A-Mark Precious Metals Inc (AMRK) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to A-Mark Precious Metals Conference Call for the Fiscal Second Quarter ended December 31, 2022. My name is John, and I will be your operator this afternoon.

下午好，歡迎參加截至 2022 年 12 月 31 日的第二財季 A-Mark 貴金屬電話會議。我叫約翰，今天下午我將是你的接線員。

Before this call, A-Mark issued its results for the fiscal second quarter 2023 in a press release which is available in the Investor Relations section of the company's website at www.amark.com. You can find the link to the Investor Relations section at the top of the home page. 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.

在此電話會議之前，A-Mark 在新聞稿中發布了 2023 財年第二季度的業績，該新聞稿可在公司網站 www.amark.com 的投資者關係部分獲取。您可以在主頁頂部找到指向投資者關係部分的鏈接。與我們一起參加今天電話會議的有 A-Mark 的首席執行官 Greg Roberts；總裁 Thor Gjerdrum；首席財務官 Kathleen Simpson-Taylor。在他們發表評論之後，我們將開始對您的問題進行通話。

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，我將針對管理層在此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，這個電話正在錄音中，可以通過 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.

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

Thank you, and good afternoon, everyone. Thank you all for joining our call today. As you can see from our earnings release, the second quarter represented another solid quarter for A-Mark with diluted EPS of $1.35 and EBITDA of nearly $49 million with a 6% quarterly return on equity. We generated these results despite the subdued market conditions that we experienced during the latter half of the quarter. Demonstrating the strength of our fully integrated business model.

謝謝，大家下午好。感謝大家今天加入我們的電話會議。正如您從我們的收益發布中看到的那樣，第二季度代表了 A-Mark 的又一個穩定季度，稀釋後每股收益為 1.35 美元，EBITDA 接近 4900 萬美元，季度股本回報率為 6%。儘管我們在本季度後半段經歷了低迷的市場環境，但我們還是取得了這些結果。展示我們完全整合的商業模式的實力。

Our DTC segment continued to contribute significantly to our overall results, generating 57% of our consolidated gross profit for the quarter with 130 basis point increase in our DTC gross margin percentage year-over-year. Our total DTC customer base grew 15% year-over-year. New DTC customers for the quarter grew 230% year-over-year and active DTC customers for the quarter grew 30% year-over-year. Approximately 55% of the new customers were acquired from our BGASC asset purchase in October 2022. We are encouraged by the performance of the now fully integrated BGASC brand and the customer base that we acquired. Our DTC segment continues to grow and remains a key contributor to our overall business. We remain active in seeking opportunities to strategically enhance our business.

我們的 DTC 部門繼續為我們的整體業績做出重大貢獻，佔本季度綜合毛利的 57%，我們的 DTC 毛利率同比增長 130 個基點。我們的 DTC 總客戶群同比增長 15%。本季度新 DTC 客戶同比增長 230%，活躍 DTC 客戶同比增長 30%。大約 55% 的新客戶是通過我們在 2022 年 10 月購買 BGASC 資產獲得的。我們對現在完全整合的 BGASC 品牌的表現和我們獲得的客戶群感到鼓舞。我們的 DTC 部門繼續增長，並且仍然是我們整體業務的主要貢獻者。我們仍然積極尋求機會，以戰略性地增強我們的業務。

As we announced last month, we purchased a 12% minority interest in Texas Precious Metals or TPM a leading e-commerce precious metals retailer with a strong geographic presence in Texas. TPM has over 50,000 customers, and we look forward to supporting their growth through our 4-year extension of our exclusive supplier agreement. Last week, we also entered into a definitive agreement to acquire a 25% minority interest in Atkinsons Bullion & Coin, a leading online retailer of precious metals, bullion and coins based in the United Kingdom. This investment transaction is expected to close in the first quarter of calendar '23 and will expand our international footprint outside of North America.

正如我們上個月宣布的那樣，我們購買了 Texas Precious Metals 或 TPM 12% 的少數股權，這是一家領先的電子商務貴金屬零售商，在德克薩斯州擁有強大的地理影響力。 TPM 擁有超過 50,000 名客戶，我們期待通過將我們的獨家供應商協議延長 4 年來支持他們的發展。上週，我們還達成了一項最終協議，收購 Atkinsons Bullion & Coin 25% 的少數股權，這是一家位於英國的領先的貴金屬、金條和硬幣在線零售商。這項投資交易預計將在 23 年第一季度完成，並將擴大我們在北美以外的國際足跡。

Another key driver of our performance continues to be our minting business, which provides us with ongoing access to supply with production levels continuing at near record levels for the second quarter.

我們業績的另一個關鍵驅動力仍然是我們的鑄幣業務，它為我們提供了持續的供應渠道，第二季度的生產水平繼續接近創紀錄水平。

Now I'll turn it over to our CFO, Kathleen Simpson-Taylor, to walk you through our financials in more detail. Then President, Thor Gjerdrum will discuss our operating metrics. Afterwards, I'll provide a further update on our business and growth strategy and take your questions. 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和增長戰略的進一步更新，並回答您的問題。凱瑟琳？

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q2 2023 increased 0.2% to $1.95 billion from $1.946 billion in Q2 of last year. The increase was due to an increase in silver ounces sold, partially offset by a decrease in gold ounces sold and lower average selling prices of gold and silver. The DTC segment contributed 23% of the consolidated revenue in fiscal Q2 2023 and 28% of the consolidated revenue in Q2 of last year. Revenue contributed by JMB represented 21% of the consolidated revenues for fiscal Q2 of 2023 compared to 25% in Q2 of last year.

謝謝 Greg，大家下午好。我們 2023 財年第二季度的收入從去年第二季度的 19.46 億美元增長 0.2% 至 19.5 億美元。這一增長是由於售出的白銀盎司增加，部分被售出的黃金盎司減少以及黃金和白銀的平均售價下降所抵消。 DTC 部門貢獻了 2023 財年第二季度綜合收入的 23% 和去年第二季度綜合收入的 28%。 JMB 貢獻的收入佔 2023 財年第二季度綜合收入的 21%，而去年第二季度為 25%。

For the 6-month period, our revenues decreased 3% to $3.85 billion from $3.96 billion in the same year ago period. The decrease was due to a decrease in gold ounces sold and lower average selling prices of gold and silver, partially offset by an increase in silver ounces sold. The DTC segment contributed 23% and 27% of the consolidated revenue for the 6 months ended December 31, 2022 and 2021, respectively. Revenue contributed by JMB represented 21% of the consolidated revenues for the 6-month period ended December 31, 2022, compared to 24% in the same year ago period.

在 6 個月期間，我們的收入從去年同期的 39.6 億美元下降 3% 至 38.5 億美元。減少的原因是售出的黃金盎司減少以及黃金和白銀的平均售價下降，部分被售出的銀盎司增加所抵消。在截至 2022 年 12 月 31 日和 2021 年 12 月 31 日的六個月中，DTC 分部分別貢獻了綜合收入的 23% 和 27%。 JMB 貢獻的收入佔截至 2022 年 12 月 31 日止 6 個月期間綜合收入的 21%，而去年同期為 24%。

Gross profit for fiscal Q2 2023 decreased 3% to $64 million or 3.28% of revenue from $65.9 million or 3.39% of revenue in Q2 of last year. The decrease in gross profit was due to lower gross profits earned from the wholesale sales and ancillary services and DTC segment. Gross profit contributed by the DTC segment represented 57% of the consolidated gross profit in fiscal Q2 2023 compared to 56% in the same year ago period. Gross profit contributed by JMB represented 51% of the consolidated gross profit in fiscal Q2 2023 compared to 45% in Q2 of last year.

2023 財年第二季度的毛利潤從去年第二季度的 6590 萬美元或收入的 3.39% 下降 3% 至 6400 萬美元或收入的 3.28%。毛利減少是由於批發銷售和輔助服務以及 DTC 分部的毛利減少所致。 DTC 部門貢獻的毛利佔 2023 財年第二季度綜合毛利的 57%，而去年同期為 56%。 JMB 貢獻的毛利佔 2023 財年第二季度綜合毛利的 51%，而去年第二季度為 45%。

For the 6-month period, gross profit increased 15% to $140.6 million or 3.65% of revenue from $121.9 million or 3.08% of revenue in the same year ago period. The gross profit increase was due to higher gross profits earned from the wholesale sales and ancillary services and DTC segment. Gross profit contributed by the DTC segment represented 56% of the consolidated gross profit in the 6-month period ended December 31, 2022, compared to 55% in the same year ago period. Gross profit contributed by JMB represented 49% and 45% of consolidated gross profit for the 6 months ended December 31, 2022 and 2021, respectively.

