A-Mark Precious Metals Inc (AMRK) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the A-Mark Precious Metals Conference Call for the Fourth Quarter and Fiscal Year ended June 30, 2023. My name is John, and I will be your operator this afternoon. Before this call, A-Mark issued its results for the fourth quarter and fiscal year 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.

下午好，歡迎參加截至 2023 年 6 月 30 日的第四季度和財年 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。在此電話會議之前，A-Mark 在新聞稿中發布了第四季度和 2023 財年的業績，該新聞稿可在公司網站 www.amark.com 的投資者關係部分查看。您可以在主頁頂部找到投資者關係部分的鏈接。

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. 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 we will -- and will be made available for replay via link available in the Investor Relations section of A-Mark's website.

參加今天電話會議的有 A-Mark 首席執行官 Greg Roberts；主席，Thor Gjerdrum；首席財務官凱瑟琳·辛普森-泰勒。在他們發表講話後，我們將開始電話詢問您的問題。然後，在我們結束電話會議之前，我將就管理層在本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，本次電話會議正在錄音，我們將通過 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.

現在我想把電話轉給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 for joining our call today. As we reported in our earnings release, fiscal 2023 marked a record year of strong financial and operational performance for A-Mark, further demonstrating the strength of A-Mark's industry-leading, fully integrated precious metals platform. For the full fiscal year, we reported $156.4 million of net income and diluted EPS of $6.34 per share.

謝謝約翰，大家下午好。感謝您今天加入我們的電話會議。正如我們在財報中所報導的那樣，2023 財年是 A-Mark 強勁財務和運營業績創紀錄的一年，進一步證明了 A-Mark 行業領先、完全集成的貴金屬平台的實力。整個財年，我們的淨利潤為 1.564 億美元，稀釋後每股收益為 6.34 美元。

Our full year gross profit grew 13% year-over-year, and we delivered record levels of EBITDA of $225 million and generated a 29% return on equity for the year. Our Direct-to-Consumer or DTC segment continues to contribute significantly to our overall financial performance, generating approximately 57% of our consolidated gross profit for the year. New DTC customers grew by 46% year-over-year, highlighting the success of our strategic acquisitions and organic customer growth, including the acquisitions of BGASC and BullionMax, which further expanded our DTC customer base.

我們全年毛利潤同比增長 13%，EBITDA 達到創紀錄水平，達到 2.25 億美元，全年股本回報率為 29%。我們的直接面向消費者或 DTC 部門繼續為我們的整體財務業績做出重大貢獻，約占我們今年綜合毛利潤的 57%。新 DTC 客戶同比增長 46%，凸顯了我們戰略收購和有機客戶增長的成功，包括收購 BGASC 和 BullionMax，進一步擴大了我們的 DTC 客戶群。

During the year, we added minority interests in U.K.-based Atkinsons Bullion & Coin and Texas Precious Metals to our investment portfolios. We also bolstered our minting operations by investing in the expansion of our Silver Towne Mint facility in Indiana, which now has the capacity to produce over 1 million ounces of fabricated silver per week. Silver Towne also achieved ISO 9000 certification during the year, reaffirming the company's reputation as a leading manufacturer of quality bullion products.

年內，我們將英國 Atkinsons Bullion & Coin 和 Texas Precious Metals 的少數股權納入我們的投資組合。我們還通過投資擴建印第安納州 Silver Towne 鑄幣廠來加強我們的鑄幣業務，該工廠目前每周可生產超過 100 萬盎司的白銀。 Silver Towne 還在年內獲得了 ISO 9000 認證，再次證實了該公司作為優質金銀產品領先製造商的聲譽。

Now I'll turn the call over to our CFO, Kathleen Simpson-Taylor, and she will walk you through our financials in more detail. Then, A-Mark's President, Thor Gjerdrum, will discuss our key operating metrics. Afterwards, I will provide a further update on our business and growth strategy ahead as we progress into fiscal 2024. Kathleen?

現在我將把電話轉給我們的首席財務官凱瑟琳·辛普森-泰勒，她將向您詳細介紹我們的財務狀況。然後，A-Mark 總裁 Thor Gjerdrum 將討論我們的關鍵運營指標。隨後，隨著我們進入 2024 財年，我將進一步介紹我們的業務和增長戰略的最新情況。凱瑟琳？

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q4 2023 increased 51% to $3.16 billion from $2.09 billion in Q4 of last year due to an increase in gold and silver ounces sold and higher average selling prices of gold and silver. The DTC segment contributed 19% of the consolidated revenue in fiscal Q4 2023 compared to 23% in Q4 of last year. Revenue contributed by JM Bullion, JMB, represented 17% of the consolidated revenues for fiscal Q4 of 2023 compared to 21% in Q4 of last year.

謝謝格雷格，大家下午好。由於黃金和白銀銷售量的增加以及黃金和白銀平均售價的上漲，我們 2023 財年第四季度的收入從去年第四季度的 20.9 億美元增長了 51% 至 31.6 億美元。 DTC 部門佔 2023 財年第四季度合併收入的 19%，而去年第四季度為 23%。 JM Bullion (JMB) 貢獻的收入佔 2023 財年第四季度合併收入的 17%，而去年第四季度為 21%。

For the full fiscal year, our revenues increased 14% to $9.32 billion from $8.16 billion in the prior fiscal year. Excluding a $1.2 billion increase in forward sales, our revenues increased by $2.6 million, driven primarily by an increase in silver ounces sold and higher average selling prices of gold, partially offset by a decrease in gold ounces sold and lower average selling prices of silver. The DTC segment contributed 21% and 26% of the consolidated revenue in fiscal year 2023 and 2022, respectively. Revenue contributed by JMB represented 19% of the consolidated revenues for fiscal year 2023 compared to 24% in the prior year.

在整個財年，我們的收入從上一財年的 81.6 億美元增加到 93.2 億美元，增長了 14%。不包括遠期銷售增加的12 億美元，我們的收入增加了260 萬美元，這主要是由於銷售的白銀盎司增加和黃金平均銷售價格上漲，部分被銷售黃金盎司的減少和白銀平均銷售價格下降所抵消。 DTC 部門在 2023 財年和 2022 財年分別貢獻了合併收入的 21% 和 26%。 JMB 貢獻的收入佔 2023 財年合併收入的 19%，而上一年為 24%。

Gross profit for fiscal Q4 2023 increased 16% to $78.6 million or 2.49% of revenue from $67.8 million or 3.24% of revenue in Q4 of last year. The increase in gross profit was due to higher gross profits earned from the Wholesale Sales & Ancillary Services and Direct-to-Consumer segments. Gross profit contributed by the DTC segment represented 60% of the consolidated gross profit in fiscal Q4 2023 compared to 57% in the same year-ago period. Gross profit contributed by JMB represented 49% of the consolidated gross profit in fiscal Q4 2023 compared to 46% in Q4 of last year.

