed software and other intangibles   0.5 to 4 Years     3,373       1,245       2,128       3,333       550       2,783  
Trademarks    7 to 9 Years     4,220       302       3,918       1,100       69       1,031  
Total         66,940       9,008       57,932       43,252       3,826       39,426  
                                                     
Non-amortizable assets:                                                    
Tradenames         1,740             1,740       1,740       —        1,740  
Total intangible assets       $ 68,680     $ 9,008     $ 59,672     $ 44,992     $ 3,826     $ 41,166  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Schedule of basic and diluted earnings per share

Basic and diluted earnings per share was calculated as follows:

                         
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2017     2016     2017     2016  
Net income attributable to B. Riley Financial, Inc.   $ 368     $ 8,939     $ 17,669     $ 9,086  
                                 
Weighted average shares outstanding:                                
Basic     26,059,490       18,977,072       22,180,808       17,805,127  
Effect of dilutive potential common shares:                                
Restricted stock units and non-vested shares     1,193,007       169,311       816,841       159,376  
Contingently issuable shares     387,365       44,652       387,365       44,655  
Diluted     27,639,862       19,191,035       23,385,014       18,009,158  
                                 
Basic income per share   $ 0.01     $ 0.47     $ 0.80     $ 0.51  
Diluted income per share   $ 0.01     $ 0.47     $ 0.76     $ 0.50  

XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE BASED PAYMENTS (Tables) - Restricted Stock Units (RSUs) [Member]
9 Months Ended
Sep. 30, 2017
Amended and Restated 2009 Stock Incentive Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of equity incentive award activity

A summary of equity incentive award activity under the Plan for the nine months ended September 30, 2017 was as follows:

 

          Weighted  
          Average  
    Shares     Fair Value  
Nonvested at December 31, 2016     680,135     $ 9.74  
Granted     486,049       15.91  
Vested     (193,626 )     10.32  
Forfeited     (29,724 )     10.49  
Nonvested at September 30, 2017     942,834     $ 12.78  
FBR Stock Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of equity incentive award activity

A summary of equity incentive award activity for the period from June 1, 2017, the date of the acquisition of FBR, through September 30, 2017 was as follows:

 

          Weighted  
          Average  
    Shares     Fair Value  
Nonvested at June 1, 2017, acquisition date of FBR resulting from the exchange of previously existing FBR awards     530,661     $ 14.70  
Granted     784,638       16.73  
Vested     (200,905 )     15.08  
Forfeited     (93,963 )     15.93  
Nonvested at September 30, 2017     1,020,431     $ 16.14  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS SEGMENTS (Tables)
9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Schedule of company's reportable segments

The following is a summary of certain financial data for each of the Company’s reportable segments:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
Capital Markets reportable segment:                                
Revenues - Services and fees   $ 56,473     $ 10,063     $ 95,872     $ 22,799  
Interest income - Securities lending     7,206             9,424        
Total revenues     63,679       10,063       105,296       22,799  
Selling, general, and administrative expenses     (53,955 )     (8,916 )     (87,753 )     (22,535 )
Restructuring costs     (3,322 )           (7,245 )      
Interest expense - Securities lending     (4,950 )           (6,515 )      
Depreciation and amortization     (1,636 )     (138 )     (2,167 )     (406 )
Segment (loss) income     (184 )     1,009       1,616       (142 )
Auction and Liquidation reportable segment:                                
Revenues - Services and fees     7,376       17,058       43,179       29,358  
Revenues - Sale of goods     1       6,503       1       6,505  
Total revenues     7,377       23,561       43,180       35,863  
Direct cost of services     (3,385 )     (4,365 )     (25,482 )     (9,870 )
Cost of goods sold     (2 )     (2,223 )     (2 )     (2,225 )
Selling, general, and administrative expenses     (1,963 )     (3,976 )     (6,562 )     (6,840 )
Depreciation and amortization     (5 )     (6 )     (15 )     (22 )
Segment income     2,022       12,991       11,119       16,906  
Valuation and Appraisal reportable segment:                                
Revenues - Services and fees     9,043       7,696       24,799       22,865  
Direct cost of services     (3,778 )     (3,549 )     (11,031 )     (10,287 )
Selling, general, and administrative expenses     (2,253 )     (2,136 )     (6,395 )     (6,379 )
Depreciation and amortization     (43 )     (19 )     (130 )     (72 )
Segment income     2,969       1,992       7,243       6,127  
Principal Investments - United Online segment:                                
Revenues - Services and fees     12,249       15,483       38,504       15,483  
Revenues - Sale of goods     78       163       220       163  
Total revenues     12,327       15,646       38,724       15,646  
Direct cost of services     (2,975 )     (4,927 )     (9,711 )     (4,927 )
Cost of goods sold     (122 )     (168 )     (311 )     (168 )
Selling, general, and administrative expenses     (2,433 )     (2,139 )     (8,536 )     (2,139 )
Depreciation and amortization     (1,703 )     (1,802 )     (5,313 )     (1,802 )
Restructuring costs     (150 )     (3,187 )     (633 )     (3,187 )
Segment income     4,944       3,423       14,220       3,423  
Consolidated operating income from reportable segments     9,751       19,415       34,198       26,314  
                                 
Corporate and other expenses (including restructuring costs of $1,424 and $3,606 during the three and nine months ended September 30, 2017, respectively, and $398 during the three and nine months ended September 30, 2016)     (8,395 )     (3,993 )     (19,571 )     (9,047 )
Interest income     76       26       358       32  
Loss on equity investment     (157 )           (157 )      
Interest expense     (2,510 )     (991 )     (5,195 )     (1,398 )
(Loss) income before income taxes     (1,235 )     14,457       9,633       15,901  
Benefit from (provision for) income taxes     1,357       (6,083 )     7,753       (6,184 )
Net income     122       8,374       17,386       9,717  
Net (loss) income attributable to noncontrolling interests     (246 )     (565 )     (283 )     631  
Net income attributable to B. Riley Financial, Inc.   $ 368     $ 8,939     $ 17,669     $ 9,086  

 

The following table presents revenues by geographical area:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2017     2016     2017     2016  
Revenues:                        
Revenues - Services and fees:                                
North America   $ 85,128     $ 49,882     $ 200,500     $ 89,790  
Australia                 940        
Europe     13       418       914       715  
Total Revenues - Services and fees   $ 85,141     $ 50,300     $ 202,354     $ 90,505  
                                 
Revenues - Sale of goods                                
North America   $ 79     $ 163     $ 221     $ 165  
Europe           6,503             6,503  
Total Revenues - Sale of goods   $ 79     $ 6,666     $ 221     $ 6,668  
                                 
Revenues - Interest income - Securities lending:                                
North America   $ 7,206     $     $ 9,424     $  
                                 