在 6 個月期間，毛利潤從去年同期的 1.219 億美元或收入的 3.08% 增長 15% 至 1.406 億美元或收入的 3.65%。毛利潤增加是由於批發銷售和輔助服務以及 DTC 部門獲得的毛利潤增加。截至 2022 年 12 月 31 日止六個月期間，DTC 分部貢獻的毛利佔綜合毛利的 56%，而去年同期為 55%。 JMB 貢獻的毛利分別佔截至 2022 年 12 月 31 日和 2021 年 12 月 31 日止六個月的綜合毛利的 49% 和 45%。

SG&A expenses for fiscal Q2 2023 increased 11% to $20.8 million from $18.7 million in Q2 of last year. The increase was primarily due to an increase in compensation expense, including performance-based accruals of $1.5 million, higher advertising costs of $1.2 million, an increase in insurance costs of $0.8 million and an increase in computer-related expenses of $0.3 million, partially offset by lower consulting and professional fees of $1.7 million.

2023 財年第二季度的 SG&A 費用從去年第二季度的 1870 萬美元增長 11% 至 2080 萬美元。增加的主要原因是薪酬費用增加，包括基於績效的應計費用 150 萬美元、廣告費用增加 120 萬美元、保險費用增加 80 萬美元以及計算機相關費用增加 30 萬美元，部分抵消通過降低 170 萬美元的諮詢和專業費用。

For the 6-month period, SG&A expenses increased 9% to $38.6 million from $35.4 million in the same year ago period. The increase was primarily due to an increase in compensation expense, including performance-based accruals of $2.5 million, higher advertising costs of $1.9 million, an increase in computer-related expenses of $0.4 million, an increase in insurance costs of $0.2 million, partially offset by lower consulting and professional fees of $2.3 million.

6 個月期間，SG&A 費用從去年同期的 3540 萬美元增長 9% 至 3860 萬美元。增加的主要原因是薪酬費用增加，包括基於績效的應計費用 250 萬美元、廣告費用增加 190 萬美元、計算機相關費用增加 40 萬美元、保險費用增加 20 萬美元，部分抵消通過降低 230 萬美元的諮詢和專業費用。

Depreciation and amortization expense for fiscal Q2 2023 decreased 61% to $3.3 million from $8.3 million in Q2 of last year. The decrease was primarily due to a $5 million decrease in amortization of acquired intangibles related to JMB. For the 6-month period, depreciation and amortization expense decreased 61% to $6.4 million from $16.5 million in the same year ago period. The decrease was primarily due to a $10.1 million decrease in amortization of acquired intangibles related to JMB.

2023 財年第二季度的折舊和攤銷費用從去年第二季度的 830 萬美元下降 61% 至 330 萬美元。減少的主要原因是與 JMB 相關的收購無形資產的攤銷減少了 500 萬美元。 6 個月期間，折舊和攤銷費用從去年同期的 1650 萬美元下降 61% 至 640 萬美元。減少的主要原因是與 JMB 相關的收購無形資產的攤銷減少了 1010 萬美元。

Interest income for fiscal Q2 2023 decreased 5% to $5 million from $5.3 million in Q2 of last year. The aggregate decrease in interest income was primarily due to lower interest income earned by our Secured Lending segment, offset by higher other finance product income. For the 6-month period, interest income decreased 7% to $10.1 million from $10.8 million in the same year ago period. The aggregate decrease in interest income was primarily due to lower interest income earned by our Secured Lending segment and lower other finance product income.

2023 財年第二季度的利息收入從去年第二季度的 530 萬美元下降 5% 至 500 萬美元。利息收入的總減少主要是由於我們的擔保貸款部門賺取的利息收入減少，被其他金融產品收入增加所抵消。 6 個月期間，利息收入從去年同期的 1080 萬美元下降 7% 至 1010 萬美元。利息收入的總減少主要是由於我們的擔保貸款部門賺取的利息收入減少以及其他金融產品收入減少。

Interest expense for fiscal Q2 2023 increased 34% to $7.2 million from $5.4 million in Q2 of last year. The increase was primarily driven by $1.2 million associated with the company's trading credit facility and the AMCF Notes, including amortization of debt issuance costs, $0.7 million related to product financing arrangements, $0.2 million in interest associated with liabilities on borrowed metals, and this was offset by a decrease of $0.2 million of loan servicing fees.

2023 財年第二季度的利息支出從去年第二季度的 540 萬美元增長 34% 至 720 萬美元。增加的主要原因是與公司的貿易信貸額度和 AMCF 票據相關的 120 萬美元，包括債務發行成本的攤銷、與產品融資安排相關的 70 萬美元、與借入金屬負債相關的 20 萬美元利息，這被抵消了貸款服務費減少 20 萬美元。

For the 6-month period, interest expense increased 23% to $13.4 million from $10.9 million in the same year ago period. The increase was primarily driven by $1.8 million associated with our trading credit facility and the AMCF Note, including amortization of debt issuance costs, $0.8 million related to finance product financing arrangements, $0.3 million in interest associated with liabilities on borrowed metals, and this was offset by a decrease of $0.4 million of loan servicing fees.

在 6 個月期間，利息支出從去年同期的 1090 萬美元增加 23% 至 1340 萬美元。增加的主要原因是與我們的貿易信貸設施和 AMCF 票據相關的 180 萬美元，包括債務發行成本的攤銷、與金融產品融資安排相關的 80 萬美元、與借入金屬負債相關的 30 萬美元利息，這被抵消了貸款服務費減少 40 萬美元。

Earnings from equity method investments in Q2 2023 increased 283%, to $4.7 million from $1.2 million in the same year ago quarter. The net increase was primarily due to our additional 40% ownership interest in Silver Gold Bull which was acquired in June 2022. For the 6-month period, earnings from equity method investments increased 171% to $7.3 million from $2.7 million in the same year ago period. The net increase was primarily due to our additional 40% ownership interest in Silver Gold Bull, which we acquired in June 2022.

2023 年第二季度權益法投資收益從去年同期的 120 萬美元增長 283% 至 470 萬美元。淨增長主要是由於我們在 2022 年 6 月收購的 Silver Gold Bull 額外擁有 40% 的所有權權益。在這 6 個月期間，權益法投資的收益從去年同期的 270 萬美元增長了 171% 至 730 萬美元時期。淨增長主要是由於我們在 2022 年 6 月收購的 Silver Gold Bull 額外擁有 40% 的所有權權益。

Net income attributable to the company for the second quarter of fiscal 2023 totaled $33.5 million or $1.35 per diluted share. This compares to net income attributable to the company of $31.8 million or $1.30 per diluted share in Q2 of last year. As adjusted for the effect of the 2-for-1 stock split in June 2022. Our diluted EPS for the fiscal second quarter of 2023 is based on weighted average diluted shares outstanding of $24.7 million compared with $24.4 million weighted average diluted shares outstanding during the second quarter of last year. As adjusted for the effect of the 2-for-1 stock split that occurred in June 2022.

2023 財年第二季度歸屬於公司的淨收入總計 3350 萬美元或攤薄後每股收益 1.35 美元。相比之下，去年第二季度歸屬於公司的淨收入為 3180 萬美元或每股攤薄收益 1.30 美元。根據 2022 年 6 月 2 對 1 股票拆分的影響進行調整。我們 2023 財年第二季度的稀釋每股收益是基於 2470 萬美元的加權平均稀釋流通股，而 2440 萬美元的加權平均稀釋流通股去年第二季度。根據 2022 年 6 月發生的 2 股拆股的影響進行調整。

For the 6-month period, net income attributable to the company totaled $78.6 million or $3.18 per diluted share which compares to net income attributable to the company of $57.8 million or $2.39 per diluted share in the same year ago period as adjusted for the effect of the 2-for-1 stock split that occurred in June 2022.

