A-Mark Precious Metals Inc (AMRK) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to A-Mark's Precision Metals conference call for the fiscal third quarter ended March 31st, 2020.

下午好，歡迎參加截至 2020 年 3 月 31 日的第三財季 A-Mark 精密金屬電話會議。

For my name is Matthew, and I'll be your operator this afternoon before this call, A-Mark issued its results for the fiscal third quarter 2024 in a press release, which is available in the Investor Relations section of the company's website at www.a-mark.com. You can find the link to the Investor Relations section at the top of the homepage.

我叫Matthew，今天下午在本次電話會議之前，我將擔任您的接線員，A-Mark 在新聞稿中發布了2024 年第三財季的業績，該新聞稿可在公司網站www 的投資者關係部分查看.a-mark.com。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 for 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 the call, I'd like to remind everyone that this call is being recorded and will be made available for replay via link available in the Investor Relations section of A-Mark's website.

然後，在我們結束電話會議之前，我將就管理層在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，並將通過可用的鏈接進行重播A -Mark 網站的投資者關係部分。

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

現在我想將電話轉給 A-Mark 執行長 Greg Roberts 先生。

So please proceed.

所以請繼續。

Thank you, Matthew, and good afternoon, everyone.

謝謝你，馬修，大家午安。

Thanks for joining our call today.

感謝您今天加入我們的電話會議。

Our third quarter results continue to demonstrate the ability of our fully integrated platform to generate profitable results even in a difficult market environment.

我們第三季的業績繼續證明，即使在困難的市場環境下，我們完全整合的平台也有能力產生獲利結果。

During the quarter, we faced a combination of softened demand, premium compression and elevated gold and silver prices, which led our traditional buyers to become sellers and provided us with an opportunity to purchase more inventory.

本季度，我們面臨需求疲軟、溢價壓縮以及金銀價格上漲的綜合影響，這導致我們的傳統買家變成賣家，並為我們提供了購買更多庫存的機會。

Despite the challenging environment, we delivered $0.21 per diluted share and generated $12.6 million in non-GAAP EBITDA, including one-time acquisition costs of $2.2 million we also increased the direct to consumer number of new customers by an impressive 8% compared to last quarter.

儘管環境充滿挑戰，我們仍實現每股攤薄收益0.21 美元，並產生1,260 萬美元的非GAAP EBITDA，其中包括220 萬美元的一次性收購成本，與上一季相比，我們還將直接面向消費者的新客戶數量增加了8%，令人印象深刻。

Consistent with our commitment to generate shareholder value, the company also repurchased a total of 204,396 shares of our common stock for $5 million during the quarter.

根據我們創造股東價值的承諾，公司還在本季以 500 萬美元的價格回購了總計 204,396 股普通股。

As previously announced, we completed the acquisition of LPM.

正如先前宣布的，我們完成了對 LPM 的收購。

Group Limited in February 2024 and have substantially completed.

集團有限公司於2024年2月並已基本完成。

The integration have LPMs business and operations with A-Mark LPM now has enhanced access to supplementary products and capital through A-Mark to broaden their offerings and to promote future growth.

LPM 業務和營運與 A-Mark 的整合現在 LPM 增強了透過 A-Mark 獲得補充產品和資本的機會，以擴大其產品範圍並促進未來成長。

Key technology upgrades have also been added to enhance LPMs logistics capabilities and to fully integrate LPM into AMGL.'s fulfillment and shipping system.

還增加了關鍵技術升級，以增強 LPM 的物流能力，並將 LPM 完全整合到 AMGL. 的履行和運輸系統中。

Jmb has also collaborated closely with LPM to develop processes aimed at enhancing expanding LPMs e-commerce footprint.

Jmb 也與 LPM 密切合作，開發旨在增強 LPM 電子商務足跡的流程。

I'm happy to report that a month and a half or so into this.

我很高興地向您報告，這已經發生了一個半月左右。

We are very pleased with the results we have seen.

我們對所看到的結果感到非常滿意。

We also continued to advance our logistics automation initiatives at our A-Mark global logistics or AMGL. facility in Las Vegas.

我們也持續推進 A-Mark 全球物流（AMGL）的物流自動化計畫。拉斯維加斯的設施。

These initiatives are designed to enhance our operational efficiency, enabling us to effectively manage a larger number of SKUs as well as increase volume taking and shipping out more packages, all the 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更多的 SKU，並增加接收和運送更多包裹的數量，同時最大限度地降低營運成本。

Now I will turn the call over to our CFO, Kathleen Simpson, Taylor, who will provide a more detailed overview of our financial performance.

現在我將把電話轉給我們的財務長凱瑟琳辛普森泰勒，她將更詳細地介紹我們的財務表現。

Then our President, Thor Jordan, will discuss our key operating metrics.

然後我們的總裁托爾喬丹將討論我們的關鍵營運指標。

Finally, I will provide further insight into our business and growth strategy and happily take all of your questions.

最後，我將進一步深入了解我們的業務和成長策略，並樂意回答您的所有問題。

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 Q3 2024 increased 13% to $2.611 billion from $2.317 billion in Q3 of last year.

我們 2024 財年第三季的營收從去年第三季的 23.17 億美元成長 13% 至 26.11 億美元。

Excluding an increase of $622.1 million of forward sales, our revenues decreased $328.6 million or 20%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.

不包括增加的 6.221 億美元的遠期銷售，我們的收入減少了 3.286 億美元，即 20%，這是由於銷售的黃金和白銀盎司減少，但部分被黃金和白銀平均銷售價格的上漲所抵消。

The DTC segment contributed 13% and 23% of the consolidated revenue in the fiscal third quarters of 2024 and 2023, respectively.

DTC 部門分別佔 2024 年和 2023 年第三財季合併收入的 13% 和 23%。

Revenue contributed by JMB represented 12% of the consolidated revenues for Q3 of 2024 compared to 20% in Q3 of last year.

JMB 貢獻的收入佔 2024 年第三季合併收入的 12%，而去年第三季為 20%。

For the nine month period, our revenues increased 16% to $7.174 billion from $6.167 billion in the same year ago period, excluding an increase of $1.514 billion of forward sales revenues decreased $506.9 million or 11%, 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9 個月期間，我們的收入從去年同期的61.67 億美元增長16% 至71.74 億美元，不包括增加15.14 億美元的遠期銷售收入，減少5.069 億美元，即11%，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 14% and 23% of the consolidated revenue for the nine months ended March 31st, 2024 and 2023, respectively.

截至2024年3月31日和2023年3月31日的九個月，DTC部門分別貢獻了合併收入的14%和23%。

Revenue contributed by JMB represented 13% of the consolidated revenues for the nine months ended March 31st, 2024, compared with 21% in the same year ago period.

截至 2024 年 3 月 31 日止九個月，JMB 貢獻的收入佔合併收入的 13%，去年同期為 21%。

Gross profit for fiscal Q3 2024 decreased 54% to $34.8 million or 1.33% of revenue from $75.5 million, 43.26% of revenue in Q3 of last year.

2024 財年第三季的毛利下降 54% 至 3,480 萬美元，佔營收的 1.33%，而去年第三季的毛利為 7,550 萬美元，佔營收的 43.26%。

The decrease in gross profit was due to lower gross profits earned from both the wholesale sales and ancillary services and DTC segments.

毛利下降的原因是批發銷售和輔助服務以及 DTC 部門的毛利下降。

Gross profit contributed by the GGC. segment represented 52% of the consolidated gross profit in fiscal Q3 2024 compared to 57% in the same year ago period.

GGC貢獻的毛利。該部門佔 2024 財年第三季綜合毛利的 52%，去年同期為 57%。

Gross profit contributed by JMB represented 45% of the consolidated gross profit in Q3 2024 compared to 47% in Q3 of last year.

JMB 貢獻的毛利佔 2024 年第三季綜合毛利的 45%，而去年第三季為 47%。

For the nine month period, gross profit decreased 40% to $130.3 million or 1.82% of revenue from $216.1 million or 3.5% of revenue in the same year-ago period.