Total Revenues:                                
North America   $ 92,406     $ 50,045     $ 210,138     $ 89,955  
Australia                 940        
Europe     20       6,921       921       7,218  
Total Revenues   $ 92,426     $ 56,966     $ 211,999     $ 97,173  

 

The following table presents long-lived assets, which consists of property and equipment and other assets, by geographical area:

 

    As of     As of  
    September 30,     December 31,  
    2017     2016  
Long-lived Assets - Property and Equipment, net:                
North America   $ 13,105     $ 5,785  
Australia            
Europe            
Total   $ 13,105     $ 5,785
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
9 Months Ended
Sep. 30, 2017
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segment 4
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Restructuring Reserve [Roll Forward]        
Accrued restructuring charge, beginning of year     $ 694  
Restructuring charge $ 4,896 $ 3,585 11,484 $ 3,585
Cash paid     (4,880)  
Non-cash items     (3,939)  
Accrued restructuring charge, end of period $ 3,359   $ 3,359  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Restructuring charge $ 4,896 $ 3,585 $ 11,484 $ 3,585
Capital Markets Reportable Segment [Member]        
Restructuring charge (3,322) (7,245)
Principal Investments - United Online Segment [Member]        
Restructuring charge (150) (3,187) (633) (3,187)
Corporate Overhead [Member]        
Restructuring charge 1,424 398 3,606 398
Employee Termination Costs [Member]        
Restructuring charge 3,537 3,187 8,736 3,187
Employee Termination Costs [Member] | Capital Markets Reportable Segment [Member]        
Restructuring charge 2,285 4,819
Employee Termination Costs [Member] | Principal Investments - United Online Segment [Member]        
Restructuring charge 150 3,187 633 3,187
Employee Termination Costs [Member] | Corporate Overhead [Member]        
Restructuring charge 1,102 3,284
Facility Closure And Consolidation Charge [Member]        
Restructuring charge 1,359 398 2,748 398
Facility Closure And Consolidation Charge [Member] | Capital Markets Reportable Segment [Member]        
Restructuring charge 1,037 2,426
Facility Closure And Consolidation Charge [Member] | Principal Investments - United Online Segment [Member]        
Restructuring charge
Facility Closure And Consolidation Charge [Member] | Corporate Overhead [Member]        
Restructuring charge $ 322 $ 398 $ 322 $ 398
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Securities and other investments owned    
Securities owned $ 95,965 $ 16,579
Securities sold not yet purchased:    
Securities sold not yet purchased 25,046 846
Common Stocks and Warrants [Member]    
Securities and other investments owned    
Securities owned 41,412 2,084
Corporate Bonds [Member]    
Securities and other investments owned    
Securities owned 6,328 1,025
Securities sold not yet purchased:    
Securities sold not yet purchased 982 846
Partnership Interests and Other [Member]    
Securities and other investments owned    
Securities owned 21,357 $ 13,470
Securities sold not yet purchased:    
Securities sold not yet purchased 494  
Common Stock [Member]    
Securities sold not yet purchased:    
Securities sold not yet purchased 23,570  
Loans Receivable [Member]    
Securities and other investments owned    
Securities owned $ 26,868  
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Securities and other investments owned:    
Total assets measured at fair value $ 95,965 $ 16,579
Securities sold not yet purchased    
Securities sold not yet purchased 25,046 846
Contingent consideration 1,242
Common Stock [Member]    
Securities sold not yet purchased    
Securities sold not yet purchased 23,570  
Corporate Bonds [Member]    
Securities and other investments owned:    
Total assets measured at fair value 6,328 1,025
Securities sold not yet purchased    
Securities sold not yet purchased 982 846
Common Stocks and Warrants [Member]    
Securities and other investments owned:    
Total assets measured at fair value 41,412 2,084
Loans Receivable [Member]    
Securities and other investments owned:    
Total assets measured at fair value 26,868  
Partnership Interests and Other [Member]    
Securities and other investments owned:    
Total assets measured at fair value 21,357 13,470
Securities sold not yet purchased    
Securities sold not yet purchased 494  
Fair Value, Measurements, Recurring [Member]    
Securities and other investments owned:    
Total assets measured at fair value 91,113 16,579
Securities sold not yet purchased    
Securities sold not yet purchased 25,046  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 12,830 3,214
Contingent consideration   1,242
Total liabilities measured at fair value 37,876 5,302
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 35,892 1,785
Securities sold not yet purchased    
Securities sold not yet purchased 23,569  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003
Contingent consideration  
Total liabilities measured at fair value 23,569
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 6,515 909
Securities sold not yet purchased    
Securities sold not yet purchased 1,477  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003
Contingent consideration  
Total liabilities measured at fair value 1,477 846
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 48,706 13,885
Securities sold not yet purchased    
Securities sold not yet purchased  
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 12,830 3,214
Contingent consideration   1,242
Total liabilities measured at fair value 12,830 4,456
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]    
Securities and other investments owned:    
Total assets measured at fair value   2,084
Securities sold not yet purchased    
Securities sold not yet purchased 23,569  
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value   1,785
Securities sold not yet purchased    
Securities sold not yet purchased 23,569  
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value  
Securities sold not yet purchased    
Securities sold not yet purchased  
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value   299
Securities sold not yet purchased    
Securities sold not yet purchased  
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]    
Securities and other investments owned:    
Total assets measured at fair value 6,328 1,025
Securities sold not yet purchased    
Securities sold not yet purchased 982 846
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value
Securities sold not yet purchased    
Securities sold not yet purchased
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 6,328 865
Securities sold not yet purchased    
Securities sold not yet purchased 982 846
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 160
Securities sold not yet purchased    
Securities sold not yet purchased
Fair Value, Measurements, Recurring [Member] | Partnership Interests [Member]    
Securities and other investments owned:    
Total assets measured at fair value   13,470
Fair Value, Measurements, Recurring [Member] | Partnership Interests [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value  
Fair Value, Measurements, Recurring [Member] | Partnership Interests [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value   44
Fair Value, Measurements, Recurring [Member] | Partnership Interests [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value   $ 13,426
Fair Value, Measurements, Recurring [Member] | Common Stocks and Warrants [Member]    
Securities and other investments owned:    
Total assets measured at fair value 41,412  
Fair Value, Measurements, Recurring [Member] | Common Stocks and Warrants [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 31,430  
Fair Value, Measurements, Recurring [Member] | Common Stocks and Warrants [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value  
Fair Value, Measurements, Recurring [Member] | Common Stocks and Warrants [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 9,982  
