A-Mark Precious Metals Inc (AMRK) 2024 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, 2023.

下午好，歡迎參加截至 2023 年 12 月 31 日的第二財季 A-Mark 貴金屬電話會議。

My name is Paul, and I will be your operator this afternoon.

我叫保羅，今天下午我將擔任您的接線生。

Before this call, A-Mark issued its results for the fiscal quarter second quarter 2024 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 homepage.

在此電話會議之前，A-Mark 在新聞稿中發布了 2024 年第二季的財季業績，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連結。

Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum and CFO, Kathleen Simpson-Taylor.

參加今天電話會議的有 A-Mark 執行長 Greg Roberts；總裁 Thor Gjerdrum 和財務長 Kathleen Simpson-Taylor。

Following their remarks, we will open the call to your questions.

在他們發表講話後，我們將開始電話詢問您的問題。

Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.

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。

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.

我想提醒大家，本次電話會議正在錄音，並將透過 A-Mark 網站投資者關係部分的連結進行重播。

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

現在我想把電話轉給A-Mark 的執行長Greg Roberts 先生。

Sir, please proceed.

先生，請繼續。

Thank you, Paul, and good afternoon, everyone.

謝謝保羅，大家下午好。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

Our second quarter results demonstrate the strength of our fully integrated platform to generate profitable results.

我們第二季的業績證明了我們完全整合的平台產生獲利結果的實力。

We delivered $0.57 per diluted share and generated $25.1 million of non-GAAP EBITDA during the quarter, underscoring our ability to manage less favorable market conditions while still delivering solid results.

本季度我們攤薄後每股收益為 0.57 美元，非 GAAP EBITDA 為 2510 萬美元，這突顯了我們在管理不太有利的市場條件的同時仍能實現穩健業績的能力。

During the quarter, we successfully repaid our notes payable for $100 million on our asset-backed securitization and continued to enhance shareholder value by increasing our share repurchase program by buying back an additional 440,000 shares of our common stock for approximately $12 million.

本季度，我們成功償還了資產支持證券化的 1 億美元應付票據，並透過增加股票回購計劃，以約 1,200 萬美元回購了 44 萬股普通股，繼續提高股東價值。

This morning, we announced that we entered into a nine nonbinding letter of intent with AMS Holdings, a leading multichannel marketer of vintage and modern coins, which provided for three transactions.

今天早上，我們宣布與 AMS Holdings（一家領先的古董和現代硬幣多通路行銷商）簽訂了九份不具約束力的意向書，其中規定了三筆交易。

The most significance of these transactions is our planned acquisition of LPM Group Limited, one of Asia's largest fabricated precious metals dealers.

這些交易中最重要的是我們計劃收購亞洲最大的貴金屬加工商之一LPM Group Limited。

This strategic acquisition is an important step in growing A-Mark's international presence in Asia and reflects our commitment to expanding A-Mark's global reach.

這項策略性收購是 A-Mark 在亞洲擴大國際影響力的重要一步，也反映了我們對擴大 A-Mark 全球影響力的承諾。

With access to A-Mark's inventory and resources, we expect that LPM will be able to secure larger purchase orders and will be able to provide their customers with a broader set of product offerings.

透過獲得 A-Mark 的庫存和資源，我們預計 LPM 將能夠獲得更大的採購訂單，並能夠為其客戶提供更廣泛的產品組合。

We are hopeful that our proven wholesale and e-commerce expertise and our portfolio of products and ancillary services such as storage and fulfillment will assist LPM in its planned growth strategy.

我們希望，我們成熟的批發和電子商務專業知識以及我們的產品組合和儲存和履行等輔助服務將有助於 LPM 實現其計劃的成長策略。

In addition to the LPM transaction pioneers coin exchange, our strategic affiliate, of which A-Mark owns 49% and one of the nation's largest distributors of modern certified coins will be acquiring all of the assets of ModernCoinMart from AMS.

除了 LPM 交易先驅硬幣交易所外，我們的策略附屬公司（A-Mark 擁有 49% 的股份，也是全國最大的現代認證硬幣分銷商之一）將從 AMS 收購 ModernCoinMart 的所有資產。

ModernCoinMart is one of the more established modern bullion coin dealers in the US, while also shipping to many international locations.

ModernCoinMart 是美國較成熟的現代金幣經銷商之一，同時也向許多國際地點出貨。

Through this strategic acquisition, Pinehurst intends to further expand its direct-to-consumer business and its product offering to its customers.

透過此次策略性收購，Pinehurst 打算進一步擴大其直接面向消費者的業務以及向客戶提供的產品。

The third transaction involves a joint venture between A-Mark, Pinehurst and Stack's Bowers Numismatics, a related party of A-Mark to acquire a 10% common equity interest in AMS.

第三筆交易涉及 A-Mark、Pinehurst 和 Stack 旗下的 Bowers Numismatics（A-Mark 的關聯方）成立合資企業，收購 AMS 10% 的普通股權益。

We expect to close these three transactions simultaneously by the end of this month, subject to preparation and execution of definitive agreements and the receipt of third-party consents or approval.

我們預計將在本月底同時完成這三筆交易，但須準備和執行最終協議並獲得第三方同意或批准。

As we continue to invest in growing our platform and global footprint, we will also continue our focus on logistics automation initiatives at our AMGL facility in Las Vegas.

隨著我們繼續投資擴大我們的平台和全球足跡，我們也將繼續關注拉斯維加斯 AMGL 工廠的物流自動化計畫。

These initiatives are designed to enhance our operational efficiency, enabling us to effectively manage a larger number of skews and increased volume, all while minimizing operational costs.

這些措施旨在提高我們的營運效率，使我們能夠有效管理大量的偏差和增加的數量，同時最大限度地降低營運成本。

We are confident that these strategic measures will support our growth strategy as we strive to further expand and diversify our business.

我們相信，隨著我們努力進一步擴大業務並使業務多元化，這些策略措施將支持我們的成長策略。

Now I will hand the call over to our CFO, Kathleen Simpson-Taylor, who will provide a more detailed overview of our financials.

現在我將把電話轉交給我們的財務長凱瑟琳辛普森-泰勒，她將提供我們財務狀況的更詳細概述。

Then A-Mark President, Thor Gjerdrum, will discuss our key operating metrics.

然後 A-Mark 總裁 Thor Gjerdrum 將討論我們的關鍵營運指標。

Afterwards, I will provide further insights into our business and growth strategy.

之後，我將進一步介紹我們的業務和成長策略。

Kathleen?

凱瑟琳？

Thank you, Greg, and good afternoon, everyone.

謝謝格雷格，大家下午好。

Our revenues for fiscal Q2 2024 increased 7% to $2.079 billion from $1.950 billion in Q2 of last year, excluding an increase of $231.6 million of forward sales, revenue decreased $102.5 million or 7%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.

我們2024 年第二財季的營收從去年第二季的19.5 億美元成長7% 至20.79 億美元，不包括增加的2.316 億美元遠期銷售，營收減少1.025 億美元，即7%，這是由於黃金和白銀盎司的減少賣出，部分被黃金和白銀平均售價上漲所抵消。

The DTC segment contributed 18% and 23% of the consolidated revenue in the fiscal second quarters of 2024 and 2023, respectively.

DTC 部門分別佔 2024 年和 2023 年第二財季合併收入的 18% 和 23%。

Revenue contributed by JMB represented 16% of the consolidated revenues for Q2 of 2024 compared to 21% in Q2 of last year.

JMB 貢獻的收入佔 2024 年第二季合併收入的 16%，去年第二季為 21%。

For the six-month period, our revenues increased 19% to $4.563 billion from $3.850 billion in the same year ago period, excluding an increase of $891.6 million of forward sales, revenues decreased $178.2 million or 6%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.

在這六個月期間，我們的收入從去年同期的 38.5 億美元增長 19% 至 45.63 億美元，不包括遠期銷售增加的 8.916 億美元，收入減少 1.782 億美元，即 6%，這是由於黃金和白銀盎司售出，部分被黃金和白銀平均售價上漲所抵銷。

The DTC segment contributed 15% and 23% of the consolidated revenue for the six months ended December 31, 2023, and 2022, respectively.

截至2023年12月31日及2022年12月31日止六個月，DTC部門分別貢獻了合併收入的15%及23%。

Revenue contributed by JMB represented 14% of the consolidated revenues for the six months ended December 31, 2023, compared with 21% in the same year ago period.

截至 2023 年 12 月 31 日止六個月，JMB 貢獻的收入佔合併收入的 14%，去年同期為 21%。

Gross profit for fiscal Q2 2024 decreased 28% to $46.0 million or 2.21% of revenue from $64.0 million or 3.28% of revenue in Q2 of last year.

2024 財年第二季的毛利下降 28%，至 4,600 萬美元，佔營收的 2.21%，而去年第二季的毛利為 6,400 萬美元，佔營收的 3.28%。

The decrease in gross profit was due to lower gross profit earned from both the Wholesale Sales & Ancillary Services and DTC segments.

毛利下降是由於批發銷售及輔助服務和 DTC 部門的毛利下降。

Gross profit contributed by the DTC segment represented 48% of the consolidated gross profit in fiscal Q2 2024 compared to 57% in the same year ago period.

DTC 部門貢獻的毛利佔 2024 財年第二季合併毛利的 48%，去年同期為 57%。

Gross profit contributed by JMB represented 41% of the consolidated gross profit in fiscal Q2 2024 compared to 51% in Q2 of last year.

JMB 貢獻的毛利佔 2024 財年第二季綜合毛利的 41%，而去年第二季為 51%。

For the six-month period, gross profit decreased 32% to $95.4 million or 2.09% of revenue from $140.6 million or 3.65% of revenue in the same year ago period.

在這六個月期間，毛利從去年同期的 1.406 億美元（佔營收的 3.65%）下降 32% 至 9,540 萬美元（佔營收的 2.09%）。

The decrease in gross profit was due to lower gross profit earned from both the Wholesale Sales & Ancillary Services and DTC segment.