6 個月期間，歸屬於公司的淨收入總計 7860 萬美元或每股攤薄收益 3.18 美元，而去年同期歸屬於公司的淨收入為 5780 萬美元或每股攤薄收益 2.39 美元，經調整後2022 年 6 月發生的 2 股拆股。

Our diluted EPS for the 6-month period is based on weighted average diluted shares outstanding of $24.7 million compared with $24.2 million weighted average diluted shares outstanding during the same year ago period, which has been adjusted for the effect of the 2-for-1 stock split that occurred in June 2022.

我們 6 個月期間的稀釋後每股收益基於 2470 萬美元的加權平均稀釋流通股，而去年同期為 2420 萬美元的加權平均稀釋流通股，已根據 1 比 2 的影響進行了調整2022 年 6 月發生的股票拆分。

Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes acquisition expenses, amortization and depreciation for Q2 fiscal 2023 totaled $46.5 million, a decrease of 5% compared to $49 million in the same year ago quarter. Adjusted net income before provision for income taxes for the 6-month period totaled $107.7 million, a 20% increase from $90.1 million in the same year ago period. EBITDA, a non-GAAP liquidity measure for Q2 fiscal 2023 totaled $48.7 million, a 1% decrease compared to $49.1 million in Q2 fiscal 2022. EBITDA for the 6-month period totaled $110.9 million, a 23% increase compared to $90.1 million in the same year ago period.

2023 財年第二季度扣除收購費用、攤銷和折舊後的調整後所得稅準備金前淨收入為 4650 萬美元，與去年同期的 4900 萬美元相比下降了 5%。 6 個月期間調整後的所得稅撥備前淨收入總計 1.077 億美元，比去年同期的 9010 萬美元增長 20%。 EBITDA 是 2023 財年第二季度的非 GAAP 流動性衡量指標，總計 4870 萬美元，與 2022 財年第二季度的 4910 萬美元相比下降 1%。6 個月期間的 EBITDA 總計 1.109 億美元，與 2022 財年的 9010 萬美元相比增長 23%。同年同期。

Turning to our balance sheet. At quarter end, we had $72.5 million of cash compared to $37.8 million at the end of last fiscal year 2022. Our tangible net worth at the end of the quarter was $371.6 million, up from $321.6 million at the end of the prior fiscal year. Our AMCF Notes have a maturity date of December 15, 2023, and are now reported as a current liability of $94.5 million on our balance sheet.

轉向我們的資產負債表。截至季度末，我們擁有 7250 萬美元現金，而上一財年 2022 年末為 3780 萬美元。本季度末我們的有形淨資產為 3.716 億美元，高於上一財年末的 3.216 億美元。我們的 AMCF 票據的到期日為 2023 年 12 月 15 日，現在在我們的資產負債表上報告為 9450 萬美元的流動負債。

Finally, as we announced in a prior press release, A-Mark’s Board of Directors reaffirmed its previously announced regular quarterly cash dividend policy of $0.20 per common share which the company paid in January. It is expected that the next quarterly dividend will be declared and paid in April 2023. 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 the alternative uses of cash and our applicable bank covenants. That completes my financial summary.

最後，正如我們在之前的新聞稿中宣布的那樣，A-Mark 董事會重申其先前宣布的公司在 1 月份支付的每普通股 0.20 美元的定期季度現金股息政策。預計下一季度股息將於2023年4月宣派及支付。未來定期現金股息的宣派取決於董事會每個季度根據包括公司財務表現在內的多項因素決定、可用現金資源、現金需求和現金的替代用途以及我們適用的銀行契約。這完成了我的財務摘要。

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

現在我將把電話轉給 Thor，他將提供我們關鍵運營指標的最新信息。雷神？

Thank you, Kathleen. Looking at our key operating metrics for the second quarter of fiscal 2023. We sold 565,000 ounces of gold in Q2 fiscal 2023, which was down 10% from Q2 of last year as well as the previous quarter. For the 6-month period, we sold 1.2 million ounces of gold, which was down 8% from the year ago period. We sold 38.1 million ounces of silver in Q2 fiscal 2023, which was up 19% from Q2 of last year and up 6% from last quarter. For the 6-month period, we sold 74.1 million ounces of silver, which was up 23% from the same year ago period.

謝謝你，凱瑟琳。看看我們 2023 財年第二季度的主要運營指標。我們在 2023 財年第二季度售出了 565,000 盎司黃金，比去年第二季度和上一季度下降了 10%。在 6 個月期間，我們賣出了 120 萬盎司黃金，比去年同期下降了 8%。我們在 2023 財年第二季度售出 3810 萬盎司白銀，比去年第二季度增長 19%，比上一季度增長 6%。在 6 個月期間，我們售出了 7410 萬盎司白銀，比去年同期增長了 23%。

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 131,200 in Q2 fiscal 2023, which is up 230% from Q2 of last year and up 168% from last quarter. Approximately 55% of the new customers in Q2 fiscal 2023 were attributable to the acquired customer list of BGASC in October 2022. For the 6-month period, the number of new customers in the DTC segment was 180,200, which is up 145% from 73,600 new customers in the same year ago period. Approximately 40% of the new customers in the 6-month period were attributable to the acquired customer list of BGASC in October 2022.

2023 財年第二季度，DTC 細分市場的新客戶數量（定義為在此期間註冊或設立新賬戶或首次購買的客戶數量）為 131,200，增長 230%與去年第二季度相比，比上一季度增長了 168%。 2023 財年第二季度約 55% 的新客戶歸因於 2022 年 10 月獲得的 BGASC 客戶名單。在這 6 個月期間，DTC 部門的新客戶數量為 180,200，比 73,600 增長了 145%去年同期的新客戶。 6個月期間約40%的新客戶歸因於2022年10月獲得的BGASC客戶名單。

The number of total customers in the DTC segment at the end of the second quarter was approximately 2.2 million, which was a 50% increase from the prior year. The year-over-year increases in the customer base metrics were primarily due to organic growth of our JMB customer base as well as the acquired customer list of BGASC in October of 2022. The DTC segment average order value, which represents the average dollar value of third-party product orders, excluding accumulation program orders delivered to DTC segment customers during Q2 fiscal 2023 was $2,389 which is up $16 from Q2 of fiscal 2022. (inaudible) For the 6-month period, our DTC average order value was $2,361, which is up $29 from the same year ago period.

第二季度末 DTC 部門的客戶總數約為 220 萬，比上年增長 50%。客戶群指標的同比增長主要是由於我們的 JMB 客戶群的有機增長以及 BGASC 在 2022 年 10 月獲得的客戶名單。DTC 部分平均訂單價值，代表平均美元價值第三方產品訂單（不包括在 2023 財年第二季度交付給 DTC 細分市場客戶的累積計劃訂單）為 2,389 美元，比 2022 財年第二季度增加 16 美元。（聽不清）在 6 個月期間，我們的 DTC 平均訂單價值為 2,361 美元，比去年同期上漲了 29 美元。

For the second fiscal quarter, our inventory turn ratio was 2.4, which is a 27% decrease from 3.3 in Q2 of last year. For the 6-month period, our inventory turnover ratio was 4.5 which was a 41% decrease from the 6-month period of last year. Finally, the number of secured loans at the end of December totaled 1,049, a decrease of 3% from September 30, 2022, and a decrease of 56% from December 31, 2021. The dollar value of our loan portfolio at the end of December 2022 totaled $102.5 million, which is up 17% from the end of September, but down 19% from December 31, 2021.

第二財季，我們的庫存周轉率為 2.4，比去年第二季度的 3.3 下降了 27%。在 6 個月期間，我們的存貨周轉率為 4.5，比去年 6 個月期間下降了 41%。最後，截至 12 月底的擔保貸款數量總計 1,049 筆，較 2022 年 9 月 30 日下降 3%，較 2021 年 12 月 31 日下降 56%。我們 12 月底貸款組合的美元價值2022 年總計 1.025 億美元，比 9 月底增長 17%，但比 2021 年 12 月 31 日下降 19%。

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

我準備好的發言到此結束。我現在將其轉交給 Greg 作結束語。格雷格？

Thank you, Kathleen and Thor. Our favorable results for the quarter demonstrate the benefits of our fully integrated business platform to generate positive results even in more modest market conditions with the opportunity for outsized returns in periods of elevated demand and volatility. We have continued to face some macro headwinds to start the fiscal third quarter as we are currently experiencing a more subdued market environment.