Fair Value, Measurements, Recurring [Member] | Loans Receivable [Member]    
Securities and other investments owned:    
Total assets measured at fair value 26,868  
Fair Value, Measurements, Recurring [Member] | Loans Receivable [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value  
Fair Value, Measurements, Recurring [Member] | Loans Receivable [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value  
Fair Value, Measurements, Recurring [Member] | Loans Receivable [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 26,868  
Fair Value, Measurements, Recurring [Member] | Partnership Interests and Other [Member]    
Securities and other investments owned:    
Total assets measured at fair value 16,505  
Securities sold not yet purchased    
Securities sold not yet purchased 495  
Fair Value, Measurements, Recurring [Member] | Partnership Interests and Other [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 4,462  
Securities sold not yet purchased    
Securities sold not yet purchased  
Fair Value, Measurements, Recurring [Member] | Partnership Interests and Other [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities and other investments owned:    
Total assets measured at fair value 187  
Securities sold not yet purchased    
Securities sold not yet purchased 495  
Fair Value, Measurements, Recurring [Member] | Partnership Interests and Other [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities and other investments owned:    
Total assets measured at fair value $ 11,856  
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - Fair Value, Inputs, Level 3 [Member] - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Common Stocks and Warrants [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period $ 299  
Fair Value Adjustments (463)  
Relating to Undistributed Earnings  
Purchases, Sales and Settlements 10,146  
Transfer in and/or out of Level 3  
Balance at End of Period 9,982  
Corporate Bond [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period 160
Fair Value Adjustments (409)
Relating to Undistributed Earnings  
Purchases, Sales and Settlements 569
Transfer in and/or out of Level 3 (160)  
Balance at End of Period 160
Loans Receivable [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period  
Fair Value Adjustments 1,375  
Relating to Undistributed Earnings  
Purchases, Sales and Settlements 25,493  
Transfer in and/or out of Level 3  
Balance at End of Period 26,868  
Partnership Interests [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period 13,426 1,766
Fair Value Adjustments 2,820 123
Relating to Undistributed Earnings 418
Purchases, Sales and Settlements (4,390) 94
Transfer in and/or out of Level 3
Balance at End of Period 11,856 2,401
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period 3,214 2,330
Fair Value Adjustments 9,000
Relating to Undistributed Earnings (190) (96)
Purchases, Sales and Settlements
Transfer in and/or out of Level 3 806
Balance at End of Period 12,830 2,234
Contingent Consideration [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period 1,242 2,391
Fair Value Adjustments 8 78
Relating to Undistributed Earnings
Purchases, Sales and Settlements (1,250) (1,250)
Transfer in and/or out of Level 3
Balance at End of Period 1,219
Common Stock [Member]    
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Period   290
Fair Value Adjustments   (15)
Relating to Undistributed Earnings  
Purchases, Sales and Settlements  
Transfer in and/or out of Level 3  
Balance at End of Period   $ 275
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
€ in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
Jun. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Jun. 30, 2017
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
AUD
Feb. 02, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2016
AUD
Dec. 31, 2016
EUR (€)
Aug. 31, 2016
CAD
Feb. 02, 2015
USD ($)
Concentration risk, percentage     24.40%     15.60%              
Advertising costs $ 183   $ 339   $ 1,227 $ 1,235              
Restricted cash and cash equivalents 9,269       9,269       $ 3,294        
Cash collateral 8,759       8,759       1,440        
Depreciation and amortization expense 1,243   531   2,458 706              
Contingent consideration- current portion                 1,242        
Net loss from forward exchange contracts 33   76   103 115              
Transaction losses 389   511   919 531              
Restructuring charge 4,896   $ 3,585   11,484 3,585              
Securities and other investments owned 4,852       4,852                
Securities and other investments owned, at fair value 95,965       95,965       16,579        
Proceeds from key man life insurance         6,000              
Foreign Exchange Contract [Member]                          
Cash collateral                 1,320        
Foreign Exchange Contract [Member] | Australia, Dollars [Member]                          
Derivatives | AUD             AUD 25     AUD 20,000      
Foreign Exchange Contract [Member] | Canada, Dollars [Member]                          
Derivatives | CAD                       CAD 10,200  
Foreign Exchange Contract [Member] | Euro [Member]                          
Derivatives | €                     € 5,600    
Special Bank Accounts [Member]                          
Restricted cash and cash equivalents $ 510       $ 510       $ 534        
Purchase Agreement [Member] | MK Capital Advisors, LLC [Member]                          
Initial discount on contingent consideration               $ 8          
Contingent consideration- current portion               1,242          
Phased wise repayment of contingent consideration               $ 1,250         $ 1,250
Percentage of initial discount on contingent consideration               8.00%          
Fair Value, Inputs, Level 3 [Member] | Mandatorily redeemable noncontrolling interests issued after November 5, 2003 [Member]                          
Fair Value Adjustments   $ 6,050   $ 9,000                  
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative 1) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Jul. 03, 2017
Feb. 02, 2017
Feb. 02, 2015
Sep. 30, 2017
Jun. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Restructuring charge       $ 4,896   $ 3,585 $ 11,484 $ 3,585  
Contingent consideration- current portion                 $ 1,242
Net loss from forward exchange contracts       33   76 103 115  
Transaction losses       389   511 919 531  
Capital Markets Reportable Segment [Member]                  
Restructuring charge       (3,322)   (7,245)  
Corporate Overhead [Member]                  
Restructuring charge       1,424   398 3,606 398  
Employee Termination Costs [Member]                  
Restructuring charge       3,537   3,187 8,736 3,187  
Employee Termination Costs [Member] | Capital Markets Reportable Segment [Member]                  
Restructuring charge       2,285   4,819  
Employee Termination Costs [Member] | Corporate Overhead [Member]                  
Restructuring charge       1,102   3,284  
MK Capital Advisors, LLC [Member] | Purchase Agreement [Member]                  
Number of shares issued upon contingent consideration   166,666 166,667            
Contingent consideration- current portion   $ 1,242              
Deferred tax benefit and increase in additional paid-in capital   1,151              
Imputed interest           $ 23 8 $ 78  
Phased wise repayment of contingent consideration   $ 1,250 $ 1,250            
Percentage of initial discount on contingent consideration   8.00%              
FBR & Co. ("FBR") [Member]                  
Restructuring charge       4,746 $ 6,105        
Lease loss accruals and impairments       2,748          
FBR & Co. ("FBR") [Member] | Capital Markets Reportable Segment [Member]                  
Restructuring charge       7,245          
FBR & Co. ("FBR") [Member] | Corporate Overhead [Member]                  
Restructuring charge       3,606          
FBR & Co. ("FBR") [Member] | Employee Termination Costs [Member]                  
Restructuring charge       2,400 2,400        
