A-Mark Precious Metals Inc (AMRK) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to A-Mark Precious Metals conference call for the fiscal fourth quarter and full year ended June 30, 2024. My name is John, and I will be your operator this afternoon. Before this call, A-Mark issued its preliminary results for the fiscal fourth quarter and full year 2024 in a press release, which is available on 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.

下午好，歡迎參加截至 2024 年 6 月 30 日的第四財季和全年的 A-Mark 貴金屬電話會議。在此電話會議之前，A-Mark 在新聞稿中發布了第四財季和 2024 年全年的初步業績，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。

The company's results are preliminary because the company has not yet concluded its review of the valuation and related purchase accounting surrounding the increase in its investment in Silver Gold Bull, Inc. The results presented include an estimate which management believes is reasonable of the amount of the remeasurement gain associated with the SGB transaction. The remeasurement gain may be adjusted once the company finalizes its review, but management does not expect any such adjustment to exceed $5 million.

該公司的業績是初步的，因為該公司尚未完成對有關增加 Silver Gold Bull, Inc. 投資的估值和相關購買會計的審查。重新測量增益。一旦公司完成審查，重新計量收益可能會進行調整，但管理層預計任何此類調整不會超過 500 萬美元。

Such adjustment if it occurs, would be reflected in the company's income statement and corresponding balance sheet items. The remeasurement gain is a non-cash item relates solely to the accounting treatment for the acquisition of a controlling interest in SGB, has no impact on taxes and is not related to the company's operating results.

如果發生此類調整，將反映在公司的利潤表和相應的資產負債表項目中。重新計量收益為非現金項目，僅與收購SGB控股權的會計處理相關，對稅收沒有影響，與公司經營成果無關。

Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Kathleen Simpson-Taylor, following their remarks, we will open the call to your questions.

參加今天電話會議的有 A-Mark 執行長 Greg Roberts；主席，Thor Gjerdrum；在財務長凱瑟琳辛普森-泰勒 (Kathleen Simpson-Taylor) 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. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of A-Mark's website.

然後，在我們結束電話會議之前，我將就管理層所做的前瞻性陳述提供必要的警告。在這次通話過程中。我想提醒大家，這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. Sir, please proceed.

現在我想把電話轉給A-Mark 的執行長Greg Roberts 先生。先生，請繼續。

Thank you, John, and good afternoon to everyone. Thank you for joining our call today. As we reported in our earnings release today, our fiscal year 2024 results demonstrate the continued strength and adaptability of our fully integrated platform to generate profitable results even during slower market conditions.

謝謝約翰，大家下午好。感謝您今天加入我們的電話會議。正如我們今天在財報中所報導的那樣，我們 2024 財年的業績證明了我們完全整合的平台的持續實力和適應性，即使在市場狀況放緩的情況下也能產生盈利結果。

Despite facing headwinds from less favorable macroeconomic environment and the softened demand compared with last fiscal year, we still reported $66.2 million of net income and diluted EPS of $2.75 per share. Excluding an estimated preliminary $14.4 million reimbursement gain from our incremental investment in Silver Gold Bull, our diluted EPS was $2.15.

儘管面臨宏觀經濟環境不利以及需求較上一財年疲軟的不利因素，我們仍實現淨利潤 6,620 萬美元，攤薄後每股收益為 2.75 美元。不包括我們對 Silver Gold Bull 增量投資的預期初步 1,440 萬美元補償收益，我們的稀釋後每股收益為 2.15 美元。

We also generated $89.9 million in non-GAAP EBITDA, excluding the remeasurement gain and ended the fiscal year with over 3 million direct to consumer customers, reflecting the benefits of our strategic investments. Our fourth quarter results improved from the previous quarter with a 23% increase in gross profit and diluted EPS of $0.60 per share, excluding the re-measurement gain. Compared with $0.21 last quarter.

我們也產生了 8,990 萬美元的非 GAAP EBITDA（不包括重新計量收益），並且在本財年結束時，直接面向消費者客戶的數量超過 300 萬，這反映了我們策略投資的好處。我們第四季的業績較上一季有所改善，毛利成長了 23%，稀釋後每股收益為 0.60 美元（不包括重新計量收益）。與上季度的 0.21 美元相比。

Looking beyond the numbers, our fiscal year was highlighted by numerous strategic accomplishments, including broadening our international footprint, driven by both our expansion into Asia through our acquisition of LPM and our increased investment in Silver Gold Bull Canada, in line with our growth strategy. We continue to enhance our asset portfolio through JMB's acquisition of Gold.com, strengthening our precious metals digital presence.

除了數字之外，我們的財年還取得了眾多戰略成就，包括擴大我們的國際足跡，這是透過收購 LPM 向亞洲擴張以及根據我們的成長策略增加對 Silver Gold Bull Canada 的投資所推動的。我們透過 JMB 收購 Gold.com 繼續增強我們的資產組合，加強我們的貴金屬數位業務。

Turning to our capital structure. During the year, we repaid our notes payable from our $100 million asset-backed securitization and amended our trading credit facility resulting in increased liquidity. We also repurchased $22.4 million of our common stock.

轉向我們的資本結構。年內，我們償還了 1 億美元資產支持證券化的應付票據，並修改了我們的交易信貸安排，從而增加了流動性。我們也回購了 2,240 萬美元的普通股。

Now I'd like to hand the call over to our CFO Kathleen Simpson-Taylor, who will provide a more detailed financial overview of our preliminary results. Then A-Mark's President Thor Gjerdrum, will discuss our key operating metrics. Afterwards, I will provide a further update on our business and growth strategy and take questions. Kathleen?

現在我想將電話轉交給我們的財務長凱瑟琳辛普森-泰勒，她將為我們的初步結果提供更詳細的財務概覽。然後 A-Mark 總裁 Thor Gjerdrum 將討論我們的關鍵營運指標。隨後，我將進一步介紹我們的業務和成長策略的最新情況並回答問題。凱瑟琳？

Thank you, Greg, and good afternoon, everyone. Our revenues for Q4 fiscal 2024 decreased 19% to $2.52 billion from $3.12 billion in Q4 of last year. Excluding an increase of $47 million of forward sales, our revenues decreased $641.4 million or 28%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.

謝謝格雷格，大家下午好。我們 2024 財年第四季的營收從去年第四季的 31.2 億美元下降 19% 至 25.2 億美元。不包括增加的 4700 萬美元遠期銷售，我們的收入減少了 6.414 億美元，即 28%，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 direct-to-consumer or DTC segment contributed 17% and 19% of the consolidated revenue in the fiscal fourth quarter of 2024 and 2023, respectively. JMB's revenue represented 15% of the consolidated revenues for the fiscal fourth quarter of 2024 compared with 17% for the prior year fiscal fourth quarter.

直接面向消費者或 DTC 部門分別佔 2024 年和 2023 年第四財季合併收入的 17% 和 19%。 JMB 的收入佔 2024 年第四財季合併收入的 15%，而上年第四財季的比例為 17%。

For the full fiscal year, our revenues increased 4% to $9.7 billion from $9.29 billion in the prior fiscal year, excluding an increase of $1.6 billion of forward sales. Our revenues decreased $1.1 billion or 17%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.

在整個財年，我們的營收從上一財年的 92.9 億美元成長了 4%，達到 97 億美元，其中不包括增加的 16 億美元的遠期銷售。我們的收入減少了 11 億美元，即 17%，這是由於黃金和白銀銷售量減少，但部分被黃金和白銀平均銷售價格上漲所抵消。

The GTC segment contributed 15% and 22% of the consolidated revenue in the fiscal year ended 2024 and 2023, respectively. JMB's revenue represented 14% and 19% of the company's consolidated revenue for the fiscal years ended June 30, 2024 and 2023, respectively.

GTC 部門在截至 2024 年和 2023 年的財政年度中分別貢獻了合併收入的 15% 和 22%。 JMB 的收入分別佔該公司截至 2024 年 6 月 30 日和 2023 年 6 月 30 日止財年合併收入的 14% 和 19%。

Gross profit for Q4 fiscal 2024 decreased 45% to $43 million or 1.7% of revenue from $78.6 million or 2.52% of revenue in Q4 of last year. The decrease in gross profit was due to lower gross profit earned from both the wholesale sales and ancillary services and DTC segments.

