A-Mark Precious Metals Inc (AMRK) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to A-Mark Precious Metals conference call for the fourth quarter and fiscal year ended June 30, 2022. My name is John, and I will be your operator this afternoon.

下午好，歡迎參加截至 2022 年 6 月 30 日的第四季度和財政年度的 A-Mark 貴金屬電話會議。我叫約翰，今天下午我將擔任您的接線員。

Before this call, A-Mark issued its results for the fourth quarter and fiscal year 2022 in a press release, which is available in the Investor Relations section of the company's website at www.amark.com -- find the link to the Investor Relations section at the top of the homepage. Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Kathleen Simpson-Taylor. Following their remarks, we will open the call to your questions.

在本次電話會議之前，A-Mark 在新聞稿中發布了 2022 年第四季度和財年的業績，該新聞稿可在公司網站 www.amark.com 的投資者關係部分獲取——找到投資者關係的鏈接主頁頂部的部分。加入我們今天的電話會議的是 A-Mark 的首席執行官 Greg Roberts；總裁，托爾·傑德魯姆；和首席財務官 Kathleen Simpson-Taylor。在他們的發言之後，我們將打開您的問題的電話。

Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of A-Mark's website.

然後在我們結束電話會議之前，我將就管理層在這次電話會議期間所做的前瞻性陳述提供必要的警告。我想提醒大家，本次通話正在錄音，並將通過 A-Mark 網站投資者關係部分的鏈接進行重播。

Now I would like to turn the call over to A-Mark's CEO, Mr. Greg Roberts. Sir, please proceed.

現在我想將電話轉給 A-Mark 的首席執行官 Greg Roberts 先生。先生，請繼續。

Thank you, John, and good afternoon to everyone. Thank you again for joining our call today. We reported our fiscal fourth quarter and full fiscal year 2021 (sic) [2022] results this afternoon, which continue to demonstrate the strength of our fully integrated precious metals platform.

謝謝你，約翰，大家下午好。再次感謝您今天加入我們的電話會議。我們今天下午報告了我們的第四財季和 2021 財年（原文如此）[2022] 財年的業績，這繼續展示了我們完全集成的貴金屬平台的實力。

For the full year, our revenues exceeded $8.1 billion and gross profit and non-GAAP adjusted net income grew 25% and 8% year-over-year, respectively, contributing to a return on equity of 27%, demonstrating the strong financial results our business model is capable of generating. Our Direct-to-Consumer or DTC segment contributed over half of our gross profit and pretax income during fiscal 2022.

全年，我們的收入超過 81 億美元，毛利潤和非美國通用會計準則調整後的淨收入分別同比增長 25% 和 8%，股本回報率為 27%，證明了我們強勁的財務業績商業模式是能夠產生的。在 2022 財年，我們的直接面向消費者或 DTC 部門貢獻了我們一半以上的毛利潤和稅前收入。

I'm very pleased with the progress A-Mark has made integrating JM Bullion during the full year post acquisition as well as launching the CyberMetals platform. Over the past year, A-Mark grew its DTC total customer base by 13% to 2 million customers and its active customer base by 270%, demonstrating our commitment to expanding the DTC business.

我對 A-Mark 在收購後全年整合 JM Bullion 以及推出 CyberMetals 平台所取得的進展感到非常滿意。在過去的一年裡，A-Mark 的 DTC 總客戶群增長了 13%，達到 200 萬客戶，活躍客戶群增長了 270%，表明了我們對擴展 DTC 業務的承諾。

Following the commercial launch of CyberMetals during Q4 of fiscal '22, we have continued to see interest from both existing JM customers as well as new customers unique to CyberMetals, leading to our assets under management of $3.7 million at June 30, '22.

在 22 財年第四季度推出 CyberMetals 之後，我們繼續看到現有 JM 客戶以及 CyberMetals 獨有的新客戶的興趣，導致我們在 22 年 6 月 30 日管理的資產為 370 萬美元。

Nearly 6,000 customers were added during the quarter. We are happy with the progress so far and have several key initiatives planned to continue to expand our marketing efforts and continue to grow the CyberMetals business. Our minting business continues to generate impressive results. It is worth noting that fiscal '22 was our first year of 100% ownership in the SilverTowne Mint. And combined with our strategic partner at the Sunshine Mint, we benefited greatly throughout the year from a steady source of product during what turned out to be industry-wide supply constraints.

本季度增加了近 6,000 名客戶。我們對迄今為止取得的進展感到滿意，併計劃採取幾項關鍵舉措來繼續擴大我們的營銷工作並繼續發展 CyberMetals 業務。我們的鑄幣業務繼續產生令人印象深刻的成果。值得注意的是，22 財年是我們在 SilverTowne Mint 擁有 100% 所有權的第一年。與我們在陽光造幣廠的戰略合作夥伴一起，在整個行業的供應限制期間，我們從穩定的產品來源中受益匪淺。

SilverTowne produced an impressive 11.4 million ounces of silver during fiscal Q4, which was more than the mint produced in any recent fiscal year. Additionally, weekly production in the fiscal fourth quarter increased 35% year-over-year, allowing us to continue to provide a reliable source of supply to our wholesale customers, as well as our DTC customers.

SilverTowne 在第四財季生產了令人印象深刻的 1140 萬盎司白銀，超過了最近任何一個財年的鑄幣廠產量。此外，第四財季的每週產量同比增長 35%，使我們能夠繼續為我們的批發客戶和 DTC 客戶提供可靠的供應來源。

Now I'll turn it over to our CFO, Kathleen Simpson-Taylor, to walk you through our financials in more detail. Then our President, Thor Gjerdrum, will discuss our operating metrics. Afterwards, I will provide a further update on our business growth and strategy. Kathleen?

現在，我將把它交給我們的首席財務官 Kathleen Simpson-Taylor，讓您更詳細地了解我們的財務狀況。然後，我們的總裁 Thor Gjerdrum 將討論我們的運營指標。之後，我將提供有關我們業務增長和戰略的進一步更新。凱瑟琳？

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q4 2022 decreased 4% to $2.1 billion from $2.2 billion in Q4 of last year. The decrease was attributable to a decrease in gold ounces sold and lower average selling prices of silver, offset by an increase in silver ounces sold and forward sales and higher average selling prices of gold.

謝謝你，格雷格，大家下午好。我們 2022 財年第四季度的收入從去年第四季度的 22 億美元下降 4% 至 21 億美元。減少的原因是售出的金盎司減少和白銀的平均售價下降，但被售出的銀盎司和遠期銷售的增加以及黃金的平均售價上升所抵消。

The DTC segment contributed 23% and 30% of the consolidated revenue in fiscal Q4 2022 and Q4 of last year, respectively. Revenue contributed by JMB represented 21% of the consolidated revenues for Q4 of 2022 compared to 28% in Q4 of last year.

DTC 部門在 2022 財年第四季度和去年第四季度分別貢獻了合併收入的 23% 和 30%。 JMB 貢獻的收入佔 2022 年第四季度綜合收入的 21%，而去年第四季度為 28%。

For the full fiscal year, our revenues increased 7% to $8.2 billion from $7.6 billion last fiscal year. The increase was attributable to an increase in silver ounces sold, higher average selling prices of gold and higher forward sales, offset by a decrease in gold ounces sold and lower average selling prices of silver.

在整個財年，我們的收入從上一財年的 76 億美元增長 7% 至 82 億美元。增加的原因是銷售的白銀盎司增加、黃金的平均銷售價格增加和遠期銷售增加，但被銷售的黃金盎司減少和白銀的平均銷售價格降低所抵消。

The DTC segment contributed 26% and 11% of the consolidated revenue in fiscal years 2022 and 2021, respectively. The increase in revenue from the DTC segment reflects the acquisition of JMB in March 2021 and the growth of the segment's customer base.

DTC 部門在 2022 財年和 2021 財年分別貢獻了合併收入的 26% 和 11%。 DTC 部門收入的增長反映了 2021 年 3 月收購 JMB 以及該部門客戶群的增長。

Revenue contributed by JMB represented 24% of the consolidated revenues for fiscal year 2022 compared to 9% in the prior year.

JMB 貢獻的收入佔 2022 財年合併收入的 24%，而上一年為 9%。

Gross profit for fiscal Q4 2022 decreased 22% to $67.8 million or 3.24% of revenue from $87.1 million or 4.0% of revenue in Q4 of last year. The decrease in gross profit was due to lower gross profits earned from the Wholesale Sales & Ancillary Services and DTC segments.