在這 9 個月期間，毛利下降 40% 至 1.303 億美元，佔營收的 1.82%，而去年同期為 2.161 億美元，佔營收的 3.5%。

The decrease in gross profit was due to lower gross profits earned from both the wholesale sales and ancillary services and DTC. segments.

毛利減少是由於批發銷售及輔助服務和DTC 賺取的毛利減少所致。段。

Gross profit contributed by the DTC. segment represented 47% of the consolidated gross profit for the nine months ended March 31st, 2024, compared to 56% in the same year ago.

DTC 貢獻的毛利。截至2024年3月31日止九個月，該部門佔綜合毛利的47%，而去年同期為56%。

Period.

時期。

Gross profit contributed by GMV represented 40% and 48% of the consolidated gross profit for the nine months ended March 31st, 2024 and 2023, respectively.

GMV貢獻的毛利分別佔截至2024年3月31日及2023年3月31日止九個月綜合毛利的40%及48%。

Sg&a expenses for fiscal Q3 2024 decreased 4% to $22.9 million from $23.8 million in Q3 of last year.

2024 財年第三季的銷售、管理和行政費用從去年第三季的 2,380 萬美元下降 4% 至 2,290 萬美元。

The change was primarily due to a decrease in compensation expense, including performance-based accruals of $2.2 million, a decrease in insurance costs of $0.9 million and lower advertising costs of $0.4 million, which was partially offset by higher consulting and professional fees of $2.2 million related to M&A activities and an increase in information technology costs of $0.2 million.

這項變更主要是由於薪酬費用減少，包括基於績效的應計費用 220 萬美元，保險費用減少 90 萬美元，廣告費用減少 40 萬美元，但部分被諮詢和專業費用增加 220 萬美元所抵消與併購活動相關的資訊科技成本增加了20 萬美元。

For the nine month period, SG&A expenses increased 8%, $67.1 million from $62.4 million in the same year ago period.

在這 9 個月期間，SG&A 費用增加了 8%，從去年同期的 6,240 萬美元增加到 6,710 萬美元。

The change was primarily due to an increase in consulting and professional fees of $4.8 million, including $2.8 million related to M&A activities, an increase in information technology costs of $0.8 million and an increase in compensation expense, including performance-based accruals of $0.4 million.

這項變更主要是由於諮詢和專業費用增加了480 萬美元，其中包括與併購活動相關的280 萬美元，資訊科技成本增加了80 萬美元，以及薪資費用增加，包括基於績效的應計費用40萬美元。

This was partially offset by a decrease in insurance costs of $1.4 million.

這被保險費用減少 140 萬美元部分抵銷。

Depreciation and amortization expense for fiscal Q3 2024 decreased 12% to $2.9 million from $3.3 million in Q3 of last year.

2024 財年第三季的折舊和攤提費用從去年第三季的 330 萬美元下降 12% 至 290 萬美元。

The change was primarily due to a $0.6 million decrease in amortization of acquired intangibles related to JM for the nine months period.

這項變更主要是由於九個月期間與 JM 相關的收購無形資產攤銷減少了 60 萬美元。

Depreciation and amortization expense decreased 13% to $8.6 million from $9.8 million in the same year ago period.

折舊和攤提費用下降 13%，從去年同期的 980 萬美元降至 860 萬美元。

The change was primarily due to a $1.7 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 170 萬美元。

Interest income for fiscal Q3 2024 increased 10%, $6.7 million from $6.1 million in Q3 of last year.

2024 財年第三季的利息收入成長 10%，從去年第三季的 610 萬美元增至 670 萬美元。

The aggregate increase in interest income was primarily due to an increase in other finance product income of $0.1 million and an increase in interest income earned by our Secured Lending segment of $0.5 million for the nine month period.

利息收入的總成長主要是由於其他金融產品收入增加了 10 萬美元，以及我們的擔保貸款部門在這九個月期間賺取的利息收入增加了 50 萬美元。

Interest income increased 18% to $19.1 million from $16.2 million in the same year ago period.

利息收入從去年同期的 1,620 萬美元增至 1,910 萬美元，成長 18%。

The aggregate increase in interest income was primarily due to an increase in other finance product income of $1.6 million and an increase in interest income earned by our securities lending segment of $1.4 million.

利息收入的總成長主要是由於其他金融產品收入增加了 160 萬美元，以及我們的證券借貸部門賺取的利息收入增加了 140 萬美元。

Interest expense for fiscal Q3 2024 increased 7% to $9.9 million from $9.2 million in Q3 of last year.

2024 財年第三季的利息支出從去年第三季的 920 萬美元成長 7% 至 990 萬美元。

The increase in interest expense was primarily due to an increase of $1.3 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings and an increase of $0.9 million related to product financing arrangements, partially offset by a decrease of $1.4 million related to the AMCF notes, including amortization of debt issuance costs due to the notes 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 130 萬美元的增加，以及與產品融資安排相關的 90 萬美元的增加，部分被利息支出的減少所抵消。萬美元與AMCF 票據相關，包括2023 年12 月償還票據的債務發行成本攤提。

For the nine month period interest expense increased 32% to $29.9 million from $22.6 million in the same year ago period.

這九個月期間的利息支出從去年同期的 2,260 萬美元增加到 2,990 萬美元，成長了 32%。

The increase was primarily driven by an increase of $6.9 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings, an increase of $2.5 million related to product financing arrangements, partially offset by a decrease of $1.8 million related to the AMCS notes, including amortization of debt issuance costs due to their repayment in December 2023, as well as a $0.3 million decrease in loan servicing fees.

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 690 萬美元的增加，與產品融資安排相關的 250 萬美元的增加，部分被相關的 180 萬美元的減少所抵消。 AMCS 票據的調整，包括因2023 年12 月償還而攤提的債務發行成本，以及貸款服務費減少30 萬美元。

Losses from equity method investments in Q3 2024 increased 194% to $0.2 million from $0.1 million in the same year ago quarter.

2024 年第三季權益法投資損失從去年同期的 10 萬美元增加 194% 至 20 萬美元。

For the nine-month period, earnings from equity method investments decreased 55% to $3.3 million from $7.3 million in the same year ago period.

在這 9 個月期間，權益法投資收益從去年同期的 730 萬美元下降 55% 至 330 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 third quarter of fiscal 2024 totaled $5 million or $0.21 per diluted share This compares to net income attributable to the company of $35.9 million or $1.46 per diluted share and eight in Q3 of last year.

2024 財年第三季歸屬於公司的淨利總計500 萬美元，即稀釋後每股0.21 美元，而去年第三季歸屬於公司的淨利為3,590 萬美元，即稀釋後每股1.46 美元，為8 美元。

For the nine month period, net income attributable to the company totaled $37.6 million, or $1.56 per diluted share, which compares to net income attributable to the company of $114.5 million or $4.64 per diluted share in the same year ago period.

在這 9 個月期間，公司應佔淨利潤總計 3,760 萬美元，或稀釋後每股 1.56 美元，而去年同期公司應佔淨利潤為 1.145 億美元，或稀釋後每股 4.64 美元。

Adjusted net income before provision for income taxes.

調整後的所得稅撥備前淨收入。

A non-GAAP financial performance measure, which excludes acquisition expenses, amortization and depreciation for Q3 fiscal 2024 totaled $11.6 million, a decrease of 76% compared to $49.2 million in the same year ago quarter.

2024 財年第三季的非 GAAP 財務績效指標（不包括收購費用、攤銷和折舊）總計 1,160 萬美元，比去年同期的 4,920 萬美元下降了 76%。

Adjusted net income before provision for income taxes for the nine month period totaled $60.1 million, a 62% decrease from $156.9 million in the same year ago period.

這 9 個月期間調整後的所得稅撥備前淨收入總計 6,010 萬美元，比去年同期的 1.569 億美元下降了 62%。

EBITDA, a non-GAAP liquidity measure for Q3 fiscal 2024 totaled $12.6 million, a 76% decrease compared to $52.3 million in Q3 fiscal 2023.