2024 財年第四季的毛利下降了 45%，至 4,300 萬美元，佔營收的 1.7%，而去年第四季的毛利為 7,860 萬美元，佔營收的 2.52%。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 GTC segment represented 51% of the consolidated gross profit in Q4 of fiscal 2024 compared to 60% in the same year ago period. Gross profit contributed by JMB represented 42% of the consolidated gross profit in Q4 2024 compared to 49% in Q4 of last year. For the full fiscal year, gross profit decreased 41% to $173.3 million or 1.79% of revenue from $294.7 million or 3.17% of revenue in the prior fiscal year.

GTC 部門貢獻的毛利佔 2024 財年第四季綜合毛利的 51%，去年同期為 60%。 JMB 貢獻的毛利佔 2024 年第四季綜合毛利的 42%，而去年第四季為 49%。整個財年，毛利從上一財年的 2.947 億美元（佔營收的 3.17%）下降 41% 至 1.733 億美元（佔營收的 1.79%）。

The decrease in gross profit was due to lower gross profit earned from both the wholesale sales and ancillary services and DTC segment. The DTC segment contributed 48% and 57% of the consolidated gross profit in fiscal year 2024 and 2023, respectively. Gross profit contributed by JMB represented 41% and 49% of the consolidated gross profit during fiscal year 2024 and 2023, respectively.

毛利下降是由於批發銷售和輔助服務以及 DTC 部門獲得的毛利下降。 DTC 部門分別貢獻了 2024 財年和 2023 財年綜合毛利的 48% 和 57%。 JMB 貢獻的毛利分別佔 2024 財年和 2023 財年合併毛利的 41% 和 49%。

SG&A expenses for Q4 fiscal 2024 decreased 1% to $22.7 million from $22.8 million in Q4 of last year. The overall decrease was primarily due to a decrease in compensation expense, including performance-based accruals of $1.1 million and a decrease in advertising costs of $0.3 million, partially offset by an increase in insurance costs of $0.6 million, an increase in consulting and professional fees of $0.5 million and an increase in information technology costs of $0.2 million.

2024 財年第四季的銷售、行政管理費用從去年第四季的 2,280 萬美元下降 1% 至 2,270 萬美元。整體下降主要是由於薪酬費用減少，包括基於績效的應計費用 110 萬美元和廣告費用減少 30 萬美元，部分被保險費用增加 60 萬美元、諮詢和專業費用增加所抵消50 萬美元，資訊技術成本增加20 萬美元。

SG&A expenses for the quarter also include $1.8 million of expenses incurred by LPM and SGB. For the full fiscal year, SG&A expenses increased 5% to $89.8 million from $85.3 million in the prior fiscal year. The increase was primarily due to an increase in consulting and professional fees of $5.3 million, an increase in information technology costs of $1.0 million, partially offset by a decrease in insurance costs of $0.9 million, a decrease in compensation expense, including performance-based accruals of $0.7 million and a decrease in advertising costs of $0.7 million. Fiscal year 2024, SG&A expenses include $2.3 million of expenses incurred by LPM and SGB.

本季的 SG&A 費用還包括 LPM 和 SGB 產生的 180 萬美元費用。在整個財年，SG&A 費用從上一財年的 8,530 萬美元增加到 8,980 萬美元，成長了 5%。這一增長主要是由於諮詢和專業費用增加了530 萬美元，資訊技術成本增加了100 萬美元，但部分被保險成本減少90 萬美元、補償費用減少（包括基於績效的應計費用）所抵消。 2024 財年，SG&A 費用包括 LPM 和 SGB 產生的 230 萬美元費用。

Depreciation and amortization expense for Q4 fiscal 2024 increased 4% to $2.8 million from $2.7 million in Q4 of last year. The increase was primarily due to $0.4 million of amortization expense related to intangible assets acquired through our acquisitions of LPM and a controlling interest in SGB. at $0.2 million increase in depreciation expense related to our property plant and equipment. And these were partially offset by a $0.5 million decrease in JMB's intangible asset amortization expense.

2024 財年第四季的折舊和攤提費用從去年第四季的 270 萬美元增加 4% 至 280 萬美元。這一增長主要是由於與透過收購 LPM 和 SGB 控股權益而獲得的無形資產相關的 40 萬美元攤銷費用。與我們的財產廠房和設備相關的折舊費用增加 20 萬美元。 JMB 無形資產攤銷費用減少了 50 萬美元，部分抵消了這些影響。

For the full fiscal year, depreciation and amortization expense decreased 9% to $11.4 million from $12.5 million last fiscal year. The decrease was primarily due to a $2.2 million decrease in JMB's intangible asset amortization expense. This was partially offset by a $0.6 million increase in depreciation expense related to property, plant and equipment, and a $0.5 million increase in amortization expense related to intangible assets acquired through our acquisition of LPM and our increased investment, which resulted in a controlling interest in SGB.

整個財年，折舊和攤提費用從上一財年的 1,250 萬美元下降 9% 至 1,140 萬美元。減少的主要原因是 JMB 無形資產攤銷費用減少了 220 萬美元。這被與財產、廠房和設備相關的折舊費用增加60 萬美元以及與透過收購LPM 和增加投資（從而獲得了對LPM 的控股權）相關的無形資產相關的攤銷費用增加50 萬美元所部分抵消。

Interest income for Q4 fiscal 2024 increased 33% to $8.1 million from $6.1 million in Q4 of last year. The 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 secured lending segment of $0.4 million.

2024 財年第四季的利息收入從去年第四季的 610 萬美元成長 33% 至 810 萬美元。利息收入的增加主要是由於其他金融產品收入增加了 160 萬美元，以及我們的擔保貸款部門賺取的利息收入增加了 40 萬美元。

For the full fiscal year. Interest income increased 22% to $27.2 million from $22.2 million in the prior fiscal year. The increase was primarily due to an increase in other finance product income of $3.2 million and an increase in interest income earned by our secured lending segment of $1.7 million.

整個財政年度。利息收入從上一財年的 2,220 萬美元增加到 2,720 萬美元，成長 22%。這一增長主要是由於其他金融產品收入增加了 320 萬美元，以及我們的擔保貸款部門賺取的利息收入增加了 170 萬美元。

Interest expense for Q4 fiscal 2024 increased 8%, $9.6 million from $8.9 million in Q4 of last year. The increase in interest expense was primarily driven by an increase of $1.5 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings, an increase of $0.6 million related to product financing arrangements, and this was partially offset by a decrease of $1.4 million related to the AMCF Notes, including amortization of debt issuance costs due to their repayment in December 2023.

2024 財年第四季的利息支出增加了 8%，從去年第四季的 890 萬美元增加到 960 萬美元。利息費用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 150 萬美元的增加，與產品融資安排相關的 60 萬美元的增加，這部分被與AMCF 票據相關的減少了140萬美元，包括由於2023 年12 月償還而導致的債務發行成本攤銷。

For the full fiscal year, interest expense increased 25% to $39.5 million from $31.5 million last fiscal year. The increase was primarily driven by an increase of $8.4 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings, an increase of $3 million related to product financing arrangements. This was partially offset by a decrease of $3.2 million related to the AMCF Notes, including amortization of debt issuance costs due to their repayment in December 2023 and also a $0.5 million decrease in loan servicing fees.

整個財年的利息支出從上一財年的 3,150 萬美元增加到 3,950 萬美元，增加了 25%。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 840 萬美元的增加，以及與產品融資安排相關的 300 萬美元的增加。這被與 AMCF 票據相關的 320 萬美元減少部分抵消，包括 2023 年 12 月償還而導致的債務發行成本攤銷，以及貸款服務費減少 50 萬美元。

Earnings from equity method investments in Q4 fiscal 2024 decreased 86% to $0.8 million from $5.3 million in Q4 of last year. For the full fiscal year, earnings from equity method investments decreased 68% to $4 million from $12.6 million last fiscal year. The decrease in both periods was due to decreased earnings of our equity method investees.