毛利下降的原因是批發銷售及輔助服務和 DTC 部門的毛利下降。

Gross profit contributed by the DTC segment represented 45% of the consolidated gross profit in the six month period ended December 31, 2023, compared to 56% in the same year ago period.

截至2023年12月31日止六個月期間，DTC部門貢獻的毛利佔綜合毛利的45%，而去年同期為56%。

Gross profit contributed by JMB represented 38% and 49% of consolidated gross profit for the six months ended December 31, 2023, and 2022, respectively.

JMB 貢獻的毛利分別佔截至 2023 年 12 月 31 日和 2022 年 12 月 31 日止六個月合併毛利的 38% 和 49%。

SG&A expenses for fiscal Q2 2024 increased 8% to $22.4 million from $20.8 million in Q2 of last year.

2024 年第二財季的銷售、一般行政費用 (SG&A) 支出從去年第二季的 2,080 萬美元成長 8% 至 2,240 萬美元。

The change was primarily due to an increase in compensation expense, including performance-based accrual of $1.4 million, higher consulting and professional fees of $0.6 million, an increase in information technology costs of $0.4 million, partially offset by a decrease in insurance costs of $0.9 million and lower advertising costs of $0.4 million.

這項變更主要是由於薪酬費用增加，包括基於績效的應計費用 140 萬美元、諮詢和專業費用增加 60 萬美元、資訊科技成本增加 40 萬美元，但被保險費用減少 0.9 美元部分抵銷。100萬美元，廣告費用減少40 萬美元。

For the six-month period, SG&A expenses increased 15% to $44.2 million from $38.6 million in the same year ago period.

在這六個月期間，SG&A 費用增加了 15%，從去年同期的 3,860 萬美元增加到 4,420 萬美元。

The change was primarily due to an increase in consulting and professional fees of $2.6 million, an increase in compensation expense, including performance-based accruals of $2.6 million, an increase in information technology costs of $0.7 million, partially offset by a decrease in insurance costs of $0.5 million.

這項變更主要是由於諮詢和專業費用增加了260 萬美元、薪酬費用增加（包括基於績效的應計費用增加了260 萬美元）、資訊科技成本增加了70 萬美元，但部分被保險費用的減少所抵銷50 萬美元。

Depreciation and amortization expense for fiscal Q2 2024 decreased 14% to $2.8 million from $3.3 million in Q2 of last year.

2024 財年第二季的折舊和攤提費用從去年第二季的 330 萬美元下降 14% 至 280 萬美元。

The change was primarily due to a $0.6 million decrease in amortization of acquired intangibles related to JMB.

這項變更主要是由於與 JMB 相關的收購無形資產攤銷減少了 60 萬美元。

For the six month period, depreciation and amortization expense decreased 13% to $5.6 million from $6.4 million in the same year ago period.

在這六個月期間，折舊和攤提費用下降了 13%，從去年同期的 640 萬美元降至 560 萬美元。

The change was primarily due to a $1.1 million decrease in amortization of acquired intangibles related to JMB.

這項變更主要是由於與 JMB 相關的收購無形資產攤銷減少了 110 萬美元。

Interest income for fiscal Q2 2024 increased 27% to $6.3 million from $5.0 million in Q2 of last year.

2024 財年第二季的利息收入從去年第二季的 500 萬美元成長 27% 至 630 萬美元。

The aggregate increase in interest income was primarily due to an increase in other finance product income of $0.8 million and an increase in interest income earned by our Secured Lending segment of $0.6 million.

利息收入的整體成長主要是由於其他金融產品收入增加了 80 萬美元，以及我們的擔保貸款部門賺取的利息收入增加了 60 萬美元。

For the six month period, interest income increased 23% to $12.4 million from $10.1 million in the same year ago period.

在這六個月期間，利息收入從去年同期的 1,010 萬美元增加到 1,240 萬美元，增加了 23%。

The aggregate increase in interest income was primarily due to an increase in other finance product income of $1.5 million and an increase in interest income earned by our secured lending segment of $0.8 million.

利息收入的整體成長主要是由於其他金融產品收入增加了 150 萬美元，以及我們的擔保貸款部門賺取的利息收入增加了 80 萬美元。

Interest expense for fiscal Q2 2024 increased 41% to $10.2 million from $7.2 million in Q2 of last fiscal year.

2024 財年第二季的利息支出從上一財年第二季的 720 萬美元增加到 1,020 萬美元，成長了 41%。

The increase in interest expense was primarily due to an increase of $2.4 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings and an increase of $1.1 million related to product financing arrangements, partially offset by a decrease of $0.3 million related to the AMCF Notes, including amortization of debt issuance costs due to their repayment in December 2023.

利息支出的增加主要是由於利率上升以及借款增加導致與我們的貿易信貸便利相關的 240 萬美元的增加，以及與產品融資安排相關的 110 萬美元的增加，部分被利息支出的減少所抵消。30萬美元與AMCF 票據相關，包括2023 年12 月償還債務發行成本的攤銷。

For the six month period, interest expense increased 50% to $20.0 million from $13.4 million in the same year ago period.

在這六個月期間，利息支出從去年同期的 1,340 萬美元增加到 2,000 萬美元，增加了 50%。

The increase was primarily driven by an increase of $5.6 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings, an increase of $1.6 million related to product financing arrangements, partially offset by a decrease of $0.4 million related to the AMCF note, including amortization of debt issuance costs due to their repayment in December 2023.

這一增長主要是由於利率上升以及借款增加導致與我們的貿易信貸便利相關的 560 萬美元的增加，與產品融資安排相關的 160 萬美元的增加，部分被相關的 40 萬美元的減少所抵消。 AMCF 票據，包括2023 年12 月償還債務發行成本的攤提。

We also had a $0.2 million decrease in loan servicing fees.

我們的貸款服務費也減少了 20 萬美元。

Earnings from equity method investments in Q2 2024 decreased 83% to $0.8 million from $4.7 million in the same year ago quarter.

2024 年第二季權益法投資收益從去年同期的 470 萬美元下降 83% 至 80 萬美元。

For the six month period, earnings from equity method investments decreased 53% to $3.5 million from $7.3 million in the same year ago period.

在這六個月期間，權益法投資收益從去年同期的 730 萬美元下降 53% 至 350 萬美元。

The decrease in both periods was due to decreased earnings of our equity method investees.

兩個期間的下降是由於我們權益法投資對象的獲利下降。

Net income attributable to the company for the second quarter of fiscal 2024 totaled $13.8 million or $0.57 per diluted share.

2024 財年第二季該公司應佔淨利總計 1,380 萬美元，或攤薄後每股收益 0.57 美元。

This compares to net income attributable to the company of $33.5 million or $1.35 per diluted share in Q2 of last year.

相比之下，去年第二季公司應佔淨利為 3,350 萬美元，即稀釋後每股收益 1.35 美元。

For the six-month period, net income attributable to the company totaled $32.6 million, or $1.34 per diluted share which compares to net income attributable to the company of $78.6 million or $3.18 per diluted share in the same year ago period.

在這六個月期間，公司應佔淨利潤總計 3,260 萬美元，或稀釋後每股 1.34 美元，而去年同期公司應佔淨利潤為 7,860 萬美元，或稀釋後每股 3.18 美元。

Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes acquisition expenses, amortization and depreciation for Q2 fiscal 2024 totaled $21.7 million, a decrease of 53% compared to $46.5 million in the same year ago quarter.

2024 財年第二季調整後的所得稅撥備前淨利（一項非公認會計準則財務指標，不包括收購費用、攤提和折舊）總計2,170 萬美元，比去年同期的4,650 萬美元下降了53 %。

Adjusted net income before provision for income taxes for the six-month period totaled $48.5 million, a 55% decrease from $107.7 million in the same year ago period.

這六個月期間調整後的所得稅撥備前淨收入總計 4,850 萬美元，比去年同期的 1.077 億美元下降了 55%。

EBITDA, a non-GAAP liquidity measure for Q2 fiscal 2024 totaled $25.1 million, a 48% decrease compared to $48.7 million in Q2 of fiscal 2023.

2024 財年第二季的非 GAAP 流動性指標 EBITDA 總額為 2,510 萬美元，比 2023 財年第二季的 4,870 萬美元下降了 48%。

EBITDA for the six month period totaled $55.5 million, a 50% decrease compared to $110.9 million in the same year ago period.

這六個月期間的 EBITDA 總計 5,550 萬美元，比去年同期的 1.109 億美元下降了 50%。

Turning to our balance sheet, at quarter end, we had $28.5 million of cash compared to $39.3 million at the end of fiscal year 2023.

轉向我們的資產負債表，截至季度末，我們擁有 2850 萬美元的現金，而 2023 財年末的現金為 3930 萬美元。

Our tangible net worth at the end of the quarter was $426.1 million, down from $436.8 million at the end of the prior fiscal year.

本季末我們的有形淨資產為 4.261 億美元，低於上一財年末的 4.368 億美元。

A-Mark's Board of Directors has continued to maintain the company's regular quarterly cash dividend program of $0.20 per common share.

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利計畫。

The most recent quarterly cash dividend was paid in January.

最近的季度現金股利於一月支付。

It is expected that the next quarterly dividend will be paid in April 2024.

預計下一季股利將於2024年4月支付。

That completes my financial summary.

我的財務摘要就這樣完成了。

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

現在我將把電話轉給托爾，他將提供我們關鍵營運指標的最新資訊。

Thor?

雷神？

Thank you, Kathleen.

謝謝你，凱瑟琳。

Looking at our key operating metrics for the second quarter of fiscal 2024, we sold 450,000 ounces of gold in Q2 fiscal 2024, which is down 20% from Q2 of last year and down 9% from the prior quarter.