2024 財年第三季的非 GAAP 流動性指標 EBITDA 總額為 1,260 萬美元，比 2023 財年第三季的 5,230 萬美元下降了 76%。

EBITDA for the nine month period totaled $68.2 million, a 58% decrease compared to $163.2 million in the same year ago period.

這九個月期間的 EBITDA 總計 6,820 萬美元，比去年同期的 1.632 億美元下降了 58%。

Turning to our balance sheet at quarter end, we had $35.2 million of cash compared to $39.3 million at the end of fiscal 2023.

轉向季度末的資產負債表，我們擁有 3,520 萬美元的現金，而 2023 財年末的現金為 3,930 萬美元。

Our nonrestricted inventories totaled $579.4 million, down $66.4 million from $645.8 million at the end of fiscal 2023 and this was despite rising commodity prices, which drove an overall increase in our inventory value of over 10% holding ounces constant from the fiscal year end.

我們的非限制性庫存總額為5.794 億美元，比2023 財年末的6.458 億美元減少了6640 萬美元，儘管大宗商品價格不斷上漲，導致我們的庫存價值總體增長超過10%，從財年末開始保持盎司不變。

Our tangible net worth at the end of the quarter was $391.1 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 3.911 億美元，低於上一財年末的 4.368 億美元。

The reduction is due to share repurchase activity and dividends paid combined with higher intangible assets from the LPM acquisition.

這一減少是由於股票回購活動和支付的股息以及 LPM 收購帶來的無形資產增加所致。

Imarex Board of Directors has continued to maintain the company's regular quarterly cash dividend program of $0.2 per common share.

Imarex 董事會繼續維持公司每普通股 0.2 美元的定期季度現金股利計畫。

The most recent quarterly cash dividend was paid in April.

最近一次季度現金股利於四月支付。

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

預計下一季股利將於2024年7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。

So I think generally looking at our key operating metrics for the third quarter of fiscal 2020 fourth, we sold 446,000 ounces of gold in Q3 fiscal 2024, which was down 32% from Q3 of last year and down 1% from the prior quarter.

因此，我認為總體來看我們2020 財年第三季第四季的關鍵營運指標，我們在2024 財年第三季出售了446,000 盎司黃金，比去年第三季下降了32%，比上一季下降了1%。

For the nine month period, we sold 1.4 million ounces of gold, which was down 25% from the same year ago period.

在這 9 個月期間，我們出售了 140 萬盎司黃金，比去年同期下降了 25%。

We sold 25.7 million ounces of silver in Q3 fiscal 2024, which was down 30% from Q3 of last year and down 3% from last quarter.

我們在 2024 財年第三季銷售了 2,570 萬盎司白銀，比去年第三季下降了 30%，比上季下降了 3%。

To the nine month period.

至九個月期間。

We sold 82.7 million ounces of silver, which is down 26% from the same year ago period.

我們售出了 8,270 萬盎司白銀，比去年同期下降了 26%。

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 56,600 in Q3 fiscal 2024, which was down 13% from Q3 of last year, but increased 8% from last quarter.

DTC 中的新客戶數量。此細分市場的定義是在此期間註冊或設立新帳戶或首次購買的客戶數量，2024 財年第三季為 56,600 人，比去年第三季下降 13%，但有所增加較上季度增長8 %。

For the nine month period.

九個月期間。

The number of new customers in the DTC segment was 148,200, which is down 40% from 244,900 new customers in the same year ago period.

DTC業務新增客戶數量為148,200戶，較去年同期的244,900戶新客戶減少40%。

The number of total customers in the DTC segment at the end of the third quarter was approximately 2.5 million, which was an 11% increase from the prior year.

截至第三季末，DTC部門的客戶總數約為250萬，較上年同期成長11%。

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

客戶總數的同比增長歸因於我們的 GMV 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 Q3 fiscal 2024 was $2,133 which was down 13% from Q3 fiscal 2020 2023, and down 4% from the prior quarter.

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 Q3 fiscal 2024 was $2,133 which was down 13% from Q3 fiscal 2020 2023, and down 4% from the prior四分之一.

For the nine month period, our TTC. average order value was $2,253, which was down 6% from the same year ago period.

在這九個月期間，我們的 TTC。平均訂單價值為 2,253 美元，較去年同期下降 6%。

For the fiscal third quarter, our inventory turn ratio was 2.3, which is a 4% decrease from 2.4 in Q3 of last year and a 21% increase from 1.9 in the prior quarter.

第三財季的庫存週轉率為 2.3，比去年第三季的 2.4 下降 4%，比上一季的 1.9 上升 21%。

For the nine month period, our inventory turnover ratio was 6.8, a 3% decrease from 7.0 in the same year ago period.

在前 9 個月期間，我們的庫存週轉率為 6.8，較去年同期的 7.0 下降 3%。

Finally, the number of secured loans at the end of March totaled $675 million , a decrease of 30% from March 31st, 2023, and a decrease of 6% from the end of December.

最後，3月底的擔保貸款數量總計6.75億美元，較2023年3月31日下降30%，較12月底下降6%。

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 March 31st, 2024 to $115.6 million, a 19% increase from March 31st, 2023, and a 9% increase from December 31st, 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2024 年3 月31 日的貸款組合價值達到1.156 億美元，較2023 年3 月31 日增長19%，較2023 年3 月31 日成長9%自2023年12月31日起增加。

That concludes my prepared remarks.

我準備好的發言就到此結束。

I'll now turn it over to Greg as for his closing remarks.

現在我將把它交給格雷格，讓他作結束語。

Greg?

格雷格？

Thank you, Thor and Kathleen.

謝謝你們，托爾和凱瑟琳。

We've made significant strides in our M&A growth strategy with our expansion into Asia through our acquisition of LPM.

透過收購 LPM，我們向亞洲擴張，在併購成長策略方面取得了重大進展。

We are enthusiastic about the opportunities in the Asian market and continue to explore prospects 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 successful logistics footprint and strong customer relationships.

我們對亞洲市場的機會充滿熱情，並繼續探索進一步擴大我們的地理影響力和市場覆蓋範圍的前景，這將與A-Mark 的完全整合平台產生協同效應，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。

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。

Matthew?

馬修？

Thank you, everyone.

謝謝大家。

And 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, D.A. Davidson.

麥克貝克，D.A.戴維森。

Hey, thanks, guys.

嘿，謝謝，夥計們。

Just wondering if you could talk about what you think what in this environment caused the compression in the spreads that happened so much in the calendar first quarter.

只是想知道您是否可以談談您的想法，在這種環境下，是什麼導致了日曆第一季發生的利差壓縮如此之大。

Can you talk about maybe what you saw throughout the quarter by month?

您能談談您在整個季度中看到的情況嗎？

Did it get worse as it was the month as the quarter went on to get better.

情況是否變得更糟，因為該季度的情況繼續好轉。

Any early thoughts on the fourth quarter of the calendar second quarter in terms of the spreads?

對日曆第二季第四季的利差有什麼早期想法嗎？

Sure.

當然。

Yes.

是的。

I mean, I would start with just saying that probably the single biggest headwind for this particular quarter was a record number of days in the quarter that we saw all-time record prices in gold in particular.

我的意思是，我首先要說的是，這個特定季度的最大阻力可能是該季度創紀錄的天數，尤其是黃金價格創下歷史新高。

And I think it's important to note in our press release, we described a little bit that a lot of our customers that buy new product from us turned into sellers to A-Mark.

我認為在我們的新聞稿中值得注意的是，我們描述了許多從我們這裡購買新產品的客戶變成了 A-Mark 的賣家。

And I think it's important to note that A-Mark is really the terminal physical metals destination for wholesale product, seeking liquidity.

我認為值得注意的是，A-Mark 實際上是尋求流動性的批發產品的終端實體金屬目的地。

And I think we have done a very good job in the quarter of balancing what we're buying back from the wholesale marketplace.

我認為我們在本季平衡從批發市場回購的產品方面做得非常好。

It is versus what we're selling.

這與我們銷售的產品不同。

And I think our management of our inventory has been a key component of what we worked on in the quarter and we balanced our inventory.