2023 財年第四季度的毛利潤增長了 16%，達到 7860 萬美元，佔收入的 2.49%，而去年第四季度的毛利潤為 6780 萬美元，佔收入的 3.24%。毛利潤的增長是由於批發銷售和輔助服務以及直接面向消費者部門獲得的毛利潤增加。 DTC 部門貢獻的毛利潤佔 2023 財年第四季度合併毛利潤的 60%，而去年同期為 57%。 JMB 貢獻的毛利潤佔 2023 財年第四季度綜合毛利潤的 49%，而去年第四季度為 46%。

For the full fiscal year, gross profit increased 13% to $294.7 million or 3.16% of revenue from $261.8 million or 3.21% of revenue in the prior fiscal year. Excluding a $1.2 billion increase in forward sales which have a negligible impact to gross profit, the gross profit percentage increased to 4.27% from 3.79% in the prior fiscal year. The increase in gross profit was due to higher gross profits earned from the Wholesale Sales & Ancillary Services and DTC segments. Gross profit contributed by the DTC segment represented 57% of the consolidated gross profit in fiscal 2023 compared to 56% in the prior fiscal year. JMB contributed 49% to the consolidated gross profit for fiscal 2023 compared with 46% in the prior year.

整個財年，毛利潤增長了 13%，達到 2.947 億美元，佔收入的 3.16%，而上一財年為 2.618 億美元，佔收入的 3.21%。剔除對毛利潤影響微乎其微的12億美元遠期銷售增長，毛利潤百分比從上一財年的3.79%增至4.27%。毛利潤的增長是由於批發銷售及輔助服務和 DTC 部門獲得的毛利潤增加。 DTC 部門貢獻的毛利潤佔 2023 財年合併毛利潤的 57%，而上一財年為 56%。 JMB 對 2023 財年綜合毛利潤的貢獻為 49%，而上一年為 46%。

SG&A expenses for fiscal Q4 2023 increased 10% to $22.8 million from $20.7 million in Q4 of last year. The increase was primarily due to an increase in compensation expense, including performance-based accruals of $1.3 million, higher advertising costs of $1.1 million, higher information technology costs of $0.9 million and higher consulting and professional fees of $0.4 million, partially offset by lower insurance costs of $2.1 million. For the full fiscal year, SG&A expenses increased 11% to $85.3 million from $76.6 million in fiscal year 2022. The increase was primarily due to an increase in compensation expense, including performance-based accruals of $6.4 million, higher advertising costs of $3.5 million, an increase in information technology costs of $1.7 million, partially offset by a decrease in insurance costs of $1.7 million and lower consulting and professional fees of $2 million.

2023 財年第四季度的銷售、管理及行政費用 (SG&A) 支出從去年第四季度的 2070 萬美元增長 10% 至 2280 萬美元。這一增長主要是由於薪酬費用增加，包括基於績效的應計費用130 萬美元、廣告費用增加110 萬美元、信息技術費用增加90 萬美元以及諮詢和專業費用增加40 萬美元，但部分被保險費減少所抵消成本210萬美元。在整個財年，SG&A 費用從2022 財年的7660 萬美元增加到8530 萬美元，增長了11%。這一增長主要是由於薪酬費用的增加，包括基於績效的應計費用640 萬美元、廣告費用增加350 萬美元、信息技術費用增加 170 萬美元，部分被保險費用減少 170 萬美元以及諮詢和專業費用減少 200 萬美元所抵消。

Depreciation amortization expense for fiscal Q4 2023 decreased 15% to $2.7 million from $3.2 million in Q4 of last year. The decrease was primarily due to a decrease in amortization of acquired intangibles related to JMB. For the full fiscal year, depreciation and amortization expense decreased 54% to $12.5 million from $27.3 million in the prior year. The decrease was primarily due to a $14.9 million decrease in amortization of acquired intangibles related to JMB.

2023 財年第四季度的折舊攤銷費用從去年第四季度的 320 萬美元下降 15% 至 270 萬美元。減少的主要原因是與 JMB 相關的收購無形資產攤銷減少。整個財年，折舊和攤銷費用從上一年的 2730 萬美元下降 54% 至 1250 萬美元。減少的主要原因是與 JMB 相關的收購無形資產攤銷減少了 1,490 萬美元。

Interest income increased 7% to $6.1 million from $5.7 million in Q4 of last year. The increase in interest income was primarily due to higher finance product income from our Wholesale Sales & Ancillary Services segment, which was partially offset by a decrease in interest income earned by our Secured Lending segment.

利息收入從去年第四季度的 570 萬美元增長 7% 至 610 萬美元。利息收入的增加主要是由於我們的批發銷售和輔助服務部門的金融產品收入增加，但部分被我們的擔保貸款部門賺取的利息收入的減少所抵消。

For the full fiscal year, interest income increased 2% to $22.2 million from $21.8 million in fiscal year 2022. The increase was primarily due to higher finance product income from our Wholesale Sales & Ancillary Services segment, partially offset by a decrease in interest income earned by our Secured Lending segment.

在整個財年，利息收入從2022 財年的2180 萬美元增長了2%，達到2220 萬美元。這一增長主要是由於我們的批發銷售和輔助服務部門的金融產品收入增加，但部分被利息收入的減少所抵消由我們的擔保貸款部門提供。

Interest expense for fiscal Q4 2023 increased 57% to $8.9 million from $5.7 million in Q4 of last year. The increase in interest expense was primarily driven by a $2.4 million increase associated with our Trading Credit Facility, primarily due to an increase in interest rates, and Notes payable, including amortization of debt issuance costs. In addition, a $0.8 million increase related to product financing arrangements.

2023 財年第四季度的利息支出從去年第四季度的 570 萬美元增長 57% 至 890 萬美元。利息支出的增加主要是由於與我們的交易信貸融資相關的 240 萬美元增加所致，這主要是由於利率和應付票據（包括債務發行成本攤銷）的增加。此外，與產品融資安排相關的增加了 80 萬美元。

For the full fiscal year, interest expense increased 43% to $31.5 million from $22 million in fiscal year 2022. The increase was primarily driven by $7.2 million associated with our Trading Credit Facility, primarily due to an interest rate increase and Notes payable, including amortization of debt issuance costs, $2.6 million related to product financing arrangements and $0.6 million in interest associated with liabilities on borrowed metals. And this was partially offset by a decrease of $0.9 million of loan servicing fees.

在整個財年，利息支出從2022 財年的2200 萬美元增加了43%，達到3150 萬美元。這一增長主要是由與我們的交易信貸融資相關的720 萬美元推動的，主要是由於利率上升和應付票據（包括攤銷）的債務發行成本中，260 萬美元與產品融資安排相關，60 萬美元與借用金屬負債相關的利息。這被貸款服務費減少 90 萬美元部分抵消。

Earnings from equity method investments in Q4 2023 increased 105% to $5.3 million from $2.6 million in the same year-ago quarter. The increase reflects our new investments made during the year as well as the higher percentage ownership in our existing equity method investments in comparison to the prior fiscal year.

2023 年第四季度權益法投資收益從去年同期的 260 萬美元增長 105% 至 530 萬美元。這一增長反映了我們在這一年中進行的新投資以及我們現有權益法投資中與上一財年相比更高的所有權百分比。

For the full fiscal year, earnings from equity method investments increased 82% to $12.6 million from $6.9 million in fiscal year 2022. The increase of $5.7 million was primarily due to the additional 40% ownership interest in Silver Gold Bull, which was acquired in June 2022, as well as earnings from our other equity method investments.