2024 財年第四季權益法投資收益從去年第四季的 530 萬美元下降 86% 至 80 萬美元。整個財年，權益法投資收益從上財年的 1,260 萬美元下降 68% 至 400 萬美元。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 fourth quarter of fiscal 2024 totaled $28.6 million or $1.20 per diluted share. This compares to net income attributable to the company of $41.8 million or $1.71 per diluted share in Q4 of last year. Net income for the fiscal fourth quarter of 2024 included an estimated $14.4 million remeasurement gain in connection with the acquisition of a controlling interest in SGB. This is preliminary and subject to change.

2024 財年第四季該公司應佔淨利總計 2,860 萬美元，即稀釋後每股收益 1.20 美元。相比之下，去年第四季該公司應佔淨利潤為 4,180 萬美元，即稀釋後每股收益 1.71 美元。 2024 年第四財季的淨利潤包括與收購 SGB 控股權益相關的估計 1,440 萬美元的重新計量收益。這是初步的，可能會改變。

Excluding the impact of the estimated preliminary remeasurement gain, diluted earnings per share was $0.60. For the full fiscal year, net income attributable to the company totaled $66.2 million or $2.75 per diluted share, which compares to net income attributable to the company of $156.4 million or $6.34 per diluted share last fiscal year.

排除估計的初步重新計量收益的影響，稀釋每股收益為0.60美元。在整個財年，公司應佔淨利潤總計 6,620 萬美元，即稀釋後每股收益 2.75 美元，而上一財年公司應佔淨利潤為 1.564 億美元，即稀釋後每股收益 6.34 美元。

Net income attributable to the company for fiscal year 2024 included an estimated $14.4 million remeasurement gain in connection with the increased investment resulting in a controlling interest in SGB. This is preliminary and subject to change. Excluding the impact of the estimated preliminary remeasurement gain, diluted earnings per share for fiscal year 2024 was $2.15.

2024 財年公司應佔淨利潤包括因增加投資而獲得 SGB 控股權而產生的估計 1,440 萬美元的重新計量收益。這是初步的，可能會改變。排除估計的初步重新計量收益的影響，2024 財年的攤薄每股收益為 2.15 美元。

Adjusted net income before provision for income taxes a non-GAAP financial performance measure, which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses and contingent consideration fair value adjustments for Q4 fiscal 2024 totaled $20.1 million, a decrease of 66% compared to $59.1 million in the same year ago quarter. The decrease was principally due to lower net income before provision for income taxes.

2024 財年第四季調整後的所得稅撥備前淨利（非GAAP 財務業績指標，不包括折舊、攤提、購置成本、重新計量損益以及或有對價公允價值調整）總計2,010 萬美元，比上年同期下降66%去年同期為 5,910 萬美元。減少的主要原因是所得稅撥備前淨利減少。

Adjusted net income before provision for income taxes for the full fiscal year totaled $80.3 million, a 63% decrease from $216 million in the prior fiscal year. The decrease was principally due to lower net income before provision for income taxes.

整個財年調整後的所得稅撥備前淨收入總計 8,030 萬美元，比上一財年的 2.16 億美元下降 63%。減少的主要原因是所得稅撥備前淨利減少。

EBITDA, a non-GAAP liquidity measure for Q4 fiscal 2024 totaled $36.1 million, a 42% decrease compared to $61.8 million in Q4 2023. The decrease was principally due to lower net income of $13.3 million, lower income tax expense of $11.3 million and higher interest income of $2 million.

2024 財年第四季的非GAAP 流動性指標EBITDA 總額為3,610 萬美元，與2023 年第四季的6,180 萬美元相比下降了42%。費用減少了1,130 萬美元以及更高利息收入200萬美元。

Excluding the impact of the estimated preliminary remeasurement gain, preliminary EBITDA for the three months ended June 30, 2024 was $21.7 million. EBITDA for the full fiscal year totaled $104.2 million, a 54% decrease compared to $225 million last fiscal year. The decrease was principally due to lower net income of $90 million, lower income tax expense of $32.7 million, higher interest expense of $8 million and higher interest income of $4.9 million. Excluding the impact of the estimated preliminary remeasurement gain, preliminary EBITDA for the fiscal year ended June 30, 2024 was $89.9 million.

排除估計初步重新計量收益的影響，截至 2024 年 6 月 30 日止三個月的初步 EBITDA 為 2,170 萬美元。整個財年的 EBITDA 總額為 1.042 億美元，比上一財年的 2.25 億美元下降了 54%。減少的主要原因是淨利潤減少了 9,000 萬美元，所得稅費用減少了 3,270 萬美元，利息費用增加了 800 萬美元，利息收入增加了 490 萬美元。排除估計的初步重新計量收益的影響，截至 2024 年 6 月 30 日的財政年度初步 EBITDA 為 8,990 萬美元。

Turning to our balance sheet, at fiscal year end, we had $48.6 million of cash compared to $39.3 million of cash at the end of fiscal year 2023. Our non-restricted inventories totaled $579.4 million, down $66.4 million from $645.8 million at the end of fiscal year 2023.

轉向我們的資產負債表，截至本財年末，我們擁有4,860 萬美元的現金，而2023 年財年末的現金為3,930 萬美元。美元減少了6,640 萬美元。

Our tangible net worth, excluding non-controlling interest at the end of the fiscal year was $304.8 million, down from $435.5 million at the end of the prior fiscal year. The reduction is due to share repurchase activity and dividends paid combined with higher intangible assets and goodwill in connection with the acquisition of LPM and our increased investments resulting in a controlling interest of SGB.

截至本財年末，我們的有形淨資產（不包括非控制權益）為 3.048 億美元，低於上一財年末的 4.355 億美元。減少的原因是股票回購活動和支付的股息，加上與收購 LPM 相關的無形資產和商譽的增加以及我們增加投資導致 SGB 的控股權益。

A-Mark's Board of Directors has continued to maintain the company's regular quarterly cash dividend program of $0.20 per common share. The most recent quarterly cash dividend was paid in July, and it is expected that the next quarterly dividend will be paid in October 2024.

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。最近一次季度現金股利已於7月支付，預計下一季股利將於2024年10月支付。

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

我的財務摘要就這樣完成了。現在我將把電話轉給托爾，他將提供我們關鍵營運指標的最新資訊。托爾？

Thank you, Kathleen. Looking at our key operating metrics for the fiscal fourth quarter and full year 2024, we sold 448,000 ounces of gold in Q4 of fiscal 2024, which is down 45% from Q4 of last year and up 0.4% from the prior quarter. For the full fiscal year, we sold 1.8 million ounces of gold, which was down 39% from last fiscal year.

謝謝你，凱瑟琳。從我們2024財年第四季和全年的主要營運指標來看，我們在2024財年第四季銷售了448,000盎司黃金，比去年第四季下降了45%，比上一季成長了0.4% 。整個財年，我們賣了 180 萬盎司黃金，比上財年下降了 39%。

We sold 25.4 million ounces of silver in Q4 of fiscal 2024, which is down 44% from Q4 of last year and down 1% from last quarter. For the full fiscal year, we sold 108.1 million ounces of silver, which was down 31% from last fiscal year.

2024財年第四季我們銷售了2,540萬盎司白銀，比去年第四季下降了44%，比上季下降了1%。整個財年，我們售出了 1.081 億盎司白銀，比上財年下降了 31%。

The number of new customers in the GTC 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 570,300 in Q4 fiscal 2024, which was up 530% from Q4 of last year and increased 908% from last quarter for the three month periods ended June 30, 2024 and 2023 are approximately 92% and 32% of the new customers were attributable to the acquisition of a controlling interest in SGB and the acquired customer list and BullionMax, respectively.

