Siebert(SIEB) - 2024 Q3 - Quarterly Report

Financial Performance - Total revenue for the three months ended September 30, 2024, was $22,560,000, an increase of 25.7$18,050,000 for the same period in 2023[12]. - Commissions and fees revenue reached $2,270,000, up 19.3$1,903,000 year-over-year[12]. - Net income available to common stockholders for the nine months ended September 30, 2024, was $11,554,000, representing a 33.5$8,660,000 in the prior year[12]. - Operating income for the three months ended September 30, 2024, was $4,839,000, compared to$4,273,000 for the same period in 2023, reflecting a growth of 13.2%[12]. - Basic and diluted net income per share for the three months ended September 30, 2024, was $0.10, compared to$0.07 in the prior year, reflecting a growth of 42.9%[12]. - Net income for the nine months ended September 30, 2024, was $11,568,000, compared to$8,700,000 for the same period in 2023, representing a 33.5% increase[17]. Expenses and Liabilities - Total expenses for the three months ended September 30, 2024, were $17,721,000, an increase of 28.7$13,777,000 in the same period last year[12]. - Employee compensation and benefits expenses rose to $11,886,000, a 36.8$8,723,000 in the previous year[12]. - Interest, marketing, and distribution fees increased to $8,350,000, up 16.1$7,194,000 year-over-year[12]. - Total liabilities and equity amounted to $579,156,000, down from$801,800,000, indicating a decrease of 27.7%[10]. - The company’s total liabilities decreased from $11,000,000 as of June 30, 2024, to$10,000,000 as of September 30, 2024, reflecting a reduction of approximately 9.1%[16]. Assets and Equity - Total stockholders' equity increased to $83,323,000 from$70,709,000, marking a growth of 17.8%[10]. - Total assets as of September 30, 2024, were $83,323,000, up from$71,318,000 as of June 30, 2023, reflecting a growth of approximately 16.8%[16]. - The company’s total equity as of September 30, 2024, was $83,323,000, an increase from$79,178,000 as of June 30, 2024, indicating a growth of approximately 5.4%[16]. Cash Flow and Investments - Cash flows from operating activities showed a net cash used of $53,110,000 for the nine months ended September 30, 2024, compared to$68,961,000 for the same period in 2023, indicating an improvement[17]. - The balance of cash and cash equivalents at the end of the period was $221,864,000, down from$242,310,000 at the end of the previous year, a decrease of about 8.4%[18]. - The company incurred a net cash used in investing activities of $5,014,000 for the nine months ended September 30, 2024, compared to$1,627,000 for the same period in 2023[17]. Acquisitions and Investments - The Company acquired GE for a purchase price of $1,250,000, with identifiable intangible assets valued at$778,000 and goodwill of $330,000 as of the acquisition date[40][42]. - The Company completed the acquisition of 100$3,865,000 for the three months ended September 30, 2024, an increase of $1,208,000 from the previous year[86]. - The company had an available line of credit for short-term overnight borrowing of up to$25 million, with no outstanding loan balance as of September 30, 2024[108].