謝謝你，凱瑟琳和托爾。我們在本季度取得的良好業績表明，即使在較為溫和的市場條件下，我們完全集成的業務平台也能產生積極成果，並有機會在需求增加和波動期間獲得超額回報。我們在第三財季開始時繼續面臨一些宏觀阻力，因為我們目前正經歷著更加低迷的市場環境。

We continue to evaluate investment opportunities to expand our footprint, both in the U.S. and in international markets to further grow our business and create value for our shareholders. We are prioritizing opportunities which are synergistic for A-Mark and which are aligned with our business model. We remain very optimistic that our proven business model and integrated platform will allow us to realize growth and profitability over the long term. Operator?

我們繼續評估投資機會以擴大我們在美國和國際市場的足跡，以進一步發展我們的業務並為我們的股東創造價值。我們正在優先考慮對 A-Mark 具有協同作用並與我們的業務模型保持一致的機會。我們仍然非常樂觀地認為，我們經過驗證的商業模式和集成平台將使我們能夠實現長期增長和盈利。操作員？

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions) Our first question comes from Tom Forte with D.A. Davidson.

謝謝。此時，我們將進行問答環節。 （操作員說明）我們的第一個問題來自 Tom Forte 和 D.A.戴維森。

Great. So Greg, I have 2 questions. I'll go one at a time. When you talk about the macro headwinds, how much of that is elevated prices for gold and silver? Is that partly it? Or is it more than that? I appreciate any additional comments there?

偉大的。格雷格，我有兩個問題。我一個一個去。當你談到宏觀逆風時，其中有多少是黃金和白銀價格上漲？那是一部分嗎？還是不止於此？我很欣賞那裡的任何其他評論？

Sure. I think exactly what you said. I think the higher spot prices has caused some premium compression as well as some softening in demand. I think November 3, gold was at $1,635 an ounce. It ended the year around $1,800 plus. And as of January 31, we were up to $1,930.So -- you had a fairly significant steady increase on the spot price and silver followed suit without really any of the pullbacks that we see that generally generate volatility or generate increased demand. Now we did see a Friday of last week, we did see a fairly significant drop in gold and silver, and we'll see how that plays out through February.

當然。我認為正是你所說的。我認為較高的現貨價格導致了一些溢價壓縮以及需求疲軟。我認為 11 月 3 日，黃金價格為每盎司 1,635 美元。到年底，它的價格約為 1,800 美元以上。截至 1 月 31 日，我們達到了 1,930 美元。所以 - 現貨價格出現相當顯著的穩定上漲，白銀緊隨其後，沒有任何我們認為通常會產生波動或增加需求的回調。現在我們確實看到了上週的一個星期五，我們確實看到黃金和白銀出現了相當大的下跌，我們將看到整個 2 月份的情況如何。

But I think that we do -- we have reached a point at this level in gold and silver that the market is really looking to see whether or not we're going to get a breakout to the upside or whether we're going to get a pull back. And I think we had such extreme demand and conditions through our Q1 and through October and the first part of November of our Q2, that there was definitely to be expected if spot prices rose without a pullback, we expected to see a little softening in demand. I also think the timing was a little bit just -- there was a little bit of timing issue at the -- in December, where we had these circumstances plus we had the new United States mint product coming online, the first of January. So you had some supply coming into the market there as well as some of the other sovereign mints had product coming into the market in January.

但我認為我們確實做到了——我們已經達到了黃金和白銀這個水平的一個點，市場真的在看我們是否會向上突破，或者我們是否會得到拉回。而且我認為我們在第一季度和 10 月以及第二季度的 11 月上旬都有如此極端的需求和條件，如果現貨價格上漲而沒有回調，我們預計需求會略有疲軟.我還認為時間有點——在 12 月有一點時間問題，我們有這些情況，加上我們有新的美國薄荷產品上線，1 月 1 日。所以你有一些供應進入市場，其他一些主權鑄幣廠在 1 月份也有產品進入市場。

So I think the business is functioning great. Everything is working. But I do think that we had a little bit of supply and demand imbalance in December and January.

所以我認為公司運作良好。一切正常。但我確實認為我們在 12 月和 1 月有一點供需失衡。

Great. And then for my second of 3 questions. On the M&A front, can you do a quick compare and contrast on how you would describe your domestic strategy versus your international strategy, given that you just did the -- or you have plans to make an acquisition of the U.K. assets?

偉大的。然後是我的 3 個問題中的第二個。在併購方面，您能否快速比較和對比您將如何描述您的國內戰略與您的國際戰略，因為您剛剛做了 - 或者您有計劃收購英國資產？

Yes. I mean -- I think North America is where our markets are. We have the most -- the biggest footprint in Canada and the United States. So I think we will continue to build our moat and look for acquisitions that are priced right and where we believe the people we're talking to would be a good addition to our staff and business model ideas that we haven't possibly looked at before, but I don't think anything slows down in North America.

是的。我的意思是 - 我認為北美是我們的市場所在地。我們在加拿大和美國擁有最多——最大的足跡。所以我認為我們將繼續建立我們的護城河並尋找定價合適的收購，我們相信我們正在與之交談的人將對我們的員工和我們以前可能沒有考慮過的商業模式想法有很好的補充，但我認為北美沒有任何放緩的跡象。

I think that we're excited to get a little more insight into our first investment outside the U.S. or outside of North America. And I think the Atkinson deal is something that we've been looking at really for 6 to 9 months. Getting to know the partners, getting to know the business and then come into an agreement where we have made this purchase. And we also, as part of that, have an option to go up to just under 50%. So I think we'll digest that.

我認為我們很高興能更深入地了解我們在美國以外或北美以外的第一筆投資。我認為阿特金森的交易是我們已經研究了 6 到 9 個月的事情。了解合作夥伴，了解業務，然後就我們進行此次購買達成協議。作為其中的一部分，我們還可以選擇將比例提高到略低於 50%。所以我想我們會消化的。

I think our marketing guys in the DTC segment will be taking a close look at Atkinson's and seeing what we know and what they know and how we can meld those 2 together. And then, of course, we feel very strongly with the supplier agreement that are access to inventory and access to products that Atkinson hasn't been able to offer in the past or at least not offer consistently, we hope that by moving some product over to the U.K. and giving them quicker access to product for their customers. And we think that will be a nice opportunity for us to kind of get a feel for what that market is. And I think the principles at Atkinson's are very open to our help, and they're very much looking forward to seeing what we can do together.

我認為我們 DTC 部門的營銷人員將仔細研究阿特金森，看看我們知道什麼，他們知道什麼，以及我們如何將這兩者融合在一起。然後，當然，我們對供應商協議感到非常強烈，即可以訪問阿特金森過去無法提供的庫存和產品，或者至少不能始終如一地提供，我們希望通過轉移一些產品到英國，讓他們更快地為他們的客戶獲得產品。我們認為這將是一個很好的機會讓我們了解這個市場是什麼。而且我認為阿特金森的原則對我們的幫助非常開放，他們非常期待看到我們可以一起做些什麼。

Great. So last question. So last quarter, you talked about your mint capacity, and you talked about -- you had a very significant increase, I think, in the silver ounces sold. But at a high level, can you talk about your mix capacity today, SilverTowne and Sunshine Mint ?

偉大的。最後一個問題。所以上個季度，你談到了你的造幣廠產能，你談到了——我認為，你的銀盎司銷量有了非常顯著的增長。但在高層次上，你能談談你今天的混合能力，SilverTowne 和 Sunshine Mint 嗎？

Sure. I think both companies have had a great start to the fiscal year. Both quarters were very strong in both businesses. I think we've found ways to squeeze more production out of both facilities. And I think that everything is operating probably 90% to 100% of capacity right now. We regularly go through different product imbalances, and we shift production to items and products that we see demand shifts in or in products that we build up supply of. We're currently still producing product through February for the most part on orders that we took back in November and December. So we're trying to catch up and get as much product that we have orders on right now out to our customers.

