Financial Performance - Beneficient reported revenues of (2.7) million in the same quarter of fiscal 2024[1]. - Total revenues for the three months ended June 30, 2024, were 2,743 thousand in the same period of 2023, indicating a significant recovery[25]. - Net income attributable to Beneficient common shareholders for the same period was 1,115,523 thousand in the prior year[25]. - Operating income before income taxes was 1,155,970 thousand in the previous year[25]. - Total segment revenues attributable to Ben's equity holders for Fiscal Q1 2025 were 16,273,000 in the prior quarter[14]. - Total adjusted segment revenues attributable to Ben's equity holders were 16,306,000 in the previous quarter[18]. - Net income attributable to Ben's common shareholders was 66,217,000 in the prior quarter[20]. - Total segment operating income attributable to Ben's equity holders was 195,051,000 in the prior quarter, reflecting a change of 98.3%[15]. Assets and Liabilities - Total assets as of June 30, 2024, were 368,501 thousand as of March 31, 2024[26]. - Total liabilities decreased to 309,567 thousand in the previous quarter, reflecting improved financial health[26]. - As of June 30, 2024, Beneficient had cash and cash equivalents of 120.6 million[9]. - Cash and cash equivalents decreased to 7,913 thousand in the previous quarter, indicating a need for liquidity management[26]. Operating Expenses - The company achieved its first profitable quarter as a public company, with operating expenses of 55.0 million release of a loss contingency accrual[1]. - The company reported a goodwill impairment of 1,096,305 thousand in the same period last year[25]. - Operating expenses, excluding goodwill impairment and arbitration award adjustments, were 54,973 million to operating expenses[31]. Investment and Portfolio - Investments at fair value increased to 329.1 million at the end of the previous fiscal year[12]. - The loan portfolio was supported by a diversified alternative asset collateral portfolio, with a total gross loan balance of 256 million after an allowance for credit losses of 380.7 million, slightly down from 1.5 billion in committed capital, compared to 7 funds with 10.8 million of interest income for Q1 fiscal 2025, a 1.9% increase from the previous quarter[5]. - Ben Liquidity segment revenue increased by 1.9% to 10,644,000 in the previous quarter[14]. - Ben Custody segment revenue decreased by 3.4% to 5,573,000 in the prior quarter[14]. - Adjusted segment operating income for Ben Liquidity improved to a loss of 29,408,000 in the previous quarter, marking a 98.3% improvement[18]. - Corporate & Other segment reported an operating income of 115,637,000 in the previous quarter[20]. Legal and Regulatory Matters - The company announced a court ruling vacating a previously disclosed arbitration award of approximately $55.3 million against it[8]. - The company is actively involved in addressing legal and professional fees related to GWG Holdings bankruptcy, which may affect future financial results[30]. - Future outlook includes a focus on managing credit losses related to receivables from related parties and ongoing legal matters[32]. Innovation and Services - The company is focused on innovating the alternative asset investment market and expanding its Preferred Liquidity Provider Program[24]. - Beneficient's AltQuote™ tool provides customers with potential exit options within minutes, enhancing service efficiency[23].
Ben(BENF) - 2024 Q2 - Quarterly Results