2022 財年第四季度的毛利潤從去年第四季度的 8710 萬美元或收入的 4.0% 下降 22% 至 6780 萬美元或收入的 3.24%。毛利減少是由於批發銷售及輔助服務和 DTC 部門賺取的毛利減少。

Gross profit contributed by the DTC segment represented 57% of the consolidated gross profit in fiscal Q4 2022 compared to 50% in the same year ago period. Gross profit contributed by JMB represented 46% of the consolidated gross profit in fiscal Q4 2022 compared to 43% in Q4 of last year.

DTC 部門貢獻的毛利潤佔 2022 財年第四季度綜合毛利潤的 57%，而去年同期為 50%。 JMB 貢獻的毛利潤佔 2022 財年第四季度綜合毛利潤的 46%，而去年第四季度為 43%。

For the full fiscal year, gross profit increased 25% to $261.8 million or 3.21% of revenue from $210.2 million or 2.76% of revenue in the prior fiscal year. The increase in gross profit was due to higher gross profits earned from the DTC segment, offset by lower gross profits earned from the Wholesale Sales & Ancillary Services segment.

整個財年，毛利潤從上一財年的 2.102 億美元或收入的 2.76% 增長 25% 至 2.618 億美元或收入的 3.21%。毛利的增加是由於 DTC 部門的毛利增加，但被批發銷售和輔助服務部門的毛利減少所抵消。

Gross profit contributed by the DTC segment represented 56% of the consolidated gross profit in fiscal 2022 compared to 34% in the prior fiscal year. JMB contributed 46% to the consolidated gross profit for fiscal year 2022 compared with 22% in the prior year, since JMB's results were included beginning only in March of the prior year after its acquisition.

DTC 部門貢獻的毛利潤佔 2022 財年綜合毛利潤的 56%，而上一財年為 34%。 JMB 為 2022 財年的綜合毛利潤貢獻了 46%，而上一年為 22%，因為 JMB 的業績僅在其收購後的上一年 3 月開始包含在內。

SG&A expenses for fiscal Q4 2022 increased 24% to $20.7 million from $16.7 million in Q4 of last year. The increase was primarily due to an increase of $2.2 million of expenses incurred by JMB, higher insurance costs of $1.7 million and increased compensation expense, including performance-based accruals of $1.0 million. This was partially offset by lower computer-related costs of $0.6 million.

2022 財年第四季度的 SG&A 費用從去年第四季度的 1670 萬美元增長 24% 至 2070 萬美元。增加的主要原因是 JMB 發生的費用增加了 220 萬美元，保險費用增加了 170 萬美元，以及補償費用增加，包括基於績效的應計費用 100 萬美元。這被 60 萬美元的計算機相關成本降低部分抵消。

For the full fiscal year, SG&A expenses increased 60% to $76.6 million from $48 million in fiscal year 2021. The increase was primarily due to an increase of $21.6 million of expenses incurred by JMB, increased compensation expense, including performance-based accruals of $3.7 million, higher insurance costs of $2.6 million and increased consulting and professional fees of $1.5 million. This was partially offset by lower computer-related costs of $0.6 million.

整個財年，SG&A 費用從 2021 財年的 4800 萬美元增長 60% 至 7660 萬美元。增長的主要原因是 JMB 發生的費用增加了 2160 萬美元，薪酬費用增加，包括基於績效的應計費用 3.7 美元百萬美元，保險費用增加 260 萬美元，諮詢和專業費用增加 150 萬美元。這被 60 萬美元的計算機相關成本降低部分抵消。

Depreciation and amortization expense for fiscal Q4 2022 decreased 61% to $3.2 million from $8.3 million in Q4 of last year. The decrease in depreciation and amortization expense was primarily due to a $5.1 million decrease in amortization of acquired intangibles related to JMB. For the full fiscal year, depreciation and amortization expense increased 153% to $27.3 million from $10.8 million in the prior year. The increase was primarily due to $16.4 million of higher amortization of acquired intangibles related to JMB.

2022 財年第四季度的折舊和攤銷費用從去年第四季度的 830 萬美元下降 61% 至 320 萬美元。折舊和攤銷費用的減少主要是由於與 JMB 相關的收購無形資產攤銷減少了 510 萬美元。在整個財政年度，折舊和攤銷費用從上一年的 1080 萬美元增長 153% 至 2730 萬美元。增加的主要原因是與 JMB 相關的收購無形資產攤銷增加了 1640 萬美元。

Interest income for fiscal Q4 2022 increased 8% to $5.7 million from $5.2 million in Q4 of last year. The aggregate increase in interest income was primarily due to higher interest income earned by our Secured Lending segment. That was partially offset by lower other finance product income.

2022 財年第四季度的利息收入從去年第四季度的 520 萬美元增長 8% 至 570 萬美元。利息收入的總增長主要是由於我們的擔保貸款部門獲得的更高的利息收入。這部分被其他金融產品收入的下降所抵消。

For the full fiscal year, interest income increased 18% to $21.8 million from $18.5 million in fiscal 2021. The increase was primarily due to higher interest income earned by our Secured Lending segment and higher other finance product income.

整個財年，利息收入從 2021 財年的 1850 萬美元增長 18% 至 2180 萬美元。這一增長主要是由於我們的擔保貸款部門獲得的更高的利息收入和更高的其他金融產品收入。

Interest expense for fiscal Q4 2022 increased 10% to $5.7 million from $5.2 million in Q4 of last fiscal year. The increase in interest expense was primarily driven by $0.6 million increase associated with our Trading Credit Facility and Notes Payable, including amortization of debt issuance costs and a $0.5 million increase related to product financing arrangements. This was offset by $0.6 million of lower interest costs from liabilities on borrowed metals.

2022 財年第四季度的利息支出從上一財年第四季度的 520 萬美元增長 10% 至 570 萬美元。利息費用的增加主要是由於與我們的貿易信貸便利和應付票據相關的 60 萬美元增加，包括債務發行成本的攤銷和與產品融資安排相關的 50 萬美元增加。這被借入金屬負債的 60 萬美元較低的利息成本所抵消。

[For the] full fiscal year, interest expense increased 11% to $22 million from $19.9 million in fiscal 2021. The increase in interest expense was primarily driven by an increase of $1.3 million associated with our Trading Credit Facility and Notes Payable, including amortization of debt issuance costs, $1.2 million related to product financing arrangements, $0.5 million of loan servicing fees, and this was offset by a decrease of $0.9 million associated with liabilities on borrowed metals.

[對於]整個財年，利息支出從 2021 財年的 1990 萬美元增加了 11% 至 2200 萬美元。利息支出的增加主要是由於與我們的貿易信貸便利和應付票據相關的 130 萬美元的增加，包括攤銷債務發行成本、與產品融資安排相關的 120 萬美元、50 萬美元的貸款服務費，這被與借入金屬負債相關的 90 萬美元減少所抵消。

Earnings from equity method investments in Q4 2022 increased 57% to $2.6 million from $1.6 million in the same year ago quarter. The increase reflects our higher percentage ownership in our equity method investments in comparison to the prior year.

2022 年第四季度權益法投資的收益從去年同期的 160 萬美元增長 57% 至 260 萬美元。這一增長反映了與去年相比，我們在權益法投資中的所有權百分比更高。

For the full fiscal year, earnings from equity method investments decreased 56% to $6.9 million from $15.5 million in fiscal 2021. The net decrease of $8.6 million includes a $11.7 million decrease related to JMB, a former equity method investment, which is now reported by the company as a wholly-owned subsidiary, offset by increased earnings of $3.1 million from our other equity method investments.

在整個財年，權益法投資的收益從 2021 財年的 1550 萬美元下降 56% 至 690 萬美元。淨減少 860 萬美元包括與 JMB 相關的 1170 萬美元的減少，這是一種前權益法投資，現在由該公司作為全資子公司，被我們其他權益法投資增加的 310 萬美元收益所抵消。

Net income attributable to the company for the fourth quarter of fiscal 2022 totaled $37.3 million or $1.52 per diluted share. This compares to net income attributable to the company of $51 million or $2.14 per diluted share in Q4 of last year. The prior year per share number has been adjusted for the effect of the 2-for-1 stock split in June 2022.