當然。我認為兩家公司在本財年都有一個良好的開端。這兩個季度的兩個業務都非常強勁。我認為我們已經找到了從這兩個設施中擠出更多產量的方法。而且我認為現在一切都在運行 90% 到 100% 的容量。我們經常經歷不同的產品失衡，我們將生產轉移到我們看到需求發生變化的項目和產品，或者我們建立供應的產品。目前，我們仍在根據 11 月和 12 月收回的大部分訂單生產 2 月份的產品。因此，我們正在努力趕上並向我們的客戶提供盡可能多的我們現在有訂單的產品。

But I think that we'll keep a close eye on the, again, the supply and demand and the product mix, and we will -- and we'll keep an eye on our overall inventory and how that forward book is looking on product.

但我認為我們會再次密切關注供需和產品組合，我們會 - 我們會密切關注我們的整體庫存以及遠期書籍對產品的看法.

The next question comes from Lucas Pipes with B. Riley.

下一個問題來自 Lucas Pipes 和 B. Riley。

Thank you very much, operator, and good afternoon, everyone. I also want to ask about the M&A strategy and specifically with the recent investment in the U.K. Is that maybe a sign that Europe is higher up on the priority list internationally? Or should we maybe not go that far?

非常感謝接線員，大家下午好。我還想問一下併購策略，特別是最近對英國的投資。這是否表明歐洲在國際優先事項列表中的位置更高？或者我們不應該走那麼遠嗎？

Yes. I mean I think any investment we make outside of the U.S., whether it be in Europe or in the U.K. I think it comes with just a different set of challenges. I think that -- we need a good partner in those areas because the nuance of the business, although very similar, we're selling very much -- very many of the same products. I think the nuance of the consumer is something that A-Mark hasn't had exposure to the level of detail we hope to see from the Atkinson investment.

是的。我的意思是，我認為我們在美國以外進行的任何投資，無論是在歐洲還是在英國，我認為它都會帶來一系列不同的挑戰。我認為——我們在這些領域需要一個好的合作夥伴，因為業務的細微差別，雖然非常相似，但我們銷售的產品非常多——很多相同的產品。我認為消費者的細微差別是 A-Mark 沒有接觸到我們希望從阿特金森投資中看到的細節水平的東西。

And I do believe that the U.K. in particular, as it relates to online e-commerce platforms is there's a little bit less competition in my mind, and there's a few more players in North America. And I think that the businesses and the evolution of the businesses in the U.K. are probably a little bit behind what we see and what we are able to execute here in North America. So I think opportunity-wise, it's a very big market.

而且我確實相信，尤其是英國，因為它與在線電子商務平台相關，在我看來，競爭要少一些，而北美的玩家要多一些。而且我認為英國的業務和業務的發展可能有點落後於我們在北美看到的和我們能夠執行的。所以我認為在機會方面，這是一個非常大的市場。

Certainly, the U.K. is dominated by the Royal Mint and the Royal Mint is a big player there. So although we are a big distributor of the Royal Mint here in North America, we believe that the U.K. presence and the relationship with the Royal Mint has a lot of potential for us to continue to grow our business over there. So I think that's probably the players as well, as I said, the sovereign mint is very interesting to us in the U.K.

當然，英國由皇家造幣廠主導，而皇家造幣廠是那裡的重要參與者。因此，儘管我們是皇家造幣廠在北美的大型經銷商，但我們相信英國的存在以及與皇家造幣廠的關係對我們繼續在那裡發展業務具有很大的潛力。所以我認為這可能也是玩家的問題，正如我所說，英國的主權鑄幣廠對我們來說非常有趣。

It doesn't mean that we haven't looked at or we aren't looking at other opportunities in other places outside of North America. But I do believe that this was something that we identified, as I said, 6 to 9 months ago. We knew we wanted to do it, and we did focus specifically on this target, diligence in the partners, diligence and the founders, the employees, the model. And we came away as we signed the definitive agreement last week, we came away feeling that this was a good decision, albeit a little slower process than maybe we had in the BGASC or the TPM investment earlier this year. We are very happy with the results and the deal we were able to cut. And I think both sides feel there's a lot of opportunity in the U.K.

這並不意味著我們沒有考慮或沒有考慮北美以外其他地方的其他機會。但我確實相信，正如我在 6 到 9 個月前所說，這是我們確定的。我們知道我們想這樣做，我們確實專注於這個目標，合作夥伴的勤奮，勤奮和創始人，員工，模型。我們在上週簽署了最終協議後離開了，我們離開時覺得這是一個很好的決定，儘管比我們今年早些時候在 BGASC 或 TPM 投資中的過程要慢一些。我們對結果和我們能夠達成的交易感到非常滿意。我認為雙方都覺得英國有很多機會。

That's very helpful. And speaking of sovereign mint. I think you mentioned that there were a couple of new products that may have had an impact on premiums here earlier this year. Can you -- did I hear that right? Can you elaborate on that? And is that something more seasonal? Or is it potentially structural that there's more supply?

這很有幫助。說到主權鑄幣廠。我想你提到今年早些時候有一些新產品可能對保費產生影響。你能——我沒聽錯嗎？你能詳細說明一下嗎？那是更具季節性的東西嗎？或者有更多的供應可能是結構性的？

Sure. I don't know exactly what you're referring to, but I'll try to answer what I think the question is. We went through a period -- through our Q1 and the first part of Q2 a period of extreme supply constraint from the U.S. mint, both in gold and silver. And I think I've talked about it before. We hadn't really seen supply constraint on the U.S. Gold Eagles in quite some time. and the silver constraints continued. So we did benefit from that in Q1, and we also benefited from that at the beginning of Q2 in October. I do believe that the higher premiums that we experienced in those periods were a direct result of a supply constraint. It does appear that as we move into Q3 and as we turn the calendar to 2023 and all the mints are now producing bullion date in 2023.

當然。我不知道你指的是什麼，但我會盡力回答我認為的問題。我們經歷了一個時期——通過我們的第一季度和第二季度的第一部分，美國造幣廠的黃金和白銀供應受到極端限制。我想我之前已經談過了。我們已經有一段時間沒有真正看到美國金鷹的供應限制了。白銀限制繼續存在。所以我們確實在第一季度從中受益，我們也在 10 月份的第二季度初從中受益。我確實相信我們在那些時期經歷的更高的保費是供應限制的直接結果。確實，隨著我們進入第三季度，當我們將日曆轉到 2023 年時，所有鑄幣廠現在都在 2023 年生產金條。

We've absorbed a significant amount of new inventory from that date change. It's -- we've been able to manage it. We've been able to digest it. We are set up very well, I believe, if we get back into a supply-constrained situation or if we have a demand increase, I think A-Mark and our DTC are very well positioned with plenty of inventory. It does appear from what I'm hearing that the U.S. mint as it relates to Silver Eagles in particular, at least through the first 6 months of '23 will continue to be on allocation. And I believe that, that will continue to limit the amount of Silver Eagles that are coming into the marketplace over the next 6 months.

從那個日期變化開始，我們吸收了大量的新庫存。這是 - 我們已經能夠管理它。我們已經能夠消化它。我們的設置非常好，我相信，如果我們回到供應受限的情況或者如果我們有需求增加，我認為 A-Mark 和我們的 DTC 擁有充足的庫存。從我聽說的情況來看，美國鑄幣廠確實與 Silver Eagles 相關，至少在 23 年的前 6 個月內將繼續分配。而且我相信，這將繼續限制未來 6 個月內進入市場的 Silver Eagles 的數量。

So we'll see how that plays out. We'll see how the demand matches up with that but that's what we're hearing from the U.S. mint right now.

所以我們將看看結果如何。我們將看看需求如何與之相匹配，但這就是我們現在從美國造幣廠那裡聽到的。

(Operator Instructions) The next question is coming from Andrew Scutt with ROTH MKM.

（操作員說明）下一個問題來自 ROTH MKM 的 Andrew Scutt。

The first one here, you dive into a little bit, but please kind of just pick apart the 130 basis point gross margin expansion in the DTC business. I was just kind of wondering if that was more just the market environment or maybe improvements in the operating model?