FBR & Co. ("FBR") [Member] | Employee Termination Costs [Member] | Employee [Member]                  
Restructuring charge       1,710          
FBR & Co. ("FBR") [Member] | Employee Termination Costs [Member] | Restricted Stock [Member] | Former Corporate Executives [Member]                  
Restructuring charge       884 $ 884        
FBR & Co. ("FBR") [Member] | Employee Severance#1 [Member]                  
Restructuring charge       3,109          
FBR & Co. ("FBR") [Member] | Employee Termination Costs [Member]                  
Restructuring charge       $ 150     $ 633    
Warrant [Member] | Wunderlich [Member]                  
Number of shares issued 821,816                
Exercise price (in dollars per share) $ 17.50                
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITIONS (Details)
$ / shares in Units, $ in Thousands
Jul. 03, 2017
USD ($)
shares
Jun. 01, 2017
USD ($)
$ / shares
shares
Sep. 30, 2017
shares
Dec. 31, 2016
shares
Sep. 30, 2016
shares
Dec. 31, 2015
shares
Common Stock [Member]            
Consideration paid by B. Riley:            
Number of FBR Common Shares outstanding at June 1, 2017 | shares     26,461,568 19,140,342 19,043,072 16,448,119
FBR & Co. ("FBR") [Member]            
Consideration paid by B. Riley:            
Number of FBR Common Shares outstanding at June 1, 2017 | shares   7,099,511        
Stock merger exchange ratio   0.671        
Number of B. Riley common shares | shares   4,763,772        
Number of B. Riley common shares to be issued from acceleration of vesting for outstanding FBR stock options, restricted stock and RSU awards | shares   67,861        
Total number of B. Riley common shares to be issued | shares   4,831,633        
Closing market price of B. Riley common shares on December 31, 2016 | $ / shares   $ 14.70        
Total value of B. Riley common shares   $ 71,025        
Fair value of RSU's attributable to service period prior to June 1, 2017 [1]   2,446        
Total consideration   $ 73,471        
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member]            
Consideration paid by B. Riley:            
Cash paid $ 29,737          
Fair value of shares issued for acquisition 31,414          
Total consideration $ 66,043          
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member] | Common Stock [Member]            
Consideration paid by B. Riley:            
Total number of B. Riley common shares to be issued | shares 1,974,812          
Fair value of shares issued for acquisition $ 4,892          
[1] Outstanding FBR restricted stock awards at June 1, 2017, the date of the acquisition, were adjusted in accordance with the Merger Agreement with the right to receive 0.671 shares of the Company's common stock for each outstanding FBR stock award unit. The fair value of the FBR restricted stock awards at June 1, 2017 was determined based on the closing price of the Company's common stock of $14.70 on June 1, 2017. The fair value of the FBR restricted stock awards were apportioned as purchase consideration based on service provided to FBR as of June 1, 2017 with the remaining fair value of the FBR restricted stock awards to be recognized prospectively over the restricted stock and FBR restricted stock awards remaining vesting period.
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITIONS (Details 1) - USD ($)
$ in Thousands
Sep. 30, 2017
Jul. 03, 2017
Jun. 01, 2017
Dec. 31, 2016
Tangible assets acquired and assumed:        
Securities borrowed $ 730,022    
Securities loaned (728,201)    
Goodwill $ 100,903     $ 48,903
FBR & Co. ("FBR") [Member]        
Tangible assets acquired and assumed:        
Cash and cash equivalents     $ 15,738  
Securities owned     11,188  
Securities borrowed     861,197  
Accounts receivables     4,341  
Due from clearing broker     29,169  
Prepaid expenses and other assets     5,486  
Property and equipment     8,663  
Deferred taxes     14,514  
Accounts payable     (1,524)  
Accrued payroll and related expenses     (7,182)  
Accrued expenses and other liabilities     (22,411)  
Securities loaned     (867,626)  
Customer relationships     5,600  
Trade name and trademarks     1,790  
Goodwill     14,528  
Total consideration     $ 73,471  
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member]        
Tangible assets acquired and assumed:        
Cash and cash equivalents   $ 4,259    
Securities owned   1,413    
Accounts receivables   3,193    
Due from clearing broker   15,133    
Prepaid expenses and other assets   10,248    
Property and equipment   2,315    
Deferred taxes   8,067    
Accounts payable   (517)    
Accrued payroll and related expenses   (6,387)    
Accrued expenses and other liabilities   (9,773)    
Securities loaned   (1,707)    
Notes payable   (10,579)    
Customer relationships   15,440    
Trade name and trademarks   1,370    
Goodwill   33,568    
Total consideration   $ 66,043    
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITIONS (Details 2) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Weighted average basic shares outstanding (in shares) 26,059,490 18,977,072 22,180,808 17,805,127
Weighted average diluted shares outstanding (in shares) 27,639,862 19,191,035 23,385,014 18,009,158
United Online Inc [Member]        
Revenues $ 92,461 $ 111,340 $ 320,546 $ 298,118
Net (loss) income attributable to B. Riley Financial, Inc. $ (42) $ 2,843 $ 11,780 $ (13,657)
Basic (loss) earnings per share (in dollars per share) $ (0.00) $ 0.11 $ 0.41 $ (0.55)
Diluted (loss) earnings per share (in dollars per shares) $ (0.00) $ 0.11 $ 0.41 $ (0.55)
Weighted average basic shares outstanding (in shares) 32,366,657 25,783,517 28,487,975 24,611,572
Weighted average diluted shares outstanding (in shares) 32,366,657 25,997,480 28,692,181 24,611,572
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
AQUISITIONS (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Jul. 03, 2017
Jun. 01, 2017
Apr. 13, 2017
May 04, 2016
Sep. 30, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Acquisition consideration payable             $ 10,381
Goodwill         100,903 100,903   100,903   48,903
Total revenues         92,426   $ 56,966 211,999 $ 97,173  
Net income (loss)         122   8,374 17,386 9,717  
Common Stock [Member]                    
Net income (loss)                
Principal Investments - United Online Segment [Member]                    
Increase in goodwill               1,352    
Cash consideration paid               1,352    
Goodwill         15,727 15,727   15,727   14,375
Total revenues         12,327   15,646 38,724 3,423  
Capital Markets Reportable Segment [Member]                    
Goodwill         79,488 79,488   79,488   $ 28,840
Total revenues         63,679   10,063 105,296 22,799  
FBR & Co. ("FBR") [Member]                    
Share price (in dollars per share)   $ 14.70                
Goodwill   $ 14,528                
Number of shares issued for acquisition   4,831,633                
Total consideration   $ 73,471                
Fair value of total purchase consideration [1]   $ 2,446                
Revenues               37,745    
Net income (loss)               12,706    
FBR & Co. ("FBR") [Member] | Capital Markets Reportable Segment [Member]                    
Increase in goodwill               14,528    
FBR & Co. ("FBR") [Member] | Selling, General and Administrative Expenses [Member]                    
Acquisition related costs               1,389    
FBR & Co. ("FBR") [Member] | Richard J. Hendrix [Member]                    
Acquisition related costs               3,551    
Payroll and severance costs               9,096    
United Online Inc [Member]                    
Share price (in dollars per share)       $ 11.00            
Merger consideration       $ 169,354            
Goodwill       $ 14,375            
Acquisition related costs         12,327   4,944 38,724 14,220  
Revenues         $ 92,461   $ 111,340 320,546 $ 298,118  
Dialectic Capital Management, L.P., Dialectic Capital, LLC and John Fichthorn [Member] | Asset Purchase and Assignment Agreement [Member]                    
Cash consideration paid     $ 700              