看看我們2024財年第二季的關鍵營運指標，我們在2024財年第二季銷售了45萬盎司黃金，比去年第二季下降了20%，比上一季下降了9%。

For the six month period, we sold 945,000 ounces of gold, which is down 21% from the same year ago period.

在這六個月期間，我們出售了 945,000 盎司黃金，比去年同期下降了 21%。

We sold 26.6 million ounces of silver in Q2 fiscal 2024, which is down 30% from Q2 of last year and down [13%] from last quarter.

我們在 2024 財年第二季銷售了 2,660 萬盎司白銀，比去年第二季下降了 30%，比上季下降了 [13%]。

For the six month period, we sold 57.0 million ounces of silver, which was down 23% from the same year ago period.

在這六個月期間，我們售出了 5,700 萬盎司白銀，比去年同期下降了 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 52,500 in Q2 fiscal 2024, which is down 60% from Q2 of last year and increased 34% from last quarter.

DTC 細分市場的新客戶數量（定義為在此期間註冊或設立新帳戶或首次購買的客戶數量）在 2024 財年第二季度為 52,500 人，下降了 60%與去年第二季度相比，環比增長了34%。

For the six-month period, the number of new customers to the DTC segment was 91,600, which is down 49% from 180,200 new customers in the same year ago period.

過去六個月內，DTC 部門的新客戶數量為 91,600 名，比去年同期的 180,200 名新客戶下降了 49%。

The number of total customers in the DTC segment at the end of second quarter was approximately 2.4 million, which was an 11% increase from the prior year.

截至第二季末，DTC 部門的客戶總數約為 240 萬，較上年同期成長 11%。

The year over year increase in total customers was due to organic growth of our JMB customer base, as well as from acquired customer lists.

客戶總數的同比增長歸因於我們的 JMB 客戶群以及收購的客戶名單的有機增長。

The DTC segment average order value, which represents the average dollar value of product orders, excluding accumulation program orders delivered to DTC segment customers during Q2 fiscal 2024 with $2,218, which is down 7% from Q2 fiscal 2023 and down 9% from the prior quarter.

DTC 部門平均訂單價值，代表產品訂單的平均美元價值，不包括2024 財年第二季交付給DTC 部門客戶的累積計畫訂單，金額為2,218 美元，比2023 財年第二季下降7%，比上一季下降9% 。

For the six month period, our DTC average order value was $2,316, which was down 2% from the same year-ago period.

這六個月期間，我們的 DTC 平均訂單價值為 2,316 美元，比去年同期下降 2%。

For the fiscal second quarter, our inventory turn ratio was 1.9, which is a 21% decrease from 2.4 in Q2 of last year and a 24% decrease from 2.5 in the prior quarter.

第二財季的庫存週轉率為 1.9，比去年第二季的 2.4 下降了 21%，比上一季的 2.5 下降了 24%。

For the six month period, our inventory turn ratio was 4.3, a 4% increase from 4.5 in the same year ago period.

在這六個月期間，我們的庫存週轉率為 4.3，比去年同期的 4.5 增加了 4%。

Finally, the number of secured loans at the end of December totaled 715, a decrease of 32% from December 31, 2022, a decrease of 11% from the end of September.

最後，12月底擔保貸款總數為715筆，較2022年12月31日下降32%，較9月底下降11%。

While the number of secured loans decreased, our secured loan receivable balance increased over the same period, bringing the value of our loan portfolio as of December 31, 2023, to $106.6 million, a 4% increase from December 31, 2022, and a 7% increase from September 30, 2023.

雖然擔保貸款數量減少，但我們的擔保貸款應收帳款餘額同期有所增加，使截至2023 年12 月31 日的貸款組合價值達到1.066 億美元，較2022 年12 月31 日增長4%，較2022 年12 月31 日成長7%。自 2023 年 9 月 30 日起增加 %。

That concludes my prepared remarks.

我準備好的發言就到此結束。

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

現在我將把它交給格雷格做總結發言。

Greg?

格雷格？

Thank you, Thor and Kathleen.

謝謝你們，托爾和凱瑟琳。

A-Mark's strategic focus remains on opportunities to further expand our geographic presence and market reach that will create synergies with A-Mark's fully integrated platform, including our reliable access to supply, our successful logistics footprint and strong customer relations.

A-Mark 的策略重點仍然是進一步擴大我們的地理影響力和市場覆蓋範圍，這將與A-Mark 完全整合的平台產生協同效應，包括我們可靠的供應管道、成功的物流足跡和強大的客戶關係。

While we work towards finalizing the transactions with AMS, we look forward to our expansion into Asia and to realizing the synergies and growth potential that these strategic initiatives may bring.

在我們努力完成與 AMS 的交易的同時，我們期待向亞洲擴張，並實現這些戰略舉措可能帶來的協同效應和成長潛力。

Our commitment to generating stockholder value remains firm, and we are confident in A-Mark's diversified and proven business model.

我們對創造股東價值的承諾依然堅定，我們對 A-Mark 多元化且經過驗證的商業模式充滿信心。

That concludes my prepared remarks.

我準備好的發言就到此結束。

Operator?

操作員？

Thank you.

謝謝。

At this time, we'll be conducting a question-and-answer session.

此時，我們將進行問答環節。

(Operator Instructions)

（操作員說明）

Mike Baker, DA Davidson.

麥克貝克，地方檢察官戴維森。

Okay.

好的。

Thanks, guys.

多謝你們。

I fully appreciate that the acquisitions, they look good and presume accretive and strategically make a ton of sense?

我完全理解這些收購，它們看起來不錯，並且具有增值性，並且在策略上很有意義？

I wanted to ask you about this quarter where the EBITDA was a little bit less than the last quarter and the earnings were less than the last quarter and frankly, less than consensus estimates for whatever consensus estimates are worth.

我想問本季的 EBITDA 比上一季略少，獲利也比上一季少，坦白說，無論共識估計值多少錢，都低於共識估計值。

But it felt like the business was bottoming last quarter, but apparently not because this quarter, it seems a little bit softer, I guess any visibility into when EBITDA might improve or EPS might improve, when we might get back to the idea of at a minimum $1.50 over a six-month period type of metrics?

但感覺上個季度業務已經觸底，但顯然不是，因為這個季度，它看起來有點軟，我想任何關於 EBITDA 何時可能改善或 EPS 可能改善的可見性，當我們可能回到一個想法時六個月內至少1.50 美元的指標類型？

Yeah, thank you for the question.

是的，謝謝你的提問。

I would say that the quarter saw some continued softness.

我想說的是，本季出現了一些持續的疲軟。

I think premiums on fabricated silver products, in particular, continued to be weaker than we have seen historically over the last 12 months.

我認為，特別是加工白銀產品的溢價繼續低於過去 12 個月的歷史水準。

There currently is plenty of silver supply in the marketplace.

目前市場上白銀供應充足。

And that's affecting the premium that people are willing to pay for the products.

這影響了人們願意為產品支付的溢價。

So we have been competing, keeping our market share, but we have had to adjust our premiums down both at a wholesale and a retail level.

因此，我們一直在競爭，保持我們的市場份額，但我們不得不在批發和零售層面調整我們的保費。

I think that on a bright note, the lower premiums have given us some great opportunities to acquire inventory, which we plan on doing and acquiring inventory that we think will be most valuable.

我認為，樂觀的一面是，較低的保費為我們提供了一些收購庫存的絕佳機會，我們計劃這樣做並收購我們認為最有價值的庫存。

Looking forward, we've been able to make some very opportune purchases, which you will see reflected in our balance sheet and our levels of inventory that we're carrying.

展望未來，我們已經能夠進行一些非常合適的購買，您將看到這反映在我們的資產負債表和我們的庫存水準中。

At the same time, we're looking to go through our inventories and move out or get rid of things that we don't think have great potential looking forward.

同時，我們希望清查庫存，搬出或丟掉我們認為未來潛力不大的東西。

So there has been a bit of reshuffling both last quarter and this quarter.

因此，上季和本季都有一些調整。

There are certainly some bright spots.

當然也有一些亮點。

We see the demand for US Silver Eagles continuing to be strong at the moment and that particular product continues to be on allocation from the US Mint.

我們認為目前對美國鷹揚銀幣的需求仍然強勁，而該特定產品繼續由美國造幣廠分配。

And we have been continuing to buy more Silver Eagles than our allocation from some of the other distributors.

我們一直在繼續購買比我們從其他一些經銷商分配的更多的銀鷹獎。

So I think that it's what we're dealing with right now.

所以我認為這就是我們現在正在處理的問題。

I think the spot prices in particular have been fairly range-bound, and that hasn't really caused any panic or any call to action for customers.

我認為現貨價格尤其在相當範圍內波動，這並沒有真正引起任何恐慌或要求客戶採取行動。

And we've seen this before when spot prices are range-bound and that's certainly a factor right now.

我們之前已經在現貨價格區間波動時看到過這種情況，而這現在肯定是一個因素。

I think the other factor is up until a week or two ago.

我認為另一個因素直到一兩週前才出現。

The equity markets have been performing very well and that can draw money away from our markets.

股票市場一直表現良好，這可能會從我們的市場吸引資金。

So I think we're seeing a little bit of that also.

所以我認為我們也看到了一些這樣的情況。

Okay.

好的。

That makes sense.

這就說得通了。

Can I ask a follow-up on those points in terms of the spreads.

我可以詢問點差方面的後續狀況嗎？

The way I look at where we're tracking at Silver spreads right now, look like they're in the $7 to $8 range gold.

從我目前追蹤的白銀價差來看，黃金價差似乎在 7 美元到 8 美元的範圍內。

I don't know $105, $106, something like that.

我不知道 105 美元、106 美元之類的。

Can you remind us historically what those ranges are?

您能從歷史上提醒我們這些範圍是什麼嗎？

Where do you start making more money?

你從哪裡開始賺更多的錢？

What kind of spread is better for you guys, obviously higher is better?

什麼樣的價差對你們來說更好，顯然越高越好？

What gets you excited?