這裡的第一個，你稍微深入一點，但請把 DTC 業務的 130 個基點毛利率擴張分開。我只是想知道這是否只是市場環境或運營模式的改進？

I think for the most part, it had to do again with what I just discussed, which is we did see some extreme premium advantage to the model in Q1 and to start Q2. I think that, that is reflective of our ability to move a lot of metal, both at the wholesale level and at our DTC segment. And I think we enjoyed those -- that premium expansion for a while. And as I discussed, we've seen a little bit of compression or erosion of that premium in December and January. But I don't think there was any anything specific within our model as it relates to expenses or anything else. I think it was pretty much driven by demand. And then as I said, some significant supply chain and supply constraints at the sovereign mint level.

我認為在很大程度上，它必須再次與我剛才討論的內容有關，即我們確實在第一季度和第二季度開始時看到了該模型的一些極端溢價優勢。我認為，這反映了我們在批發層面和我們的 DTC 部門移動大量金屬的能力。我認為我們很享受這些——一段時間內的溢價擴張。正如我所討論的，我們已經看到 12 月和 1 月的溢價有所壓縮或下降。但我認為我們的模型中沒有任何特定內容，因為它與費用或其他任何內容有關。我認為這在很大程度上是由需求驅動的。然後正如我所說，在主權鑄幣廠層面存在一些重要的供應鍊和供應限制。

Great. My second one here, kind of shifting gears. The CFC loan book. You guys talked to the increase in the loan book but also -- and not simultaneously, there is a decline in loans outstanding. So can you just kind of talk to the demand you're seeing in the business? And then maybe any updates on the partnerships with the collectibles group would be great as well.

偉大的。我在這裡的第二個，有點換檔。 CFC 貸款簿。你們談到了貸款賬簿的增加，而且 - 而且不是同時，未償貸款有所下降。那麼，您能談談您在業務中看到的需求嗎？然後也許與收藏品組的合作夥伴關係的任何更新也會很棒。

Sure. I think that the loan book, as we've talked about many times in the past, the loan book tends to increase when you have rising prices and we tend to have loans paid off, and we tend to lose loans when you have sudden drops or significant drops in the spot price of metal. This would be on the bullion loans in particular. I think that on the numismatic loans and the sports card loans that we've started to invest in, it's not quite as volatile. And I think that the CFC loan book is going to have the ups and downs. I do believe also that we've seen a significant increase in a higher cost of funds as it relates to our credit facility with the rising rates over the last 4 to 5 months, and it's been -- our cost of funds has gone up and we will start to expand our -- or raise our interest rates to our borrowers.

當然。我認為貸款簿，正如我們過去多次談到的那樣，當價格上漲時，貸款簿往往會增加，我們往往會還清貸款，而當價格突然下降時，我們往往會失去貸款或金屬現貨價格大幅下跌。這尤其適用於金條貸款。我認為，在我們已經開始投資的錢幣貸款和運動卡貸款方面，波動性並不大。而且我認為 CFC 貸款簿將會有起有落。我也確實相信，我們已經看到更高的資金成本顯著增加，因為它與我們的信貸安排有關，在過去 4 到 5 個月裡利率上升，而且它一直 - 我們的資金成本已經上升並且我們將開始擴大我們的——或提高我們對借款人的利率。

But generally, we saw in the last 2 quarters, a little faster increase in our cost of funds than we did in our ability to charge more to the customers. I think we've also -- as it relates to the CGC arrangement, that's -- we are focused right now on trying to increase our book on the more collectible side of things and the more numismatic or cards as opposed to the straight bullion loans, which we have pulled back a little bit on over the last 3 to 4 months, and we see a little bit better margin potential in the collectible loans. So we're going to be focused on that. And we've seen some nice increase in that, which has offset some of the drop on the bullion loans.

但總的來說，我們在過去兩個季度看到，我們的資金成本增長速度略快於我們向客戶收取更多費用的能力。我認為我們也 - 因為它與 CGC 安排有關，那就是 - 我們現在專注於嘗試增加我們在更具收藏價值的方面的賬簿和更多的錢幣或卡片，而不是直接的金條貸款，我們在過去 3 到 4 個月中略微縮減，我們看到可收回貸款的利潤率潛力略有提高。所以我們將專注於此。我們已經看到了一些不錯的增長，這抵消了金條貸款的部分下降。

Next question comes from Greg Gibas with Northland Securities.

下一個問題來自 Northland Securities 的 Greg Gibas。

Greg, Kathleen and Thor, thanks for taking my questions. I guess first, if I could follow up on the subdued market conditions. How much of kind of those headwinds were from lack of volatility in the market, do you think, versus maybe that increase in supply that you talked about?

Greg、Kathleen 和 Thor，感謝您回答我的問題。我想首先，如果我能跟進低迷的市場狀況。您認為這些不利因素中有多少是由於市場缺乏波動，而不是您談到的供應增加？

Yes. I mean I think, again, I do point to the rise in spot prices, and I think that, that is a significant issue. And we've always talked about how volatility is good for us. But when prices tend to rise and there's uncertainty as to really what's causing it or where it's going. I think that's going to cause a little bit of pullback in demand. And I just think that it's natural. We had a pretty good run on silver in particular, over the last year plus from about $18 up to about $25, so you also have some people taking profits, and we tend to have a little bit higher buybacks when spot prices are up. So that's going to affect the supply. You also have had a situation where we were very active forward selling a lot of our SilverTowne and Sunshine product in September and October, and a lot of that product is now coming into the marketplace as we deliver it in January and February.

是的。我的意思是，我認為，我確實指出了現貨價格的上漲，我認為這是一個重要問題。我們一直在談論波動對我們有何好處。但是，當價格趨於上漲時，究竟是什麼導致了它或它的去向存在不確定性。我認為這將導致需求略有回落。我只是認為這是自然的。我們在白銀方面表現尤其出色，去年從 18 美元左右漲到 25 美元左右，因此也有一些人獲利了結，當現貨價格上漲時，我們的回購量往往會略高一些。所以這會影響供應。您還遇到過這樣一種情況，我們在 9 月和 10 月非常積極地遠期銷售我們的很多 SilverTowne 和 Sunshine 產品，而且很多產品現在都在我們在 1 月和 2 月交付時進入市場。

And I think that not everybody in the marketplace hedges their position like we do, so if you have wholesalers that maybe bought product from us back September, October at lower spot prices, they're going to be selling that product back into the marketplace when they take delivery of it. So I think there's a number of factors that are going into this, but I would say the higher spot prices are probably the #1 issue. And then with that, a little slowing in demand. And again, these things are very expected by us. We go through these periods all the time. And we believe that operationally, the business is handling it. Our liquidity, all of our business operations, logistics, everything is performing well.

而且我認為市場上並不是每個人都像我們一樣對沖他們的頭寸，所以如果你有批發商可能在 9 月、10 月以較低的現貨價格從我們這裡購買產品，他們將在市場上將該產品賣回市場他們接受它。所以我認為有很多因素會影響到這一點，但我想說更高的現貨價格可能是第一大問題。然後，需求略有放緩。再一次，這些事情是我們非常期待的。我們一直在經歷這些時期。我們相信，在運營上，企業正在處理它。我們的流動性、我們所有的業務運營、物流，一切都表現良好。

But we are in a volatile business, and we've experienced this before. But I do think, as I said before, the combination of December slowed down a little bit, rise in prices, more product coming into the marketplace in January. I think that has had an effect. And throughout January, as I said, the price of gold and silver continued to pretty much head up and then stagnate in a pretty tight range until Friday, when we saw a pullback. And as in most cases, we did see a pickup in demand from our DTC segment on Friday and over the weekend and this morning.

但我們身處一個不穩定的行業，我們以前也經歷過這種情況。但我確實認為，正如我之前所說，12 月份的組合有所放緩，價格上漲，1 月份有更多產品進入市場。我認為這產生了影響。整個 1 月，正如我所說，黃金和白銀的價格繼續上漲，然後停滯在一個非常窄的區間內，直到週五，我們看到回調。在大多數情況下，我們確實看到我們的 DTC 部門在周五、週末和今天早上的需求有所回升。

So putting it all together, it's hard for me to say exactly what one factor maybe is more important than another. But to me, this is kind of how we operate here. We're used to volatility and as we've seen before. We -- and we say it all the time, in great conditions, we're able to have outsized returns as well as do well when we have more subdued levels. So it seems -- everything seems pretty standard to me.