整個財年，權益法投資收益從 2022 財年的 690 萬美元增長了 82%，達到 1260 萬美元。增加 570 萬美元主要是由於 6 月份收購的 Silver Gold Bull 額外持有 40% 的所有權權益2022 年，以及我們其他權益法投資的收益。

Net income attributable to the company for the fourth quarter of fiscal 2023 totaled $41.8 million or $1.71 per diluted share. This compares to net income attributable to the company of $37.3 million or $1.52 per diluted share in Q4 of last year.

2023 財年第四季度該公司應占淨利潤總計 4180 萬美元，即稀釋後每股收益 1.71 美元。相比之下，去年第四季度該公司應占淨利潤為 3730 萬美元，即稀釋後每股收益 1.52 美元。

For the full fiscal year, net income attributable to the company totaled $156.4 million or $6.34 per diluted share. This compares to net income attributable to the company of $132.5 million or $5.45 per diluted share in the prior fiscal year. Adjusted net income before provision for income taxes, a non-GAAP financial performance measure which excludes acquisition expenses, amortization and depreciation for Q4 fiscal 2023 totaled $59.1 million, an increase of 17% compared to $50.6 million in the same year-ago quarter.

整個財年，公司應占淨利潤總計 1.564 億美元，即稀釋後每股收益 6.34 美元。相比之下，上一財年公司應占淨利潤為 1.325 億美元，即稀釋後每股收益 5.45 美元。 2023 財年第四季度調整後的所得稅撥備前淨收入（一項非公認會計準則財務業績指標，不包括收購費用、攤銷和折舊）總計5,910 萬美元，較去年同期的5,060 萬美元增長17 %。

Adjusted net income before provision for income taxes for fiscal 2023 totaled $216 million, an increase of 11% compared to $195 million in the prior fiscal year.

2023 財年調整後所得稅撥備前淨利潤總計 2.16 億美元，比上一財年的 1.95 億美元增長 11%。

EBITDA, a non-GAAP liquidity measure, for Q4 fiscal 2023 totaled $61.8 million, a 23% increase compared to $50.3 million in Q4 of fiscal 2022. EBITDA for fiscal 2023 totaled $225 million, a 16% increase compared to $193.9 million in the prior fiscal year.

2023 財年第四季度的EBITDA（非GAAP 流動性指標）總計6180 萬美元，比2022 財年第四季度的5030 萬美元增長23%。2023 財年的EBITDA 總計2.25 億美元，比上一財年的1.939 億美元增長16%財政年度。

Turning to our balance sheet. At fiscal year-end, we had $39.3 million of cash compared to $37.8 million at the end of fiscal year 2022. Our tangible net worth at the end of the fiscal year was $436.8 million, up from $321.6 million at the end of the prior fiscal year.

轉向我們的資產負債表。截至本財年末，我們擁有 3930 萬美元的現金，而 2022 年財年末我們的現金為 3780 萬美元。本財年末我們的有形淨資產為 4.368 億美元，高於上一財年末的 3.216 億美元年。

A-Mark's Board of Directors has continued to maintain the company's regular quarterly cash dividend program of $0.20 per common share. The most recent quarterly cash dividend was paid in July. The Board of Directors has also declared the next regular quarterly cash dividend, which is payable on October 24, 2023, to stockholders of record as of October 10, 2023. In addition, the Board of Directors has declared a nonrecurring special cash dividend of $1 per common share, which will be paid on September 26, 2023, to stockholders of record as of September 12, 2023.

A-Mark 董事會繼續維持公司每普通股 0.20 美元的定期季度現金股息計劃。最近一次季度現金股息已於 7 月支付。董事會還宣布了下一次定期季度現金股息，將於 2023 年 10 月 24 日向截至 2023 年 10 月 10 日在冊的股東支付。此外，董事會還宣布了 1 美元的非經常性特別現金股息每股普通股，將於2023 年9 月26 日支付給截至2023 年9 月12 日在冊的股東。

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?

我的財務摘要就這樣完成了。現在我將把電話轉給托爾，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 fiscal fourth quarter and full year 2023. We sold 814,000 ounces of gold in Q4 fiscal 2023, which was up 27% from Q4 of last year and up 24% from the prior quarter. For the full fiscal year, we sold 2.7 million ounces of gold, which was relatively unchanged from fiscal 2022 -- sorry, one correction. I said 814,000 ounces of gold, that was silver, 814,000 ounces of silver.

謝謝你，凱瑟琳。看看我們 2023 財年第四季度和全年的主要運營指標。我們在 2023 財年第四季度銷售了 814,000 盎司黃金，比去年第四季度增長 27%，比上一季度增長 24%。在整個財年，我們出售了 270 萬盎司黃金，與 2022 財年相比基本沒有變化——抱歉，有一個修正。我說814,000盎司黃金，那就是白銀，814,000盎司白銀。

We sold 45.3 million ounces of silver in Q4 fiscal 2023, which was up 20% from Q4 of last year and up 23% from the prior quarter. For the full fiscal year, we sold 156.2 million ounces of silver, which is up 18% from fiscal 2022. 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 90,400 in Q4 fiscal 2023, which was up 85% from Q4 of last year and up 40% from the prior quarter. Approximately 32% of the new customers in Q4 fiscal 2023 were attributable to the acquired customer list of BullionMax in June 2023.

2023 財年第四季度，我們售出了 4530 萬盎司白銀，比去年第四季度增長 20%，比上一季度增長 23%。整個財年，我們售出了 1.562 億盎司白銀，比 2022 財年增長了 18%。 DTC 細分市場的新客戶數量，定義為已註冊或設立新賬戶的客戶數量2023 財年第四季度，該期間首次購買或購買的數量為90,400 件，比去年第四季度增長85%，比上一季度增長40%。 2023財年第四季度約32%的新客戶來自於2023年6月收購的BullionMax客戶名單。

For the full fiscal year, the number of new customers in the DTC segment was 335,300, which is up 46% from the prior year. Approximately 31% of the new customers in fiscal 2023 were attributable to the acquired customer list of BGASC and BullionMax in October '22 and June 2023, respectively. The number of total customers in the DTC segment at the end of fiscal 2023 was approximately 2.3 million, which is a 17% increase from the prior year. The year-over-year increase in total customers was due to organic growth of our JMB customer base as well as the acquired customer list of BGASC and BullionMax in October 2022 and June 2023, respectively.

整個財年，DTC 細分市場的新客戶數量為 335,300 家，比上年增長 46%。 2023財年約31%的新客戶歸因於分別於2022年10月和2023年6月收購的BGASC和BullionMax客戶名單。截至2023財年末，DTC細分市場的客戶總數約為230萬，比上年增長17%。客戶總數同比增長是由於我們的 JMB 客戶群的有機增長以及分別於 2022 年 10 月和 2023 年 6 月收購的 BGASC 和 BullionMax 客戶名單。

The DTC segment average order value, which represents the average dollar value of products, excluding accumulation product program orders delivered to DTC segment customers during Q4 fiscal 2023 was $3,288, which was up 20% from Q4 of last year and up 34% from the prior quarter.

The DTC segment average order value, which represents the average dollar value of products, excluding accumulation product program orders delivered to DTC segment customers during Q4 fiscal 2023 was $3,288, which was up 20% from Q4 of last year and up 34% from the prior四分之一.