2022財年第四季度歸屬於公司的淨收入總計3730萬美元或稀釋後每股1.52美元。相比之下，去年第四季度歸屬於公司的淨利潤為 5100 萬美元或每股攤薄收益 2.14 美元。上一年每股數已根據 2022 年 6 月 2 比 1 股票分割的影響進行了調整。

Our diluted EPS for the fiscal fourth quarter of 2022 is based on the weighted average diluted shares outstanding of 24.5 million compared with 23.8 million weighted average diluted shares outstanding during the fourth quarter of last year. This has also been adjusted for the effect of the 2-for-1 stock split that occurred in June 2022.

我們 2022 財年第四季度的攤薄每股收益基於 2450 萬股的加權平均攤薄流通股，而去年第四季度的加權平均攤薄流通股為 2380 萬股。這也已針對 2022 年 6 月發生的 2 比 1 股票拆分的影響進行了調整。

Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes remeasurement gain, acquisition expenses, amortization and depreciation for Q4 fiscal 2022 totaled $50.6 million compared to $72.3 million in the same year ago quarter.

扣除所得稅準備金前的調整後淨收入是一項非公認會計準則財務指標，不包括 2022 財年第四季度的重新計量收益、購置費用、攤銷和折舊，總額為 5060 萬美元，而去年同期為 7230 萬美元。

EBITDA, a non-GAAP liquidity measure for Q4 fiscal 2022 totaled $50.3 million compared to $72.3 million in Q4 fiscal 2021. For the full fiscal year, net income attributable to the company totaled $132.5 million or $5.45 per diluted share. This compares to net income attributable to the company of $159.6 million or $8.90 per diluted share in the prior year.

EBITDA 是 2022 財年第四季度的非公認會計原則流動性衡量標準，總額為 5030 萬美元，而 2021 財年第四季度為 7230 萬美元。在整個財年，歸屬於公司的淨收入總計 1.325 億美元或每股攤薄收益 5.45 美元。相比之下，上一年歸屬於該公司的淨利潤為 1.596 億美元或每股攤薄收益 8.90 美元。

Prior year net income attributable to the company included a onetime $26.3 million remeasurement gain on the company's pre-existing equity interest in JMB in connection with its acquisition. Excluding this remeasurement gain in fiscal year 2021, net income attributable to the company decreased $0.8 million compared to the prior fiscal year.

上一年歸屬於該公司的淨收入包括該公司先前在 JMB 中與收購有關的股權的一次 2630 萬美元的重新計量收益。不計 2021 財年的重新計量收益，歸屬於公司的淨收入與上一財年相比減少了 80 萬美元。

It is important to note that our diluted EPS for fiscal 2022 is based on weighted average diluted shares outstanding of 24.3 million compared to 17.9 million weighted average diluted shares outstanding in the prior fiscal year. And that prior year number has been adjusted for the effect of the 2-for-1 stock split in June 2022.

值得注意的是，我們 2022 財年的攤薄每股收益基於 2430 萬股加權平均攤薄流通股，而上一財年的加權平均攤薄攤薄流通股為 1790 萬股。上一年的數字已根據 2022 年 6 月 2 比 1 股票拆分的影響進行了調整。

Adjusted net income before provision for income taxes, a non-GAAP financial measure for the full fiscal year totaled $195 million, an increase of $15.1 million compared to $179.9 million in the prior year. EBITDA, a non-GAAP liquidity measure for fiscal 2022 totaled $193.9 million compared to $205 million in the prior fiscal year.

調整後的所得稅撥備前淨收入，整個財年的非 GAAP 財務指標總計 1.95 億美元，與上一年的 1.799 億美元相比增加了 1510 萬美元。 EBITDA 是 2022 財年的非 GAAP 流動性衡量標準，總額為 1.939 億美元，而上一財年為 2.05 億美元。

Now turning to our balance sheet. At fiscal year-end, we had $37.8 million of cash compared to $101.4 million at the end of the prior year. Our fiscal year-end 2021 cash balances were high due to our significant planned precious metals purchases in the first few days of July 2021, specifically due in part to the U.S. Mint's release of a new bullion coin design on July 1.

現在轉向我們的資產負債表。在財年末，我們擁有 3780 萬美元的現金，而去年年底為 1.014 億美元。由於我們計劃在 2021 年 7 月的前幾天大量購買貴金屬，我們 2021 財年末的現金餘額很高，部分原因是美國造幣廠於 7 月 1 日發布了新的金幣設計。

Our tangible net worth at the end of the fiscal year was $321.6 million, up from $169.4 million at the end of the prior fiscal year.

我們在本財年末的有形淨資產為 3.216 億美元，高於上一財年末的 1.694 億美元。

Finally, as we announced in our earnings release, A-Mark's Board of Directors has declared a nonrecurring special cash dividend of $1 per common share, which will be paid on September 26, 2022 to stockholders of record as of September 12, 2022. Additionally, our Board of Directors has adopted a regular quarterly cash dividend policy of $0.20 per common share or $0.80 per share on an annual basis. The initial quarterly cash dividend under the policy will be paid in October 2022. The declaration of regular cash dividends in the future is subject to the determination each quarter by the Board of Directors based on a number of factors, including the company's financial performance, available cash resources, cash requirements and alternative uses of cash and applicable bank covenants.

最後，正如我們在財報中宣布的那樣，A-Mark 的董事會已宣布每股普通股 1 美元的非經常性特別現金股息，將於 2022 年 9 月 26 日支付給截至 2022 年 9 月 12 日登記在冊的股東。此外，我們的董事會採用了常規的季度現金股息政策，即每股普通股 0.20 美元或每年每股 0.80 美元。政策下的首季現金分紅將於2022年10月派發。未來定期現金分紅的宣派以董事會每季度根據公司財務業績等多項因素確定，可現金資源、現金要求和現金的替代用途以及適用的銀行契約。

That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

這完成了我的財務摘要。現在我將把電話轉給 Thor，他將提供我們關鍵運營指標的更新。雷神？

Thank you, Kathleen. Looking at our key operating metrics for the fourth quarter and full year 2022, we sold 641,000 ounces of gold in Q4 fiscal 2022, which was down 17% from Q4 of last year and down 12% for the prior quarter. For the full fiscal year, we sold 2.7 million ounces of gold, which is down 3% from fiscal 2021. We sold 37.6 million ounces of silver in Q4 fiscal '22, which was up 5% from Q4 of last year and up 9% from last quarter.

謝謝你，凱瑟琳。從我們 2022 年第四季度和全年的關鍵運營指標來看，我們在 2022 財年第四季度售出了 641,000 盎司黃金，比去年第四季度下降 17%，比上一季度下降 12%。在整個財年，我們售出了 270 萬盎司黃金，比 2021 財年下降 3%。我們在 22 財年第四季度售出了 3760 萬盎司白銀，比去年第四季度增長 5%，增長 9%從上個季度開始。

For the full fiscal year 2022, we sold 132.2 million ounces of silver, which was up 16% from fiscal 2021. The number of new customers in the DTC segment, which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period was 48,800 in Q4 fiscal 2022, which is down 30% from Q4 of last year and down 21% from last quarter.

在 2022 財年全年，我們售出了 1.322 億盎司白銀，比 2021 財年增長 16%。DTC 部門的新客戶數量，定義為註冊或建立新的客戶數量2022 財年第四季度，該期間首次開戶或首次購買為 48,800 台，比去年第四季度下降 30%，比上一季度下降 21%。

For the full fiscal year, the number of new customers in the DTC segment was at 230,400, which is up 173% from the prior year. The number of total customers in the DTC segment as of the end of fiscal 2022 was approximately 2 million, which was a 13% increase from the prior year. The year-over-year increases in the customer base metrics were primarily due to the acquisition of JMB in March of 2021.

整個財年，DTC 部門的新客戶數量為 230,400 人，比上年增長 173%。截至 2022 財年末，DTC 部門的客戶總數約為 200 萬，比上年增長 13%。客戶群指標的同比增長主要是由於 2021 年 3 月收購了 JMB。

The DTC segment average order value, which represents the average dollar value of third-party product orders delivered to DTC segment customers during Q4 fiscal 2022 was $2,742, which is up 14% (sic) [15%] from Q4 of fiscal 2021.