什麼讓你興奮？

To be honest with you, I think making $25 million EBITDA in this market in this quarter was a fantastic result.

老實說，我認為本季在這個市場上獲得 2500 萬美元的 EBITDA 是一個了不起的結果。

So let's start there.

那麼就讓我們從這裡開始吧。

Secondly, I don't understand your question.

其次，我不明白你的問題。

So you're going to have to be more specific.

所以你必須更具體。

The numbers you just threw out, you need to be specific what you're asking because it didn't make sense to me.

你剛剛拋出的數字，你需要具體說明你要問什麼，因為它對我來說沒有意義。

I've heard a lot of questions, but that one, I don't know, and the simple answer is the higher the spreads between our cost of product and what we sell them for, the more money we make.

我聽過很多問題，但其中一個我不知道，簡單的答案是我們的產品成本和售價之間的價差越高，我們賺的錢就越多。

It is pretty basic.

這是非常基本的。

Sure.

當然。

No, sorry.

不，抱歉。

Let me rephrase it.

讓我重新表達一下。

Maybe I just didn’t ask properly.

也許我只是沒有正確詢問。

What I'm trying to do is, we're tracking like the spot prices versus retail prices that gambling in a number of competitors.

我想做的是，我們正在追蹤現貨價格與零售價格，這些價格是在許多競爭對手中賭博的。

And if we just look at silver, for instance, it looks like it's around silver spreads around $7.

例如，如果我們只看白銀，白銀價差看起來約為 7 美元。

I think the way we look at it maybe I'm wrong, but that's what

我認為我們看待問題的方式也許是錯的，但事實就是如此

--

--

That doesn't really make sense to me.

這對我來說真的沒有意義。

(multiple speakers) It depends on what specific product you're talking about, so it can help you a little bit.

（多個發言者）這取決於您所談論的具體產品，因此它可以為您提供一些幫助。

The United States Mint sell Silver Eagles at approximately $3 premium per ounce over the melt value.

美國造幣廠以每盎司較熔體價值約溢價 3 美元的價格出售老鷹銀幣。

And then whether A-Mark sells at wholesale at $4 or whether JM Bullion sales at wholesale at a $6, $7 premium, that's what the coins end up selling out at.

然後，無論 A-Mark 以 4 美元的批發價出售，還是 JM Bullion 以 6、7 美元的溢價批發出售，這就是硬幣最終售出的價格。

If you're talking about a SilverTowne or Sunshine minted product or even a Royal Canadian Mint product, that premium is going to be lower than the Silver Eagle.

如果您談論的是 SilverTowne 或 Sunshine 鑄造產品，甚至是加拿大皇家鑄幣廠產品，則該溢價將低於 Silver Eagle。

So the question about premium is really -- it has to be tied specifically to the product.

因此，關於溢價的問題實際上是——它必須與產品具體連結。

And there's no one product that is going to instantly make A-Mark more profitable because we probably sell 1,200 different products or more.

沒有一種產品能夠立即讓 A-Mark 獲利更多，因為我們可能會銷售 1,200 種或更多不同的產品。

As it relates to the question on gold, I don't know what you're talking about, a $100 per ounce -- a $100 premium per ounce.

因為它涉及黃金問題，我不知道你在說什麼，每盎司 100 美元——每盎司溢價 100 美元。

I'll just follow up after.

我稍後再跟進。

I'll take it offline.

我會把它離線。

Thank you.

謝謝。

Lucas Pipes, B. Riley.

派普斯 (Lucas Pipes)，B. 萊利 (B. Riley)。

Thank you very much, operator.

非常感謝您，接線生。

Good afternoon, everyone.

大家下午好。

Hello, Lucas.

你好，盧卡斯。

I'll start with some high-level questions on the strategy and then maybe dig into some more specifics.

我將從一些有關該策略的高級問題開始，然後可能會深入探討一些更具體的細節。

But first question is how do you think about your presence in Asia, cultural issues to be aware of?

但第一個問題是你如何看待你在亞洲的存在，需要注意的文化問題？

Or how do you envision an integration to proceed?

或者您認為整合將如何進行？

Thank you for your perspective.

謝謝你的觀點。

Sure.

當然。

I mean, we're very excited enthusiastic about this acquisition as well as all three of the acquisitions, but leading with LPM, which we believe and based on the price we paid, it's the most significant of the three transactions.

我的意思是，我們對這次收購以及所有三筆收購感到非常興奮，但以 LPM 為主導，我們相信，根據我們支付的價格，這是三筆交易中最重要的一筆。

LPM, as you can see from our release has been around for over a decade, they've been operating exclusively in Hong Kong.

LPM，正如您從我們的發布中看到的那樣，已經存在十多年了，他們一直只在香港運作。

We here at A-Mark have looked at a number of different opportunities in Asia and over the last five or six years.

在過去的五、六年裡，我們 A-Mark 在亞洲考察了許多不同的機會。

And we've never been able to complete a transaction that we thought was good for us as well as good for the other side.

我們從來沒有能夠完成一項我們認為對我們有利也對對方有利的交易。

This transaction came together through a fairly long negotiating period and quite a bit of diligence to this point.

這筆交易是經過相當長的談判期和相當多的努力才達成的。

And obviously, when you have a lot of different factors as well as an international target, it was fairly complicated for the diligence side and for us to get to a deal.

顯然，當你有很多不同的因素以及國際目標時，對於盡職調查方面和我們達成協議來說，這是相當複雜的。

We're very happy with the deal.

我們對這筆交易非常滿意。

We're happy with the price we paid.

我們對所支付的價格感到滿意。

We're happy with the earn out potential here for the seller, which would be very good for us.

我們對賣家的獲利潛力感到滿意，這對我們來說非常有好處。

We looked at the whole transaction.

我們查看了整個交易。

As it is a structure and is the risk to reward properly recognized, and we think that has happened.

因為它是一種結構，並且是對獎勵的風險進行適當的認識，我們認為這已經發生了。

So we're happy with it.

所以我們對此很滿意。

I think it's important to note that historically we were a wholesale trading company before we got into our DTC segment.

我認為值得注意的是，在進入 DTC 領域之前，我們歷史上是一家批發貿易公司。

And as we've now expanded that greatly with JM, we believe we've built up a tremendous amount of expertise in DTC and e-commerce retail.

現在，隨著我們與莊信萬豐的合作大幅擴展了這項業務，我們相信我們已經在 DTC 和電子商務零售方面積累了大量的專業知識。

LPM currently is a supplier of a number of different specialty products, and they supply those all around the world, both retail and wholesale.

LPM 目前是許多不同特色產品的供應商，他們向世界各地供應這些產品，包括零售和批發。

They have a number of licenses and a number of relationships with [Sovereign Mints, Private Mints] different product suppliers that we believe will be very accretive to A-Mark that A-Mark currently does not have in their wholesale segment.

他們擁有許多許可證，並與[Sovereign Mints、Private Mints] 不同的產品供應商建立了許多關係，我們相信這將為A-Mark 帶來很大的增值，而A-Mark 目前在其批發領域還沒有。

LPM currently is approximately 75% to 80% wholesale and about 20%, 25% retail.

LPM 目前約 75% 至 80% 為批發，約 20%、25% 為零售。

So we think there's a tremendous amount of opportunity in the region to grow the retail side of things.

因此，我們認為該地區有大量的機會來發展零售業。

Obviously, we have struggled over the years by not making an acquisition or expanding in this area for the cultural reasons that we just aren't familiar with.

顯然，多年來我們一直在苦苦掙扎，因為我們不熟悉的文化原因，沒有在這一領域進行收購或擴張。

I think the opportunity for us to acquire the business, the customers, the intellectual property and the pipeline of products that we've not had access to before is extremely important.

我認為，對我們來說，獲得我們以前從未接觸過的業務、客戶、智慧財產權和產品線的機會非常重要。

This transaction gives us the best of both worlds.

這項交易讓我們兩全其美。

It gives us a very strong wholesaler, which if you're going to be doing business in Asia, you need a wholesaler and you need a trading desk and you need people that are used to trading both wholesale and retail and you need the right people.

它為我們提供了一個非常強大的批發商，如果您要在亞洲開展業務，您需要一個批發商，您需要一個交易台，您需要習慣於批發和零售交易的人員，您需要合適的人員。

And I think we're very excited about the LPM staff, particularly the CEO and founder, Charlie Chang.

我認為我們對 LPM 員工感到非常興奮，尤其是執行長兼創辦人張查理 (Charlie Chang)。

And we think we are fortunate that we've been able to acquire a business or we are going to acquire the business that has both wholesale and retail.

我們認為我們很幸運，我們已經能夠收購一家企業，或者我們將收購一家兼具批發和零售業務的企業。

Bringing in both Charlie's local knowledge and his cultural knowledge of being in business in Asia as long as he has as well as the expertise we bring from Rob to Sally and his team at JM Bullion on e-commerce, we're very enthusiastic about what the potential is, and we think that we are well positioned right now to go there and to go to that expansion.

憑藉 Charlie 的本地知識和他在亞洲開展業務的文化知識，以及我們從 Rob 為 Sally 及其 JM Bullion 團隊帶來的電子商務方面的專業知識，我們非常熱衷於潛力是存在的，我們認為我們現在已經處於有利位置，可以實現這一目標並進行擴張。

I think we're also closely looking at the Singapore market.

我認為我們也在密切關注新加坡市場。

We believe that LPM is a good platform for us to expand into Singapore, and we think there's some great opportunity there, both from the local population as well as visitors to Singapore or people who are doing business in Singapore that are from other countries.

我們相信 LPM 是我們向新加坡擴張的一個很好的平台，我們認為那裡有一些很好的機會，無論是來自當地居民、新加坡遊客還是來自其他國家在新加坡做生意的人。

So we think that's a very safe environment for us, a very safe place to expand into.