GTC 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 財年第四季度為 570,300 人，增長了 530%截至2024年6月30日和2023年的三個月期間，較去年第四季成長908%，較上季成長908%，其中約92%和32%的新客戶來自於收購SGB控股權以及被收購客戶分別是 list 和 BullionMax。

For the full fiscal year, the number of new customers in the DTC segment was 718,500, which is up 114% from 335,300 new customers in the prior fiscal year. Approximately 73% of the new customers in the fiscal year of 2024 were attributable to the acquisition of a controlling interest in SGB and 31% of the new customers in fiscal year 2023, for attributable to the acquired customer lists of BGASC and BullionMax.

整個財年，DTC 部門的新客戶數量為 718,500 名，比上一財年的 335,300 名新客戶成長 114%。 2024財年約73%的新客戶歸屬於收購SGB控股權，2023財年約31%的新客戶歸因於收購的BGASC和BullionMax客戶名單。

The number of total customers in the DTC segment at the end of the fourth quarter was approximately 3.1 million, which was a 31% increase from the prior year. The year-over-year increase in total customers was due to organic growth of our JMB customer base as well as the acquisition of a controlling interest in SGB.

截至第四季末，DTC 部門的客戶總數約為 310 萬，較上年同期成長 31%。客戶總數的同比增長得益於 JMB 客戶群的有機增長以及收購 SGB 的控股權。

The DTC segment average order value, which represents the average dollar value of product orders, excluding accumulation program orders delivers to DTC segment customers during Q4 fiscal 2024 was $2,890, which is down 12% from Q4 fiscal 2023 and up 35% in 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 財年第四季交付給DTC 部門客戶的累積計畫訂單）為2,890 美元，比2023 財年第四季下降12%，比上一季度成長35% 。

For the full fiscal year, our DTC average order value was $2,407, which is down 8% from fiscal year 2023. For the fourth quarter, our inventory turn ratio was 2.3, which was a 28% decrease from 3.2 in Q4 of last year and consistent with last quarter. For the full fiscal year, our inventory turnover ratio was 9.2, a 12% decrease from 10.5 last fiscal year.

整個財年，我們的 DTC 平均訂單價值為 2,407 美元，比 2023 財年下降 8%。 。整個財年，我們的庫存週轉率為 9.2，比上財年的 10.5 下降了 12%。

Finally, the number of secured loans as of June 30, 2024 totaled 588, a decrease of 13% from March 31, 2024, and a decrease of 33% from June 30, 2023. Our secured loans receivable balance at the end of fiscal year was $113.1 million, a 2% decrease from March 31, 2024, and a 12% increase at June 30. 2023.

最後，截至2024年6月30日的擔保貸款數量總計588筆，較2024年3月31日減少13%，較2023年6月30日減少33%。億美元，較2024 年3 月31 日減少2%，較2023 年6 月30 日增加12%。

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

我準備好的發言就到此結束。現在我將把它交給格雷格做總結發言。格雷格？

Thank you, Thor and Kathleen. Looking ahead to fiscal 2025 we have seen continued elevated prices of gold and softened demand and premium compression during our first fiscal quarter.

謝謝你們，托爾和凱瑟琳。展望 2025 財年，我們看到第一財季金價持續上漲，需求疲軟，保費壓縮。

During the first few weeks of August, we experienced increased volatility as the market and customers reacted to the spike in the VIX index above 38, specifically the week of August 5, we saw the VIX above 38 and continued elevated for that week, our customers reacted to this, and we had a better than we expected increase in activity that week.

在8 月的前幾週，隨著市場和客戶對VIX 指數突破38 的反應，我們經歷了波動性的增加，特別是8 月5 日這一周，我們看到VIX 超過38 並在那一周繼續走高，我們的客戶對此做出了反應，那週的活動成長好於我們的預期。

We continue to monitor the macroeconomic environment and the impact of interest rates and the upcoming elections, we are evaluating opportunities to further expand our market reach to create value for our shareholders. We are currently advancing our logistics automation initiatives at our AMGL facility in Las Vegas, which will support increased volume and lower our operational costs.

我們將繼續監控宏觀經濟環境以及利率和即將到來的選舉的影響，我們正在評估進一步擴大市場覆蓋範圍的機會，為股東創造價值。我們目前正在拉斯維加斯的 AMGL 工廠推進物流自動化計劃，這將支持增加產量並降低我們的營運成本。

We are also developing plans to broaden our reach in Asia, including establishing a trading hub in Singapore. We remain optimistic that our proven business model will allow us to stay sustained profitability and generate value for our shareholders over the long-term.

我們也正在製定擴大我們在亞洲影響力的計劃，包括在新加坡建立貿易中心。我們仍然樂觀地認為，我們行之有效的商業模式將使我們能夠保持持續的獲利能力，並長期為股東創造價值。

This concludes my prepared remarks. John, we can now open the line for questions.

我準備好的發言到此結束。約翰，我們現在可以開通提問專線。

(Operator Instructions).

（操作員說明）。

Thomas Forte, Maxim Group.

托馬斯福特，馬克西姆集團。

Thanks. So, Greg, when I think about your performance in the last fiscal year, it feels like you did a very good job of generating profits. When I look at the chart for gold, it’s pretty much straight up and to the right. So, without thinking about fiscal 2025, am I right in thinking that, generally speaking, when you have a one-way trade in gold, that can be challenging for you, and despite the challenges, you were able to generate a ton of profit?

謝謝。所以，格雷格，當我想到你上一財年的表現時，感覺你在創造利潤方面做得非常好。當我查看黃金圖表時，它幾乎是筆直朝右的。因此，在不考慮2025 財年的情況下，我的想法是否正確：一般來說，當您進行黃金單向交易時，這對您來說可能是一個挑戰，儘管存在這些挑戰，您還是能夠產生大量利潤？

Yeah. I mean, I think you hit the nail on the head. I mean, we were at almost $90 million in EBITDA for the year, which, as we have just in the past and today, it was certainly an environment with headwinds. I mean, if you just look at, what I mentioned earlier, the VIX index, I mean, if you look from January through the end of June, it was at a fairly small range low and we just haven’t had a great deal of volatility, that is what usually gives us tailwinds.

是的。我的意思是，我認為你擊中了要害。我的意思是，我們今年的 EBITDA 接近 9000 萬美元，正如我們過去和今天一樣，這無疑是一個充滿阻力的環境。我的意思是，如果你看看我之前提到的VIX 指數，我的意思是，如果你從1 月到6 月底看看，它處於一個相當小的範圍低點，我們只是沒有經歷過一個偉大的時期。

So, I think the performance in that environment was really good. I think, the improved performance in Q4 over Q3, where I don’t think the macro environment was that much different, to be able to improve and get to $0.60 from $0.21, I believe that, the company and everybody with the company did a tremendous job.

所以，我認為在那個環境下的表現非常好。我認為，第四季度的業績比第三季度有所改善，我認為宏觀環境沒有太大不同，能夠改善並從 0.21 美元漲到 0.60 美元，我相信，公司和公司的每個人都做到了這是一項艱鉅的工作。

It was refreshing, as I said, in the first week of August to see our customer base and see our business really come to life and significantly outperform what we thought would happen and I think that bodes well for the future. The up and to the right on the price of gold, as I’ve talked about before, it stagnates demand, causes buyers and sellers to be con -- to be a bit more conservative, and I think, we have weathered that.

正如我所說，在八月的第一周，我們看到了我們的客戶群，看到我們的業務真正開始運轉，並且大大超出了我們的預期，這令人耳目一新，我認為這對未來來說是個好兆頭。正如我之前談到的，金價的向右上漲會抑制需求，導致買家和賣家變得更加保守，我認為我們已經經受住了這一點。

I think we’ve done a very good job of managing our inventory, managing our buybacks. I believe we have continued to maintain our place as one of the larger providers of liquidity in the market for when our customers buyback product and they need liquidity and they count on A-Mark, so I think we’ve strengthened our relationship with our customers.

我認為我們在庫存管理和回購方面做得非常好。我相信，當我們的客戶回購產品、需要流動性並且依賴 A-Mark 時，我們將繼續保持作為市場上較大流動性提供者之一的地位，因此我認為我們已經加強了與我們的關係顧客。

Certainly, I believe, our initiatives that we started talking about following our Q3, where we have focused significantly -- significant assets and resources on new customers in our DTC segment, I believe that has been hugely successful. As you can see from the numbers, for the first time, we’re over 3 million customers in the DTC network.