因此，將所有這些放在一起，我很難準確地說出哪個因素可能比另一個因素更重要。但對我來說，這就是我們在這裡的運作方式。正如我們之前所見，我們已經習慣了波動。我們 - 我們一直在說，在良好的條件下，我們能夠獲得超額回報，並且當我們的水平較低時也能做得很好。所以看起來——一切對我來說似乎都很標準。

Right. Right. Very helpful. And if I could follow up, you already touched on this a little bit, but that new supply from the mint in January. Have they given any indications in terms of their plans for maybe minting production levels going forward on new products? Any idea of that?

正確的。正確的。很有幫助。如果我可以跟進，你已經稍微談到了這一點，但是 1 月份來自鑄幣廠的新供應。他們是否就未來新產品的鑄造生產水平計劃給出了任何指示？有什麼想法嗎？

I mean the U.S. mint is not ever likely to give us specifics or details. And in many cases, I don't know that they even know what their production is going to be because there are so many factors that affect how many -- 1 ounce gold American Eagles and 1 ounce Silver Eagles they can produce. I can say that part of the benefit we had in Q1 and into Q2, as I said before, for the first time, there was a significant lack of U.S., American Gold Eagles 1 ounce, and we got to a point where there was virtually no new fractional gold coins being made. And that did have a very positive effect on the premium and the demand for that product was positively affected for us.

我的意思是美國造幣廠永遠不可能向我們提供具體細節或細節。在許多情況下，我不知道他們甚至不知道他們的產量是多少，因為影響數量的因素太多了——他們可以生產 1 盎司黃金美國鷹和 1 盎司銀鷹。我可以說，正如我之前所說，我們在第一季度和第二季度獲得的部分好處是第一次嚴重缺乏美國、美國老鷹金幣 1 盎司，我們已經到了幾乎有沒有製作新的分數金幣。這確實對溢價產生了非常積極的影響，對該產品的需求對我們產生了積極影響。

They are now back on gold where there is no allocation and they have -- they'll make as much gold as we can order. So that was a fairly major change as we turned into January. The gold went off allocation and is available for immediate delivery now.

他們現在又回到了沒有分配的黃金，他們有——他們會製造我們可以訂購的盡可能多的黃金。因此，當我們進入 1 月時，這是一個相當重大的變化。黃金不再分配，現在可以立即交割。

As it relates to the Silver Eagles, we've been through these periods for the last 2 years of pretty much constant allocation where the demand continues and has exceeded what they can make. And again, I feel like they sometimes aren't great at predicting what they can make. But from what we have heard throughout the next coming months and probably 6 months, they will be on allocation on Silver Eagles at a number that we've been seeing consistently now over the last 12 months. So I don't see any big increase on a monthly basis going forward, but the market did -- they did have a fairly large production built up for the turn of the calendar. And in January, we saw about the number of coins that we were predicting on the silver side. And then that was absorbed by the marketplace. And again, now, as I said, it appears they're going to be back on a more regular allocation kind of underperforming what they need.

與 Silver Eagles 相關的是，在過去 2 年中，我們經歷了這些時期，在這些時期中，需求持續不斷，並且已經超出了他們的生產能力。而且，我覺得他們有時並不擅長預測他們能做什麼。但從我們在接下來的幾個月（可能是 6 個月）中聽到的消息來看，他們將以我們在過去 12 個月中一直看到的數字分配給 Silver Eagles。因此，我認為未來每月不會有任何大幅增長，但市場確實如此 - 他們確實為日曆的轉變建立了相當大的產量。在 1 月份，我們看到了我們在白銀方面預測的代幣數量。然後它被市場吸收了。再一次，現在，正如我所說，他們似乎將回到一種更規律的分配方式，而不是他們需要的表現。

Okay. Got it. That's helpful. And I know it's still early, but I wanted to ask just how the performance maybe of BGASC is trending relative to your expectations? And perhaps Texas Precious Metals as well. I know there's always a little uncertainty when you're changing hands and you're making a new investment. So if there's any color you can share there, that would be helpful.

好的。知道了。這很有幫助。我知道現在還早，但我想問一下 BGASC 的表現可能與您的預期相比如何？也許德州貴金屬公司也是如此。我知道當你易手和進行新投資時總會有一點不確定性。因此，如果您可以在那里分享任何顏色，那將會很有幫助。

I mean I would just really differentiate between the 2. The first being the BGASC, we bought 100% of the platform. I think we -- our guys -- our tech guys at JM Bullion really outperformed expectations. They were able to integrate the platform and transfer the platform to the JM Bullion site very quickly with very little disruption to the customer-facing experience. The BGASC if you go on that site right now, it's running on the JM platform. And I really -- I don't know that the customers of BGASC even saw any difference other than just a significant increase in product availability that we've been able to add to the site.

我的意思是我會真正區分兩者。第一個是 BGASC，我們購買了 100% 的平台。我認為我們——我們的人——我們在 JM Bullion 的技術人員的表現確實超出了預期。他們能夠非常快速地集成平台並將平台轉移到 JM Bullion 站點，而對面向客戶的體驗的影響很小。如果您現在訪問該站點，BGASC 將在 JM 平台上運行。而且我真的 - 我不知道 BGASC 的客戶除了我們已經能夠添加到站點的產品可用性的顯著增加之外，甚至看到了任何不同。

As it relates to the performance after we closed the deal, we've exceeded expectations. I think the number of larger orders have been welcome by us. Probably, we've seen some bigger orders that we weren't expecting. And I think that customer base as we were hoping, it does appear that it's it functions a little independently of our other DTC customers, and it does seem to have its own little ecosystem, which is what we were hoping to see. So very, very positive news out of BGASC.

由於它與我們完成交易後的表現有關，我們超出了預期。我認為更大的訂單數量受到了我們的歡迎。可能，我們已經看到了一些我們沒有預料到的更大的訂單。而且我認為我們希望的客戶群似乎確實有點獨立於我們其他 DTC 客戶的功能，而且它似乎有自己的小生態系統，這正是我們希望看到的。來自 BGASC 的非常非常積極的消息。

And then as it relates to Texas Precious Metals, it's a little different animal and that we just took a 12% stake there. They're still really running the company. They're still making the decisions. We have a little closer relationship with them and a little more understanding on how we can help them by supplying a little bit more product which will increase demand at the A-Mark wholesale level. And I think so far, that's been going very well. I have a list of things that discussed with the management there about different ways that we might be able to help each other. And we'll be looking to act on those in the months ahead.

然後，當它與德克薩斯貴金屬公司相關時，它有點不同，我們只持有那裡 12% 的股份。他們仍然真正在經營公司。他們仍在做決定。我們與他們的關係更加密切，並且更加了解我們如何通過提供更多的產品來幫助他們，這將增加 A-Mark 批發層面的需求。我認為到目前為止，一切進展順利。我有一份與那裡的管理層討論過的關於我們可以互相幫助的不同方式的事情清單。我們將在未來幾個月內針對這些採取行動。

But again, this is a very entry level, get to know you 12%, and we're not -- other than getting financials from them, we'll be accounting for them on the cost basis accounting. So we won't be integrating the numbers, and you won't be seeing the numbers in our other investment category.

但同樣，這是一個非常入門的水平，了解你 12%，我們不是——除了從他們那裡獲得財務信息，我們將在成本基礎會計上對他們進行會計處理。所以我們不會整合這些數字，你也不會在我們的其他投資類別中看到這些數字。

So I think they're different, but they both to us, offer good opportunities. And I think specifically, as I mentioned and early mentioned in the press release, we're very interested and very curious about the Texas-centric customer base at Texas Precious Metals and to see how that -- how to value that and how it functions and get to know the customers and get to know our new management partners as we move forward.

所以我認為他們是不同的，但他們都為我們提供了很好的機會。我認為具體來說，正如我在新聞稿中提到的和前面提到的，我們對德州貴金屬公司以德州為中心的客戶群非常感興趣和好奇，並想看看它是如何——如何對其進行估值以及它是如何運作的並在我們前進的過程中了解客戶並了解我們的新管理合作夥伴。

Next question comes from Carter Dunlap with Dunlap Equity Management.

下一個問題來自 Carter Dunlap 和 Dunlap Equity Management。

I realize it's early, but can you glean anything from the cyber experience you've had in terms of how those customers react to either metal volatility or anything else? And what's the progress, if any, in terms of sort of becoming programmatic buyers every month?