所以我們認為這對我們來說是一個非常安全的環境，一個非常安全的擴張之地。

We're very comfortable with LPM in Hong Kong right now.

目前我們對香港的 LPM 感到非常滿意。

But just see this as just a really good opportunity for A-Mark to expand outside of the United States.

但請將此視為 A-Mark 向美國以外地區擴張的絕佳機會。

That's very helpful.

這非常有幫助。

Thank you very much, Greg.

非常感謝你，格雷格。

Two follow-ups on that.

對此有兩個後續行動。

Should we think of this as a kind of [rich ad] platform into the Asian market?

我們是否應該將其視為進入亞洲市場的一種[豐富廣告]平台？

And then to kind of what is your appetite for M&A after this announcement today, is it look, we put some good amount here on our plate, but let us digest this first or do you think you will continue to be active elsewhere around the world or North America?

然後，在今天宣布這一消息後，您對併購的興趣是什麼，看起來，我們在我們的盤子上放了一些很好的金額，但讓我們先消化一下這個，或者您認為您會繼續活躍在世界其他地方還是北美？

Thank You.

謝謝。

For sure, I think that the platform and the people and the business that we're acquiring really gives us a great starting point to organically grow LPM's business in Hong Kong.

當然，我認為我們正在收購的平台、人員和業務確實為我們有機發展 LPM 在香港的業務提供了一個很好的起點。

So I think it's very important and we've looked long and hard at this acquisition and we're very enthusiastic about this opportunity is going to give us.

所以我認為這非常重要，我們對這項收購進行了長期而努力的考慮，我們對這項收購給我們帶來的機會非常熱情。

And I think again, just to reiterate that we really to expand on the e-commerce side and retail in Asia, we would have needed to either relocate or we would have needed a desk and we need logistics and storage, and we would have needed to create all those things before we could have even moved into the DTC market.

我再次想，只是重申一下，我們確實要在亞洲的電子商務和零售方面進行擴張，我們需要搬遷，或者我們需要一張辦公桌，我們需要物流和存儲，我們需要在我們進入DTC 市場之前就創造了所有這些東西。

And so the ability to acquire this business that has both things going is really a great platform for us, and we believe it will be very good and we can expand very efficiently.

因此，能夠收購這兩項業務，對我們來說確實是一個很好的平台，我們相信這將非常好，我們可以非常有效地擴張。

As I've said before, one of the silver linings to a slower market and lower premiums is that we are seeing opportunities for M&A, and we still continue to look at a number of potential acquisitions.

正如我之前所說，市場放緩和保費下降的一線希望之一是我們看到了併購機會，我們仍在繼續關註一些潛在的收購。

And I think that the two, three months that we are experienced, where things are softer, it's also very difficult on our competitors and I have always been a big proponent of if you buy your competitors, good things happen.

我認為，我們經歷的兩三個月，情況變得更加疲軟，這對我們的競爭對手來說也非常困難，我一直大力支持如果你購買你的競爭對手，好事就會發生。

And we see there are there is opportunity out there and we're still very enthusiastic about the other M&A opportunities.

我們看到那裡有機會，而且我們仍然對其他併購機會非常熱情。

I think the size of this transaction, the $41 million as well as the other two smaller acquisitions, I think it's a very good size for us.

我認為這筆交易的規模，4,100 萬美元以及其他兩筆較小的收購，我認為這對我們來說是一個非常好的規模。

It's about 10% of our tangible net worth.

這大約是我們有形淨資產的 10%。

I think that we're able to do this very comfortably with no new debt or without any thought of raising more money.

我認為我們能夠非常輕鬆地做到這一點，沒有新的債務，也沒有任何籌集更多資金的想法。

So I think this LPM transaction is the right size for A-Mark at the moment.

所以我認為 LPM 交易目前對 A-Mark 來說是合適的規模。

But I think we thought long and hard about this deal.

但我認為我們對這筆交易考慮了很長時間。

And I think A-Mark is very focused on being able to continue everything that we've talked about and everything we've been able to do in the past.

我認為 A-Mark 非常注重能夠繼續我們談論過的一切以及我們過去所能做的一切。

We want to make sure that everything is sized properly so that we can look at things from a risk to reward standpoint without having to be tight.

我們希望確保一切的大小都合適，這樣我們就可以從風險到回報的角度來看待事情，而不必太嚴格。

And I think the key components for us are continuing our dividends, continuing to buy back stock when we believe that the stock is undervalued and returning shareholder value that way.

我認為我們的關鍵組成部分是繼續派息，當我們認為股票被低估時繼續回購股票，並以這種方式回報股東價值。

As well as being able to take advantage of opportune inventory times and up and things that we can buy and add to our inventory as well as taking advantage of M&A opportunities when we are able to look at results of targets and be able to negotiate from a little bit more from strength in the results from targets we're looking at aren't going to be as robust as maybe they would have been two years ago.

以及能夠利用適當的庫存時間和庫存以及我們可以購買和添加到庫存中的東西，以及當我們能夠查看目標結果並能夠從一個目標進行談判時利用併購機會。我們正在考慮的目標結果的強度可能不會像兩年前那樣強勁。

So I think the company is very well positioned and we're very thoughtful in all of these sizing and the transactions we're looking at and feel very good that we're in this for the long haul and we can make very good decisions and take advantage of all of these opportunities as they present themselves.

因此，我認為該公司處於非常有利的位置，我們在所有這些規模調整和我們正在考慮的交易中都考慮得非常周到，我們感覺非常好，因為我們是長期參與的，我們可以做出非常好的決策，充分利用所有這些機會。

Greg, really appreciate all the color.

格雷格，真的很欣賞所有的顏色。

I will turn it over for now.

我暫時把它翻過來。

Andrew Scutt, ROTH MKM.

安德魯·斯卡特，羅斯 MKM。

Good afternoon, guys, and thanks for taking my questions.

下午好，夥計們，感謝您提出我的問題。

First, I'd just like to ask a few follow-ups on LPM, just maybe asked a little bit differently.

首先，我想問一些關於 LPM 的後續問題，但問題可能有點不同。

So you mentioned in the prepared remarks, you see opportunities in leveraging your own inventory to help LPM secure larger orders.

因此，您在準備好的評論中提到，您看到了利用自己的庫存來幫助 LPM 獲得更大訂單的機會。

Just wondering how many skews and products, whatnot, you'll be able to provide to LPM?

只是想知道您能夠向 LPM 提供多少偏差和產品等等？

And then secondly, on that Asian consumers, I guess you could say have a higher propensity to invest their personal wealth in precious metals in western consumers.

其次，對於亞洲消費者，我想你可以說西方消費者更傾向於將個人財富投資於貴金屬。

So do you see, like you said, maybe expanding into Singapore, but just further growth opportunities there?

那麼，正如您所說，您是否認為可能會擴展到新加坡，但只是那裡有進一步的成長機會？

Absolutely.

絕對地。

So as the prepared remarks illustrated, LPM has operated over the last 10 years with a balance sheet that has probably has more likely than not restricted a little bit the amount of inventory and precious metals that they're able to buy and hold.

因此，正如準備好的評論所表明的那樣，LPM 在過去 10 年中的營運資產負債表很可能對其能夠購買和持有的庫存和貴金屬數量有所限制。

I think, the one of the great, you could call it a synergy, or you can call it an opportunity is that it gives LPM the opportunity to work out of A-Mark's inventory.

我認為，最偉大的一點，你可以稱之為協同效應，或者你可以稱之為機會，那就是它為 LPM 提供了擺脫 A-Mark 庫存的機會。

So as we take these opportunities to buy new inventory at favorable premiums or prices, we will start to take into consideration what LPM believes they can sell.

因此，當我們利用這些機會以優惠的溢價或價格購買新庫存時，我們將開始考慮 LPM 認為他們可以出售的產品。

And when we talk about larger purchases in the marketplace, the more you buy, the cheaper the price.

當我們談論市場上的大量購買時，購買的越多，價格就越便宜。

So as LPM can identify products, they can sell and take advantage of A-Mark's balance sheet to help purchase more and hopefully get a discount that will be a synergy that LPM will be able to take advantage of.

因此，由於 LPM 可以識別產品，他們可以銷售並利用 A-Mark 的資產負債表來幫助購買更多產品，並有望獲得折扣，這將成為 LPM 能夠利用的協同效應。

It will also be helpful for our own wholesale and retail business in North America that if we can get a bigger price and LPM helps us sell through 30%, 40% of what we're buying.

如果我們能獲得更高的價格，LPM 可以幫助我們賣出所購買商品的 30%、40%，這對我們在北美的批發和零售業務也將有所幫助。

It's going to make A-Mark stronger and have better negotiating power when we look to buy products.

當我們購買產品時，它將使 A-Mark 更強大並具有更好的談判能力。

If that makes sense and answers your question?

如果這有意義並回答您的問題？

No, that was perfect.

不，那太完美了。

Thank you very much.

非常感謝。

And then just one more follow-up.

然後還有一個後續行動。

So in the last 12 months, you guys acquired a handful of additional businesses, entered a few new geographies.

所以在過去 12 個月裡，你們收購了一些額外的業務，進入了一些新的地區。

Meanwhile the minutes have been running at near or at full capacity.

同時，會議記錄已接近或滿載運轉。

I know there's kind of oversupply in the market right now, but maybe over the medium term, could you share any thoughts around main capacity expansion?

我知道目前市場存在供應過剩的情況，但也許從中期來看，您能否分享任何關於主要產能擴張的想法？

I mean, at the moment, we're not looking too much for expansion.

我的意思是，目前我們並沒有過多尋求擴張。

We're comfortably at the moment managing the production out of the Silver Towne Mint.

目前，我們正在輕鬆管理銀鎮鑄幣廠的生產。

We have been fortunate enough that the Silver Towne Mint does a great job at it pivoting and being very nimble when it comes to what they produce.