For the full fiscal year, our DTC average order value was $2,606, which is up 3% from fiscal 2022. For the fiscal fourth quarter, our inventory turnover ratio was 3.2, which was a 19% increase from 2.7 in Q4 of last year and a 33% increase from 2.4 in the prior quarter. For the full fiscal year, our inventory turnover ratio was 10.5, which is down 20% from the same year-ago period.

整個財年，我們的 DTC 平均訂單價值為 2,606 美元，比 2022 財年增長 3%。第四財季，我們的庫存周轉率為 3.2，比去年第四季度的 2.7 增長了 19%，較上一季度的2.4 增長33%。整個財年，我們的庫存周轉率為10.5，比去年同期下降20%。

Finally, the number of secured loans at the end of June totaled 882, a decrease of 8% from March 31, 2023, and a decrease of 61% from June 30, 2022. The dollar value of our loan portfolio at the end of June 2023, totaled $100.6 million, which is up 4% from the end of March, but down 20% from June 30, 2022. I apologize, one correction on my ounce statements. We sold 814,000 ounces of gold in Q4 fiscal 2023, and we sold 2.7 million ounces of silver in -- for the full -- excuse me, 2.7 million ounces of gold for the full fiscal year. That concludes my prepared remarks.

最後，6月底的擔保貸款數量總計882筆，較2023年3月31日減少8%，較2022年6月30日減少61%。 6月底我們貸款組合的美元價值2023 年總計1.006 億美元，比3 月底增長4%，但比2022 年6 月30 日下降20%。我很抱歉，對我的盎司報表進行了更正。我們在 2023 財年第四季度出售了 814,000 盎司黃金，我們在整個財年出售了 270 萬盎司白銀，對不起，整個財年出售了 270 萬盎司黃金。我準備好的發言就到此結束。

I will now turn it over to Greg for closing remarks. Greg?

現在我將把它交給格雷格做總結髮言。格雷格？

Thank you, Thor and Kathleen. Looking ahead to fiscal '24, we've seen a bit of premium compression since we commenced our new fiscal year, with the headwinds continuing from June into July. August has been a bit more active, and we are optimistic that this will continue into September. We continue to evaluate opportunities to further expand our geographic presence and market reach to create shareholder value. Our strategic focus remains on opportunities that will align with our business model and will create synergies with A-Mark's integrated platform, including our reliable access to supply and successful logistics footprint, along with strong customer relations.

謝謝你們，托爾和凱瑟琳。展望 24 財年，自新財年開始以來，我們看到保費有所壓縮，但不利因素從 6 月持續到 7 月。八月更加活躍，我們樂觀地認為這種情況將持續到九月。我們將繼續評估進一步擴大我們的地域影響力和市場覆蓋範圍的機會，以創造股東價值。我們的戰略重點仍然是與我們的業務模式保持一致的機會，並將與 A-Mark 的集成平台產生協同效應，包括我們可靠的供應渠道和成功的物流足跡，以及強大的客戶關係。

We will continue to invest in our minting and logistics operations to further increase capacity and enhance our operations. We remain optimistic that our diversified and proven business model will allow us to sustain profitability and realize growth over the long term.

我們將繼續投資於我們的造幣和物流業務，以進一步提高產能並加強我們的運營。我們仍然樂觀地認為，我們的多元化和成熟的商業模式將使我們能夠保持盈利並實現長期增長。

That concludes my prepared remarks. Operator?

我準備好的發言就到此結束。操作員？

(Operator Instructions)

（操作員說明）

Now our first question comes from Thomas Forte with D.A. Davidson.

現在我們的第一個問題來自托馬斯·福特和 D.A.戴維森。

Greg and team, congrats on the quarter and year, both were amazing. So 2 questions. I'll go 1 at a time.

格雷格和他的團隊，祝賀本季度和本年度，兩者都很棒。所以有2個問題。我一次去1個。

Greg, I consider A-Mark one of the most well-run companies I follow. You, Thor and everyone do a fantastic job. You had a management change recently at JM Bullion, with Robert replacing Michael. How should investors think about that change?

Greg，我認為 A-Mark 是我關注的運營最良好的公司之一。你、托爾和每個人都做得非常出色。 JM Bullion 最近進行了管理層變動，羅伯特取代了邁克爾。投資者應該如何看待這一變化？

Well, I think it's a positive. Rob has proven over the last 10-plus years that he's been involved with JM Bullion that he has a grasp of all parts of the company. He's done a great job, and he's -- in my mind, he's the right person going forward. Michael is still a tremendous asset to the company. He's on the Board. He and I still consult weekly. And his efforts and his focus for his expertise is, I feel like we're going to continue to have that -- the benefit of his abilities.

嗯，我認為這是積極的。 Rob 在過去 10 多年的時間裡證明了他對 JM Bullion 的參與，他對公司的各個部門都有所了解。他做得很好，在我看來，他是繼續前進的正確人選。邁克爾仍然是公司的一筆巨大資產。他是董事會成員。他和我仍然每週都會諮詢。他的努力和他對專業知識的關注是，我覺得我們將繼續擁有這一點——他的能力帶來的好處。

Rob has been running the digital marketing and the client acquisition part of JM Bullion for a while. And I believe that Rob is the right person for the job. And Michael is still a part of A-Mark and still a part of JM Bullion, so I think it's a positive. And obviously, the move was something that I felt was the right move, and I'm very confident in the decision.

Rob 一直負責 JM Bullion 的數字營銷和客戶獲取部分。我相信羅布是這份工作的合適人選。邁克爾仍然是 A-Mark 的一部分，仍然是 JM Bullion 的一部分，所以我認為這是積極的。顯然，我認為此舉是正確的，我對這個決定非常有信心。

Great. And then for my second question, you announced another onetime special dividend. Can you give your current thoughts on capital allocation, including dividends, most regular quarterly and onetime strategic M&A and investing back in the business.

偉大的。對於我的第二個問題，您宣布了另一項一次性特別股息。您能否談談您目前對資本配置的想法，包括股息、最常規的季度和一次性戰略併購以及對業務的投資。

Sure. Obviously, everybody can see we had a very strong fourth quarter and an even better full year, which is one of the main drivers. And when we look at capital allocation and what we -- where we put the money and what we do with it. The performance, as we've talked about before, certainly justified the special dividend. I will say that we are committed to the regular dividend, as well as always keeping in mind how the next 3 to 6 months looks as it relates to acquisitions, inventory opportunities and other factors that we look at.

當然。顯然，每個人都可以看到我們第四季度非常強勁，全年甚至更好，這是主要驅動力之一。當我們考慮資本配置以及我們把錢放在哪里以及我們用它做什麼時。正如我們之前討論過的那樣，這種表現當然證明了特別股息的合理性。我想說的是，我們致力於定期派息，並始終牢記未來 3 至 6 個月的情況，因為這與收購、庫存機會和我們關注的其他因素有關。

I would say that we're comfortable and optimistic that our pipeline for acquisitions right now is very good. There's a couple of things we're looking at. But the strength of last year and the strength of the quarter allowed us to continue and have the special dividend again this year. As we've said before, as I've said before, I look to where we think we can get the best return. If we think we have excess capital that we can't put to use, we'll return it to the shareholders.