我認為我們的庫存管理是我們本季工作的關鍵組成部分，我們平衡了我們的庫存。

We better balanced our purchases and sales, and we also rotated out of inventory, which I mentioned last call when we rotated out of inventory that we didn't feel gave us, but enough upside if the market was to turn around and we liquidated that and we've held onto inventory on on products that we think give us more opportunity.

我們更好地平衡了我們的採購和銷售，我們還輪換了庫存，我在上次電話會議中提到，當我們輪換庫存時，我們認為這並沒有給我們帶來好處，但如果市場要好轉，我們就清算了庫存，這有足夠的上漲空間我們保留了我們認為能為我們帶來更多機會的產品庫存。

And I can say that since probably January and February and most of March, we have started to see a shift and a reduction from what we're buying off of the wholesale market, our buying back from customers versus what we're selling.

我可以說，大概從一月、二月和三月的大部分時間開始，我們已經開始看到從批發市場購買的商品、從客戶那裡回購的商品與我們銷售的商品相比發生了變化和減少。

So we have seen a bit of a shift there.

所以我們看到了一些轉變。

And I think it's important to remember that there are generations of people whose grandparents or parents are even further back than that held gold for their family and that you've gone through a period where many of the long-term holders of physical metals.

我認為重要的是要記住，有幾代人的祖父母或父母甚至比他們的家庭持有黃金還要早，而且你已經經歷了許多長期持有實體金屬的時期。

I've been given the opportunity to monetize and create liquidity and sell material, where everybody is in a profit position as it relates to your most generic lowest premium gold products.

我有機會貨幣化、創造流動性和出售材料，每個人都處於有利可圖的位置，因為這與您最通用的最低溢價黃金產品有關。

So I think that's something that we worked through.

所以我認為這是我們努力解決的問題。

I think those and these sustained higher prices as we go through these periods, you're going to have waves of supply demand imbalance.

我認為，當我們經歷這些時期時，這些和這些持續上漲的價格，將會出現供需失衡的浪潮。

I think that as it relates to the and where what we see today and where we are today versus where we were at March 31st.

我認為這與我們今天看到的情況以及我們今天所處的情況與 3 月 31 日的情況有關。

And your question related to what we saw in the January, February, March period by month, I would say that December going back to December, which we talked a little bit about on our last call and January and February were probably three of the slowest months we've seen in a long time.

你的問題與我們在一月、二月、三月逐月看到的情況有關，我想說的是，十二月回到十二月，我們在上次電話會議上談到了這一點，一月和二月可能是最慢的三個我們很久以來見過的幾個月。

I think the company performed very well, I think that you look at how we worked through it and we have been doing this for almost 45 years or more.

我認為公司表現非常好，我認為你看看我們是如何度過難關的，我們已經這樣做了近 45 年或更長時間。

And no, there's not a whole lot that surprises me in the macro environment.

不，在宏觀環境中並沒有太多令我驚訝的事情。

And for the first time ever when you have two months of relief every day or every week, you have sustained new highs and spot prices.

有史以來第一次，當你每天或每週都有兩個月的緩解期時，你會維持新高和現貨價格。

That's just something that we haven't seen before.

這是我們以前從未見過的。

I give a tremendous amount of credit to four and the treasury team and Kathleen in managing our liquidity and making sure that we continue to be the dominant player.

我對四人和財務團隊以及凱瑟琳在管理我們的流動性並確保我們繼續成為主導者方面給予了極大的讚揚。

If if there's metal seeking liquidity, A-Mark wants to be the one to buy it.

如果有金屬尋求流動性，A-Mark 希望成為購買者。

So I think we we went through a number of a couple of months there where we were adjusting to the new dynamic.

所以我認為我們經歷了幾個月的時間來適應新的動態。

I can say that as we turn the calendar from March to April and some significant improvements that we saw both in demand as well as a slowdown in buybacks that we were buying back from wholesale customers.

我可以說，當我們把日曆從三月轉到四月時，我們看到需求出現了一些重大改善，而且我們從批發客戶那裡回購的股票也有所放緩。

And we did see some expanding premiums in products that have continued and throughout most of April and into May.

我們確實看到產品溢價不斷擴大，這種情況在四月的大部分時間和五月一直持續。

I would say the most dramatic increase in premiums that we saw over the last five or six weeks from today has been the premium on U.S. Silver Eagles.

我想說的是，從今天開始的過去五到六週，我們看到的保費增加最大的是美國銀鷹的保費。

And if anybody keeps track of premiums looking at websites and checking that you'll see a fairly noticeable increase.

如果有人透過網站追蹤保費並檢查您會發現相當明顯的成長。

And as one of our more profitable products, any increase in premiums with Silver Eagles is welcome and is going to is going to result in higher GP for us.

作為我們利潤更高的產品之一，銀鷹保費的任何增加都是受歡迎的，並將為我們帶來更高的 GP。

And what we have seen in the last three or four weeks as we have seen before when Silver Eagle premiums tend to rise.

我們在過去三、四個星期所看到的情況正如我們之前所看到的，當時銀鷹保費往往會上漲。

We've seen other silver products, whether it be Maple Leaf's or Britannia is or even some of our SilverTowne products that we make at our Mint in Indiana, we've seen some some less dramatic, but still increases in some of those products.

我們已經看到了其他銀產品，無論是楓葉銀還是不列顛尼亞銀，甚至是我們在印第安納州造幣廠生產的一些銀鎮產品，我們都看到了一些不那麼引人注目的產品，但其中一些產品的數量仍然有所增加。

I would say that we're still looking to see some premiums in gold products, although in the last week or 10 days, we've seen Gold Eagles in particular, have a fairly material move in their premium.

我想說的是，我們仍然希望看到黃金產品出現一些溢價，儘管在過去一周或十天內，我們特別看到金鷹產品的溢價出現了相當大的變動。

So we are seeing the supply-demand imbalance, get back in place to what to what we're used to very optimistic, very, very much looking forward to this quarter, I feel like April was was we performed very well, and we were able to monetize a number of positions that we were able to take over the last six months.

所以我們看到供需不平衡，回到我們習慣的非常樂觀，非常非常期待這個季度，我覺得四月份我們表現得很好，我們能夠將我們在過去六個月中佔據的一些職位貨幣化。

And I think you can look at Q. three as probably one of the worst quarters we're going to throw out there.

我認為你可以將第三季視為我們將要拋出的最糟糕的季度之一。

I mean, we had our acquisition going on.

我的意思是，我們的收購正在進行中。

We had some acquisition costs and we had what I've just described in the marketplace, but we're looking for improvement going forward from here.

我們有一些採購成本，我們在市場上擁有我剛才描述的東西，但我們正在尋求未來的改進。

And I feel pretty good about what we were able to accomplish in our Q3.

我對我們在第三季所取得的成就感到非常滿意。

It will affect the yes, that that's consistent with some of the data that we track on.

它將影響是的，這與我們追蹤的一些數據是一致的。

If I could follow up on one thing and you sort of answered it there at the end where you said you were able to monetize positions that you've taken in the last six months.

如果我可以跟進一件事，而你在最後回答了這個問題，你說你能夠將你在過去六個月中持有的頭寸貨幣化。

But can you just highlight or remind us all the product you're able to buy in the March quarter.

但您能否強調或提醒我們您在三月季度可以購買的所有產品。

How does when how long does it take for that usually flow through and ultimately presumably benefit you because of the inventory that you guys were able to take in?

由於你們能夠吸收的庫存，通常需要多長時間才能流過並最終可能使您受益？

It's not an exact science.

這不是一門精確的科學。

I mean it doesn't happen overnight.

我的意思是這不會在一夜之間發生。

We balance opportunistic inventory purchases all the time in very good markets.

我們一直在非常好的市場中平衡機會性庫存採購。

We pay a lot more and we pay higher premiums because we have confidence we're going to sell them.

我們支付更多費用，支付更高保費，因為我們有信心出售它們。

And those those opportunities that we take they monetize over three to six months after we after we take the positions.

我們抓住的那些機會在我們擔任職位後的三到六個月內就會貨幣化。

I think that we view a lot of times as as inventory purchase opportunities as as you know, what I would call options or call options, which is more familiar to the financial sector where we pay a price and a premium to take a position.