我們很幸運，銀鎮造幣廠在轉型方面做得非常出色，並且在生產產品時非常靈活。

So whether it's 1 ounce rounds or 100 ounce bars or specialty products, whatever it is, we're able to keep them busy with altering or adjusting what product they're making every week.

因此，無論是 1 盎司圓形、100 盎司金條還是特種產品，無論是什麼，我們都能讓他們忙於改變或調整他們每週生產的產品。

So this is just a balance and production discussion that we go through once or twice a week on what we want them to manufacture.

因此，這只是平衡和生產討論，我們每週進行一次或兩次，討論我們希望他們生產什麼。

At the moment, I don't see a situation where we need to grow production ounce numbers at either Sunshine or SilverTowne.

目前，我認為我們不需要增加 Sunshine 或 SilverTowne 的產量盎司數量。

But as the premiums tend to contract, there is a fixed cost to manufacture in this product.

但由於保費趨於收縮，該產品的製造成本是固定的。

And I do believe that we could see opportunity if we get a prolonged lower premium environment, we could find a situation where a smaller mint just can't make money at the prices that we can produce at.

我確實相信，如果我們獲得長期較低的溢價環境，我們可以看到機會，我們可能會發現較小的鑄幣廠無法以我們可以生產的價格賺錢的情況。

And that may give us an opportunity to acquire some equipment or to do an M&A type activity as it relates to mint in.

這可能使我們有機會獲得一些設備或進行與鑄幣相關的併購類型活動。

And I think there will be opportunities down the road, but nothing that we're focused on at the moment.

我認為未來會有機會，但目前我們沒有關注什麼。

Great.

偉大的。

Thank you very much for the detail.

非常感謝您提供的詳細資訊。

And last, very quick one for me.

最後，對我來說非常快。

You're mentioning being opportunistic in acquiring inventory.

您提到在獲取庫存時要投機取巧。

Do you guys just kind of with a potentially volatile election year coming up, do you guys have an optimal inventory level in mind?

你們是否即將迎來一個可能波動的選舉年，你們心中是否有一個最佳的庫存水準？

Are you guys thinking of that as you're acquiring additional inventory?

你們在購買額外庫存時是否考慮過這一點？

Certainly, we feel here at A-Mark management that there are a number of events in the future and a number of situations that will be favorable to A-Mark.

當然，我們在A-Mark管理層感到，未來有許多事件和情況將有利於A-Mark。

We do -- we try not to predict the future, but we do see a number of situations that seem to be lining up that historically have shifted the supply and demand equation for us in our products.

我們確實這樣做——我們盡量不預測未來，但我們確實看到了許多似乎正在發生的情況，這些情況在歷史上已經改變了我們產品的供需方程式。

And I think that personally -- I don't want to speak for everybody, but personally, I do feel there are a number of things, the election, the continuing bank situation, the commercial real estate issues, what is really going to happen to interest rates and inflation.

我個人認為，我不想代表所有人發言，但就我個人而言，我確實覺得有很多事情，選舉，持續的銀行狀況，商業房地產問題，真正會發生什麼利率和通貨膨脹。

So I do see a lot of, you know, just kind of what I would say yellow lights that are that are flashing.

所以我確實看到很多，你知道，就像我所說的黃燈在閃爍。

I think our job is to balance.

我認為我們的工作是平衡。

And as I mentioned earlier, we're looking at the balance and the mix of our inventory right now.

正如我之前提到的，我們現在正在研究庫存的平衡和組合。

And we want to make sure that as we increase inventory and as we look towards the future, we want to make sure we have the inventory that gives us the greatest potential if an event occurs.

我們希望確保，當我們增加庫存並展望未來時，我們希望確保我們擁有的庫存能夠在事件發生時為我們提供最大的潛力。

So we are consciously looking to the mix of inventory, repositioning inventory, selling inventory that we don't think currently has potential and acquiring new inventory that will give us that opportunity.

因此，我們有意識地尋找庫存組合，重新定位庫存，出售我們認為目前沒有潛力的庫存，並收購將為我們帶來機會的新庫存。

In conjunction with that, you may see our inventories rise over the next six months.

同時，您可能會看到我們的庫存在未來六個月內增加。

And you will most likely see our carry costs rise a little bit as we look to position ourselves like we have in the past to hopefully be in a position if the supply and demand equation changes, that we have the product that everybody wants.

你很可能會看到我們的持有成本略有上升，因為我們希望像過去一樣定位自己，希望在供需方程式改變時，我們擁有每個人都想要的產品。

That's how we do the best when we're well positioned in our product because production, manufacture, financing of inventory and being able to do that and pivot quickly in our business, you just can't do that overnight.

當我們在產品中處於有利位置時，我們就能做到最好，因為生產、製造、庫存融資以及能夠做到這一點並在我們的業務中快速轉型，你不可能一夜之間做到這一點。

So we are investing in ourselves.

所以我們正在投資自己。

We're investing in all the different areas that I've talked about, but we are currently looking to invest in the right inventory that will make us the most money when we sell it.

我們正在投資我談到的所有不同領域，但我們目前正在尋求投資正確的庫存，以便在出售時為我們帶來最大的收益。

Thanks again.

再次感謝。

Congrats on the quarter and the acquisitions.

恭喜本季和收購。

That's it from me.

這就是我說的。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey, Greg, Thor, Kathleen.

嘿，格雷格，托爾，凱瑟琳。

Thanks for taking the questions and congrats on the transactions.

感謝您提出問題並祝賀交易成功。

One of the first ask, how the LTMs margins maybe compare A-Mark, should we think of them as relatively comparable.

第一個問題是，LTM 的利潤率與 A-Mark 相比如何，我們是否應該認為它們具有相對可比性。

Yeah, I think it's a mix.

是的，我認為這是一個混合體。

It is a mix between retail and wholesale.

它是零售和批發的混合體。

And I think you should look at it as a mix and I think the product mix of what they sell is a little bit skewed more towards licensed specialty products that do carry a little higher margin even at a wholesale level.

我認為你應該將其視為一個組合，我認為他們銷售的產品組合更偏向於許可的特種產品，即使在批發水平上，這些產品的利潤率也確實較高。

It's important to note that all of our DTC brands, whether it be JM Bullion or Silver Gold Bull or Pinehurst, our customers of LPM.

值得注意的是，我們所有的 DTC 品牌，無論是 JM Bullion、Silver Gold Bull 還是 Pinehurst，都是 LPM 的客戶。

So LPM through their licensing and their exclusive products -- our sellers have products that we have historically needed.

因此，LPM 透過他們的授權和獨家產品——我們的賣家擁有我們歷來需要的產品。

Now we have had to share those products with other retailers.

現在我們不得不與其他零售商分享這些產品。

So I think it's fair to say that we haven't historically got as much of LPMs wholesale sales of product than we would like.

因此，我認為可以公平地說，從歷史上看，我們的 LPM 產品批發銷售量並沒有我們想要的那麼多。

So we see that as an opportunity to expand and be a great distributor for LPM on their specialty products.

因此，我們認為這是一個擴展並成為 LPM 特種產品優秀經銷商的機會。

I think that their margins should skew a little bit higher than A-Mark wholesale, but probably not as high as our DTC businesses.

我認為他們的利潤率應該比 A-Mark 批發業高一點，但可能不會像我們的 DTC 業務那麼高。

Makes sense.

說得通。

And just as we think about modeling, hard to say where things move, but have you seen just as we think about fiscal Q3 so far, have you seen similar spreads relative to fiscal Q2?

正如我們考慮建模一樣，很難說事情會發生什麼變化，但正如我們到目前為止對第三財季的思考一樣，您是否看到了相對於第二財季的類似利差？

Yes.

是的。

I think that in some areas, I would say January and February, we saw some slight strength.

我認為在某些領域，我想說一月和二月，我們看到了一些輕微的強勢。

I think right now, we're seeing a little bit of strength in the Silver Eagle market, which generally does bode well for our private mint product or our other sovereign mint products.

我認為現在，我們在銀鷹市場上看到了一點強勢，這通常對我們的私人鑄幣產品或我們的其他主權鑄幣產品來說是個好兆頭。

And I do feel at the moment a little more demand and a little less supply on the Silver Eagle market.

我確實感覺到目前銀鷹市場的需求增加了一點，供應減少了一點。

So I would say that's probably the plus side of things as it relates to 1 ounce, 5 ounce, 10 ounce private label product.

所以我想說這可能是有利的一面，因為它涉及 1 盎司、5 盎司、10 盎司的自有品牌產品。

I think that we're seeing similar premiums as what we saw in Q2.

我認為我們看到的溢價與第二季度相似。

Some products a little bit lower, some products a little bit higher, but we're trying our best to inventory as broader mix of products as we can, so that we're able to fill any orders when they come in.

有些產品的庫存略低，有些產品的庫存略高，但我們正在盡力庫存盡可能廣泛的產品組合，以便我們能夠在訂單到達時滿足任何訂單。

Got it, very helpful.

明白了，非常有幫助。

Thanks, Greg.

謝謝，格雷格。

Brandon Coffin, Praetorian Capital.

布蘭登·科芬，禁衛軍資本。

Hey, guys, thanks for taking my questions.

嘿，夥計們，謝謝你回答我的問題。

I guess we're just curious if maybe you could help us understand A-Mark's relationship with big box retailers like Costco and Walmart?

我想我們只是好奇您能否幫助我們了解 A-Mark 與 Costco 和 Walmart 等大型零售商的關係？

And specifically, where A-Mark fits into that ecosystem and if you could help us just by clarifying which specific business segments are earning revenue from those two entities?

具體來說，A-Mark 在該生態系統中的位置，您是否可以透過澄清哪些特定業務部門從這兩個實體獲得收入來幫助我們？

Yeah, great question, Walmart has been selling into the market for a long time.

是的，很好的問題，沃爾瑪已經在市場上銷售很久了。

We indirectly supply them.

我們間接供應給他們。

We have not seen the growth in Walmart that is material to A-Mark, but they have been there for a while.