當然，我相信，我們在第三季之後開始討論的舉措，我們在 DTC 領域的新客戶上投入了大量資產和資源，我相信這是非常成功的。正如您從數字中看到的，我們的 DTC 網路中的客戶數量首次超過 300 萬。

So I believe we’ve outperformed in a lot of areas, considering the environment, but I also believe we’re investing for the future and I think we’re well prepared to take advantage of whatever environment there is going forward.

因此，我相信，考慮到環境，我們在許多領域都表現出色，但我也相信我們正在為未來進行投資，我認為我們已經做好充分準備，可以利用未來的任何環境。

Great. And then just one follow-up and then I’ll get back in the queue. So, historically, the good news is, in this kind of environment, there may be more attractive M&A opportunities. Can you just talk about your current thoughts in M&A at a high level?

偉大的。然後只需進行一次後續行動，然後我就會回到隊列中。所以，從歷史上看，好消息是，在這種環境下，可能會有更有吸引力的併購機會。您能否從高層談談您目前對於併購的想法？

Yes. I think we are busier than ever right now reviewing and vetting different opportunities for us. I love what we have in the funnel and I think we have had a number of conversations where we have opportunities, both large and small, and I think that that part of our strategy is acting like we have messaged in the past and how we expect it to develop in these kinds of market conditions.

是的。我認為我們現在比以往任何時候都更忙，為我們審查和審查不同的機會。我喜歡我們在漏斗中所擁有的內容，我認為我們已經進行了多次對話，其中我們有大大小小的機會，我認為我們策略的這一部分就像我們過去傳達的信息以及我們期望的那樣它能夠在這種市場條件下發展。

So, I’m very optimistic about that. I love some of the things that we’re looking at. I love the ability to really vet and decide what’s best for us. We continue to put acquisitions and M&A at the top of the five asset allocation items that we look at, which, as I’ve said before, M&A, inventory, stock buybacks, dividends and repayment of debt.

所以，我對此非常樂觀。我喜歡我們正在研究的一些東西。我喜歡能夠真正審查並決定什麼對我們最有利。我們繼續將收購和併購放在我們關注的五個資產配置項目的首位，正如我之前所說的，併購、庫存、股票回購、股息和債務償還。

And my goal is to always have enough liquidity and to have the ability to take advantage of whichever one of those five rises to the best return for our shareholders. I think our accomplishments and what Thor and Kathleen have been working on the last four months to six months as it relates to our liquidity sources, as well as our increased liquidity with our bank group, has been a great accomplishment for A-Mark. So, I believe we are very well positioned right now with our balance sheet to take advantage of whichever of our five spokes, as I say, become available to us.

我的目標是始終擁有足夠的流動性，並有能力利用這五項中的任何一項為我們的股東帶來最佳回報。我認為我們的成就以及托爾和凱瑟琳在過去四個月到六個月中一直在與我們的流動性來源以及我們銀行集團增加的流動性相關的工作，對A-Mark 來說是一項偉大的成就。因此，我相信我們現在的資產負債表處於非常有利的位置，可以充分利用我們的五個輻條中的任何一個，正如我所說的那樣。

Great. Thank you, Greg. I’ll get back in the queue.

偉大的。謝謝你，格雷格。我會回到隊列中。

(Operator Instructions).

（操作員說明）。

Andrew Scutt, ROTH Capital Partners.

安德魯‧斯卡特，羅仕資本合夥人。

Hey. Good afternoon and thank you for taking my questions. I hopped on a couple minutes late, so I apologize if you covered this, but we saw a nice pickup in gross margin sequentially. Can you just kind of talk through the drivers there, whether that’s a mix, kind of an improved spread environment? Just additional details would be great there.

嘿。下午好，感謝您回答我的問題。我晚了幾分鐘，所以如果你報道了這一點，我深表歉意，但我們看到毛利率連續上升。您能談談那裡的驅動因素嗎？只要有額外的細節就太好了。

Yeah. I mean, we saw an increase over most of our lines of business in this quarter versus the previous quarter. So, although I believe the environments were similar, I believe we performed a bit better in Q4 than we did in Q3, and that’s reflected in the numbers.

是的。我的意思是，與上一季相比，本季我們的大部分業務都有所成長。因此，儘管我認為環境相似，但我相信我們在第四季度的表現比第三季度要好一些，這反映在數字中。

I think on the DTC side, as I said before in the last call, we really pounded and tried very hard to invest in marketing and to take this opportunity to really add to our new customers, as well as an initiative to wake up our old customers that hadn’t bought in a year. So, that I think went very well. I think on the wholesale side, we did have some larger transactions that drove the top line and I think we just -- we performed a bit better in Q4 than we did in Q3.

我認為在DTC 方面，正如我在上次電話會議中所說的那樣，我們確實在行銷方面投入了很大的精力和努力，並藉此機會真正增加了我們的新客戶，並採取了一項措施來喚醒我們的老客戶。所以，我認為進展非常順利。我認為在批發方面，我們確實有一些較大的交易推動了營收，我認為我們在第四季的表現比第三季要好一些。

Great. Thank you. And then you also touched on briefly some enhancements you’re making to the Vegas facility in Vegas. Can you just kind of talk about what you’re doing at AMGL?

偉大的。謝謝。然後您也簡要地談到了您對維加斯的維加斯工廠所做的一些改進。您能簡單談談您在 AMGL 所做的事情嗎？

Yeah. We have been fortunate enough to have the space next door to us become available. We are building it out with some new automated technology that allows for a modernization of the pick and pack process and the packaging process. The equipment goes by the name of Kardex and it’s used by a number of large operations that are in manufacturing, including SpaceX and a couple of others.

是的。我們很幸運，隔壁的空間可用。我們正在利用一些新的自動化技術來建構它，從而實現揀選和包裝流程以及包裝流程的現代化。該設備名為 Kardex，被許多大型製造企業使用，包括 SpaceX 和其他幾家公司。

So, we’re well along the way. This has been about a nine-month project. We’re now in the build-out phase. We are installing our new machines and this will use technology, as well as some great physical machinery that is going to allow us to greatly increase our capacity on how many packages we can ship the next time that we’re pressed and markets allow for higher volumes of shipments.

所以，我們一路走來進展順利。這是一個大約九個月的專案。我們現在正處於擴建階段。我們正在安裝新機器，這將使用技術以及一些出色的物理機械，這將使我們能夠在下次受到壓力且市場允許的情況下大大提高我們可以運送的包裹數量更高的出貨量。

Great. Thank you. And the last one for me, if I may, speaking of potential times of increased volume, can you just kind of talk about how you’re positioning yourself with inventory for possible volatility in the precious metals market before the election we have coming up?

偉大的。謝謝。最後一個問題是，如果可以的話，談到交易量增加的潛在時期，您能談談您如何利用庫存來應對即將到來的選舉之前貴金屬市場可能出現的波動嗎？

Yeah. And we have seen some increase in premiums and some selected inventory items that we have been holding, so we’re happy with that. There’s a few others that we’ve been holding. We haven’t seen increased premiums yet. But I’m very comfortable with the inventory we’re holding. I believe that we’re well-positioned in the event that we get more than just a week of multiples week-over-week that we saw in the first week of August. I think we’re very well-positioned to take advantage of that.

是的。我們已經看到保費和我們一直持有的一些精選庫存項目有所增加，所以我們對此感到滿意。我們還持有其他一些。我們還沒有看到保費增加。但我對我們持有的庫存感到非常滿意。我相信，如果我們得到的不僅僅是八月第一周那樣的一周倍數，我們就處於有利位置。我認為我們處於非常有利的位置來利用這一點。

I think we’ve also developed some new business with new customers on the Wholesale side that we’re turning inventory a little bit faster and I think we have managed very well our production at both SilverTowne Mint and SMI that we’ve been very nimble at -- and we’ve talked about this before we’ve been very nimble, particularly at SilverTowne, at being able to shift products quickly. We can shift a product run in three days or four days.