Acquisition related costs     $ 714              
Number of shares issued for acquisition     158,484              
Total consideration     $ 2,652              
Fair value of total purchase consideration     $ 1,952              
Dialectic Capital Management, L.P., Dialectic Capital, LLC and John Fichthorn [Member] | Capital Markets Reportable Segment [Member]                    
Increase in goodwill               2,552    
Acquisition related costs               392    
Expected overhead synergies               $ 100    
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member]                    
Cash consideration paid $ 29,737                  
Goodwill 33,568                  
Payroll and severance costs           1,387        
Total consideration $ 66,043                  
Revenues           20,412        
Net income (loss)           $ (1,928)        
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member] | Common Stock [Member]                    
Number of shares issued for acquisition 1,974,812                  
Number of shares issued held in escrow account 387,365             387,365    
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member] | Warrant [Member]                    
Number of shares issued for acquisition 821,816                  
Number of shares issued held in escrow account 167,352                  
Delaware corporation ("Wunderlich") [Member] | Selling, General and Administrative Expenses [Member] | Merger Agreement [Member]                    
Acquisition related costs $ 53                  
[1] Outstanding FBR restricted stock awards at June 1, 2017, the date of the acquisition, were adjusted in accordance with the Merger Agreement with the right to receive 0.671 shares of the Company's common stock for each outstanding FBR stock award unit. The fair value of the FBR restricted stock awards at June 1, 2017 was determined based on the closing price of the Company's common stock of $14.70 on June 1, 2017. The fair value of the FBR restricted stock awards were apportioned as purchase consideration based on service provided to FBR as of June 1, 2017 with the remaining fair value of the FBR restricted stock awards to be recognized prospectively over the restricted stock and FBR restricted stock awards remaining vesting period.
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES LENDING (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Securities borrowed    
Gross amounts recognized $ 730,022  
Gross amounts offset in the consolidated balance sheets [1]  
Net amounts included in the consolidated balance sheets 730,022
Amounts not offset in the consolidated balance sheets but eligible for offsetting upon counterparty default [2] 730,022  
Net amounts  
Securities loaned    
Gross amounts recognized 728,201  
Gross amounts offset in the consolidated balance sheets [1]  
Net amounts included in the consolidated balance sheets 728,201
Amounts not offset in the consolidated balance sheets but eligible for offsetting upon counterparty default [2] 728,201  
Net amounts  
[1] Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
[2] Includes the amount of cash collateral held/posted.
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS RECEIVABLE (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Receivables [Abstract]    
Accounts receivable $ 14,218 $ 16,610
Investment banking fees, commissions and other receivables 5,074 576
Unbilled receivables 1,260 2,058
Total accounts receivable 20,552 19,244
Allowance for doubtful accounts (628) (255)
Accounts receivable, net $ 19,924 $ 18,989
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS RECEIVABLE (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Receivables [Abstract]        
Balance, beginning of period $ 599 $ 86 $ 255 $ 89
Add: Additions to reserve 123 428 827 (178)
Less: Write-offs (94) (15) (262) (49)
Less: Recoveries (321) (192) (350)
Balance, ending of period $ 628 $ 178 $ 628 $ 178
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Amortizable assets:    
Gross Carrying Value $ 66,940 $ 43,252
Accumulated Amortization 9,008 3,826
Intangibles Net 57,932 39,426
Non-amortizable assets:    
Gross Carrying Value 68,680 44,992
Accumulated Amortization 9,008 3,826
Intangibles Net 59,672 41,166
Customer Relationships [Member]    
Amortizable assets:    
Gross Carrying Value 58,440 37,300
Accumulated Amortization 7,301 3,100
Intangibles Net $ 51,139 34,200
Customer Relationships [Member] | Minimum [Member]    
Amortizable assets:    
Useful Life 4 years  
Customer Relationships [Member] | Maximum [Member]    
Amortizable assets:    
Useful Life 13 years  
Domain Names [Member]    
Amortizable assets:    
Gross Carrying Value $ 807 1,419
Accumulated Amortization 144 101
Intangibles Net $ 663 1,318
Useful Life 7 years  
Advertising Relationships [Member]    
Amortizable assets:    
Gross Carrying Value $ 100 100
Accumulated Amortization 16 6
Intangibles Net $ 84 94
Useful Life 8 years  
Internally Developed Software and Other Intangibles [Member]    
Amortizable assets:    
Gross Carrying Value $ 3,373 3,333
Accumulated Amortization 1,245 550
Intangibles Net $ 2,128 2,783
Internally Developed Software and Other Intangibles [Member] | Minimum [Member]    
Amortizable assets:    
Useful Life 6 months  
Internally Developed Software and Other Intangibles [Member] | Maximum [Member]    
Amortizable assets:    
Useful Life 4 years  
Trademarks [Member]    
Amortizable assets:    
Gross Carrying Value $ 4,220 1,100
Accumulated Amortization 302 69
Intangibles Net $ 3,918 1,031
Trademarks [Member] | Minimum [Member]    
Amortizable assets:    
Useful Life 7 years  
Trademarks [Member] | Maximum [Member]    
Amortizable assets:    
Useful Life 9 years  
Tradenames [Member]    
Non-amortizable assets:    
Gross Carrying Value $ 1,740 1,740
Accumulated Amortization
Intangibles Net $ 1,740 $ 1,740
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Jun. 01, 2017
Dec. 31, 2016
Goodwill $ 100,903   $ 100,903     $ 48,903
Amortization expense 2,172 $ 1,465 5,248 $ 1,688    
Estimated future amortization expense            
Estimated future amortization expense 2017 (Remaining nine month) 2,205   2,205      
Estimated future amortization expense 2018 2,205   2,205      
Estimated future amortization expense 2019 8,470   8,470      
Estimated future amortization expense 2020 8,088   8,088      
Estimated future amortization expense 2021 7,706   7,706      
Estimated future amortization expense after 2021 22,872   22,872      
FBR & Co. ("FBR") [Member]            
Goodwill         $ 14,528  
Capital Markets Reportable Segment [Member]            
Goodwill 79,488   79,488     28,840
Capital Markets Reportable Segment [Member] | FBR & Co. ("FBR") [Member]            
Increase in goodwill     14,528      
Capital Markets Reportable Segment [Member] | Dialectic [Member]            
Increase in goodwill     2,552      
Capital Markets Reportable Segment [Member] | Wunderlich [Member]            
Increase in goodwill     33,568      
Auction and Liquidation Reportable Segment [Member]            
Goodwill 1,975   1,975     1,975
Valuation and Appraisal Reportable Segment [Member]            
Goodwill 3,713   3,713     3,713
Principal Investments - United Online Segment [Member]            
Goodwill $ 15,727   15,727     $ 14,375
Increase in goodwill     1,352      
Amortization expense     50,648      
Principal Investments - United Online Segment [Member] | Wunderlich [Member]            
Increase in goodwill     $ 33,568      
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
CREDIT FACILITIES (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Apr. 21, 2017
Apr. 13, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Mar. 19, 2015
Amortization of deferred loan fees     $ 23 $ 23 $ 69 $ 69  
Interest expense     $ 168 $ 813 $ 863 $ 1,087  
Second Amended and Restated Credit Agreement [Member] | Wells Fargo Bank, National Association [Member] | Asset Based Credit Facility [Member]              
Credit facility $ 200            
Credit facility expiration date Apr. 21, 2022            
Description of interest rate

