B. Riley files FY2023 10-K; net loss $108M; investigation clears company of Brian Kahn misconduct

BRC Group Holdings, Inc.

2024-Q1 EPS reported -$1.71 revenue$343,032,000

FY2023 total revenues $1.644B, net loss available to common $108.0M (vs $167.8M loss in FY2022).
Adjusted EBITDA $210.2M, Operating Adj. EBITDA $363.0M; Q4 operating revenue $392.7M.
Audit committee investigation by Winston & Strawn found no company involvement in alleged Brian Kahn misconduct.
Since year-end, retired $115M in bonds, reduced other debt ~$55M; strategic review for Great American Group ongoing.
Adjustments from preliminary results: revenues -$3.6M, net loss +$21.6M, Adj. EBITDA -$29.6M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BRC Group Holdings, Inc. reported the fiscal year ended December 31, 2023 results: revenue $ 1,643,600.

Period: the fiscal year ended December 31, 2023
Revenue: $ 1,643,600
Result: reported results

Exact text from the filing

The audited financial statements in the Company's Annual Report reflected certain non-cash adjustments to the preliminary results announced on February 29, 2024. The cumulative impact of these adjustments on the Company's key reported financial metrics is summarized in the below table. For a complete summary of financial results for the fourth quarter and full year ended 2023, including a comparison to 2022 financial results, please see the appendix at the end of this press release. Twelve Months Ended December 31, 2023 (Dollars in thousands) Preliminary Adjustments Final Total revenues $ 1,647,185 $ (3,585 ) $ 1,643,600 Operating income (loss) 150,630 (5,977 ) 144,653 Net loss available to common shareholders (86,371 ) (21,596 ) (107,967 ) Adjusted EBITDA 239,877 (29,633 ) 210,244 Operating Adjusted EBITDA 367,604 (4,595 ) 363,009

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BRC Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-035532

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