我認為我們還在批發方面與新客戶開發了一些新業務，我們的庫存週轉速度更快了，我認為我們在 SilverTowne Mint 和 SMI 的生產管理得很好，我們已經我們非常靈活——我們之前已經討論過這一點——我們非常靈活，尤其是在SilverTowne，能夠快速轉移產品。我們可以在三天或四天內轉移產品的運作。

Jamie and Brent have done a great job of being very nimble and when Wholesale trading or DTC asks for a product, they’ve been able to shift production very quickly to that, which just allows us to have product in the marketplace that others don’t. And Although the premiums may be lower and the premiums aren’t as they were a year or two ago, we are able to provide products and answer customer needs where we need to very quickly. So, we’re very pleased at how we’re managing our inventory at the moment.

Jamie 和 Brent 非常靈活，當批發貿易或 DTC 需要產品時，他們能夠非常迅速地將生產轉移到該產品，這使得我們能夠在市場上擁有其他人沒有的產品。儘管保費可能會降低，而且保費也不像一兩年前那樣，但我們能夠非常快速地提供產品並滿足客戶的需求。因此，我們對目前的庫存管理方式感到非常滿意。

Great. Well, thanks for the additional call, Greg, and congrats on the progress.

偉大的。好吧，謝謝格雷格的額外來電，並祝賀我們的進展。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey. Good afternoon, Greg, Kathleen, Thor. Thanks for taking the questions. One of the kind of follow-up on kind of the macro-related topics, just to get your thoughts on kind of catalysts or drivers that can lead to improving spreads, would it be mostly macroeconomic-related, relating to kind of volatility or anything on the supply side of the equation? And you noted the VIX earlier, Greg, and kind of impacting strength in August. Would you say that’s a pretty good indicator of performance, generally speaking?

嘿。下午好，格雷格、凱瑟琳、托爾。感謝您提出問題。關於宏觀相關主題的一種後續行動，只是為了了解您對可以導致利差改善的催化劑或驅動因素的想法，它是否主要與宏觀經濟相關，與波動性或其他什麼有關在等式的供給側？格雷格，您早些時候注意到了波動率指數，以及 8 月的衝擊強度。一般來說，您是否認為這是一個非常好的績效指標？

Yeah. I think we always say it and we talk about this over the last few years, is that generally our markets are driven by a macroeconomic event, and it can be anything. Some are bigger than others. Some affect our customer base differently than others and it’s not always consistent. What may have had an effect two years ago may not have the same effect today. I think what we have talked about before is volatility in the spot price of gold and silver, as well as volatility to the downside in equities. That generally will affect us positively.

是的。我認為我們總是這麼說，並且在過去幾年中我們一直在談論這一點，即我們的市場通常是由宏觀經濟事件驅動的，而且可以是任何事情。有些比其他的大。有些因素對我們客戶群的影響與其他因素不同，而且並不總是一致的。兩年前可能產生影響的事情今天可能不會產生同樣的影響。我想我們之前討論的是黃金和白銀現貨價格的波動，以及股市下行的波動。這通常會對我們產生正面的影響。

I think that at the moment, we continue to see what everybody sees in the country, which is a lot of polarization and a lot of uncertainty as to what’s going to happen in the election, what’s going to happen in Israel, what’s going to happen in Russia and the Ukraine. I think all of these things are just tightening the string a little bit, and I think the string is tighter than it’s been, and where it actually breaks, I’m not going to predict the future.

我認為目前，我們繼續看到每個人在這個國家所看到的情況，即選舉中將發生什麼，選舉中將發生什麼，存在很多兩極分化和很多不確定性。什麼。我認為所有這些事情都只是把繩子收緊了一點，而且我認為繩子比以前更緊了，而且它實際上在哪裡斷裂，我不會預測未來。

But I will say that for what we saw in the week of August -- the first week of August, I believe that we saw an outsized response across wholesale and DTC, more so than I would have expected. And on Monday -- that first Monday of August, we had a pretty big drop in equities and we also saw that combined with a fairly quick spike to the downside for gold and silver. Now, three days or four days later, there was a recovery and we were back where we were the week before.

但我要說的是，就我們在 8 月這一周（即 8 月第一周）所看到的情況而言，我相信我們在批發和 DTC 方面看到了巨大的反應，超出了我的預期。週一，即八月的第一個週一，股市大幅下跌，同時我們也看到黃金和白銀的下跌速度相當快。現在，三天或四天后，我們就恢復了，回到了前一周的水平。

But I think what I find very encouraging is that what didn’t probably to most people seem like that big of a deal on that Monday, it was a significant event for us and multiples of activity that we saw the week before. So, I -- that is consistent with what we’ve always talked about. I think what I saw, though, was a little bit more like immediate knee-jerk reaction and you can feel it very quickly.

但我認為非常令人鼓舞的是，對大多數人來說，那個星期一可能沒什麼大不了的，這對我們來說是一個重大事件，而且是我們前一周看到的活動的倍數。所以，我——這與我們一直在談論的內容是一致的。不過，我認為我所看到的更像是立即的下意識反應，你很快就能感覺到。

And I think that says a lot about where we’re positioned to take advantage of these things. Even after that week, August is looking elevated to July, so it has -- there has been some carry-on and I think we’re seeing some -- a little bit of -- a little more optimistic behavior, I would say, extending past the first week in August. I mean, certainly not to levels where we saw 18-months ago, but definitely where we see events happening and our markets are reacting, and our businesses are reacting favorably to the upside.

我認為這充分說明了我們可以在哪些方面利用這些優勢。即使在那週之後，八月看起來也比七月有所提升，所以它已經——有一些延續，我認為我們看到了一些——一點點——更樂觀的行為，我想說，延續到八月的第一週。我的意思是，當然不會達到我們 18 個月前看到的水平，但絕對是我們看到事件正在發生、我們的市場正在做出反應、我們的企業正在對上行做出積極的反應。

Now, we still haven’t seen enough demand that has really had an increased effect on premiums, which, as we’ve said before, is very important. We’re still, in my mind, performing very well with the somewhat depressed premiums that we’re dealing with, but it’s not going to take much. A lot of inventory, a lot of excess inventory has worked its way through our business, as well as our competitors and it’s not going to take much of a spike in demand to see premiums increase.

現在，我們仍然沒有看到足夠的需求真正對保費產生更大的影響，正如我們之前所說，這非常重要。在我看來，儘管保費有些低迷，我們仍然表現得很好，但這並不需要太多時間。大量庫存、大量過剩庫存已經滲透到我們的業務以及我們的競爭對手中，不需要需求大幅增長就能看到保費上漲。

Sure. That makes sense and it’s very helpful. And I guess along those lines, as we think about the elections, just given you have quite a bit of operational history, and I’m sure there’s kind of variability, but I wanted to get a sense of kind of common trends and maybe how it’s impacted the election cycle, that is, how it’s impacted the business in historical years.

當然。這是有道理的，而且非常有幫助。我想沿著這些思路，當我們考慮選舉時，考慮到你有相當多的運作歷史，而且我確信存在某種可變性，但我想獲得一種共同點的感覺趨勢，也許還有它如何影響選舉週期，即它在歷史年份如何影響業務。

Yeah. I mean, we have great history in 2016 and 2020, and we have historical data that we look at, as well as just the knowledge and the intuition of being through it before. I will say that this cycle, starting on January 1, has been different than what we have seen in the past. I think that for the first six months of 2024 in this election cycle, I think there was a, whether it was real or perceived, there was a feeling that Trump was going to win the election, and I think that that kind of lulled a lot of precious metal buyers into a comfort zone. Certainly, if you take the end of July and the August 1, there has been quite a shift in the perception of how people believe the election cycle is going now.