The interest rate for each revolving credit advance under the Credit Agreement is, subject to certain terms and conditions, equal to the LIBOR plus a margin of 2.25% to 3.25% depending on the type of advance and the percentage such advance represents of the related transaction for which such advance is provided.

           
Description of success fees

The credit facility also provides for success fees in the amount of 2.5% to 17.5% of the net profits, if any, earned on the liquidation engagements funded under the Credit Agreement as set forth therein.

           
Description of collateral

The credit facility is secured by the proceeds received for services rendered in connection with liquidation service contracts pursuant to which any outstanding loan or letters of credit are issued and the assets that are sold at liquidation related to such contract.

           
Payment for closing fee $ 500            
UK Credit Agreement [Member] | Wells Fargo Bank, National Association [Member] | Line of Credit [Member] | GBP [Member]              
Maximum borrowing capacity credit facility             $ 50,000
Credit Agreement [Member] | Line of Credit [Member] | United Online, Inc. ("UOL") [Member]              
Credit facility   $ 20          
Credit facility expiration date   Apr. 13, 2020          
Description of interest rate  

Borrowings under the UOL Credit Agreement will bear interest at a rate equal to (a) (i) the base rate (the greater of the federal funds rate plus one half of one percent (0.5%), or the prime rate) for U.S. dollar loans or (ii) at UOL’s option, the LIBOR Rate for Eurodollar loans, plus (b) the applicable margin rate, which ranges from two percent (2%) to three and one-half percent (3.5%) per annum, based upon UOL’s ratio of funded indebtedness to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the preceding four (4) fiscal quarters. Interest payments are to be made each one, three or six months for Eurodollar loans, and quarterly for U.S. dollar loans.

         
Description of collateral  

Each of UOL’s U.S. subsidiaries is a guarantor of all obligations under the UOL Credit Agreement and are parties to the UOL Credit Agreement in such capacity (collectively, the “Secured Guarantors”). In addition, the Company and B. Riley Principal Investments, LLC, the parent corporation of UOL and a subsidiary of the Company, are guarantors of the obligations under the UOL Credit Agreement pursuant to standalone guaranty agreements pursuant to which the shares of outstanding capital stock of UOL are pledged as collateral. The obligations under the UOL Credit Agreement are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of UOL and the Secured Guarantors, including a pledge of (a) 100% of the equity interests of the Secured Guarantors and (b) 65% of the equity interests in United Online Software Development (India) Private Limited, a private limited company organized under the laws of India.

         
Description of line of credit  

Amount is reduced by $1,500 commencing on June 30, 2017 and on the last day of each calendar quarter thereafter.

         
Percent of commitment fees   1.00%          
Description of unused line fee payable  

(a) 0.50% per annum times the amount of the unused revolving commitment that is less than or equal to the amount of the cash maintained in accounts with the agent (as depositary bank); plus (b) 1.00% per annum times the amount of the unused revolving commitment that is greater than the amount of the cash maintained in accounts with the agent (as depositary bank).

         
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTES PAYABLE (Details Narrative)
AUD in Thousands, $ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2017
USD ($)
Nov. 02, 2016
USD ($)
Aug. 31, 2016
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Jun. 28, 2017
USD ($)
Dec. 31, 2016
USD ($)
Aug. 31, 2016
AUD
Interest expense       $ 168 $ 813 $ 863 $ 1,087      
Due to related parties       1,244   1,244     $ 10,037  
Debt issuance cost           2,093      
Senior notes payable       115,574   115,574     27,700  
Proceeds from Notes Payable           $ 61,400      
Notes payable       2,364   $ 2,364      
Other Notes Payable [Member]                    
Description of non interest bearing notes payable          

The notes payable accrue interest at rates ranging from the prime rate plus 0.25% to 2.0% (4.5% to 6.25% at September 30, 2017) payable annually.

       
Notes payable       2,364   $ 2,364        
Payment terms          

The principal payments on the notes payable are due annually in the amount of $121 on October 31, $214 on September 30, and $357 on January 31.

       
Maturity date, description          

The notes payable mature at various dates from January 31, 2018 through January 31, 2022.

       
GA Retail Investments, L.P [Member]                    
Capital contributed     $ 15,350              
Third Party Investor [Member] | GA Retail Investments, L.P [Member]                    
Due to related parties       524   $ 524     10,037  
Third Party Investor [Member] | GA Retail Investments, L.P [Member] | Australia, Dollars [Member]                    
Principal amount | AUD                   AUD 80,000
Description of non interest bearing notes payable    

The $80,000 Australian note payable is non-interest bearing, shares in 50% of the all of the profits and losses of the Partnership and is subject to repayment upon the completion of the going-out-of-business sale of Masters Home Improvement stores as defined in the partnership agreement.