DTC 部門平均訂單價值（代表 2022 財年第四季度交付給 DTC 部門客戶的第三方產品訂單的平均美元價值）為 2,742 美元，比 2021 財年第四季度增長 14%（原文如此）[15%]。

For the full fiscal year, the DTC average order value was $2,520, which was down 9% from fiscal 2021. For the fiscal fourth quarter, our inventory turnover ratio was 2.7, which is a 34% decrease from 4.1 in Q4 of last year and a 13% decrease from 3.1 in the prior quarter. For the full fiscal year, our inventory turn ratio was 13.2, which is down 31% from the same year ago period.

整個財年，DTC 平均訂單價值為 2,520 美元，比 2021 財年下降 9%。第四財季，我們的庫存周轉率為 2.7，比去年第四季度的 4.1 下降 34%，比上一季度的 3.1 下降 13%。整個財年，我們的庫存周轉率為 13.2，比去年同期下降 31%。

Finally, the number of secured loans at the end of June totaled 2,271, an increase of 21% from June 30, 2021, and a decrease of 16% from the end of March. The dollar value of our loan portfolio at the end of June totaled $126.2 million, an increase of 12% from June 30, 2021. Typically, the number of loans increased during periods -- typically, the number of loans increased during periods of rising precious metals prices and decreased during periods of declining precious metals prices.

最後，6月末擔保貸款總數為2271筆，較2021年6月30日增長21%，較3月底下降16%。截至 6 月底，我們的貸款組合的美元價值總計 1.262 億美元，比 2021 年 6 月 30 日增長了 12%。通常，貸款數量在期間會增加——通常，貸款數量會在價格上漲期間增加貴金屬價格下跌期間下跌。

That concludes my prepared remarks. I now turn it over to Greg for closing remarks. Greg?

我準備好的發言到此結束。我現在把它交給格雷格做結束語。格雷格？

Thank you, Thor and Kathleen. We continue to evaluate opportunities to expand our geographic presence and market reach while creating value for our stockholders. Our strategic focus remains on opportunities that will align with our business model and create synergies with A-Mark's integrated platform, including our reliable access to supply, successful logistics footprint and strong customer relationships.

謝謝你，托爾和凱瑟琳。我們將繼續評估擴大我們的地理分佈和市場範圍的機會，同時為我們的股東創造價值。我們的戰略重點仍然是與我們的業務模式保持一致並與 A-Mark 的集成平台產生協同效應的機會，包括我們可靠的供應渠道、成功的物流足跡和強大的客戶關係。

Now our incremental investments such as Pinehurst Coins, Silver Gold Bull and recently BGASC allow us to enhance our collaboration and extend supply agreements while evaluating opportunities for new initiatives that can foster further growth.

現在，我們的增量投資（例如 Pinehurst Coins、Silver Gold Bull 和最近的 BGASC）使我們能夠加強合作並延長供應協議，同時評估可以促進進一步增長的新舉措的機會。

Moving forward into our fiscal 2023, we remain optimistic that our industry-leading, fully integrated precious metals platform and proven business model will allow us to realize growth and profitability over the long term.

展望 2023 財年，我們仍然樂觀地認為，我們行業領先的、完全集成的貴金屬平台和經過驗證的商業模式將使我們能夠實現長期增長和盈利。

Operator?

操作員？

(Operator Instructions) And the first question is coming from Thomas Forte with D.A. Davidson.

（操作員說明）第一個問題來自 Thomas Forte 和 D.A.戴維森。

Greg and team, congrats on the quarter. I have 4. I'm going to ask 2, and then I'll get back in the queue. So for the first two, Greg, you talked a little about this at the end there. But can you talk about your decision to acquire the assets from BGASC? And can you provide your current thoughts on your M&A strategy overall?

格雷格和團隊，祝賀本季度。我有 4 個。我要問 2 個，然後我會回到隊列中。所以對於前兩個，格雷格，你在最後談了一點。但是您能談談您從 BGASC 收購資產的決定嗎？您能否提供您目前對整體併購戰略的看法？

Yes, for sure. I mean we had a press release today that described that we signed a definitive agreement just yesterday. And it was -- BGASC is a similar platform to JM Bullion, albeit much smaller, and we had an opportunity. The owner was looking to get out of the business. We were comfortable with the business and how it was run. We decided to do an asset purchase, and we acquired assets that would allow us to continue to run the platform as a stand-alone brand.

是肯定的。我的意思是，我們今天發布了一份新聞稿，其中描述了我們昨天剛剛簽署了最終協議。它是 - BGASC 是一個與 JM Bullion 類似的平台，儘管要小得多，我們有機會。老闆想退出這家公司。我們對業務及其運作方式感到滿意。我們決定進行資產購買，並獲得了資產，使我們能夠繼續將平台作為獨立品牌運行。

We believe that the customer base is in the neighborhood of 70,000 customers. As we've noted in the press release, they did about $200 million in top line sales in 2021. I view that as a fairly favorable cost per dollar of revenue at $0.225 and cost per customer sub-$70. So the deal fell within our parameters of what we look for. Rob Pacelli, Bert [Byerley] and Michael Wittmeyer led the acquisition and did a great job on it. We think the customer base is going to be unique to BGASC with hopefully very little crossover. And we think it was a great opportunity.

我們相信客戶群大約有 70,000 名客戶。正如我們在新聞稿中指出的那樣，他們在 2021 年的頂線銷售額約為 2 億美元。我認為這是相當有利的每美元收入成本為 0.225 美元，每位客戶的成本低於 70 美元。因此，這筆交易屬於我們所尋找的範圍內。 Rob Pacelli、Bert [Byerley] 和 Michael Wittmeyer 領導了這次收購，並在這方面做得很好。我們認為客戶群將是 BGASC 獨有的，希望很少有交叉。我們認為這是一個很好的機會。

And then my second question, and then I'll get back in the queue. So thank you for providing the assets under management for CyberMetals. Can you discuss why you think that's the right metric to show the progress you're making with the efforts? And how should investors think about what long-term success could look like from assets under management standpoint?

然後是我的第二個問題，然後我會回到隊列中。感謝您為 CyberMetals 提供管理資產。你能談談為什麼你認為這是顯示你在努力中取得的進展的正確指標嗎？從管理資產的角度來看，投資者應該如何看待長期成功？

Yes. I mean we're -- I'm enthusiastic about the box that many of you will note. A few of these boxes are a little bit different than what we have done in the past on the press releases. Kathleen and Thor and I worked quite diligently to get this information out there. So yes, I believe that the metrics you're seeing in these boxes are very important, and it will give us a clearer picture of how we're progressing and what's going on within the business. So I think it's very valuable information.

是的。我的意思是我們 - 我對你們中的許多人會注意到的盒子充滿熱情。其中一些盒子與我們過去在新聞稿中所做的有點不同。 Kathleen、Thor 和我非常努力地工作以獲取這些信息。所以是的，我相信您在這些框中看到的指標非常重要，它將讓我們更清楚地了解我們的進展情況以及業務內部正在發生的事情。所以我認為這是非常有價值的信息。

As it relates specifically to CyberMetals, we've come up with 4 metrics on CyberMetals that we feel are important for investors and our followers to focus on. I feel good with where we're at right now. For the most part, the response we've had in the new customers are focused mainly on existing JMB customers. As we've spoke before, we wanted to make sure the platform was stable and that we felt we could easily onboard people and the customer experience was as good as it could be. As we look out over the next 12 months, I feel like we're going go outside of the JMB ecosystem, and we're going to look towards other competitors that have similar products and look to market and give customers looking for this type of product -- a look into why we think we have the best product out there. So I think in the next 6 to 12 months, we want to increase these numbers. And we believe that there's quite a bit of upside. How fast we get to our target numbers is going to depend a little bit on the response, the overall precious metals environment as well as our marketing efforts. So we're optimistic that this is going to be very good for the company, for A-Mark. And I think these metrics are good ones to follow that we'll update as often as we can. I'll also say that there's a few other key metrics that we may or may not add to this box in the near future or in the next quarter. But I think that to start, this is what we feel is important to communicate.

