Reliance Global Group, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ended: September 30, 2022
  • Revenue: $4.2 million – a 61% increase compared to $2.6 million in Q3 2021
  • Net Income: $6.1 million or $0.35 per share, compared to a net loss of $595,000 or $0.05 per share in Q3 2021
  • Revenue Growth Drivers: Organic growth and acquisitions, most notably the relaunch of Barra & Associates as RELI Exchange
  • Expense Overview:
    • Commission Expense: $863,000 (+31% YoY)
    • Salaries & Wages: $2.1 million (up from $1.2 million YoY)
    • G&A Expenses: $1.3 million (up from $755,000)
    • Marketing & Advertising: $726,000 (up from $65,000)
  • Other Income: $7.6 million, primarily due to $7.9 million from recognition in the change in fair value of warrant liabilities
  • Cash Management: Company acknowledges past one-time and non-recurring expenses. Current cash position viewed as stable; ongoing monitoring in place
  • Share Repurchase Plan: Up to 3 million shares authorized. Ezra Beyman personally purchased $400,000 in stock, adding to his prior $1 million investment

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Operator: Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Reliance Global Group Third Quarter 2022 Business Update Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. I would now like to turn the call over to David Waldman, Investor Relations. Please go ahead. David Waldman: Thank you. Good afternoon, and thank you for joining the Reliance Global Group's third quarter 2022 conference call. On the call with us today is Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group; and William Lebovics, Chief Financial Officer of Reliance. Earlier this morning, the company announced its operating results for the quarter ended September 30th, 2022. The press release is posted on the company’s website, www.relianceglobalgroup.com. In addition, the company filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission on November 14th, 2022, which can also be accessed on the company’s website, as well as the SEC’s website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1021. Before Mr. Beyman reviews the company’s operating results for the third quarter of 2022, we’d like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of his

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