             
7.5% Senior Notes Due 2021 [Member]                    
Principal amount   $ 28,750   34,034   34,034        
Interest expense       $ 643   $ 1,829        
Proceeds from note payable   27,664                
Debt issuance cost   1,086                
Interest rate       7.50%   7.50%        
Senior notes payable       $ 33,224   $ 33,224     27,700  
Unamortized debt issuance cost and premiums       810   810     $ 1,050  
7.5% Senior Notes Due 2021 [Member] | Management And Board Of Directors [Member]                    
Principal amount   $ 2,731                
Interest rate   9.50%                
7.5% Senior Notes Due 2021 [Member] | At The Market Issuance Sales Agreement [Member]                    
Principal amount       5,284   5,284        
Proceeds from Notes Payable           5,364        
Underwriting commissions, fees and other issuance costs           80        
7.5% Senior Notes Due 2027 [Member]                    
Principal amount $ 60,375     84,047   84,047        
Interest expense       $ 1,407   $ 1,810        
Proceeds from note payable 82,284                  
Debt issuance cost $ 1,763                  
Interest rate       7.50%   7.50%        
Senior notes payable       $ 82,350   $ 82,350        
Unamortized debt issuance cost and premiums       1,697   1,697        
7.5% Senior Notes Due 2027 [Member] | At The Market Issuance Sales Agreement [Member]                    
Principal amount       23,672   23,672        
7.5% Senior Notes Due 2021/ 7.5% Senior Notes Due 2027 [Member] | At The Market Issuance Sales Agreement [Member]                    
Principal amount       $ 10,669   $ 10,669   $ 39,625    
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating Loss Carryforwards [Line Items]        
Effective income tax rate     80.50% 38.90%
Tax benefit $ (1,357) $ 6,083 $ (7,753) $ 6,184
Expiration date     Dec. 31, 2023  
Federal Tax Authority [Member]        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 65,500   $ 65,500  
Expiration date     Dec. 31, 2036  
State and Local Jurisdiction [Member]        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards $ 77,200   $ 77,200  
Expiration date     Dec. 31, 2034  
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Earnings Per Share [Abstract]        
Net income attributable to B. Riley Financial, Inc. $ 368 $ 8,939 $ 17,669 $ 9,086
Weighted average shares outstanding:        
Basic (in shares) 26,059,490 18,977,072 22,180,808 17,805,127
Effect of dilutive potential common shares:        
Restricted stock units and non-vested shares 1,193,007 169,311 816,841 159,376
Contingently issuable shares 387,365 44,652 387,365 44,655
Diluted 27,639,862 19,191,035 23,385,014 18,009,158
Basic income per share (in dollars per share) $ 0.01 $ 0.47 $ 0.80 $ 0.51
Diluted income per share (in dollars per share) $ 0.01 $ 0.47 $ 0.76 $ 0.50
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE (Details Narrative) - shares
9 Months Ended
Jul. 03, 2017
Sep. 30, 2017
Delaware corporation ("Wunderlich") [Member] | Merger Agreement [Member] | Common Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares held in escrow account 387,365 387,365
Escrow Subject to Cancellation Escrow Claims [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares held in escrow account   453,365
Escrow Subject to Cancellation Escrow Claims [Member] | Great American Group, LLC [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares held in escrow account   66,000
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
$ in Thousands
1 Months Ended 12 Months Ended
Jan. 05, 2017
Jul. 05, 2016
Sep. 30, 2017
Jul. 31, 2017
Feb. 28, 2017
Jan. 31, 2015
Dec. 31, 2012
Bankruptcy Case [Member]              
Loss Contingencies [Line Items]              
Damages value           $ 10,000  
Aquistion Letigation Case [Member]              
Loss Contingencies [Line Items]              
Number of shares connection with the acquisition   943,769          
Name of plaintiff  

Quadre Investments LP (“Quadre”)

         
Description of allegation  

Seeking a determination of fair value for 943,769 shares of common stock of UOL in connection with the acquisition of UOL by the Company. Such transaction gave rise to appraisal rights.