由於它特別與 CyberMetas 相關，我們提出了 4 個關於 CyberMetals 的指標，我們認為這些指標對投資者和我們的追隨者來說非常重要。我對我們現在所處的位置感覺很好。在大多數情況下，我們對新客戶的反應主要集中在現有的 JMB 客戶上。正如我們之前所說，我們希望確保平台穩定，並且我們認為我們可以輕鬆地加入人員並且客戶體驗盡可能好。在我們展望未來 12 個月時，我覺得我們將走出 JMB 生態系統，我們將尋找擁有類似產品的其他競爭對手，並尋找市場並為尋找此類產品的客戶提供產品——看看為什麼我們認為我們擁有最好的產品。所以我認為在接下來的 6 到 12 個月內，我們希望增加這些數字。我們相信有相當多的好處。我們達到目標數字的速度將在一定程度上取決於反應、整體貴金屬環境以及我們的營銷努力。因此，我們樂觀地認為，這對公司和 A-Mark 來說將是非常好的。我認為這些指標是很好的指標，我們會盡可能多地更新。我還要說，在不久的將來或下一季度，我們可能會或可能不會將其他一些關鍵指標添加到此框中。但我認為首先，這是我們認為重要的溝通。

Okay. Next, we have Andrew Scutt with ROTH Capital Partners.

好的。接下來是羅斯資本合夥人的安德魯·斯卡特。

I just want to reiterate, congrats on the strong quarter. My first question here kind of has to do with your vision on the strength of consumer in your DTC business. While inflation is very good for precious metals investing, we see a lot of consumer spending is coming in, and we've seen some pinched wallets. Your metrics in the quarter showed that it didn't really slow that much, but I just want to hear your thoughts maybe what you've seen in the last couple of months, specifically in the DTC business with your kind of average customer?

我只想重申，祝賀強勁的季度。我的第一個問題與您對 DTC 業務中消費者實力的看法有關。雖然通脹對貴金屬投資非常有利，但我們看到大量消費者支出正在湧入，我們也看到一些錢包緊縮。您在本季度的指標顯示它並沒有真正放慢那麼多，但我只是想听聽您的想法，也許您在過去幾個月中看到了什麼，特別是在 DTC 業務中與您這種普通客戶的關係？

Sure. Yes. I think that it's important to look at our metrics in the DTC segment year-over-year. Every year, we've been doing this, we'll have a month or 2 or a quarter of a slower period or a very robust period. I think it's important to note that when comparing year-over-year in Q4 as well as Q3 of last year, we were extremely active. We had a number of new customers being created through social media and a number of other platforms that came onto our platform, and it was very busy.

當然。是的。我認為每年查看我們在 DTC 細分市場的指標很重要。每年，我們一直在這樣做，我們將有一個月或兩個月或四分之一的較慢時期或非常強勁的時期。我認為重要的是要注意，在比較去年第四季度和第三季度的同比情況時，我們非常活躍。我們通過社交媒體和許多其他平台創建了許多新客戶進入我們的平台，而且非常繁忙。

We also had, as we've discussed before, a switch in design for the Silver Eagle from the Type 1 to the Type 2, which happened right around the first week of July of last calendar year, but a good deal of our performance leading up to that was in Q4 of last year. I think that we're always going to have some ebbs and flows as it relates to the number of new customers we're acquiring. I think that even though our quarter-over-quarter numbers of new customers were slightly down, in my opinion, we still generated a huge amount of new customers. And I'm very, very positive about what we were able to generate. And when you consider that the JM Bullion is 12 or 13, 14 years or longer in existence -- and we're still developing a number of new customers at a very high rate.

正如我們之前討論過的，我們還曾將 Silver Eagle 的設計從 1 型轉換為 2 型，這發生在去年 7 月的第一周左右，但我們的性能在很大程度上處於領先地位直到去年第四季度。我認為我們總是會有一些起伏，因為它與我們獲得的新客戶數量有關。我認為，儘管我們的新客戶數量環比略有下降，但在我看來，我們仍然產生了大量的新客戶。我對我們能夠產生的東西非常非常積極。當您考慮到 JM Bullion 已經存在 12 年或 13 年、14 年或更長時間時，我們仍在以非常高的速度開發大量新客戶。

So -- but you will see some ebbs and flows on that number. I don't view a slight decline quarter-over-quarter in new customer total number. To me, it's just -- it's a little bit cyclical. And so I -- very happy with this quarter.

所以 - 但你會看到這個數字有一些起伏。我不認為新客戶總數環比略有下降。對我來說，這只是 - 它有點週期性。所以我——對這個季度非常滿意。

As it relates to what we're seeing in the overall consumer pocketbook inflation, slowing economy, whatever you want to call it, I think that -- we're dealing with a number of unknowns right now, this exact situation, we probably haven't encountered. I feel good about our first quarter of this year. And I think we're definitely performing at a comfortable level in what I would expect in this quarter. So I think that that's good.

因為它與我們在整體消費者錢包通脹、經濟放緩中看到的情況有關，無論你怎麼稱呼它，我認為——我們現在正在處理一些未知數，這種確切的情況，我們可能沒有沒遇到我對今年第一季度感覺良好。而且我認為我們在本季度的預期表現肯定處於舒適的水平。所以我認為這很好。

And I'm not exactly sure how much precious metals investors pocketbooks are being affected right now and whether that's really affecting their spend. I mean our average order value is still very strong in the DTC. In fact, we continue to see a higher percentage of gold buyers than silver buyers, which is reflected in our average order value. Every week, we continue to see a number of first-time customers with a very high initial order. So I'm optimistic and very happy with that. So I think time will tell. I don't think anybody really knows exactly how things are going to play out.

而且我不確定貴金屬投資者的錢包現在受到了多少影響，以及這是否真的影響了他們的支出。我的意思是我們的平均訂單價值在 DTC 中仍然非常強勁。事實上，我們繼續看到黃金買家的比例高於白銀買家，這反映在我們的平均訂單價值中。每週，我們都會繼續看到許多初次購買的客戶，他們的初始訂單非常高。所以我對此很樂觀，也很高興。所以我認為時間會證明一切。我認為沒有人真正知道事情會如何發展。

The Fed made a very strong indication this last week that at all costs, they're going to kill inflation off. I don't think anybody knows exactly how that happens or what the process is or whether it's successful or when. I think we're pretty comfortable with where we're at right now. And in our crystal ball, at least in the near term, we feel pretty good about our model and what our customers are telling us.

美聯儲上週做出了一個非常強烈的暗示，即不惜一切代價，他們將扼殺通脹。我認為沒有人確切地知道這是如何發生的，或者過程是什麼，或者它是否成功或何時成功。我認為我們對我們現在所處的位置非常滿意。在我們的水晶球中，至少在短期內，我們對我們的模型以及客戶告訴我們的內容感覺非常好。

My second question here is to deal with the Mints. It seems like you guys produced about 1 million ounces per week, which I believe (inaudible) all the expansion plans you guys have laid out. So do you guys have any more expansion plans for the Mints in the coming quarters? And do you expect the shortage in the industry to persist over the next couple of quarters as well?

我的第二個問題是處理薄荷糖。看起來你們每週生產大約 100 萬盎司，我相信（聽不清）你們制定的所有擴張計劃。那麼你們在未來幾個季度對薄荷糖有更多的擴張計劃嗎？您是否預計該行業的短缺也會在接下來的幾個季度中持續存在？

I mean I would take it 2 quarters out, the quarter we're in and then our Q2, I think we have a pretty good idea of what we can expect from the U.S. Mint and the Royal Canadian Mint. And I think they will continue to struggle in production and not meet demand. We think that our 1 million ounces a week at the SilverTowne Mint plus our allocation of what Sunshine is making is good. We're happy with it. We'd like to have more -- be able to make more or have more supply. But I think we've planned. We think as we look at this BGASC acquisition, we're looking to basically take over their demand. We had historically not gotten a great deal of wholesale trade with them over the last 12 to 18 months. So we believe we'll be able to fill their demand with our product. The guys at JM Bullion will manage that inventory and manage their demand. So -- but we think we can fit them in pretty nicely here.