是的。我的意思是，我們在 2016 年和 2020 年擁有偉大的歷史，我們有我們查看的歷史數據，以及之前經歷過的知識和直覺。我想說的是，從 1 月 1 日開始的這個週期與我們過去看到的不同。我認為，在 2024 年這個選舉週期的前六個月，我認為，無論是真實的還是感知的，都有一種川普將贏得選舉的感覺，我認為這讓人們感到平靜。陷入了舒適圈。當然，如果你以 7 月底和 8 月 1 日為例，人們對選舉週期目前進展的看法發生了相當大的轉變。

I think you can relate, not entirely, you can relate some of that to our performance. And whether or not what we started to see at the end of July and the August 1, how much of that you can attribute to the election cycle. I don’t want to venture a guess there, but I will say that there has been some effect, and certainly, the uncertainty in where we sit today with, it looks like 68, however many days it is until the election, there is a great deal more uncertainty in the cycle than maybe we saw the first six months of this year.

我認為你可以將其中一些與我們的表現聯繫起來，但不是完全聯繫起來。無論我們是否在 7 月底和 8 月 1 日開始看到什麼，其中有多少可以歸因於選舉週期。我不想在那裡冒險猜測，但我會說已經產生了一些影響，當然，我們今天坐在哪裡的不確定性，看起來是 68，無論距離選舉還有多少天，那裡週期中的不確定性可能比我們今年前六個月看到的要多得多。

But it hasn’t lined up exactly like what we’ve seen in the past. So we’ll see how it plays out. I think we’re really well-positioned for any outcome. Just like I think we’re positioned for whatever outcome happens as it relates to interest rates and how the equities market perform over the next six months. So, just feeling very good about where we’re at.

但它的排列方式並不像我們過去看到的那樣。所以我們將看看結果如何。我認為我們對於任何結果都處於有利位置。就像我認為的那樣，無論發生什麼結果，我們都會做好準備，因為它與利率以及未來六個月股市的表現有關。所以，我們對現在的處境感覺非常好。

Got it. Thanks, Greg.

知道了。謝謝，格雷格。

Sy Jacobs, Jacobs Asset Management.

Sy Jacobs，雅各布斯資產管理公司。

Hey, Greg. How are you?

嘿，格雷格。你好嗎？

I’m good, Sy. How are you?

我很好，賽。你好嗎？

I’m doing well. I have a couple of questions for you, both…

我做得很好。我有幾個問題想問你們…

All right.

好的。

Both related to M&A. Before we go back to your comments about what’s in your pipeline, can you just do a quick review of, now that you’re a full quarter into owning LPM and those related transactions, how it’s playing out relative to how you modeled it, and then just a comment on that Hong Kong Asian market. Is it similarly depressed in activity and spread margin as your home market or is it just a different market with different conditions?

兩者都與併購有關。在我們回到您對您的管道中的內容的評論之前，您能否快速回顧一下，既然您已經擁有 LPM 和這些相關交易整整一個季​​度，那麼它的相對錶現如何看看您是如何建模的，然後只是對香港亞洲市場的評論。它的活動和利差是否與您的本土市場同樣低迷，或者只是一個條件不同的不同市場？

Yeah. I would say that as it relates to the LPM acquisition, we’re now about five months into it. I would say that we’re very, very pleased with the assets that we purchased. We’re very happy with the personnel that have integrated very well with A-Mark US. I think Kathleen and her team on the finance side have worked through the expected challenges that we had as it relates to integrating their business with ours on the finance side. I think she’s nearly there and has made great -- it’s a great accomplishment, and we’re up and running and managing that very well.

是的。我想說的是，由於這與 LPM 收購有關，我們現在已經進行了大約五個月。我想說，我們對購買的資產非常非常滿意。我們對與 A-Mark US 融為一體的人員感到非常滿意。我認為凱瑟琳和她在財務方面的團隊已經解決了我們所面臨的預期挑戰，因為這涉及將他們的業務與我們在財務方面的業務整合起來。我認為她已經接近成功，並且已經取得了巨大的成就——這是一項偉大的成就，我們已經很好地啟動、運行和管理了這一點。

I think that the nature of their business is similar to what our wholesale business is experiencing here. A large part of their business is sourcing products and creating products out of Asia and selling them throughout the world, including in the US. So the demand drop-offs that we’ve seen in Europe and in the US have definitely affected them.

我認為他們的業務性質與我們在這裡經歷的批發業務類似。他們的大部分業務是在亞洲採購產品和製造產品，然後將其銷售到世界各地，包括美國。因此，我們在歐洲和美國看到的需求下降肯定對他們產生了影響。

From a straight P&L standpoint, I would say, we’re a little behind where we would hope to be today on the model, what we modeled out, but very optimistic about that we’re going to see the results that we expected. I think we’re -- and we are managing through that.

從直接損益的角度來看，我想說，我們在模型上、我們建模的內容上有點落後於我們今天希望達到的目標，但我們非常樂觀，我們將看到我們預期的結果。我認為我們正在努力解決這個問題。

I believe that the opportunity for A-Mark, we’ve talked about it before, the opportunity to move our wholesale assets and expertise into the Asian market and develop a wholesale trading hub in Singapore, as well as use the Hong Kong facility to expand our wholesale trading to capture a bit more of that business in that time zone, we’re full speed ahead and we’re very optimistic.

我相信 A-Mark 的機會，我們之前已經討論過，有機會將我們的批發資產和專業知識轉移到亞洲市場，在新加坡建立批發貿易中心，並利用香港設施擴大我們的批發貿易，以在該時區獲得更多的業務，我們正在全速前進，我們非常樂觀。

And Charlie from LPM and his team have been great about helping us integrate this. Thor from A-Mark is involved in this process as it relates to the Singapore facility. We’ve identified some talent in the region that we’re enthusiastic about. So that we believe is -- we’re still very happy with the acquisition and we believe it’s going to -- it’s definitely going to benefit A-Mark in a lot of different ways once it gets rolling.

LPM 的 Charlie 和他的團隊非常樂意幫助我們整合這一點。 A-Mark 的 Thor 參與了這項與新加坡工廠相關的過程。我們在該地區物色了一些我們熱衷的人才。因此，我們相信，我們仍然對此次收購感到非常滿意，我們相信，一旦收購開始，它肯定會以多種不同方式使 A-Mark 受益。

Great. So part two is you referenced the really active, not more active than ever, pipeline or funnel of opportunities, large and small. If you could kind of think about, I don’t know, the two that you think have the highest probability of actually crossing the finish line, would those include topping up partially owned companies that you already have minority or majority stakes in or are they new targets? And then would they be North America, Asia or Europe? And then lastly, the large ones, you said there’s like large and small. With the largest likely to be done approach in drama, what JMB meant to A-Mark as its largest acquisition ever?

偉大的。所以第二部分是你提到了真正活躍的、但不是比以往更活躍的機會管道或漏斗，無論大小。如果你能想一想，我不知道，你認為最有可能真正衝過終點線的兩家公司，是否包括對你已經擁有少數或多數股權或正在持有部分股權 他們的新目標是什麼？那麼它們會是北美、亞洲還是歐洲？最後是大的，你說有大的和小的。以戲劇性的方式完成最大規模的收購，JMB 作為有史以來最大的收購對 A-Mark 意味著什麼？

Well, I will quickly answer that. I don’t -- JMB was a very unique opportunity for us and the people at JMB are -- were extremely well versed at what they do. And it was transformational for A-Mark to go from a strict wholesale business with minority investment to a fully owned DTC business, which we have with JMB’s help in a lot of ways been able to grow that tremendously.

好吧，我會很快回答這個問題。我不認為——JMB 對我們來說是一個非常獨特的機會，JMB 的員工也非常熟悉他們的工作。 A-Mark 從少數股權投資的嚴格批發業務轉變為全資擁有的 DTC 業務，這對 A-Mark 來說是一次轉型，在 JMB 的多方面幫助下，我們的業務得以大幅增長。

As it relates to topping off, I think, that’s probably not in the cards. I think that we did the LPM transaction was a new business. I think that the increased ownership and the consolidation of Silver Gold Bull, again, was a little bit unique to that structure from the beginning and how we had negotiated it over time.