我想說，我們現在的收購渠道非常好，對此我們感到放心和樂觀。我們正在研究一些事情。但去年和本季度的強勁表現使我們能夠繼續並在今年再次獲得特別股息。正如我們之前說過的，正如我之前說過的，我會尋找我們認為可以獲得最佳回報的地方。如果我們認為我們有多餘的資本無法使用，我們會將其返還給股東。

And I think that continuing with the same special dividend that we had last year was indicative of the year's performance. And I feel like right now, our capital allocations are exactly where I want them to be, and I think we are in a great position going forward into the new fiscal year, that this should be a fairly active year for us in new opportunities.

我認為繼續發放與去年相同的特別股息表明了今年的業績。我覺得現在，我們的資本配置正是我想要的，我認為我們在進入新財年時處於有利地位，這對我們來說應該是充滿新機遇的相當活躍的一年。

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

下一個問題來自 Lucas Pipes 和 B. Riley。

I would like to add my congratulations on a very strong quarter. Well done.

我想對這個非常強勁的季度表示祝賀。做得好。

Greg, I wanted to touch on your comments in the prepared remarks that the market softened a bit here during your fiscal first quarter. Could you elaborate kind of what changed in your opinion? Is it seasonal? Is it a summer lull? How do you derive the market today and a little bit more color versus where you ended the year?

格雷格，我想談談您在準備好的評論中的評論，即您的第一財季期間市場略有疲軟。您能詳細說明一下您認為發生了什麼變化嗎？是季節性的嗎？是夏天的平靜嗎？與去年年底相比，您如何得出今天的市場以及更多的色彩？

Yes. I mean I think we indicated a little bit on our last call that the quarter -- our Q4 that just -- that we're reporting on here, had a very strong April and May. We carried a really big number in that period, with a good portion of the success and the profits coming in April and May. June did start to slow down a little bit. And I would say July, in general, had a number of things that, I guess, I would call light headwinds.

是的。我的意思是，我認為我們在上次電話會議中表示，我們在這里報告的第四季度和五月表現非常強勁。在那段時期，我們取得了巨大的成功，其中很大一部分成功和利潤來自四月和五月。六月確實開始放緩一些。我想說，總的來說，七月有很多事情，我想，我會稱之為輕微的逆風。

We had, as you pointed out, July is usually our slowest month, so we had some seasonality. I think that the risk off atmosphere in the overall market in July, you saw a complete change in sentiment as it relates to what's going on in the global equity market. And I think that risk off, as we have said in the past, does cause a bit of a slowdown on the demand side.

正如您所指出的，七月通常是我們最慢的月份，所以我們有一些季節性。我認為，7 月份整體市場的避險氛圍，你會看到情緒發生了徹底的變化，因為這與全球股市的情況有關。我認為，正如我們過去所說，避險確實會導致需求方面有所放緩。

At the same time, we saw a bit more supply. And we had a bit more product coming into the marketplace. A lot of that, we created ourselves. We have a bit more capacity right now. So I think the combination of those things, particularly the last couple of weeks of June and throughout July, caused some, what I call, premium compression.

與此同時，我們看到供應有所增加。我們有更多的產品進入市場。其中很多都是我們自己創造的。我們現在有更多的能力。所以我認為這些事情的結合，特別是六月的最後幾周和整個七月，造成了一些我所說的溢價壓縮。

And as a lot of people that follow our business knows, if they look around Silver Eagles in particular, are cheaper today than they were in May or in April as it relates to premium. So you've seen, like I said, a bit of compression there. And that can trickle down a little bit into our proprietary products and some of the other products that we sell.

正如許多關注我們業務的人所知，如果他們特別關注銀鷹，今天的價格比五月或四月便宜，因為這與溢價有關。所以，就像我說的，你已經看到了一點壓縮。這可能會滲透到我們的專有產品和我們銷售的其他一些產品中。

As I said in the prepared remarks, we have seen some improvement, which is good in August. I think it coincides a bit with a change in sentiment in the overall market. I note that on August 1, it just felt completely different in the equities markets than it did in July. And I think we're seeing some customer response to that. In particular, the last couple of weeks of August, we've seen a significant increase in demand. Premiums still are fairly low, but it doesn't take a lot for us on the demand side to really take care of any excess inventory we may have.

正如我在準備好的發言中所說，我們已經看到了一些改善，這在八月份是很好的。我認為這與整個市場情緒的變化有些吻合。我注意到 8 月 1 日，股市的感覺與 7 月完全不同。我認為我們看到了一些客戶對此的反應。特別是在八月的最後幾週，我們看到需求顯著增加。保費仍然相當低，但我們在需求方面不需要花太多時間來真正處理我們可能擁有的過剩庫存。

So not surprising to me after such a strong April and May that we would hit a little bit of a slowdown in June and July. But like I said, I think we're still very happy with the performance, and I think the overall business of A-Mark in total is operating as I would expect it to in this environment. So hopefully, that answers the question.

因此，在經歷瞭如此強勁的 4 月和 5 月之後，我們在 6 月和 7 月會出現一些放緩，這對我來說並不奇怪。但正如我所說，我認為我們仍然對業績感到非常滿意，而且我認為 A-Mark 的整體業務總體上正在按照我的預期在這種環境下運營。希望這能回答問題。

Very, very helpful. And what I'm hearing is that premiums are maybe somewhat weaker, but volumes are stronger. Is that fair to say? And if so, is there any way to put some numbers around that?

非常非常有幫助。我聽到的是，保費可能有所下降，但交易量卻有所增加。這麼說公平嗎？如果是這樣，有什麼辦法可以給出一些數字嗎？

Again, that's a specific question. It's a challenge to answer without a bit more context. We have been fortunate enough over the last 60 days to sell a tremendous amount of ounces in 100-ounce silver bars that we produce at Silver Towne. That demand has been very good, and the premiums have maintained. I think the one area that is out there, you can identify the information, it's public on the U.S. Mint's website, is the United States Mint in July has been able to produce a few -- a significantly larger amount of Silver Eagles that it had in April and May. So you have had a little combination of a drop in demand, but you've had a little bit of extra supply on Silver Eagles.

再說一遍，這是一個具體問題。在沒有更多背景的情況下回答是一個挑戰。在過去的 60 天裡，我們非常幸運地出售了我們在 Silver Towne 生產的大量 100 盎司銀條。這種需求非常好，保費也保持不變。我認為有一個領域，你可以識別出這一信息，它在美國造幣廠的網站上公開，是美國造幣廠在 7 月份已經能夠生產出一些——數量比以前多得多的銀鷹銀幣。四月和五月。因此，需求略有下降，但銀鷹的供應有所增加。

Now we have been very active in the last couple of weeks, 2 weeks in particular that we have been testing the market on a number of products. And we've been testing the premiums, and we have lowered a few premiums that with the intention of just gauging where the demand is. And I will say that over the last 2 weeks, we've seen very positive results from the lower -- slightly lower prices, both with ounces sold as well as with new customer acquisitions that those lower prices have driven a significant amount of new customers to our DTC platforms.