我認為我們很多時候都將股票購買機會視為股票購買機會，我稱之為期權或看漲期權，這對金融部門來說更為熟悉，我們支付價格和溢價來建立頭寸。

Most of the time are opportunistic purchases that our trading teams make they turn out to be profitable depending on how fast we sell them and how long we carry the product and how the carry builds up determines how how profitable those trades are going to be and like options.

大多數時候，我們的交易團隊進行機會主義購買，結果證明它們是有利可圖的，這取決於我們銷售產品的速度和我們持有產品的時間，以及利差的積累方式決定了這些交易的盈利程度等。

Occasionally, we'll buy inventory, we'll pay a premium and we will pay the carry and the trade doesn't work out.

有時，我們會購買庫存，我們會支付溢價，我們會支付套利，但交易無法成功。

It happens all the time, not not frequently, but it does happen.

它一直在發生，不是不頻繁，但它確實發生了。

And I view that a little bit as an expiring option that that people buy all the time and they believe in something they believe in a trade and sometimes that the option expires and it's not worth anything.

我認為這有點像一種即將到期的期權，人們一直在購買，他們相信他們在交易中相信的東西，有時期權到期了，它一文不值。

In our case, it's always worth the metal content, but we do sometimes lose on the premium.

就我們而言，金屬含量總是值得的，但有時我們確實會損失溢價。

And that's that's just the nature of our business.

這就是我們業務的本質。

We're doing that hundreds of times a month, and we're taking those positions trying to use our history used our DTC. segment to be the you have the ability to take these positions and to move them is one of the great parts of our integrated business.

我們每個月都會這樣做數百次，我們正在採取這些立場，試圖利用我們的 DTC 歷史記錄。您有能力擔任這些職位並調動他們，這是我們綜合業務的重要組成部分之一。

And I can say that we are we are really we have a great deal of momentum in volume right now and picking up new customers in our DTC segment.

我可以說，我們現在在 DTC 領域的銷售和吸引新客戶方面擁有巨大的動力。

And the inventory opportunities that we've been able to buy has given us an opportunity to go out and acquire new customers.

我們能夠購買的庫存機會使我們有機會走出去並獲得新客戶。

And I think you know, when you look at 8% quarter over quarter as it relates to new customers that we put in the release, that's a very important number.

我想您知道，當您查看季度環比 8% 的情況時，因為它與我們在版本中放入的新客戶相關，這是一個非常重要的數字。

And those customers that we're able to bring into our funnel are right now are our most likely coming from new buyers new to the market.

我們現在能夠引入管道的那些客戶最有可能來自剛進入市場的新買家。

But we're also we also believe we're taking market share right now, and our inventory is allowing us to do that at 56,000 new customers in the quarter at the DTC. segment is a very important number for us.

但我們也相信我們現在正在佔據市場份額，我們的庫存使我們能夠在 DTC 本季新增 56,000 名客戶的情況下實現這一目標。細分市場對我們來說是一個非常重要的數字。

And we we have we've tried and we've made sure that we're getting as many new customers as we can and the ability to move through some inventory with these customers.

我們已經嘗試過，並確保我們能夠獲得盡可能多的新客戶，並能夠與這些客戶一起處理一些庫存。

I'm just very optimistic about that.

我對此非常樂觀。

And we're seeing that payoff.

我們正在看到這種回報。

And we've also had a a surprising increase in towards the end of our towards the end of March and through all of April, where we're using some of our opportunity inventory of opportunities to reactivate customers that have been bought in over a year and we track those metrics and we've seen in what I consider a fairly strong headwind in the macro environment.

我們在 3 月底和整個 4 月份也出現了令人驚訝的增長，我們正在利用一些機會庫存來重新激活一年多來購買的客戶，我們跟踪這些指標，並且看到了我認為宏觀環境中相當強勁的逆風。

We have been very pleased with new customers as well as the older customers we've been able to reactivate with some of our product offerings.

我們對新客戶以及老客戶感到非常滿意，我們已經能夠透過我們的一些產品重新激活他們。

So I think that's that's positive and we continue to find to find purchase opportunities, and we're very, very happy with our inventory at the moment.

所以我認為這是積極的，我們繼續尋找購買機會，我們對目前的庫存非常非常滿意。

Yes.

是的。

Great.

偉大的。

Makes sense.

說得通。

I appreciate all the color and time.

我欣賞所有的色彩和時間。

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。

I I'd like to understand the kind of lower gross margin during the quarter.

我想了解本季毛利率的下降情況。

A little bit better.

好一點了。

Is it is it primarily related to the premium or is there kind of operational leverage coming through from the lower volume side to Craig, if you could help me understand that a bit better and where you think those gross margins could revert to in the last fiscal quarter of the year and maybe next year would really appreciate any insights you could share?

是否主要與溢價有關，或者是否有某種營運槓桿從銷量較低的一方傳遞給克雷格，如果您能幫助我更好地理解這一點，以及您認為這些毛利率可以恢復到上一財年的水平今年季度，也許明年，您真的會很感激您能分享的任何見解嗎？

Thanks.

謝謝。

Yes, I think the gross margin percentage is a reflection of what it is in any business.

是的，我認為毛利率反映了任何企業的情況。

It's it has to do with our cost of goods as well as our what we're able to sell sell material for.

這與我們的商品成本以及我們能夠出售的材料有關。

I think that my my rather long explanation of what happened in the quarter really really answers that question in that we have a fixed carry cost on our inventory that we book every month.

我認為我對本季度發生的事情的相當長的解釋確實回答了這個問題，因為我們每個月預訂的庫存都有固定的持有成本。

And that carry is is going to affect what the gross profit margin is.

這種利差將影響毛利率。

And we have to obviously, we have to achieve a profit and over and above our carry cost if premiums compress and we're selling something at a dollar premium that we've historically sold at $1.50 premium, the gross profit margin, the gross profit in pure dollars is not only going to go down, but the gross profit percentage is going to be materially affected by that.

顯然，如果溢價壓縮，並且我們以溢價出售某些東西，而我們歷史上以溢價 1.50 美元出售，那麼我們必須實現高於持有成本的利潤，毛利率，毛利潤以純美元計算不僅會下降，而且毛利率也會受到重大影響。

I also think it's important to note that when we buy back product, we oftentimes have to sell that product both in a whole at a wholesale level or at a retail level.

我還認為值得注意的是，當我們回購產品時，我們常常必須以批發或零售的方式整體出售該產品。

So when you look at our business and you look at the DTC. contribution, it's it's difficult for an outsider to really see what percentage of our product is being sold wholesale and what percentage is being sold?

因此，當您查看我們的業務時，您會看到 DTC。貢獻，外人很難真正看到我們的產品有多少比例是批發銷售的，有多少比例是被銷售的？

Retail, as we all know, if we're selling at a Silver Eagle on JM Bullion at it's $4.50 premium over spot price, but we're selling that on a wholesale level at $3.50. The more points we can sell at JM Bullion, the better where our overall gross profit is going to be any coins.

眾所周知，零售方面，如果我們在 JM Bullion 上以高於現貨價格 4.50 美元的溢價出售 Silver Eagle，但我們以批發價格出售，價格為 3.50 美元。我們可以在 JM Bullion 出售的積分越多，我們的總毛利就越好。

We don't have to wholesale.

我們不需要批發。

We're going to make more money on, and that's a balancing act for us when we manage our inventory, all the time is what percentage of product that we sell wholesale and what percentage do we hold and pay carry on so that we can achieve the you know, the ultimate DTC. price for the product.

我們將賺更多的錢，這對我們來說是一種平衡行為，當我們管理我們的庫存時，我們批發銷售的產品百分比是多少，我們持有並支付的百分比是多少，以便我們能夠實現你知道，終極DTC。產品的價格。

And I think that in a very, very good market.

我認為這是一個非常非常好的市場。

If you look back a year ago and you compare what happened a year ago versus what's happening in this quarter of this year.

如果您回顧一年前，並將一年前發生的情況與今年本季發生的情況進行比較。

I would say last year, 90% of our product that we sold was being sold through the DTC. segment.