我意識到現在還為時過早，但您能否從您的網絡體驗中了解這些客戶對金屬波動性或其他任何因素的反應？在每月成為程序化購買者方面有什麼進展（如果有的話）？

Yes. I think we've -- We've brought on a couple of new people to focus on marketing for CyberMetals in the last quarter. We are seeing what we think is positive growth. There's no doubt in our mind that the new customers coming into CyberMetals are more than likely going to be younger and they're more than likely not to be existing JM customers, although we do get some crossover. I do believe this platform is a different demo, and I think it is a great way for us to introduce CyberMetals buyers to the physical metals ownership that we have at JM. So I think we've seen that.

是的。我認為我們已經 - 我們在上個季度聘請了幾個新人專注於 CyberMetals 的營銷。我們看到了我們認為的正增長。在我們看來，毫無疑問，進入 CyberMetals 的新客戶很可能會更年輕，而且他們很可能不是現有的 JM 客戶，儘管我們確實有一些交叉。我確實相信這個平台是一個不同的演示，我認為這是我們向 CyberMetals 買家介紹我們在 JM 擁有的實物金屬所有權的好方法。所以我想我們已經看到了。

Certainly, we are promoting, and we -- as we had talked about earlier, when we were developing this platform, we believe that people getting on a regular monthly or quarterly purchase plan where it's just automatic. We're seeing some positive feedback from customers there. And I think as would be expected, with spot prices rising, as I discussed earlier, we have seen some redemptions and people actually trading metal back to us on the platform at a little bit higher level.

當然，我們正在推廣，而且我們 - 正如我們之前談到的那樣，當我們開發這個平台時，我們相信人們會定期進行每月或每季度的購買計劃，而這只是自動的。我們從那裡的客戶那裡看到了一些積極的反饋。而且我認為正如我預期的那樣，正如我之前所討論的那樣，隨著現貨價格上漲，我們已經看到一些贖回，人們實際上在平台上以更高的水平將金屬交易回給我們。

So again, it's going to be slow and steady. We feel good about our marketing plan and how we're going out there to find new customers. But to this point, I'm pleased with it, and I think it's -- the platform is behaving better than expected as it relates to functionality. We just need to find the sweet spot for what we're paying for new customers and how we're attracting new customers to the platform.

所以，這將是緩慢而穩定的。我們對我們的營銷計劃以及我們如何去那裡尋找新客戶感到滿意。但就這一點而言，我對此感到滿意，而且我認為它是——該平台在功能方面的表現比預期的要好。我們只需要找到我們為新客戶支付的費用以及我們如何吸引新客戶使用該平台的最佳點。

(Operator Instructions) We have a follow-up coming from Lucas Pipes with B. Riley. Please proceed.

（操作員說明）我們有來自 Lucas Pipes 和 B. Riley 的跟進。請繼續。

When I look at the operating metrics, gold ounces sold, silver ounces sold. So we saw an increase in silver ounces and the decrease in gold. And I have some intuition on why that is, but it would be great to get the explanation for that?

當我查看運營指標時，黃金盎司賣出，白銀賣出。所以我們看到銀盎司增加而黃金減少。我對為什麼會這樣有一些直覺，但如果能得到解釋會很好嗎？

I think that our ounces sold always I caveat it with the -- there's a number of products that go into that. So I think the timing, many times can affect that number. I think that you have to always remember that when we report or when we're looking internally at ounces sold, you not only have the wholesale ounces sold a fabricated product and the wholesale -- and the retail ounces sold DTC wise on fabricated product. That also encompasses our sales to the U.S. Mint and other mints, SilverTowne, Sunshine of big bars, 1,000-ounce bars and 100 ounces and 400-ounce gold bars.

我認為我們的盎司總是賣掉我警告它 - 有很多產品涉及到這一點。所以我認為時機，很多時候會影響那個數字。我認為你必須始終記住，當我們報告或在內部查看已售出的盎司時，你不僅有批發盎司出售了製成品和批發——而且零售盎司在製成品上出售 DTC 明智。這還包括我們對美國鑄幣廠和其他鑄幣廠、SilverTowne、Sunshine 大金條、1,000 盎司金條以及 100 盎司和 400 盎司金條的銷售。

So depending on timing and demand, you can see those numbers vary. And you can see imbalance between gold and silver, they don't always go up and they don't always go down because you have demand side both at the wholesale and the industrial level as well as at the DTC level. So in looking at the numbers, I think you probably -- gold and the rising spot price certainly has -- probably had a little bit effect on our gold ounces sold whereas silver, we continue to pump a lot of metal out of our private mints as well as supply the U.S. Mint as they were gearing up to have their 2023 launch of the Silver Eagle. So that's pretty -- it's a pretty high altitude answer, but I don't see anything specific as to why we sold less gold and we sold more silver.

因此，根據時間和需求，您可以看到這些數字會有所不同。你可以看到黃金和白銀之間的不平衡，它們並不總是上漲，也不總是下跌，因為在批發和工業層面以及 DTC 層面都有需求方。因此，在查看這些數字時，我認為你可能 - 黃金和不斷上漲的現貨價格肯定 - 可能對我們出售的黃金盎司產生了一點影響，而白銀，我們繼續從我們的私人鑄幣廠中抽出大量金屬以及供應美國造幣廠，因為他們正準備在 2023 年推出銀鷹。所以這很好——這是一個相當高的答案，但我看不出有什麼具體的原因可以說明為什麼我們賣出的黃金少而白銀賣出的多。

I'll add a facetious comment. If Congress doesn't come to an agreement on the debt ceiling and the U.S. Mint set $1 trillion platinum coin, I think JM Bullion has recommended itself for the distribution. So again, best of luck.

我會添加一個滑稽的評論。如果國會不就債務上限達成一致，美國造幣廠發行1萬億美元的鉑金幣，我認為JM Bullion已經推薦了自己進行發行。再次祝你好運。

Well, we'll wait to see how all those things play out. We'll try -- I must try not to count on anything because in this business, I've learned after 40 years, I shouldn't get to settle in on what I think is going to happen. I should just make sure I'm ready to react to whatever might happen.

好吧，我們將拭目以待，看看所有這些事情是如何發生的。我們會努力——我必須盡量不要指望任何事情，因為在這個行業，我在 40 年後了解到，我不應該安於我認為會發生的事情。我應該確保我已準備好對可能發生的任何事情做出反應。

Yes. Well, there might be more volatility. But again, best of luck.

是的。好吧，可能會有更多的波動。但再次祝你好運。

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，讓他發表結束語。

Thank you very much. I'd like to thank our many shareholders for joining the call today. Thank you for your interest and continued support. Many thanks to our employees for their dedication and commitment to A-Mark's success, and we look forward to keeping you apprised of A-Mark's further progress. Thank you very much for joining.

非常感謝。我要感謝我們的許多股東今天加入電話會議。感謝您的關注和持續支持。非常感謝我們的員工為 A-Mark 的成功所做的奉獻和承諾，我們期待讓您了解 A-Mark 的進一步進展。非常感謝您的加入。

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，其中包括關於本次電話會議期間所做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，涉及 A-Mark 未來計劃、目標、期望、業績、事件等的陳述是前瞻性陳述。在 1995 年《私人證券訴訟改革法》和 1934 年《證券交易法》的含義內。

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 risk 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.

未來事件、風險和不確定性單獨或匯總可能導致實際結果與這些聲明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；執行該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 的高利潤服務的競爭加劇，這可能會壓低定價；公司商業模式未能按預期應對市場環境變化；在商品市場開展業務的一般風險；以及公司向美國證券交易委員會提交的公開文件中所述的其他商業、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. 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.

應該、相信、估計、期望、打算、預期、預見、計劃和類似的表達及其變體識別某些此類前瞻性陳述，這些陳述僅在作出這些陳述的日期發表。此外，任何與未來業績改善相關的陳述以及對收入和每股收益的估計都是前瞻性陳述。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 link in the Investors section of the company's website. Thank you for joining us today for A-Mark's earnings call. You may now disconnect.

最後，我想提醒大家，今天的電話會議錄音可以通過公司網站投資者部分的鏈接重播。感謝您今天加入我們參加 A-Mark 的財報電話會議。您現在可以斷開連接。