現在我們在過去幾周非常活躍，特別是兩週我們一直在測試一些產品的市場。我們一直在測試保費，並降低了一些保費，目的只是為了衡量需求在哪裡。我要說的是，在過去的兩周里，我們看到了較低的價格帶來的非常積極的結果，無論是盎司的銷售還是新客戶的獲取，這些較低的價格都帶來了大量的新客戶到我們的 DTC 平台。

So all in all, it's a little bit of a balance, but I -- the information and data that we're seeing is very positive. I mean, in a -- in what is theoretically a slightly slower demand environment for us to pick up new customers the way that we have been at least in the 2 weeks of August as we've been testing a little bit, is very good news for us.

總而言之，這是一種平衡，但我們看到的信息和數據非常積極。我的意思是，在理論上需求稍慢的環境中，我們至少在 8 月的兩週內就以這樣的方式吸引新客戶，因為我們已經進行了一些測試，這是非常好的給我們帶來的消息。

Good to hear. I'll add a second question. You mentioned that the [plant] acquisition looks very strong. And I wondered, could you remind us where you'd like to spend your energies on the M&A side? Is it still domestic, internationally? Is it on vertical integration, mint, for example, like you have, you could update us on your priorities, that would be very helpful.

很高興聽到。我將添加第二個問題。您提到[工廠]收購看起來非常強勁。我想知道，您能提醒我們您想在併購方面投入精力嗎？還是國內的、國際的？是關於垂直整合嗎，例如，像你一樣，你可以向我們更新你的優先事項，這將非常有幫助。

I think we've focused before on international expansion. That can be in the DTC segment or it can also be in our trading business -- our wholesale trading business. And we have identified a few opportunities that we're looking at in these areas. I think that as it relates to the DTC segment and our domestic businesses where we have found some opportunities over the last 6 months on some smaller deals, we're regularly looking for those.

我認為我們之前一直專注於國際擴張。這可以是 DTC 部門，也可以是我們的貿易業務——我們的批發貿易業務。我們已經在這些領域發現了一些我們正在尋找的機會。我認為，由於它與 DTC 細分市場和我們的國內業務有關，過去 6 個月我們在一些較小的交易中發現了一些機會，因此我們會定期尋找這些機會。

I think it's also important to note that towards the end of this year, as we've disclosed in our ownership interest in Silver Gold Bull out of Calgary, Canada, we do have an option window that opens in December that is contractual and allows us to increase our stake with them if we choose to. So that would be -- if we decide to do that, there's no assurances we will or there's no -- I'm not defining the timing of that. I'm just noting that it's part of the agreement that we have with them. That could potentially affect our international business a bit more.

我認為還需要注意的是，到今年年底，正如我們在加拿大卡爾加里的Silver Gold Bull 的所有權權益中所披露的那樣，我們確實有一個在12 月打開的期權窗口，該窗口是合同性的，允許我們如果我們選擇的話，可以增加我們與他們的股份。所以，如果我們決定這樣做，我們不能保證我們會這樣做，或者沒有——我不會定義這樣做的時間。我只是指出這是我們與他們達成的協議的一部分。這可能會對我們的國際業務產生更大的影響。

So -- but I think we have a nice group of things we're looking at right now. And I think that what I really wanted to point out was even when we are balancing these things, we still felt very comfortable that the special dividend was good for the shareholders. And as we've said before, we want to reward the shareholders when we have a good year.

所以——但我認為我們現在正在研究一組很好的東西。我認為我真正想指出的是，即使我們在平衡這些事情時，我們仍然感到非常放心，特別股息對股東有利。正如我們之前所說，當我們度過美好的一年時，我們希望回報股東。

(Operator Instructions)

（操作員說明）

The next question comes from Greg Gibas with Northland Securities.

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

Greg, Thor, Kathleen. Congrats on the results. Great to see. I wanted to follow up on your comments regarding continued investment in your minting operations. Just wondering if you can elaborate on that, given you did expand your minting capabilities considerably in fiscal '23. Where do you intend on maybe expanding them further?

格雷格、托爾、凱瑟琳。祝賀結果。很高興看到。我想跟進您關於繼續投資鑄幣業務的評論。只是想知道您是否可以詳細說明這一點，因為您確實在 23 財年大幅擴展了鑄幣能力。您打算在哪些方面進一步擴展它們？

Well, a lot of it is equipment and an equipment that we can use to make products that we haven't made in the past. So I believe we have expanded at Silver Towne. We were very fortunate in this quarter to get online another new machine that is really, really right now turning out 100-ounce silver bars. It's, again, it's what we call a pizza oven. And it is perfect for us at this time. We were able to pick up a machine that had been ordered and being built for somebody that had been in process for another competitor of A-Mark's for about 18 months, and that competitor decided to pass on it, and we were able to pick it up.

嗯，其中很多是設備，是我們可以用來製造我們過去沒有製造過的產品的設備。所以我相信我們已經在 Silver Towne 進行了擴張。我們很幸運在本季度上線了另一台新機器，該機器現在正在生產 100 盎司銀條。這就是我們所說的披薩烤箱。這對我們現在來說是完美的。我們能夠挑選一台為某人訂購和製造的機器，該機器已經為 A-Mark 的另一個競爭對手加工了大約 18 個月，而該競爭對手決定放棄它，我們就能夠挑選它向上。

And it's a testament to our Silver Towne Mint people. They were able to add on a new structure and put this new machine in the structure and get it up online producing 100-ounce silver bars in about 120 days with -- from the time that we ordered it or paid for it. And that is a very quick turnaround, and that has significantly increased our ability to turn our product there.

這是對我們 Silver Towne Mint 人的證明。他們能夠添加一個新結構，並將這台新機器放入該結構中，並在大約 120 天內在線生產 100 盎司銀條——從我們訂購或付款之日起。這是一個非常快速的周轉，顯著提高了我們將產品轉向那裡的能力。

On the Sunshine Mint side, they continue to expand. They've added a second melt line that's up and running right now that they invested in. They've invested in some automated robotic striking machines, which is from what I see when I look at them is just an incredible new addition to the Sunshine Mint line of production machines. So it's not just capacity, although we like to add capacity. It's making sure we add capacity in the right product that we need as well as trying to stay ahead of the curve on machines and production assets that we think we're going to need a year or 2 from now.

在陽光薄荷方面，他們繼續擴張。他們投資了第二條熔煉線，現已投入運行。他們投資了一些自動化機器人打擊機，當我看到它們時，我發現這只是陽光的一個令人難以置信的新補充造幣生產線生產機器。因此，這不僅僅是容量，儘管我們希望增加容量。它確保我們增加所需產品的產能，並努力在機器和生產資產方面保持領先地位，我們認為從現在起一兩年後我們將需要這些。

Perfect. Very helpful. And relating to your comments, I think you said that you did see a little bit more activity in August relative to maybe the low point in July. And wondering if you could comment on maybe what the drivers are there? Is it purely just because July is maybe the seasonally slowest? What kind of drove maybe a recovery? And I guess along those lines, if there are any dynamics for the foreseeable future that -- maybe new product launches or releases that you expect to impact demand or premium that are worth mentioning?