我想說，去年我們銷售的產品 90% 都是透過 DTC 銷售的。部分。

I would say that, that that number today, a much much higher percentage is being sold wholesale and or monetized outside of our retailers.

我想說的是，在今天這個數字中，有更高的比例是在我們的零售商之外批發銷售和/或貨幣化的。

And that's going to affect the gross profit negatively as it relates to what we can do in the future.

這將對毛利產生負面影響，因為它關係到我們未來能做什麼。

I think there's enough data on the company to really go back and you can see what we can achieve.

我認為公司有足夠的數據可以真正回去，你可以看到我們能取得什麼成就。

We just talked about what we achieved last quarter a year ago.

我們剛剛討論了一年前上個季度所取得的成就。

What we achieved last quarter just two months ago, I made comments that I thought the January, February, March period of calendar '24 was was what we would view as a kind of a low watermark.

就在兩個月前，我們上個季度取得的成就，我發表評論說，我認為日曆'24的一月、二月、三月期間是我們認為的一種低水位線。

I feel like we are very optimistic and enthusiastic about what we've seen in the last four or five weeks.

我覺得我們對過去四、五週所看到的情況非常樂觀和熱情。

We'll see if that plays out in in May and June, but we know how much the company can generate the company can generate huge amounts of money in a good market.

我們將看看這種情況是否會在五月和六月發生，但我們知道該公司可以產生多少資金，該公司可以在良好的市場中產生巨額資金。

The company continues to grow and grow through M&A and grow new customers and grow our our credit facilities and our liquidity.

公司透過併購不斷發展壯大，發展新客戶，增加我們的信貸額度和流動性。

And so that the company, if given the opportunity, the company could could could do 50% more in top-line sales if we were given the opportunity.

因此，如果有機會，公司的營收可以增加 50%（如果我們有機會的話）。

So I I've been doing this a long time and I can I can can say that in January and February were probably a little bit a little bit worse than I would have expected them to be if I was sitting in November December but we still performed and we still have had a good return, and I feel like we're optimistic about how this quarter is going.

所以我已經這樣做很長時間了，我可以說，一月和二月的情況可能比我在 11 月、12 月時的預期要糟糕一些，但我們仍然表現良好，我們仍然獲得了良好的回報，我覺得我們對本季的進展感到樂觀。

Thank you.

謝謝。

And just a follow up.

只是後續行動。

Can you expand on on kind of those last four to five weeks, what do you think changed?

能否詳細介紹過去四到五週的情況，您認為發生了什麼變化？

Is it stronger demand, less supply?

是需求增加，供應減少嗎？

Just I know you commented earlier on it too.

我只知道你之前也對此發表過評論。

But if you could maybe zero in on this, I would I would appreciate your insights.

但如果你能把這個問題歸零，我會很感激你的見解。

I will say that there are probably 100 factors that go into answering the question, I'll tried to hit on the most basic ones.

我會說，回答這個問題可能有 100 個因素，我會嘗試觸及最基本的因素。

And if you see a high percentage of product being sold into the marketplace from retail investors who have stopped buying and have decided they're going to take their profits at these all-time record spot prices.

如果你看到很大比例的產品被散戶投資到市場，他們已經停止購買，並決定以這些歷史最高紀錄的現貨價格獲利了結。

There's a whole period of reckoning for that retail customer.

對於零售客戶來說，有一個完整的清算期。

And I think that we went through a period in January and February where a high percentage of retail customers felt like it had the last 10 years where gold tried to make a new high and then it didn't do it and it fell back.

我認為我們在一月和二月經歷了一段時期，其中很大一部分零售客戶感覺過去十年金價試圖創下新高，但沒有成功，而是回落。

I think you had a high percentage of retail customers selling back into the marketplace and monetizing putting their money to work someplace else or just taking a profit and you had a little bit of a herd mentality there as gold continued to make new highs.

我認為，有很高比例的零售客戶將其賣回市場，並將他們的錢投入到其他地方，或者只是獲利了結，隨著黃金繼續創出新高，你有一點從眾心理。

What we've seen in the last five weeks is a reversal of that where you have a not an increased demand, but you've had a similar demand, which which has been it had been had been going on in the last couple of months.

我們在過去五週看到的情況發生了逆轉，需求沒有增加，但需求類似，這種情況在過去幾個月一直在發生。

But what you've seen is a drop in the buybacks or the wholesale purchases.

但你看到的是回購或批發採購的下降。

And as the premiums have dropped over the last four months, it's just become less profitable for people to make product for sovereign mints to make product for private mints to make product.

隨著過去四個月溢價的下降，人們為主權造幣廠生產產品而為私人造幣廠生產產品的利潤變得越來越少。

And so you're slowly seeing a little bit of a decrease in the supply side of the equation, and that's causing us to see some premium increases in Christina.

因此，您慢慢地看到等式的供應方面有所減少，這導致我們看到克里斯蒂娜的保費增加。

And as I pointed to, the Mint has been making the same amount of silver eagles and the allocation has been the same for the last five to six months.

正如我所指出的，在過去五到六個月裡，造幣廠一直在生產相同數量的鷹隼銀幣，分配情況也保持不變。

And what we've seen is premiums go up.

我們看到的是保費上漲。

So you can't attribute that too much anything other than as I said, buyers increasing their demand for silver eagles and sellers start maybe slowing down or not selling as many Silver Eagles into the marketplace.

因此，除了我所說的，買家對銀鷹的需求增加，而賣家可能開始放慢速度或不再向市場銷售盡可能多的銀鷹。

So I think it's a number of things but I think that's what we've really seen is we've seen a slight slight uptick in demand, particularly of the last few weeks of April, and we've seen less product that we're buying back on from a wholesale standpoint.

所以我認為有很多因素，但我認為我們真正看到的是需求略有上升，特別是四月的最後幾週，而且我們看到的產品比我們預期的要少。

That is that is very helpful.

那是非常有幫助的。

I appreciate I appreciate that.

我很感激我很感激這一點。

Thank you and best of luck.

謝謝你，好運。

Andrew Scutt, Roth MKM.

安德魯·斯卡特，羅斯·MKM。

Yes, thank you for taking my question question a quick one for me.

是的，謝謝您幫我快速提問。

With kind of the market and the setbacks in slower over the last few months, is that kind of open up a unique opportunity in the M&A market.

隨著過去幾個月市場的發展和挫折的放緩，這是否為併購市場帶來了獨特的機會。

And yes, I mean, are you guys looking to be active?

是的，我的意思是，你們想要活躍起來嗎？

Yes, just starting, but I think what one word one word answer.

是的，剛開始，但我想一字一句回答什麼。

Yes, I can say that after we close the LPM deal, I've probably got five calls of opportunities on the M&A side.

是的，我可以說，在我們完成 LPM 交易後，我可能接到了五次併購的機會電話。

I think I think it's important for everybody to remember how much how much liquidity A-Mark has, whether it be our book value, whether it be our tangible net worth, whether it be our repo facilities, our lease lines, our CAD facilities, we have as I said before, we are the ultimate destination when people need to monetize inventory.

我認為我認為每個人都必須記住 A-Mark 有多少流動性，無論是我們的帳面價值，無論是我們的有形淨值，無論是我們的回購設施、我們的租賃額度、我們的 CAD 設施，正如我之前所說，當人們需要透過庫存貨幣化時，我們是最終目的地。

But we are also are in the in the market looking for more deals.

但我們也在市場上尋找更多交易。

And we we don't have a tremendous amount of competition there.

我們在那裡沒有太多的競爭。

I think that as I've said before, as things slow down, it becomes harder to compete with A-Mark.

我認為，正如我之前所說，隨著事情進展緩慢，與 A-Mark 競爭變得更加困難。

And I've talked to a number of people who are just interested in exploring whether or not in a slower market, they might be able to do better with A-Mark than than competing with a market that could be on the DTC side, the wholesale side, the international side, we are really well positioned.

