Q4 2023 Reliance Global Group Inc Earnings Call Transcript
Key Points
- Reliance Global Group achieved a 17% year-over-year increase in revenue for 2023, with two-thirds of this growth being organic.
- Adjusted EBITDA loss in 2023 improved by $2.1 million, or 75%, from 2022, indicating better operational efficiency.
- The OneFirm strategy has been successful in increasing top and bottom line results through efficient cross-selling and collaboration.
- The acquisition of Barra and Associates and the expansion of the RELI Exchange agency partner digital platform has enhanced the company's technological edge and market reach.
- Reliance Global Group has an open letter of intent to acquire a company expected to generate an adjusted EBITDA of more than $4 million in 2024, which could more than double current revenue.
- The company reported a GAAP net loss of $12 million for 2023, substantially driven by non-core operating and non-cash expense charges.
- A goodwill impairment charge of $7.6 million was a major contributor to the net loss in 2023.
- The gain in the fair value change of warrant liabilities was significantly lower in 2023 compared to 2022, contributing to the net loss.
- Despite the increase in revenue, commission expenses also rose by 19% to $3.7 million in 2023.
- General and administrative expenses, while decreased from the previous year, still amounted to $4.1 million in 2023.
Good afternoon, everyone, and welcome to the Reliance Global Group 2023 year-end financial results and business update conference call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Ted Ayvas, Investor Relations. Ted, over to you.
Thanks, Jenny. Good afternoon and thank you for joining Reliance Global Group's 2023 year-end financial results and business update conference call. On the call with us today are Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global group; and Jeff Markowitz, Chief Financial Officer of Reliance.
Earlier today, the Company announced its operating results for the year ended December 31, 2023. The press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company has filed its annual report on Form 10-K with the US Securities and Exchange Commission this
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