完美的。很有幫助。關於您的評論，我認為您說過，相對於 7 月的低點，您確實在 8 月看到了更多的活動。想知道您是否可以評論一下那裡的驅動程序是什麼？僅僅是因為七月可能是季節性最慢的嗎？什麼樣的推動力可能會復蘇？我想沿著這些思路，在可預見的未來是否有任何動態——也許您預計會影響值得一提的需求或溢價的新產品發布或發布？

Yes. I mean I think as I mentioned before, I think it has a little bit to do with this -- what the U.S. Mint and their ability to deliver a few more coins. Now I'm not exactly sure whether their production numbers have changed all that much. I think they may have intentionally held some coins back and decided to release some coins. But whenever you see a change in the supply-demand dynamics as it relates to the U.S. Mint, it's going to have some effects, either very positive as kind of a follow-on to the U.S. Mint product or it can have a little bit of a negative as it relates to premiums if Silver Eagles just become a bit more available.

是的。我的意思是，正如我之前提到的，我認為這與美國造幣廠的情況以及他們交付更多硬幣的能力有一點關係。現在我不太確定他們的生產數量是否發生了那麼大的變化。我認為他們可能故意扣留一些幣並決定釋放一些幣。但是，每當你看到與美國造幣廠相關的供需動態發生變化時，它都會產生一些影響，要么是非常積極的，作為美國造幣廠產品的後續產品，要么可能會產生一些影響。如果銀鷹變得更加可用，那麼這對保費來說是一個負面影響。

And I think it's important to note that the Silver Eagle continues worldwide and dominated in the U.S. to be the product of choice for 1-ounce silver products. And I think that drives a lot of choice in what products customers decide to buy. If they can't get enough Silver Eagles or if the Silver Eagle premiums just become too high, it's going to drive up the premiums on some of the other sovereigns and some of our private mint products. Vice versa, if the Silver Eagle premiums are lower, the Silver Eagle is a likely candidate for purchase because that's the most popular coin.

我認為值得注意的是，Silver Eagle 繼續在全球範圍內流行，並在美國占據主導地位，成為 1 盎司白銀產品的首選產品。我認為這推動了客戶決定購買的產品的多種選擇。如果他們無法獲得足夠的銀鷹，或者銀鷹的溢價變得太高，就會推高其他一些主權國家和我們的一些私人鑄幣產品的溢價。反之亦然，如果銀鷹溢價較低，則銀鷹可能是購買的候選者，因為它是最受歡迎的硬幣。

So I think any change in those dynamics of the supply/demand in Silver Eagles is going to have effect on the overall market for the reasons described. I will say that as I have mentioned in the last few weeks, we've really been able to test the market, specifically on Silver Eagles. And we're very -- we have a very positive outlook as it relates to throughout the end of this year and our ability to maybe pick up our demand a little bit and take some of those coins that are on the market right now. So it's been good for us.

因此，我認為銀鷹供需動態的任何變化都將對整體市場產生影響，原因如下所述。我想說，正如我在過去幾週提到的，我們確實能夠測試市場，特別是銀鷹。我們對今年年底的前景非常樂觀，我們有能力稍微提高我們的需求，並採取一些目前市場上的代幣。所以這對我們有好處。

And like I said, I think the last couple of weeks of August, it's not a quarter, it's not a month, it's not a year. But I will say that we have seemingly handled this change in some of the dynamics very, very well. And I believe that we have continued to gain market share, and I believe we're keeping our market share that we have. So these are positives in my mind. The dynamics of how the market works, I gave you a fairly general answer. There's a lot more specifics that can go into it, and that we could have a discussion for an hour on that. But I think my response in general is what you need to hear.

就像我說的，我認為八月的最後幾週，這不是一個季度，不是一個月，也不是一年。但我要說的是，我們似乎非常非常好地處理了某些動態方面的變化。我相信我們已經繼續獲得市場份額，並且我相信我們正在保持現有的市場份額。所以這些在我看來都是積極的。關於市場如何運作的動態，我給了你一個相當籠統的答案。還有很多細節可以討論，我們可以就此進行一個小時的討論。但我認為我的回答總體上是你需要聽到的。

Yes. Great. Very helpful, Greg.

是的。偉大的。非常有幫助，格雷格。

(Operator Instructions)

（操作員說明）

The next question comes from David Bastian with Kingdom Capital Advisors.

下一個問題來自 Kingdom Capital Advisors 的 David Bastian。

Thanks for your question. Two quick things. First, I was curious to hear a little bit more on your thoughts around buybacks. You guys had used the authorization [some] back in February and March. I will use your thought right now, you're trading around the $800 million market cap. You just posted about $225 million of EBITDA for this year. So you're trading a little bit under 4x that.

謝謝你的提問。兩件快事。首先，我很想听聽您對回購的更多想法。你們在二月和三月就已經使用了授權[一些]。我現在就用你的想法，你的交易市值約為 8 億美元。您剛剛發布了今年約 2.25 億美元的 EBITDA。所以你的交易價格略低於 4 倍。

So it seems like in this environment, I don't think we've gotten a little softer, but buybacks will be very accretive to the valuation of the company. So just curious a little bit more, I know you addressed capital allocation a little bit earlier. But just a little bit more about the decision to do a special here instead of putting some of that money towards buybacks this valuation?

因此，在這種環境下，我認為我們並沒有變得更加疲軟，但回購將非常增加公司的估值。所以只是好奇一點，我知道你早些時候談到了資本配置。但再多一點關於在這裡做特別的決定，而不是把一部分錢用於回購這個估值？

Yes. I mean I think it's a bit of a moving target. The last buyback that we did, we were very clear on the range and the price that we bought the stock back at. Since that time, we have not seen the stock approach that level again. And I think that we're always open to the changing capital allocation equation that we go through here from a management perspective. But I think that as it relates to the special dividend, we have said before that when we have a good year, we believe we should reward with a special dividend. As it relates to the buyback strategy and how we allocate to that, it's going to depend on all the circumstances and the moving targets that I just discussed.

是的。我的意思是我認為這是一個移動目標。我們上次回購股票時，我們非常清楚回購股票的範圍和價格。從那時起，我們就沒有看到該股再次接近該水平。我認為，我們始終對從管理角度經歷的不斷變化的資本配置方程持開放態度。但我認為，由於涉及特別股息，我們之前說過，當我們有好的一年時，我們認為我們應該獎勵特別股息。由於它涉及回購策略以及我們如何分配，因此它將取決於我剛才討論的所有情況和移動目標。

It has a lot to do with where we are, as I said, in the M&A pipeline. And even though we look at a lot of deals, we don't close, one of my big rules is never be in a situation where an opportunity is there, and we can't finance an opportunity efficiently and in all of the shareholders' best interest. So I will -- and historically, I have, I will be a bit more conservative and a bit more careful on the capital allocations as it relates to buybacks and dividends if I believe the horizon indicates that there's a better opportunity for our money. And that's just -- that's kind of something that Thor and I and Kathleen, we discuss regularly here.