我和許多人交談過，他們只是有興趣探索在較慢的市場中是否可以透過 A-Mark 做得比與 DTC 方面的市場競爭更好。

And I can I think that the closing the LPM deal as we as we talked about.

我認為 LPM 交易的完成正如我們所討論的那樣。

And as we did last quarter, we're very pleased with Charlie and his people in Hong Kong.

正如我們上個季度所做的那樣，我們對查理和他在香港的員工感到非常滿意。

We're looking at possible expansion in that region.

我們正在考慮在該地區進行擴張的可能性。

We're taking a taking sometimes taking a good look at the Singapore region and that this is a little bit slower market in the last six months.

我們有時會仔細研究新加坡地區，發現這個市場在過去六個月有點放緩。

It just opens up opportunities and I think it gives us a little bit more leverage to negotiate a better deal than we're going to be able to do when the markets are screaming and everybody is making millions of dollars and it just makes it harder to negotiate a deal.

它只是打開了機會，我認為它給了我們更多的籌碼來談判更好的協議，而當市場尖叫、每個人都賺了數百萬美元時，我們將無法做到這一點，這只會讓我們更難談判達成協議。

So I think as I said in the last call, we're going to continue to go with the with the four elements of how we deploy capital and we're regularly looking at where we get the best return for our capital.

因此，我認為正如我在上次電話會議中所說的那樣，我們將繼續遵循我們如何部署資本的四個要素，並且我們會定期研究在哪裡可以獲得最佳的資本回報。

And I feel like we're doing a really good job, whether it's buying back stock we know we bought back a very good chunk of stock in this last quarter.

我覺得我們做得非常好，無論是回購股票，我們都知道我們在上個季度回購了很大一部分股票。

As we just reported, I felt like we were opportunistic at the price.

正如我們剛剛報導的那樣，我覺得我們在價格上是機會主義的。

We bought it out we closed an M&A transaction.

我們買下了它並完成了併購交易。

I'm very, very happy with that.

我對此非常非常高興。

We look to pay down debt if possible.

如果可能的話，我們希望償還債務。

And we and we also look to make sure that we return value to shareholders through our dividends and that that is a continual I'm juggling act.

我們也希望確保透過股利向股東回報價值，而這是我不斷的變戲法。

We also we can throw in inventory opportunistic inventory purchases for our capital.

我們也可以為我們的資本投入庫存機會性庫存購買。

We can look at that too.

我們也可以看看。

But all of those things, as you know, I do spend a great deal of time talking to Thor and Kathleen and talking to the other team members here about just checking ourselves and regularly double checking are we spending our capital and investing our capital in areas that are going to create the best shareholder return, whether it be our Q4 right now or whether it be our cue for three years from now, we're very optimistic about this machine we've built.

但正如你所知，所有這些事情，我確實花了很多時間與托爾和凱瑟琳交談，並與這裡的其他團隊成員交談，檢查我們自己，並定期仔細檢查我們是否在某些領域花費了我們的資本和投資了我們的資本這將創造最好的股東回報，無論是現在的第四季還是三年後的提示，我們對我們建造的這台機器非常樂觀。

We think it's set up great to take advantage of all market conditions.

我們認為它的設置非常適合利用所有市場條件。

As we've said before, we're a very lumpy business.

正如我們之前所說，我們是一家非常不穩定的企業。

And you know, our biggest job here is to keep keep capital ready to deploy and never get caught short and to make sure that that if the machine is ready to take advantage of whatever the market gives us and I feel great about what we what we did last quarter, I know it may disappoint some people, and I feel even better about what I've seen the end of March and what I've seen in April.

你知道，我們在這裡最重要的工作是保持資本準備好部署，永遠不會陷入短缺，並確保如果機器準備好利用市場給我們的任何東西，我對我們的東西感覺很好上個季度的情況，我知道這可能會讓一些人失望，而且我對三月底和四月份的情況感覺更好。

So we're looking forward, we're actually looking forward to the next few quarters.

所以我們很期待，實際上我們很期待接下來的幾季。

Well, thanks, and great here.

嗯，謝謝，這裡很棒。

Next year, I'll just one more from me.

明年，我還會再做一個。

So kind of in a ramp in demand marketing, the minutes on how you leverage those assets in your push out product.

因此，在需求行銷的成長中，關於如何在推出的產品中利用這些資產的會議記錄。

But can you maybe speak to when when the market is quieter, how you're able to leverage these events on maybe in a different way?

但您能否談談當市場較為平靜時，您如何能夠以不同的方式利用這些事件？

Yes, I mean, I think that both sunshine and SilverTowne are very adept at and we've built businesses there that are able to switch products very quickly, and we might be making 10 ounce silver bars one week, we might be making 100 ounce silver bars the next week, we can switch very quickly, and we're very good at that.

是的，我的意思是，我認為陽光和 SilverTowne 都非常擅長，我們在那裡建立了能夠非常快速地轉換產品的業務，我們可能每週生產 10 盎司銀條，我們可能每週生產 100 盎司下週銀條，我們可以很快轉換，而且我們非常擅長這一點。

And wherever the demand is out, we're going to fill it and we're going to fill it cheaper than anybody else.

無論哪裡有需求，我們都會滿足它，而且我們會比其他人更便宜地滿足它。

And that's what this vertically integrated model does.

這就是這個垂直整合模型的作用。

And we've seen that right now of our ability to sell silver products through the DTC. channel and our ability to make the products cheaper than than most anybody.

我們現在已經看到了我們透過 DTC 銷售白銀產品的能力。通路以及我們使產品比大多數人便宜的能力。

It is just part of our part of our advantage.

這只是我們優勢的一部分。

And we're always viewing what we're going to make next week, what we're going to make next month.

我們總是在考慮下週要做什麼、下個月要做什麼。

And I think we're very good at that.

我認為我們在這方面非常擅長。

Well, great.

嗯，太好了。

Thanks, Ken, and I'll hop back in the queue.

謝謝，肯，我會重新加入隊列。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey, good afternoon.

嘿，下午好。

Greg campaign for.

格雷格競選。

Thanks for taking the questions on.

感謝您提出問題。

I think you kind of fairly addresses what's kind of driving that softer demand in Q1?

我認為您公平地解決了第一季需求疲軟的推動因素是什麼？

And nice to hear that it's picking up at least in April.

很高興聽到至少在四月它正在回升。

And so I kind of wanted to direct my question first, on the fall on seems pretty attractive M&A opportunities is what it sounds like from.

所以我想先提出我的問題，在秋季似乎相當有吸引力的併購機會，就像它聽起來的那樣。

Congrats on the expansion to Asia with LPM.

恭喜 LPM 向亞洲擴張。

I'm just wondering maybe if you could address how you're evaluating those markets?

我只是想知道您能否談談您如何評估這些市場？

Like are you seeing anyone you're markets that are more favorable than others?

您是否發現您的市場比其他人更有利？

And what kind of makes sense?

什麼樣的有意義？

Because it sounds like there's some attractive opportunities.

因為聽起來有一些有吸引力的機會。

Yes, I mean, I think we look at we really look at M&A, whether it in three kind of sections, whether it be in our minting, whether it be in our wholesale trading or whether we see it in DTC. one thing about A-Mark, we have to be thoughtful as it relates to not focusing on any one part of that segment too much because the three segments can then get a little out of whack.

是的，我的意思是，我認為我們確實在關注併購，無論是在三種部分，無論是在我們的鑄幣中，無論是在我們的批發交易中，還是在 DTC 中看到它。關於 A-Mark 的一件事是，我們必須深思熟慮，因為它涉及不要過度關注該細分市場的任何一個部分，因為這三個細分市場可能會有點不正常。

So I think LPM was a very intriguing opportunity for us because it combined retail in the region along with a good deal of wholesale business.

因此，我認為 LPM 對我們來說是一個非常有趣的機會，因為它將該地區的零售業務與大量批發業務結合。

So we kind of we kind of hit to two areas there on that acquisition, which is good for us at this point, we feel like our minting.