我認為，由於它與加滿有關，這可能是不可能的。我認為我們做LPM交易是一項新業務。我認為，Silver Gold Bull 所有權的增加和整合從一開始就有點獨特，而且隨著時間的推移，我們的談判方式也有所不同。

So, I think it was a bit of a timing opportunity for us, as opposed to what I would call like a new deal in the funnel. And then when I’m talking about new deals in the funnel, it’s a little -- it’s probably exclusively new deals. I don’t have anything right now on the Board that I would say is transformational or is of the size of what we did with JM Bullion, but still important. And I would say there’s both Wholesale and retail opportunities domestically. I think there’s retail opportunities outside the US in companies that can benefit from JMB’s expertise.

因此，我認為這對我們來說是一個時機機會，而不是我所說的漏斗中的新交易。然後，當我談論漏斗中的新交易時，它可能只是新交易。我認為董事會目前沒有任何具有變革性或規模與我們對 JM Bullion 所做的事情相當的東西，但仍然很重要。我想說的是，國內既有批發也有零售機會。我認為，美國以外的公司也有零售機會，可以從 JMB 的專業知識中受益。

And then I think there are other deals that may be beneficial to our logistics business or our minting businesses. I’d say we’re looking there and in this particular market, part of management’s goals are to make sure that all parts of our business can rise in a hot market. The goal is that our highs need to be higher than our previous highs and our lows need to be higher than our previous lows.

然後我認為還有其他交易可能對我們的物流業務或鑄幣業務有利。我想說的是，我們正在尋找這個特定的市場，管理層的部分目標是確保我們業務的所有部分都能在熱門市場中崛起。我們的目標是我們的高點需要高於先前的高點，而我們的低點需要高於先前的低點。

And to do all that, you can’t just focus on one area of our business. There has to be some thought that goes towards how to level up all parts of our business, which I think we’re doing, to accommodate both an acquisition but also accommodate a much hotter or higher volume market so that we can ship more packages, so that we can have more inventory, so that we can have more distribution, so that we can have more liquidity and financing for our customers.

要做到這一切，您不能只專注於我們業務的一個領域。必須有一些思考如何提升我們業務的各個部分，我認為我們正在這樣做，既適應收購，又適應更熱門或更高容量的市場，以便我們可以運送更多包裹，這樣我們就可以有更多的庫存，這樣我們就可以有更多的分銷，這樣我們就可以為我們的客戶有更多的流動資金和融資。

I think all those things come to mind when we’re looking at opportunities and I think we’re comfortable growing any of those areas. Like I’ve said before, the seller and the buyer have to match up at the right time and the price has to be right. But I will say that in all areas we’re looking at, as you can see from our performance, we’re now into what we would call a slower fiscal year. So you’ll have a pretty good look at trailing 12-months and what’s going on in the marketplace.

我認為，當我們尋找機會時，所有這些事情都會浮現在腦海中，我認為我們可以輕鬆地發展這些領域中的任何一個。正如我之前所說，賣家和買家必須在正確的時間進行匹配，並且價格必須正確。但我要說的是，在我們正在關注的所有領域，正如您從我們的業績中看到的那樣，我們現在正進入所謂的「放緩的財政年度」。因此，您將可以很好地了解過去 12 個月的情況以及市場上發生的情況。

And I do believe that as we progress forward, most targets in our business are going to have similar trailing 12-months’ performance. So I think it does put a more realistic view on what valuation should be and I think that plays to -- it plays to A-Mark ‘s benefit that we have such a strong balance sheet and we’ve built such a great liquidity situation and asset and capital situation and great shareholders and we do -- we are unique in that we have the ability to actually still do an acquisition today. There’s not a tremendous amount of competition out there right now with people that are looking to do the same thing we are. So it feels like it’s setting up quite well for us.

我確實相信，隨著我們不斷前進，我們業務中的大多數目標都將具有類似的過去 12 個月的表現。因此，我認為它確實對估值應該是多少提出了更現實的看法，而且我認為這對 A-Mark 有利，因為我們擁有如此強大的資產負債表，並且我們已經建立了這樣一個良好的流動性狀況、資產和資本狀況以及優秀的股東，我們確實如此——我們的獨特之處在於，我們今天實際上仍然有能力進行收購。對於那些想做與我們相同的事情的人來說，目前並沒有太多的競爭。所以感覺它對我們來說設置得很好。

Great. That’s really good color. Thanks, Greg.

偉大的。這顏色真的很好。謝謝，格雷格。

Okay. We have no further questions in queue. At this time, this concludes our question-and-answer session. I’d now like to turn the call back over to Mr. Roberts for his closing remarks.

好的。我們沒有其他問題了。至此，我們的問答環節就結束了。我現在想將電話轉回給羅伯茲先生，讓他作結束語。

Great. Thank you, John. Again, as usual, I just said it a few minutes ago and I want to say it again. Thank you to all of our shareholders. Great group. Love talking to you guys. It’s been a great ride here with A-Mark and I can’t thank you enough for your continued support.

偉大的。謝謝你，約翰。再說一次，像往常一樣，我幾分鐘前才說過，我想再說一次。感謝我們所有的股東。很棒的團體。喜歡和你們聊天。與 A-Mark 一起度過了一段美好的旅程，我非常感謝你們一直以來的支持。

Thanks for joining our call today. I’d also like to thank our employees and our fantastic management team for their dedication and commitment to A-Mark ‘s success and we can’t wait to keep you posted and apprised on what’s coming next in the A-Mark world. So thank you again. Thank you very much.

感謝您今天加入我們的電話會議。我還要感謝我們的員工和優秀的管理團隊，感謝他們對 A-Mark 成功的奉獻和承諾，我們迫不及待地想讓您隨時了解並了解接下來的情況A-Mark 世界。所以再次感謝你。非常感謝。

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. 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。在今天的電話會議中，做出了有關未來事件的前瞻性聲明。與 A-Mark 未來計畫、目標、預期、績效、事件等相關的聲明屬於 1995 年《私人證券訴訟改革法》和 1934 年《證券交易法》含義內的前瞻性聲明。

These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements and the amount or timing of any future dividends. Future dividends, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements.

其中包括有關未來獲利能力和成長、國際擴張、營運增強以及任何未來股息的金額或時間的預期的聲明。未來的股利、風險和不確定性，無論是單獨或總體，都可能導致實際結果或情況與這些聲明中明示或暗示的結果或情況有重大差異。

Factors that could cause actual results to differ, including the following failure to execute the company’s growth strategy, including the inability to identify the suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute this strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses.

可能導致實際結果有所不同的因素，包括以下未能執行公司成長策略的情況，包括無法識別合適或可用的收購或投資機會、執行該策略所產生的成本高於預期、政府法規無法成功整合最近收購的業務可能會阻礙成長，特別是在亞洲。

Changes in the current international political climate, which historically has favorably contributed to demand and the volatility in the precious metals markets, but also has posed certain risks and uncertainties for the company, particularly in recent periods, potential adverse effects of the current problems in the national and global supply chains, increased competition for the company’s higher margin services, which could depress pricing, the failure of the company’s business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metals products generally, potential negative effects that inflationary pressure may have on our business.

當前國際政治氣候的變化歷來有利於貴金屬市場的需求和波動，但也為公司帶來了一定的風險和不確定性，特別是在最近一段時期，當前問題的潛在不利影響國內和全球供應鏈、公司高利潤服務的競爭加劇（這可能會壓低價格）、公司的商業模式未能按預期應對市場環境的變化、消費者需求和偏好的變化對於貴金屬產品而言，通膨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 the capacity at SilverTowne Mint, the failure of our investee companies to maintain or address the preferences of their customer bases, general risks of doing business in the commodity markets and the strategic business, economic, financial, political and governmental risk, excuse me, and other factors, risk factors described in the company’s public filings with the Securities and Exchange Commission.

公司無法擴大 SilverTowne Mint 的產能，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，對不起，以及其他因素，本公司向證券交易委員會公開提交的文件中所述的風險因素。

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

該公司不承擔公開更新或修改任何前瞻性陳述的義務。請聽眾不要過度依賴這些前瞻性陳述。