         
Arbitration Claim Against Wunderlich Securities, Inc. [Member]              
Loss Contingencies [Line Items]              
Damages value         $ 10,000    
Arbitration Claim Against WSI and Gary Wunderlich [Member]              
Loss Contingencies [Line Items]              
Damages value       $ 8,000      
Arbitration Claim Against WSI and Gary Wunderlich [Member] | MLV & Co. [Member]              
Loss Contingencies [Line Items]              
Offering price $ 151            
Gladden Vs Cumberland Trust [Member]              
Loss Contingencies [Line Items]              
Damages value             $ 3,925
Arbitration Claim Against Quantum Fuel Systems Technologies Worldwide, Inc. [Member]              
Loss Contingencies [Line Items]              
Damages value     $ 37,000        
Punitive damages and attorney's fees     $ 75,000        
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE BASED PAYMENTS (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
4 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2017
Amended and Restated 2009 Stock Incentive Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Nonvested at beginning   680,135
Granted   486,049
Vested   (193,626)
Forfeited   (29,724)
Nonvested at end 942,834 942,834
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]    
Nonvested at beginning   $ 9.74
Granted   15.91
Vested   10.32
Forfeited   10.49
Nonvested at end $ 12.78 $ 12.78
FBR Stock Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Nonvested at beginning 530,661  
Granted 784,638 784,638
Vested (200,905)  
Forfeited (93,963)  
Nonvested at end 1,020,431 1,020,431
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]    
Nonvested at beginning $ 14.70  
Granted 16.73  
Vested 15.08  
Forfeited 15.93  
Nonvested at end $ 16.14 $ 16.14
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE BASED PAYMENTS (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 4 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation expense       $ 7,679 $ 1,831  
Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation expense       2,391    
Restricted Stock [Member] | Employee [Member] | FBR & Co. ("FBR") [Member] | Capital Markets Reportable Segment [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation expense       1,507    
Restricted Stock [Member] | Former Corporate Executives [Member] | FBR & Co. ("FBR") [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation expense       $ 884    
Amended and Restated 2009 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted       486,049    
Number of shares vested       193,626    
Total fair value $ 1,999   $ 1,999 $ 1,999    
Share based compensation expense 1,410 $ 834   3,624 $ 1,831  
Unrecognized share based compensation expense 9,271   9,271 $ 9,271    
Unrecognized share based compensation weighted average period       2 years 2 months 12 days    
Weighted average grant date fair value (in dollars per share)       $ 15.91    
Amended and Restated 2009 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting periods       1 year    
Amended and Restated 2009 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting periods       3 years    
Amended and Restated 2009 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employee [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted       486,049   544,605
Total fair value 7,732   $ 7,732 $ 7,732   $ 5,301
FBR Stock Plan [Member] | Restricted Stock Units (RSUs) [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted     784,638 784,638    
Number of shares vested     200,905      
Total fair value 13,129   $ 13,129 $ 13,129    
Share based compensation expense 1,383     1,687    
Unrecognized share based compensation expense $ 11,916   $ 11,916 $ 11,916    
Unrecognized share based compensation weighted average period       2 years 8 months 12 days    
Weighted average grant date fair value (in dollars per share)     $ 16.73      
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET CAPITAL REQUIREMENTS (Details Narrative)
$ in Thousands
Sep. 30, 2017
USD ($)
FBR & Co. ("FBR") [Member]  
Net capital $ 38,976
Excess capital 37,976
MLV & Co. [Member]  
Net capital 407
Excess capital 307
Wunderlich Securities, Inc. [Member]  
Net capital 3,601
Excess capital 2,891
Maximum [Member] | FBR & Co. ("FBR") [Member]  
Net capital 1,000
Maximum [Member] | MLV & Co. [Member]  
Net capital 100
Maximum [Member] | Wunderlich Securities, Inc. [Member]  
Net capital 710
B. Riley & Co., LLC [Member]  
Net capital 12,052
Excess capital 11,728
B. Riley & Co., LLC [Member] | Maximum [Member]  
Net capital $ 324
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Nov. 02, 2016
Due from related party $ 6,082 $ 3,009  
Due to related party 1,244 10,037  
GACP I, L.P [Member]      
Due from related party 5,452 2,050  
GACP II, L.P [Member]      
Due from related party 30    
CA Global Partners, LLC [Member]      
Due from related party 600 $ 959  
Due to related party 720    
7.5% Senior Notes Senior Notes Due 2021 [Member]      
Principal amount $ 34,034   $ 28,750
Interest rate 7.50%    
7.5% Senior Notes Senior Notes Due 2021 [Member] | Management And Board Of Directors [Member]      
Principal amount     $ 2,731
Interest rate     9.50%
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS SEGMENTS (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]        
Revenues - Services and fees $ 85,141 $ 50,300 $ 202,354 $ 90,505
Revenues - Sale of goods 79 6,666 221 6,668
Interest income - Securities lending 7,206 9,424
Total revenues 92,426 56,966 211,999 97,173
Interest expense - Securities lending 4,950 6,515
Selling, general, and administrative expenses (70,962) (22,727) (132,836) (48,844)
Depreciation and amortization     (7,705) (2,381)
Restructuring costs 4,896 3,585 11,484 3,585
Segment (loss) income 1,356 15,422 14,627 17,267
Corporate and other expenses (including restructuring costs of $1,424 and $3,606 during the three and nine months ended September 30, 2017, respectively, and $398 during the three and nine months ended September 30, 2016) (8,395) (3,993) (19,571) (9,047)
Interest income 76 26 358 32
Loss on equity investment (157) (157)
Interest expense (2,510) (991) (5,195) (1,398)
(Loss) income before income taxes (1,235) 14,457 9,633 15,901
Benefit from (provision for) income taxes 1,357 (6,083) 7,753 (6,184)
Net income 122 8,374 17,386 9,717
Net (loss) income attributable to noncontrolling interests (246) (565) (283) 631
Net income attributable to B. Riley Financial, Inc. 368 8,939 17,669 9,086
Corporate and other expenses, restructuring costs 1,424 398 3,606 398
Capital Markets Reportable Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues - Services and fees 56,473 10,063 95,872 22,799
Interest income - Securities lending 7,206 9,424
Total revenues 63,679 10,063 105,296 22,799
Interest expense - Securities lending (4,950) (6,515)
Selling, general, and administrative expenses (53,955) (8,916) (87,753) (22,535)
Depreciation and amortization (1,636) (138) (2,167) (406)
Restructuring costs (3,322) (7,245)
Segment (loss) income (184) 1,009 1,616 (142)
Auction and Liquidation Reportable Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues - Services and fees 7,376 17,058 43,179 29,358
Revenues - Sale of goods 1 6,503 1 6,505
Total revenues 7,377 23,561 43,180 35,863
Direct cost of services (3,385) (4,365) (25,482) (9,870)
Cost of goods sold (2) (2,223) (2) (2,225)
Selling, general, and administrative expenses (1,963) (3,976) (6,562) (6,840)
Depreciation and amortization (5) (6) (15) (22)
Segment (loss) income 2,022 12,991 11,119 16,906
Valuation and Appraisal Reportable Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues - Services and fees 9,043 7,696 24,799 22,865
Direct cost of services (3,778) (3,549) (11,031) (10,287)
Selling, general, and administrative expenses (2,253) (2,136) (6,395) (6,379)
Depreciation and amortization (43) (19) (130) (72)
Segment (loss) income 2,969 1,992 7,243 6,127
Principal Investments - United Online Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues - Services and fees 12,249 15,483 38,504 15,483
Revenues - Sale of goods 78 163 220 163
Total revenues 12,327 15,646 38,724 3,423
Direct cost of services (2,975) (4,927) (9,711) (4,927)
Cost of goods sold (122) (168) (311) (168)
Selling, general, and administrative expenses (2,433) (2,139) (8,536) (2,139)
Depreciation and amortization (1,703) (1,802) (5,313) (1,802)
Restructuring costs (150) (3,187) (633) (3,187)
Segment (loss) income 4,944 3,423 14,220 3,423
Consolidated operating income from reportable segments $ 9,751 $ 19,415 $ 34,198 $ 26,314
XML 73 R62.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS SEGMENTS (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]        
Total Revenues - Services and fees $ 85,141 $ 50,300 $ 202,354 $ 90,505
Total Revenues - Sale of goods 79 6,666 221 6,668
Total Revenues - Interest income - Securities lending 76 26 358 32
Total revenues 92,426 56,966 211,999 97,173
North America        
Segment Reporting Information [Line Items]        
Total Revenues - Services and fees 85,128 49,882 200,500 89,790
Total Revenues - Sale of goods 79 163 221 165
Total Revenues - Interest income - Securities lending 7,206 9,424
Total revenues 92,406 50,045 210,138 89,955
Australia        
Segment Reporting Information [Line Items]        
Total Revenues - Services and fees 940
Total revenues 940
Europe        
Segment Reporting Information [Line Items]        
Total Revenues - Services and fees 13 418 914 715
Total Revenues - Sale of goods 6,503 6,503
Total revenues $ 20 $ 6,921 $ 921 $ 7,218
XML 74 R63.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS SEGMENTS (Details 2) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Total Long-lived Assets - Property and Equipment, net $ 13,105 $ 5,785
North America    
Total Long-lived Assets - Property and Equipment, net 13,105 5,785
Australia    
Total Long-lived Assets - Property and Equipment, net
Europe    
Total Long-lived Assets - Property and Equipment, net
XML 75 R64.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)
$ / shares in Units, $ in Thousands
Nov. 09, 2017
Nov. 22, 2017
Subsequent Event [Line Items]    
Dividends approved (in dollars per share)   $ 0.08
Special dividends approved (in dollars per share)   $ 0.04
MagicJack VocalTec [Member] | Merger Agreement [Member]    
Subsequent Event [Line Items]    
Share price (in dollars per share) $ 8.71  
Transferred equity interests issued $ 143,500  
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