我的意思是我會拿出兩個季度，我們所處的季度，然後是我們的第二季度，我認為我們對美國鑄幣廠和加拿大皇家鑄幣廠的期望有一個很好的了解。而且我認為他們將繼續在生產中掙扎，無法滿足需求。我們認為，我們在 SilverTowne 鑄幣廠每週生產 100 萬盎司，加上我們對 Sunshine 所生產的產品的分配是好的。我們對此很滿意。我們想要更多——能夠製造更多或有更多供應。但我想我們已經計劃好了。我們認為，當我們審視此次 BGASC 收購時，我們正在尋求基本上接管他們的需求。在過去的 12 到 18 個月裡，我們從歷史上看沒有與他們進行大量的批發貿易。因此，我們相信我們將能夠用我們的產品滿足他們的需求。 JM Bullion 的員工將管理庫存並管理他們的需求。所以 - 但我們認為我們可以在這裡很好地適應它們。

As it relates to future growth or expansion at either Sunshine or the SilverTowne Mint, Sunshine is on track to start producing gold in its Las Vegas facility in the next 3 to 6 months. So we'll get a little bit more production from them when they are able to do that. And then we're always looking at ways to squeeze a little bit more out at SilverTowne. But for the most part, keeping all of our machinery up 24/7 will allow us to grow what we're getting out of them a little bit. And I think we're taking some steps to ensure that.

由於與 Sunshine 或 SilverTowne Mint 的未來增長或擴張有關，Sunshine 有望在未來 3 至 6 個月內開始在其拉斯維加斯工廠生產黃金。因此，當他們能夠做到這一點時，我們將從他們那裡獲得更多的生產。然後我們一直在尋找在 SilverTowne 擠出更多東西的方法。但在大多數情況下，讓我們所有的機器保持 24/7 全天候運行將使我們能夠從它們中獲得一點點增長。我認為我們正在採取一些措施來確保這一點。

So less down days going longer with the machinery that we have are key to our production. And we had a really good quarter in Q4. And it's a very impressive number, what Jamie and Brent have been able to do at the Mint and continue to supply us product when many of our competitors don't have that luxury.

因此，使用我們擁有的機器減少停機時間是我們生產的關鍵。我們在第四季度有一個非常好的季度。這是一個非常令人印象深刻的數字，傑米和布倫特在鑄幣廠能夠做到並繼續為我們提供產品，而我們的許多競爭對手都沒有這種奢侈。

Okay. Next, we have Greg Gibas with Northland Securities.

好的。接下來，我們有北國證券的 Greg Gibas。

Congrats on the dividends and in the quarter as well, a good milestone. I wanted to follow up first on BGASC. It seems like very attractive kind of acquisition of assets there. I wanted to ask if maybe the customer base with them differs at all relative to your existing D2C base and maybe in relation to demographics or spend-related metrics there?

祝賀股息和本季度，這是一個很好的里程碑。我想先跟進 BGASC。這似乎是一種非常有吸引力的資產收購方式。我想問一下，與您現有的 D2C 基礎相比，他們的客戶群是否完全不同，並且可能與那裡的人口統計或與支出相關的指標有關？

And I guess the second one there is, should we assume maybe profitability with that business is pretty comparable to JMB?

我想第二個是，我們是否應該假設該業務的盈利能力與 JMB 相當？

Yes. I think we took a good look at this. We still have a little bit of work to do on the demographics of their customer base before we close the deal. But we do see a difference, a different customer. I think the customer is a little bit more price conscious. I think they're a little bit less interested in the customer service experience. I think probably a little bit -- leans a little bit more towards price shopping and probably a little bit smaller group of SKUs or products. So we look at it as a great opportunity to touch some -- a new demographic and a new group of customers that want a little bit different experience than what JM or Goldline or Silver Gold Bull or Pinehurst offers. So we do believe this is a new niche for us.

是的。我認為我們對此進行了很好的研究。在我們完成交易之前，我們還有一些關於他們客戶群的人口統計數據的工作要做。但我們確實看到了不同，不同的客戶。我認為客戶對價格更加敏感。我認為他們對客戶服務體驗不太感興趣。我認為可能有點——更傾向於價格購物，可能更傾向於一小部分 SKU 或產品。因此，我們將其視為接觸一些人的絕佳機會——新的人群和新的客戶群體，他們想要與 JM 或 Goldline 或 Silver Gold Bull 或 Pinehurst 提供的體驗略有不同。所以我們相信這對我們來說是一個新的利基市場。

So a little different customer base. I would -- I don't have the exact numbers yet or we obviously hope to grow their top line through a number of things that our team at JM Bullion can do and they're up for the task. We think we can bring some immediate synergies to their marketing, to their fulfillment and to their product offerings and quantities available. So that's pretty much where we think we can grow their business.

所以客戶群有點不同。我會 - 我還沒有確切的數字，或者我們顯然希望通過我們在 JM Bullion 的團隊可以做的一些事情來增加他們的收入，他們已經做好了這項任務。我們認為我們可以為他們的營銷、他們的履行以及他們的產品供應和可用數量帶來一些直接的協同效應。所以這幾乎是我們認為我們可以發展他們的業務的地方。

As their business has been historically, I would say that their gross margin is generally on most products, slightly less than what JM Bullion is. So like I said, their demo seems to be a little bit more of a price shopping type customer. But we're very -- we're enthusiastic to test that out and see what else we can give to that customer base that they want. And like I said, picking up the wholesale trade with this customer is also a big added plus. So we think the timing and the opportunity was very good for us.

由於他們的業務歷來如此，我想說他們的毛利率通常在大多數產品上，略低於 JM Bullion。所以就像我說的，他們的演示似乎更像是一個價格購物類型的客戶。但我們非常 - 我們熱衷於測試這一點，看看我們還能為他們想要的客戶群提供什麼。就像我說的，與這個客戶進行批發貿易也是一個很大的加分項。所以我們認為時機和機會對我們來說非常好。

Yes. Makes sense. I appreciate the color there, Greg. I wanted to, I guess, get your updated thoughts on newer geographic markets that I know you're continuing to evaluate expansion opportunities there. It just sounds like there's a lot of opportunities you're seeing domestically. And I just wanted to kind of hear how you're thinking about weighing expansion maybe internationally versus kind of more of these acquiring customer bases domestically and that kind of thing?

是的。說得通。我很欣賞那裡的顏色，格雷格。我想，我想了解您對新地理市場的最新想法，我知道您正在繼續評估那裡的擴張機會。聽起來你在國內看到了很多機會。我只是想听聽你是如何考慮在國際上進行擴張與在國內獲得更多的客戶群之類的？

Yes. I think we've said before, we are looking internationally. Last quarter, we announced and then this -- our Q4, we closed the deal with Silver Gold Bull, which is the largest -- we believe, is the largest online retailer in Canada. So I think that was a good move for us. We continue to see good results from them. And I think that we were always looking at opportunities. I think the BGASC deal presented itself. It was an opportunity for us. It was a very good timing. The structure was favorable to both sides. We didn't have a lot of negotiating to do that took a long period of time. It seems we were able to come to an agreement fairly quickly.

是的。我想我們之前已經說過，我們正在尋找國際化的視野。上個季度，我們宣布了這個 - 我們的第四季度，我們與最大的 Silver Gold Bull 達成了交易 - 我們相信，它是加拿大最大的在線零售商。所以我認為這對我們來說是一個很好的舉措。我們繼續從他們身上看到好的結果。我認為我們一直在尋找機會。我認為 BGASC 的交易本身就出現了。這對我們來說是一個機會。這是一個非常好的時機。這種結構對雙方都有利。我們沒有太多的談判需要很長時間。看來我們很快就達成協議了。

And then like I said, the guys at JM Bullion did a great job of getting the deal signed and handling the due diligence. And I just think it's -- we have a great team here along with Kathleen and her finance team here. We were able to show, and our team was able to put together a deal very quickly that was -- that made the seller very happy. That deal was something that we didn't really even know about 4 months ago. So it happened fairly quickly.

然後就像我說的那樣，JM Bullion 的人在簽署交易和處理盡職調查方面做得很好。我只是認為——我們這裡有一個很棒的團隊，還有凱瑟琳和她的財務團隊。我們能夠展示，我們的團隊能夠很快達成交易——這讓賣家非常高興。那筆交易是我們甚至在 4 個月前都不知道的事情。所以它發生得相當快。

Other deals take longer. We've had deals that we've spent 6 or 8 months on that didn't happen, and we've had deals that we've spent 5 or 6 months on that have happened. So I think it just depends on the deal. I think it's a combination between are we knocking on the door? Are they knocking on our door? And that opportunity, depending on how it plays out is -- we think we can address anything.