我們還沒有看到沃爾瑪的成長對 A-Mark 來說至關重要，但它們已經存在了一段時間了。

So that big box comment is not really anything new for us.

所以這個大框評論對我們來說並不是什麼新鮮事。

I think everybody is very interested in Costco.

我想大家都對Costco很有興趣。

Costco has been in the news what Costco is doing at the moment.

Costco 目前正在做的事情已經成為新聞報導。

I think that A-Mark is very well positioned for this.

我認為 A-Mark 在這方面處於非常有利的位置。

I will say that are our partners is Silver Gold Bull in Calgary are currently supplying Costco.

我想說的是，我們的合作夥伴是卡加利的 Silver Gold Bull，目前正在向 Costco 供貨。

They are selling products in the Costco stores.

他們在 Costco 商店銷售產品。

Silver Gold Bull has a presence on the floor of Costco's in Canada and as well as handling some of their logistics and some of their order fulfillment.

Silver Gold Bull 在加拿大的好市多 (Costco) 設有辦事處，並處理其部分物流和部分訂單履行。

So we are definitely in tune.

所以我們絕對是一致的。

Silver Gold Bull specifically at the moment, is working in Canada.

Silver Gold Bull 目前正在加拿大工作。

And we are continuing to look for opportunities where A-Mark or Silver Gold Bull can participate in any domestic needs that Costco may have.

我們正在繼續尋找機會，讓 A-Mark 或 Silver Gold Bull 可以參與 Costco 可能有的任何國內需求。

In general, I think Costco's entry in the precious metals market has the potential to expand the overall market.

總的來說，我認為Costco進入貴金屬市場有潛力擴大整體市場。

As a trusted retailer, Costco could introduce new investors to the benefits of owning precious metals, thereby contributing to the growth of our overall industry.

作為值得信賴的零售商，好市多可以向新投資者介紹擁有貴金屬的好處，從而為我們整個行業的成長做出貢獻。

So I believe that is a positive.

所以我相信這是積極的。

I think that Costco's widespread presence and accessibility can just make precious metals more convenient for a broader demographic.

我認為 Costco 的廣泛存在和可近性只會讓貴金屬對更廣泛的人群來說更加方便。

And I think the move allows consumers to explore and purchase precious metals during their routine shopping experience.

我認為此舉可以讓消費者在日常購物過程中探索和購買貴金屬。

I've heard different numbers, but I think Costco has over 140 million members across North America and Canada.

我聽說過不同的數字，但我認為 Costco 在北美和加拿大擁有超過 1.4 億會員。

So obviously, we see this as a large opportunity to bring new customers into a marketplace we have been excited about for a long time.

顯然，我們認為這是一個將新客戶帶入我們長期以來一直興奮的市場的巨大機會。

I think that any time that you see a new demographic or a new group of people in our marketplace, it does give A-Mark and our DTC an opportunity to try to take advantage of that.

我認為，每當您在我們的市場中看到新的人口或新的人群時，它確實會給 A-Mark 和我們的 DTC 一個嘗試利用這一點的機會。

To this point, what we've seen is Costco is limiting the amount of ounces that a customer can buy on.

到目前為止，我們看到 Costco 正在限制顧客可以購買的盎司數量。

They seem to be using this currently as a way to increase membership in their different membership programs.

他們目前似乎正在利用這一點來增加不同會員計劃的會員數量。

And I think that's good for us.

我認為這對我們有好處。

Talking to the guys at Silver Gold Bull and from their reports of actually having some pop-up stores in Canada.

與 Silver Gold Bull 的人員交談，並從他們的報告中了解到，實際上在加拿大有一些快閃店。

To this point, they've been very optimistic and they're very positive about their interactions with the Costco customers and the customers' interest in learning more about precious metals.

到目前為止，他們一直非常樂觀，對與 Costco 客戶的互動以及客戶對了解更多貴金屬的興趣非常積極。

So I think this is very good for us.

所以我認為這對我們來說非常好。

I think it really creates a terrific opportunity for A-Mark's DTC segment and their companies in that -- if a customer is limited in buying 5 ounces of gold from Costco or 1 ounce of gold at a time from Costco, if the customer is educated and wants to buy more.

我認為這確實為 A-Mark 的 DTC 部門及其公司創造了一個絕佳的機會——如果客戶受過教育，只能從 Costco 購買 5 盎司黃金，或者一次從 Costco 購買 1 盎司黃金並想購買更多。

We hope very much that they'll find their way to one of our DTC brands.

我們非常希望他們能夠找到我們的 DTC 品牌之一。

So that's how we see it as an opportunity for A-Mark.

這就是我們將其視為 A-Mark 的一個機會。

Great, thank you.

太好了謝謝。

And then just a follow-up, where exactly do you see those potential future opportunities coming first, would that be, maybe to the wholesale arm or something with the menswear.

然後是一個後續行動，你認為未來潛在的機會首先出現在哪裡，可能是批發部門或男裝部門。

Costco is potentially buying and selling SilverTowne and Sunshine Products.

Costco 可能會買賣 SilverTowne 和 Sunshine Products。

I think that Costco in Canada has already started to sell Sunshine Products.

我想加拿大的Costco已經開始販售Sunshine產品了。

So that answers that question.

這回答了這個問題。

And I think that, we view Costco if it continues and it's long term, I think we will be able to service them across a number of our platforms in our businesses, whether it be private mint products, whether it be wholesale, whether it be storage and logistics, we're ready to accept the challenge if Costco wants our involvement and we think we're well positioned for that.

我認為，我們認為 Costco 如果它繼續存在並且是長期的，我認為我們將能夠在我們業務的多個平台上為他們提供服務，無論是私人鑄幣產品，無論是批發，還是存儲和物流方面，如果好市多希望我們參與，我們已經準備好接受挑戰，我們認為我們已經做好了充分準備。

Okay.

好的。

Thank you for answering the questions.

感謝您回答問題。

Sure.

當然。

Sy Jacobs, Jacobs Asset Management.

Sy Jacobs，雅各布斯資產管理公司。

So I wanted to drill down on the LPM accretion calculation.

所以我想深入研究 LPM 吸積計算。

So this past quarter, which was a slow quarter, A-Mark has it's stands at about a 1.2% EBITDA margin.

因此，在過去的一個緩慢的季度中，A-Mark 的 EBITDA 利潤率約為 1.2%。

It's been as high as I think triple that in previous quarters.

我認為這個數字是前幾季的三倍。

Given what you said earlier about the mix of retail to wholesale being somewhat similar to A-Mark's, is it fair or conservative or aggressive to apply that range of EBITDA margins in good and bad environments to the $400 million of revenue, average revenue you're acquiring from LPM?

鑑於您之前所說的零售與批發的混合有點類似於A-Mark，將好壞環境中的EBITDA 利潤率範圍應用於4 億美元的收入（即您的平均收入）是公平的還是保守的還是激進的？正在從 LPM 收購？

And then I've got two follow-ups to that.

然後我有兩個後續行動。

Yeah, as you can tell from our performance, it's a little bit of a moving target.

是的，正如你從我們的表現中可以看出的那樣，這是一個有點移動的目標。

LPM was significantly had better margins in '21 and '22 than they had in '23.

LPM 在 21 年和 22 年的利潤率明顯高於 23 年。

So as we looked at the opportunity.

當我們尋找機會時。

And as we looked at the acquisition and the price that we ended up paying, we think that are our cash and stock down at $41 million was a very fair entry point for us with $11.5 million of tangible net worth.

當我們審視此次收購以及我們最終支付的價格時，我們認為，對於擁有 1,150 萬美元有形淨資產的我們來說，4,100 萬美元的現金和股票是一個非常公平的切入點。

And we did negotiate, and we put a little bit of any further payout on this transaction that it's pay-per-performance.

我們確實進行了談判，並且我們在這筆交易中支付了一點額外的費用，即按績效付費。

So we were very in tune with giving the sellers an opportunity that if the market turns or if things get better that they would participate with us.

因此，我們非常願意給賣家一個機會，如果市場好轉或情況好轉，他們就會與我們一起參與。

And at each time we worked on the structure and changed the structure and negotiated the structure, we were of the position that if we pay out all of the earnout numbers and the performance needed for all of those earnout numbers, we would be very happy to pay it out.

每次我們研究結構、改變結構並協商結構時，我們的立場是，如果我們支付所有的獎金數字以及所有這些獎金數字所需的績效，我們將非常樂意付清它。

It would validate the purchase and it would be a very good acquisition for us.

這將驗證購買的有效性，對我們來說這將是一次非常好的收購。

So I think that part of the challenge in looking at this transaction.

所以我認為這是看待這筆交易的挑戰的一部分。

And I know it's what you're thinking and what you're focused on is how do we look at what's normal and what can we expect?

我知道這就是你的想法，你關注的是我們如何看待什麼是正常的以及我們可以期待什麼？

And it comes a little bit with market conditions.

它與市場條件有關。

But I think our belief is that we can add revenue as well as hopefully expand their margin a little bit.

但我認為我們的信念是我們可以增加收入，並希望稍微擴大他們的利潤。

But for the most part, I think this is a business that is going to have closer to probably 2% EBITDA margins.

但在大多數情況下，我認為該業務的 EBITDA 利潤率可能接近 2%。

So maybe a little bit higher than that as you're trying to compare them.

所以當你試圖比較它們時，可能會比這個高一點。

So I do think the margins are a little bit higher than A-Mark wholesale, let's say.

所以我確實認為利潤比 A-Mark 批發高一點。

And if we can expand their retail and we can grow their retail, I don't see any reason why we couldn't those incrementally increased revenue dollars at the DTC level wouldn't be more in line or will be more in line with what our current DTC margins are.

如果我們可以擴大他們的零售，我們可以增加他們的零售，我不認為我們有什麼理由不能在 DTC 層面上逐步增加的收入不會更符合或更符合什麼我們目前的 DTC 利潤是。

Thanks.