因此，我們在此次收購中觸及了兩個領域，這對我們目前來說是有好處的，我們感覺像是我們的鑄幣。

If our minting operations are able to keep up with demand, we're clearly expanding our logistics, which is also important that if we're selling, we're shipping 50,000 packages one month and we're going to ship 150,000 packages a year and a half from now because of our M&A growth in DTC., we need to balance and make sure that we can still handle all of the all of the logistics side of things.

如果我們的鑄幣業務能夠滿足需求，我們顯然會擴大我們的物流，這一點也很重要，如果我們進行銷售，我們每個月將運送 50,000 個包裹，每年將運送 150,000 個包裹半年後，由於我們在DTC 的併購成長，我們需要平衡並確保我們仍然能夠處理所有物流方面的事情。

So I think we are right now.

所以我認為我們現在就是這樣。

I can say that the the areas that we see opportunity are focused on the wholesale and the DTC.

我可以說，我們看到的機會主要集中在批發和 DTC 領域。

And I think we're in a good position right now that we would take either and it's just cutting the best deal and finding the best opportunity for us.

我認為我們現在處於一個有利的位置，我們可以選擇任何一個，這只是達成最好的交易並為我們找到最好的機會。

Perfect.

完美的。

Thanks.

謝謝。

That's helpful.

這很有幫助。

I wanted to dive a little deeper.

我想再深入一點。

You don't agree, even though the challenging conditions to see customer growth, I think 8% on I think you've talked about just kind of newer products or offerings that are attracting those customers.

你不同意，儘管看到客戶成長的條件充滿挑戰，但我認為 8% 我認為你已經談到了吸引這些客戶的新產品或產品。

I'm curious what if you could maybe discuss a little bit more on what's kind of on gaining traction with those new customers in terms of new product offerings or anything like that?

我很好奇，如果您可以更多地討論如何在新產品供應或類似方面吸引這些新客戶？

Yes.

是的。

I mean, I think if you if you register at the JM Bullion site, I think you'll see what we're offering.

我的意思是，我想如果您在 JM Bullion 網站上註冊，我想您會看到我們提供的服務。

I think you'll you'll see we run a first a special on products that we believe are going to attract and be interesting to our customer base as well as attract new customers.

我想您會看到我們首次針對我們相信會吸引我們的客戶群、對我們的客戶群感興趣的產品以及吸引新客戶的產品進行特別促銷。

We've been doing that now for us, probably eight to 10 weeks, and it's been very beneficial for us.

我們現在已經這樣做了，大概八到十週，這對我們來說非常有益。

I think that, yes, we we don't we move through old inventory that we've had.

我認為，是的，我們不會處理我們已有的舊庫存。

It's a bit we use DTC. to move their old inventory we move through new custom products.

我們使用 DTC 有點困難。為了轉移他們的舊庫存，我們轉移新的客製化產品。

We had an opportunity with a Canadian company, Silvercrest mines that we did a JV with them to create a one ounce silver around it.

我們有機會與一家加拿大公司 Silvercrest 礦場合作，與他們成立了一家合資企業，圍繞其生產 1 盎司白銀。

Silvercrest is a company in Mexico that has a single mine in Mexico of what I think to be a really good company that I talk to the to the principals there.

Silvercrest 是一家位於墨西哥的公司，在墨西哥擁有一個礦山，我認為這是一家非常好的公司，我與那裡的負責人進行了交談。

And the management there.

還有那裡的管理人員。

And we sold a Silver Crest one ounce silver around that we developed for Silvercrest on on JM Bullion right now, it's being offered and it's a new product we've never done a mine product before on Silvercrest have bought a number of product coins from from A-Mark, which they're just carrying on their balance sheet for their for their business.

我們現在在 JM Bullion 上出售了我們為 Silvercrest 開發的 Silver Crest 一盎司白銀，它正在提供，這是一種新產品，我們以前從未在 Silvercrest 上做過礦產品，已經從那裡購買了許多產品硬幣A-Mark，他們只是將其記錄在他們的業務資產負債表上。

And for their shareholders if they want to ever distributed.

對於他們的股東來說，如果他們想要分配的話。

And that's that's something that we were able to whip up fairly quickly.

這就是我們能夠相當快完成的事情。

And it was it went on sale last Thursday, and it's been very successful.

它於上週四開始銷售，非常成功。

We could do a sovereign product.

我們可以做一個主權產品。

We could do private Mint product, and we tried it to vary what we're offering and then see how the customers respond.

我們可以做私人 Mint 產品，我們嘗試改變我們提供的產品，然後看看客戶的反應如何。

Great.

偉大的。

That's helpful.

這很有幫助。

And I guess last one for me and sorry if you've maybe already addressed this.

我想這對我來說是最後一個，如果你已經解決了這個問題，我很抱歉。

I've been jumping between calls, but Tom, Greg, I know you previously commented on Costco and how they're kind of it can be a benefit to the whole industry.

我一直在打電話，但湯姆、格雷格，我知道你們之前評論過好市多，以及他們的做法可以為整個產業帶來好處。

Our members drive interest in new customers that haven't considered it before is getting in front of a new audience just given it's kind of been in the news and there's been a lot of success with thaw, if you don't then selling that in stores.

我們的會員激發了對以前沒有考慮過的新客戶的興趣，因為它已經出現在新聞中，而且解凍已經取得了很大的成功，如果你不這樣做的話，那麼就可以在新的受眾面前銷售它。

I'm curious if you have any updated thoughts on that, Greg, or if it's kind of the same?

我很好奇你對此有什麼最新的想法嗎，格雷格，或者是否是一樣的？

I think it would be the same.

我想也是一樣的。

I think anytime you're introducing a new demographic or a new group of people to precious metals that's ultimately going to be great for for A-Mark.

我認為，每當你向新的人群或新的群體介紹貴金屬時，這最終都會對 A-Mark 有利。

Am I I understand that there's some numbers thrown out there that are we've seen seem very high to me.

我是否知道，我們看到的一些數字對我來說似乎非常高。

I've seen some numbers that are what I would say is very optimistic on sales just based on my position in the marketplace.

我看到一些數字，根據我在市場中的地位，我認為這些數字對銷售非常樂觀。

And I feel like I touch a lot of transactions.

而且我感覺我接觸了很多交易。

I would say that it's good for the market.

我想說這對市場有利。

I think we are ultimately as we our job is to attract customers, retail customers to our DTC. segment.

我認為我們最終的工作就是吸引客戶、零售客戶到我們的 DTC。部分。

The more customers that are out there that are Googling buy, sell or buy gold or whatever they're Googling, they're going to find of our DTC. brands.

透過 Google 搜尋購買、出售或購買黃金或任何其他內容的客戶越多，他們就會找到我們的 DTC。品牌。

And our job is to make sure that we take care of them and we are the best company out there as it relates to customer service, whether we're there for liquidity if a customer wants to sell back their product.

我們的工作是確保我們照顧好他們，我們是最好的公司，因為這與客戶服務有關，如果客戶想要賣回他們的產品，我們是否會提供流動性。

And if I don't know if anybody wants us to to do third-party shipping for them, we're very happy to do that.

如果我不知道是否有人希望我們為他們做第三方運輸，我們很樂意這樣做。

Also we're there to see the market grow.

我們也在那裡看到市場的成長。

And ultimately, I believe A-Mark will be one of the better bigger beneficiaries have an expanding market.

最終，我相信 A-Mark 將成為擁有不斷擴大的市場的更好、更大的受益者之一。

So I feel the same way I did last quarter.

所以我的感覺和上季的感覺一樣。

Got it.

知道了。

I appreciate the thoughts, Greg.

我很欣賞你的想法，格雷格。

At this time, this concludes our question and answer session.

至此，我們的問答環節就結束了。

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, everybody.

謝謝大家。

Once again, I appreciate being on the call and supporting A-Mark and learning and understanding what we're doing here and to all the employees of A-Mark around the world, appreciate what they're doing.

我再次感謝能夠接聽電話並支持 A-Mark，了解並理解我們在這裡所做的事情，並感謝 A-Mark 世界各地的所有員工，感謝他們所做的事情。

And again, thanks, everybody, for their support.

再次感謝大家的支持。

Have a great rest of the day.

祝你這一天好好休息。