其他交易需要更長的時間。我們有一些我們花了 6 到 8 個月的交易沒有發生，我們也有一些我們已經花了 5 到 6 個月的交易已經發生了。所以我認為這取決於交易。我認為這是我們在敲門嗎？他們在敲我們的門嗎？這個機會，取決於它如何發揮作用——我們認為我們可以解決任何問題。

We are currently looking at deal outside the United States that we've spent quite a bit of time on. And we think that, as we've said before, international expansion is important to us. We think we have a ton to offer as it relates to all of the intellectual assets that A-Mark has, the execution, the past experience, the supply, the marketing, we feel that we have a lot to offer if we can find the right deal outside the U.S. And as we've said before, we are working on something there, and we'll see how it plays out.

我們目前正在尋找在美國以外的交易，我們已經花費了相當多的時間。我們認為，正如我們之前所說，國際擴張對我們很重要。我們認為我們有很多東西可以提供，因為它與 A-Mark 擁有的所有知識資產、執行、過去的經驗、供應、營銷有關，我們覺得如果我們能找到在美國以外的交易是正確的。正如我們之前所說，我們正在那裡做一些事情，我們會看看結果如何。

Okay. Yes, makes sense. And I guess just last one for me. If I could follow up on CyberMetals. Great to see kind of new metrics there. I wanted to ask on response maybe from your -- that you're seeing from your customer acquisition spend. Have you kind of been pleased with those early marketing efforts at this point? And maybe just how payback from that spend is trending?

好的。是的，有道理。我想對我來說只是最後一個。如果我可以跟進 CyberMetals。很高興在那裡看到一種新的指標。我想問一下你的回應——你從客戶獲取支出中看到的。您對此時的早期營銷工作感到滿意嗎？也許這種支出的回報趨勢如何？

Yes. I think that we're pleased. We're happy with what we've seen. I think it's important to remember that the JM Bullion customer base and the demographic of the JM customer base has been -- is very much in tune with taking physical possession of their product. And they particularly have been historically heavy on silver and taking physical possession and having it shipped to them.

是的。我認為我們很高興。我們對我們所看到的感到滿意。我認為重要的是要記住，JM Bullion 客戶群和 JM 客戶群的人口統計與實際擁有他們的產品非常吻合。他們在歷史上尤其重視白銀，並實際佔有並將其運送給他們。

So we have had some success. I mean we've had 6,000 total customers almost since inception. And I think that's a good number so far. But I think that the real growth in this business is going to be from outside of the JM customer base. And we're taking what we've learned and the surveys we've done of the JM base, and we're trying to apply that to our marketing efforts. And Rob Pacelli at JM is working on that now. And I've been able to give a little bit of input into it. But I think we will see a greater growth momentum in that business as we put ourselves in front of customers that are used to buying GLD or used to buying other nonphysical precious metals exposure. And I think we're in the very early stages of just putting that plan together right now. And in the next 6 to 9 months, I think we'll see how those efforts turn out when we have what we expect to be a little more receptive group of targeted customers that we're going after.

所以我們取得了一些成功。我的意思是，自成立以來，我們幾乎擁有 6,000 名客戶。我認為到目前為止這是一個不錯的數字。但我認為這項業務的真正增長將來自 JM 客戶群之外。我們正在利用我們所學到的知識和我們對 JM 基地所做的調查，我們正試圖將其應用到我們的營銷工作中。 JM 的 Rob Pacelli 現在正在研究這個問題。我已經能夠提供一些意見。但我認為，隨著我們將自己置於習慣於購買 GLD 或習慣於購買其他非實物貴金屬敞口的客戶面前，我們將看到該業務的更大增長勢頭。而且我認為我們現在正處於製定該計劃的早期階段。在接下來的 6 到 9 個月內，我認為當我們擁有我們期望的目標客戶群時，我們將看到這些努力的結果。

So -- but to this point, I'm very happy with it. I think the upside is still tremendous. Obviously, $3.7 million in assets doesn't really move the needle much when you're making these small amounts on a transaction. But I think the -- where I expect we can go is much, much higher than this, and we'll hope to -- hopefully, these metrics in this box will reflect our efforts there.

所以 - 但到目前為止，我對此感到非常滿意。我認為上升空間仍然很大。顯然，當你在一筆交易中賺到這些小錢時，370 萬美元的資產並沒有真正起到太大的作用。但我認為——我預計我們可以去的地方比這要高得多，我們希望——希望這個框中的這些指標將反映我們在那裡的努力。

(Operator Instructions) Up next, we have [Ronick Sanon with JAM Partners].

（操作員說明）接下來，我們有 [Ronick Sanon 與 JAM Partners]。

Congrats on a great quarter. So just wanted to kind of ask you about capital return. I guess, firstly, it's great to see you guys announce a small acquisition on the same day that you announced some meaningful capital return. I would love to just understand, obviously, the regular dividend you're going to be paying out going forward. Would love to kind of just -- kind of get your thoughts on how you thought about sizing the dividend and adding the special and just kind of your overall thoughts on capital return over time going forward? And then I had another quick one.

祝賀一個偉大的季度。所以只是想問你關於資本回報的問題。我想，首先，很高興看到你們在宣布一些有意義的資本回報的同一天宣布了一項小型收購。顯然，我很想了解您將要支付的定期股息。是否願意 - 了解一下您對股息規模的看法，以及您對未來資本回報率的特殊和公正的總體想法？然後我又吃了一個。

Sure. Yes. I mean, we look at this regularly all the time, making sure that we have enough capital in case we want to do a deal, an acquisition. This quarter, we felt like we had a tremendous quarter. We generated a ton of free cash flow. I think that we closed the Silver Gold Bull deal, which was a pretty good chunk of money that came out of the business last quarter. We were very happy with that acquisition. Very happy with that asset allocation. We like to -- we'd like to do deals and then kind of see how our capital needs are in running the business and see whether we forecasted it properly. And in this case, we're very comfortable that we did.

當然。是的。我的意思是，我們一直定期查看這一點，確保我們有足夠的資金以防我們想要進行交易、收購。本季度，我們覺得我們有一個巨大的季度。我們產生了大量的自由現金流。我認為我們完成了 Silver Gold Bull 交易，這是上個季度從業務中產生的一大筆資金。我們對這次收購非常滿意。對資產配置非常滿意。我們喜歡 - 我們想做交易，然後看看我們的資本需求在經營業務方面的情況，看看我們是否正確預測。在這種情況下，我們很滿意我們所做的。

I think we've historically on the special dividend, if we had a great year, this is about the time that we have historically done a special dividend, which is a reflection of the performance of the year as well as whether or not we have anything on the near-term horizon that we think is going to be a big spend for us. I think our inventory right now is running very efficiently across all of our customers, in particular, our DTC needs. So I think Thor has been working on squeezing out as much revenue as we can per dollar of inventory. And I feel like we're in a pretty stable place there right now.

我認為我們歷來都派發特別股息，如果我們有一個偉大的一年，這就是我們歷來派發特別股息的時間，這反映了當年的表現以及我們是否有短期內我們認為對我們來說將是一筆大支出的任何東西。我認為我們現在的庫存在我們所有的客戶中都非常有效地運行，特別是我們的 DTC 需求。所以我認為托爾一直在努力從每美元庫存中擠出盡可能多的收入。我覺得我們現在處於一個相當穩定的地方。

We've also had a little drop in precious metals over the last 6 months in the actual spot price, which also just requires a little less capital for us to run the business with lower spot prices. So I think we factor all of those things in, and we look at what we see is a $100-plus million of after-tax profit and felt that giving the dollar, which is about 25% -- actually a little less than 25%, probably closer to 20% of what we generated in after-tax cash was a good reflection to reward the shareholders for a great year.

在過去的 6 個月裡，我們的貴金屬實際現貨價格也略有下降，這也只需要更少的資金讓我們以較低的現貨價格經營業務。所以我認為我們把所有這些因素都考慮進去了，我們看看我們看到的是 100 多萬美元的稅後利潤，並認為給予美元，大約是 25% - 實際上略低於 25% ，可能接近我們在稅後現金中產生的 20% 是一個很好的反映，以獎勵股東一個偉大的一年。

The regular dividend, we've talked before in the past about should we have one, should we not have one. We just -- the Board and management here, we decided that based on how we see our crystal ball and how we see how we're looking out over the next 12 to 24 months, we thought this was a good way to return some capital to shareholders. And we started at $0.20, that we'll see how that goes. It's about $0.80, and it's not a huge return on a percentage basis on our share price, but we feel that it's something and I think the shareholders, both existing shareholders and potential new shareholders, we'll look at that as a plus.