謝謝。

So one little follow-up question on that.

關於這一點還有一個小後續問題。

You talked about revenue synergies, getting more wallet share and mind share up their purchases for A-Mark wholesale.

您談到了收入協同效應、獲得更多的錢包份額以及為 A-Mark 批發購買的心意分享。

Is there an opportunity for SilverTowne and Sunshine to become suppliers, I don't know how much -- how many SilverTowne bars they sell in Hong Kong, but might that become like a part of their menu where it wasn't before?

SilverTowne 和 Sunshine 是否有機會成為供應商，我不知道他們在香港銷售了多少 SilverTowne 酒吧，但這可能成為他們菜單的一部分嗎？

Yeah.

是的。

I mean that's a great synergy because as we -- every week, we have plenty of SilverTowne product on the shop and we have both wholesale and retail customers buying out of that inventory.

我的意思是，這是一個巨大的協同效應，因為我們每週都會在商店裡提供大量 SilverTowne 產品，批發和零售客戶都會從庫存中購買產品。

It doesn't cost us anymore to introduce LPM customers to that inventory.

我們不再需要向 LPM 客戶介紹該庫存了。

Now we will have to -- we've already started on the process of logistics, and we will have to stage product a little bit more in Hong Kong, and we've been already doing that with Brink's in Hong Kong.

現在我們必須——我們已經開始了物流流程，我們將不得不在香港更多地展示產品，我們已經在香港與 Brink's 合作了。

As well as I think it's important to note that we entered into a supplier agreement with AMS around two months ago.

我認為值得注意的是，我們大約兩個月前與 AMS 簽訂了供應商協議。

And as part of the negotiations and part of the test, we've had a supplier agreement with AMS and LPM specifically.

作為談判和測試的一部分，我們專門與 AMS 和 LPM 簽訂了供應商協議。

And we have already started out of our Vegas facility.

我們已經從拉斯維加斯工廠開始工作。

We've started to ship product for LPM to their customers as well as we've started to finance some of their inventory in Hong Kong.

我們已開始向他們的客戶運送 LPM 產品，並開始為他們在香港的部分庫存提供融資。

So we've been operational with them for the last two months.

所以過去兩個月我們一直在與他們合作。

So we've been able to get a really good idea of what it takes and where we can improve LPM's profitability.

因此，我們已經能夠很好地了解需要做什麼以及可以在哪些方面提高 LPM 的獲利能力。

So we have actually been working on that.

所以我們其實一直在努力。

Okay.

好的。

And then last question on the transaction and in general, you're paying almost all cash for this.

然後是關於交易的最後一個問題，一般來說，您為此支付了幾乎所有現金。

Is the cost of capital missing out on 5% money market on $40 million?

4000 萬美元的資本成本是否錯過了 5% 的貨幣市場利率？

Or are there, like as you said, you're not borrowing any money to do it?

還是像您所說的那樣，您沒有借錢來做這件事？

Are there any other costs that you need to subtract from the 2% or more margin and also vis-a-vis the buyback and how it relates to this?

您是否需要從 2% 或更多保證金中扣除任何其他成本以及與回購相關的成本以及它與此有何關係？

You spent something less than 50% of your cash flow this quarter and buying back your stock does making this acquisition $40 million make it any harder to return capital at that pace going forward?

本季您花費的資金不到現金流的 50%，而回購股票使得此次收購的金額達到 4000 萬美元，是否會讓您今後以這樣的速度返還資本變得更加困難？

Well, I think there's a little bit of unknown in that question.

嗯，我認為這個問題有一點未知。

I am super enthusiastic about this acquisition.

我對這次收購非常熱情。

I didn't do this to not make 5% on our money market.

我這樣做並不是為了不在我們的貨幣市場上賺取 5% 的利潤。

I think this business has the opportunity to really change and to really add to what A-Mark is doing in a market that we're currently getting a very tiny fraction of the market share.

我認為這項業務有機會真正改變並真正為 A-Mark 在市場上所做的事情做出貢獻，而我們目前所佔的市場份額很小。

So I know what this business has made historically, I know what it made in good times.

所以我知道這個企業在歷史上取得了什麼成就，我知道它在繁榮時期取得了什麼成就。

I know what that revenue and that profitability is worth to us.

我知道這些收入和獲利能力對我們來說價值幾何。

And I think that if LPM was owned by A-Mark in 2021 or 2022 or even 2023, they would have made significantly more money than they did on their own.

我認為，如果 A-Mark 在 2021 年、2022 年甚至 2023 年擁有 LPM，他們賺的錢會比自己賺的錢多得多。

So I'm looking at this as a home run.

所以我認為這是一個全壘打。

I'm not looking at it as a bunt single.

我不認為這是單打短打。

Okay.

好的。

Then the buyback part of the question, does it impinge your ability to buyback at this pace?

那麼問題的回購部分，它是否會影響您以這種速度回購的能力？

No.

不。

I think the management and the A-Mark board, we spent quite a bit of time making sure this was the right sized deal that would afford us the opportunity to continue to balance all of these things, whether it be dividend or whether it be stock buyback or whether it be other acquisitions in the future.

我認為管理層和 A-Mark 董事會花了相當多的時間來確保這是規模合適的交易，這將使我們有機會繼續平衡所有這些事情，無論是股息還是股票回購或未來是否進行其他收購。

I think this deal at this moment was sized very well.

我認為此時這筆交易的規模非常好。

And it wasn't that long ago that we made $50 million EBITDA in a quarter.

不久前，我們一個季度的 EBITDA 達到了 5000 萬美元。

So as it relates to other opportunities, I think we're very well positioned, very well positioned to keep doing everything when the opportunity presents itself.

因此，當它與其他機會相關時，我認為我們處於非常有利的位置，並且非常有能力在機會出現時繼續做一切。

And if we feel that the price of the stock is attractive for a buyback, we're going to continue to buyback the stock.

如果我們認為股票的價格對於回購具有吸引力，我們將繼續回購股票。

Obviously, we have announced here that we bought back 400,000 shares in the quarter, that's a pretty big buyback against a [23 million] share outstanding.

顯然，我們在這裡宣布，我們在本季回購了 40 萬股股票，相對於 [2,300 萬股] 流通股來說，這是一個相當大的回購。

So I think I'm pretty excited about continuing to do everything well.

所以我想我對繼續做好每件事感到非常興奮。

Sounds great.

聽起來很棒。

Thanks, Greg.

謝謝，格雷格。

Thank you.

謝謝。

And this does conclude our question-and-answer session.

我們的問答環節到此結束。

I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

現在我想將電話轉回給羅伯茲先生，讓他作結束語。

Thank you, Paul.

謝謝你，保羅。

Once again, thanks to all of our shareholders who joined the call today as well as the shareholders that aren't on the call, that will listen to it later recorded.

再次感謝今天參加電話會議的所有股東以及未參加電話會議的股東，他們將在稍後收聽錄音。

I want to thank our employees for their dedication and commitment to our success and look forward to keeping you apprised of A-Mark's progress in the future.

我要感謝我們的員工對我們成功的奉獻和承諾，並期待讓您隨時了解 A-Mark 未來的進展。

Thank you for joining.

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，其中包括有關本次電話會議期間所做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 to 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，做出了有關未來事件的前瞻性陳述，與 A-Mark 未來計劃、目標、預期、業績、事件等相關的陳述屬於《私人證券訴訟改革法案》含義內的前瞻性陳述1995 年證券交易法及1934 年證券交易法。

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.

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 are in the aggregate could cause actual results to differ materially from those expressed or implied in these statements.

未來事件、風險和不確定性單獨加起來可能會導致實際結果與這些陳述中明示或暗示的結果有重大差異。

These include the following, with respect to the proposed transactions with AMS Holding, the failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplated transactions within the currently expected timeline or at all, the failure to obtain necessary third-party consents or approvals and greater than anticipated costs incurred to consummate the transactions.

其中包括以下情況，就與 AMS Holding 擬議的交易而言，雙方未能就最終交易文件達成一致，雙方未能在當前預期的時間內完成擬定交易，或根本未能獲得必要的第三方同意或批准以及完成交易所產生的高於預期的成本。

Other factors that could cause actual results to differ include 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 historically has favorably contributed to demand and volatility and the precious metals markets.

其他可能導致實際結果有所不同的因素包括未能執行公司的成長策略，包括無法識別合適或可用的收購或投資機會、執行策略所需的成本高於預期、當前國際政治氣候的變化、從歷史上看，這對需求和波動以及貴金屬市場做出了有利的貢獻。

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.

國內和全球供應鏈當前問題的潛在不利影響，加劇了對該公司利潤率較高的服務的競爭，這可能會壓低價格。

The failure of the company's business model to respond to changes in the market environment as anticipated.

公司的商業模式未能如預期來應對市場環境的變化。

The changes in customer and consumer demand and preferences for precious metal products generally.

客戶和消費者對貴金屬產品的需求和偏好的整體變化。

Potential negative effects that inflationary pressure may have on our business.

通貨膨脹壓力可能對我們的業務產生潛在的負面影響。

The inability of the company to expand capacity at server, 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 the company's public filings with the Securities and Exchange.

公司無法擴展伺服器容量，我們投資的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以及戰略業務、經濟、金融、政治和政府風險和其他風險因素描述了該公司向美國證券交易委員會提交的公開文件。

The company undertakes no obligation to publicly update or revise any forward-looking steps.

該公司不承擔公開更新或修改任何前瞻性步驟的義務。

Listeners are cautioned not to place undue reliance on these forward-looking state.

提醒聽眾不要過度依賴這些前瞻性陳述。

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

最後，我想提醒大家，今天的電話會議錄音將透過公司網站投資者部分的連結進行重播。

Thank you for joining us today for A-Mark's Earnings Call.

感謝您今天參加我們的 A-Mark 財報電話會議。

You may now disconnect.

您現在可以斷開連線。