正如我所說，這與我們在併購管道中所處的位置有很大關係。即使我們關注了很多交易，但我們並沒有完成，我的一大規則是永遠不要處於機會存在的情況，並且我們無法有效地為所有股東的機會提供融資最大利益。因此，如果我相信前景表明我們的資金有更好的機會，那麼我會——從歷史上看，我會在與回購和股息相關的資本配置上更加保守和更加謹慎。這就是托爾、我和凱瑟琳經常在這裡討論的事情。

But it can change quickly. We can have 3 deals we're looking at that we think are great, and we don't close any of them or we can have 3 deals we're looking at, and we can get all the way down to the 20-yard line trying to close the deal and score a touchdown and we may close all of them. So I think it's a little bit week-to-week, month-to-month. But in this case, we had a long discussion about the special dividend at our Board meeting 2 weeks ago. And we talked about everything I've just mentioned, and I felt really good where we came out of it. And if we believe (technical difficulty).

但它可以很快改變。我們可以有 3 筆我們認為很棒的交易，但我們不會完成其中任何一筆，或者我們可以有 3 筆我們正在考慮的交易，我們可以一路走到 20 碼嘗試完成交易並達陣得分，我們可能會完成所有這些。所以我認為這是每週、每月的一點點。但在這種情況下，我們在兩週前的董事會會議上就特別股息進行了長時間的討論。我們討論了我剛才提到的一切，我們結束後我感覺非常好。如果我們相信（技術難度）。

Hello?

你好？

You've been reconnected, Greg. Can you hear us?

你已經重新連接了，格雷格。你可以聽見我們嗎？

Okay. I'm back. This is Greg. We had a little disconnect.

好的。我回來了。這是格雷格。我們之間有一點脫節。

That was helpful.

這很有幫助。

Okay. Next question?

好的。下一個問題？

What -- the Direct-to-Consumer gross margin, it looks like it was down a little bit versus the third quarter even though volumes seemed like they were up pretty healthily. Could you talk about a little what was driving that?

什麼——直接面向消費者的毛利率，看起來與第三季度相比略有下降，儘管銷量似乎增長得相當健康。您能談談是什麼推動了這一趨勢嗎？

Yes. I mean I don't see a significant change in just the overall environment between the 2 quarters. I think we do go through periods where you'll see some slight change in the margin at the DTC side, just depending on what products we're trying to move out and what the mix of products is. One thing that can throw off the numbers a bit is we make less money on big gold bars or kilo bars or even gold 1-ounce coins from a pure dollar perspective than we do on silver. So it could be that we had a little bit higher mix of gold and silver, so it can show some anomalies. Just like if we sell a higher percentage of silver than gold, we're going to have a little bit higher margin from a percentage standpoint. So I think those things can change.

是的。我的意思是，我認為這兩個季度之間的整體環境沒有發生重大變化。我認為我們確實會經歷一段時期，您會看到 DTC 方面的利潤發生一些細微的變化，這取決於我們試圖推出的產品以及產品的組合。有一點可能與數字有些偏差，那就是從純美元的角度來看，我們在大金條、公斤金條甚至 1 盎司金幣上賺的錢比在白銀上賺的錢要少。所以可能是我們的黃金和白銀的混合比例稍高一些，所以它可以顯示出一些異常現象。就像如果我們出售的白銀比例高於黃金，從百分比的角度來看，我們的利潤率也會更高一些。所以我認為這些事情可以改變。

I don't think that between our Q3 and our Q4, I did not see a significant change in anything in the overall environment as it relates to margin. And then obviously, we've spent a good deal of time talking about the end of Q4 at June, July and August. And so you know what I think about that period. So -- but I -- there's a lot of things that can go in, and we can get some noise as it relates to just quarter-over-quarter on the DTC side.

我認為在第三季度和第四季度之間，我沒有看到與利潤率相關的整體環境發生任何重大變化。顯然，我們花了很多時間討論六月、七月和八月的第四季度末。所以你知道我對那個時期的看法。所以 - 但我 - 有很多事情可以考慮，我們可以得到一些噪音，因為它與 DTC 方面的季度環比有關。

Okay. We have no further questions in queue 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.

好的。目前我們沒有其他問題在排隊。我們的問答環節到此結束。現在我想將電話轉回給羅伯茨先生，讓他作結束語。

Thanks, John. Once again, just to thank you to all of our shareholders. We appreciate your support. Thank you for joining the call today and anybody that follows up and listen to the call later. Thank you for taking the time to hear about A-Mark and learn about A-Mark. I'd also like to thank our employees around the world for their dedication and commitment to A-Mark's success. Looking forward to talking to you again in a couple of months for an update on our Q1. Thank you very much.

謝謝，約翰。再次感謝我們所有的股東。我們感謝您的支持。感謝您今天加入電話會議，以及稍後跟進並收聽電話會議的任何人。感謝您抽出寶貴時間來了解 A-Mark 並了解 A-Mark。我還要感謝我們世界各地的員工為 A-Mark 的成功所做的奉獻和承諾。期待幾個月後再次與您交談，了解我們第一季度的最新情況。非常感謝。

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.

我們結束今天的電話會議。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聲明的重要警告。

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. These include statements regarding expectations with respect to the dividend declarations, the amount or timing of any future dividends, future macroeconomic conditions and demand for precious metals products and the company's ability to effectively respond to changing economic conditions.

在今天的電話會議中，做出了有關未來事件的前瞻性陳述，涉及 A-Mark 未來計劃、目標、預期、業績、事件等的陳述屬於《私人證券訴訟改革法案》含義內的前瞻性陳述。 1995 年和1934 年證券交易法。其中包括有關股息聲明的預期、任何未來股息的金額或時間、未來宏觀經濟狀況和對貴金屬產品的需求以及公司有效應對不斷變化的經濟狀況的能力的聲明。

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.

未來事件、風險和不確定性，無論是單獨還是總體，都可能導致實際結果與這些陳述中明示或暗示的結果存在重大差異。

Factors that could cause actual results to differ include the following: the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater-than-anticipated costs incurred to execute the strategy; changes in the current international political climate, which has favorably contributed to demand and volatility in the precious metals markets; potential adverse effects of the current problems in the national and global supply chains; increased competition for the company'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; changes in consumer demand and preferences for precious metal products generally.

可能導致實際結果有所不同的因素包括：未能執行公司的增長戰略，包括無法識別合適或可用的收購或投資機會；執行該戰略所產生的成本高於預期；當前國際政治氣候的變化，對貴金屬市場的需求和波動產生了有利的影響；國家和全球供應鏈當前問題的潛在不利影響；對公司利潤率較高的服務的競爭加劇，這可能會壓低價格；公司的商業模式未能按照預期應對市場環境的變化；消費者對貴金屬產品的需求和偏好總體發生變化。

Potential negative effects that inflationary pressure may have on our business; the inability of the company to expand capacity at Silver Towne Mint; the failure of our investee companies to maintain or address the preferences of their customer bases; general risks of doing business in the commodity markets; and the strategic business, economic, financial, political and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission.

通貨膨脹壓力可能對我們的業務產生潛在的負面影響；公司無法擴大 Silver Towne Mint 的產能；我們的投資公司未能維持或滿足其客戶群的偏好；在商品市場開展業務的一般風險；公司向美國證券交易委員會提交的公開文件中描述的戰略業務、經濟、金融、政治和政府風險以及其他風險因素。

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

該公司不承擔公開更新或修改任何前瞻性陳述的義務。請聽眾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將可以通過公司網站投資者部分的鏈接重播。感謝您今天參加我們的 A-Mark 財報電話會議。您現在可以斷開連接。