定期股息，我們過去曾討論過我們應該有一個，我們應該沒有一個。我們只是——這裡的董事會和管理層，我們決定根據我們對水晶球的看法以及我們對未來 12 到 24 個月的展望，我們認為這是回報一些資本的好方法給股東。我們從 0.20 美元開始，我們會看看情況如何。這大約是 0.80 美元，按我們股價的百分比計算，這並不是一個巨大的回報，但我們認為這是值得的，我認為股東，包括現有股東和潛在的新股東，我們會將其視為一個加分項。

Got you. That's super helpful. And then I just wanted to double check and make sure I got my math right. So if I take the $50 million just on the adjusted net income, if I take the $50 million and apply your normal tax rate, I get something like 66 per share. Does that sound right to you guys on the adjusted?

得到你。這非常有幫助。然後我只想仔細檢查並確保我的數學正確。因此，如果我僅從調整後的淨收入中提取 5,000 萬美元，如果我提取 5,000 萬美元並按照您的正常稅率計算，我將得到每股 66 美元。調整後的你們聽起來對嗎？

Yes. I think -- let's see, we had net income, $37.3 million, $1.52 a share. And I think that -- let's see, on an adjusted basis, we're at $50.6 million. So that's a little over $2 a share on the non-GAAP adjusted number at $50.6 million. And that's fairly in line with the $54.3 million apples-to-apples that we reported in the March 31st quarter of this year. Did that answer the question?

是的。我想——讓我們看看，我們有淨收入，3730 萬美元，每股 1.52 美元。而且我認為 - 讓我們看看，在調整後的基礎上，我們是 5060 萬美元。因此，按照非公認會計原則調整後的數字為 5060 萬美元，每股略高於 2 美元。這與我們在今年 3 月 31 日季度報告的 5430 萬美元的蘋果對蘋果相當一致。這回答了這個問題嗎？

(Operator Instructions) We have a follow-up coming from Thomas Forte with D.A. Davidson.

（操作員說明）我們有來自 Thomas Forte 與 D.A. 的後續行動。戴維森。

Great. Two quick follow-ups. So could you talk about what drove your gross profit performance for your direct-to-consumer effort in the fiscal fourth quarter? And then also, were your customer acquisition costs at all impacted by Apple's focus on privacy?

偉大的。兩個快速跟進。那麼，您能否談談是什麼推動了您在第四財季直接面向消費者的努力中的毛利潤表現？此外，您的客戶獲取成本是否受到 Apple 對隱私的關注的影響？

Yes. I mean I think that the privacy issues that we're having right now, we've been able to deal with that. I will say that overall, in this quarter, our cost per customer was up a little bit. Our spend was up a little bit. It just -- there were some fairly slow weeks in this quarter that we're reporting right now that we try to maintain as many new customers as we can every week. And I think that the spend can vary. And I don't know if -- I wouldn't attribute it directly to what Apple did. But certainly, we and our guys at JM led by Rob Pacelli on the marketing side, continually looking at ways to be efficient and to adjust to any rule changes in the game. And I think we're doing a very good job on that.

是的。我的意思是我認為我們現在遇到的隱私問題，我們已經能夠處理。我會說，總體而言，在本季度，我們的每位客戶成本略有上升。我們的支出增加了一點。只是 - 我們現在報告說本季度有一些相當緩慢的幾週，我們試圖每週盡可能多地維持新客戶。而且我認為支出可能會有所不同。而且我不知道是否——我不會直接將其歸因於 Apple 所做的事情。但可以肯定的是，在營銷方面，我們和由 Rob Pacelli 領導的 JM 團隊不斷尋找提高效率並適應遊戲中任何規則變化的方法。我認為我們在這方面做得很好。

As it relates to the gross profit at the DTC, I think it was pretty consistent quarter-over-quarter. I think we -- I don't think there was a big change there. I don't have the numbers in front of me exactly but feels like the premiums on the products that we deal in have remained elevated. Our demand continues to outpace our available supply, which is favorable for us when that happens. But I think pretty much as we would expect, we saw -- within the quarter, we saw a fairly significant drop in spot prices for both gold and silver early in the quarter. As we've said before, that generally will motivate buyers and can cause an increase in the gross percentage margin, and we did see that happen. As prices stabilized and we worked through towards the end of the quarter, became more normalized. So nothing really unusual that I saw in either of those numbers or metrics.

由於它與 DTC 的毛利潤有關，我認為季度環比相當一致。我認為我們 - 我不認為那裡有很大的變化。我沒有確切的數字在我面前，但感覺我們所交易的產品的溢價仍然很高。我們的需求繼續超過我們的可用供應，這對我們有利。但我認為，正如我們所預期的那樣，我們看到 - 在本季度內，我們看到本季度初黃金和白銀的現貨價格都出現了相當大的下跌。正如我們之前所說，這通常會激勵買家並可能導致毛利率增加，我們確實看到了這種情況。隨著價格趨於穩定，我們在本季度末完成工作，變得更加正常化。所以我在這些數字或指標中都沒有看到什麼不尋常的地方。

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

至此，我們的問答環節到此結束。我現在想把電話轉回給羅伯茨先生，讓他作閉幕詞。

Thank you, John. Again, I'd like to thank our many shareholders for joining the call today. Thank you for your interest and continued support in A-Mark. Many thanks to our employees for their dedication and commitment to A-Mark's success and we look forward to updating you again on our progress. So thanks, everybody, for joining, and thanks for your continued support of A-Mark and being shareholders of A-Mark.

謝謝你，約翰。再次，我要感謝我們的許多股東今天加入電話會議。感謝您對 A-Mark 的關注和持續支持。非常感謝我們的員工對 A-Mark 成功的奉獻和承諾，我們期待再次向您通報我們的進展。因此，感謝大家的加入，感謝您對 A-Mark 的持續支持和成為 A-Mark 的股東。

Before we conclude today's call, I would like to provide A-Mark's safe harbor statement that includes important cautions regarding forward-looking statements made during this call.

在我們結束今天的電話會議之前，我想提供 A-Mark 的安全港聲明，其中包括有關本次電話會議期間做出的前瞻性陳述的重要警告。

During today's call, there were forward-looking statements made regarding future events, statements that relate A-Mark's future plans, objectives, expectations, performance, events and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.

在今天的電話會議中，有關於未來事件的前瞻性陳述，與 A-Mark 的未來計劃、目標、預期、業績、事件等相關的陳述是《私人證券訴訟改革法案》含義內的前瞻性陳述1995 年和 1934 年的證券交易法。

Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute the company's growth strategy as planned; greater-than-anticipated costs incurred to execute this strategy; changes in the current domestic and international political climate; increased competition for A-Mark's higher-margin services, which could depress pricing; the failure of the company's business model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and other business, economic, financial and governmental risks as described in the company's public filings with the Securities and Exchange Commission.

未來的事件、風險和不確定性，無論是單獨的還是總體的，都可能導致實際結果與這些陳述中明示或暗示的結果大不相同。可能導致實際結果不同的因素包括：未能按計劃執行公司的增長戰略；執行此策略所產生的成本高於預期；當前國內和國際政治氣候的變化；對 A-Mark 更高利潤服務的競爭加劇，這可能會壓低定價；公司的商業模式未能按預期響應市場環境的變化；在商品市場做生意的一般風險；以及公司向證券交易委員會提交的公開文件中描述的其他商業、經濟、金融和政府風險。

The words should, believe, estimate, expect, intend, anticipate, foresee, plan and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements.

這些詞應該、相信、估計、期望、打算、預期、預見、計劃和類似的表達方式及其變體識別某些此類前瞻性陳述，這些陳述僅在做出這些陳述的日期時發表。此外，任何與未來改善業績以及收入和每股收益估計相關的陳述都是前瞻性陳述。

The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

公司不承擔公開更新或修改任何前瞻性陳述的義務。告誡讀者不要過分依賴這些前瞻性陳述。

Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website.

最後，我想提醒大家，今天的電話錄音將可通過公司網站投資者部分的鏈接進行重播。

Thank you for joining us for A-Mark's earnings call. You may now disconnect.

感謝您參加 A-Mark 的財報電話會議。您現在可以斷開連接。