A-Mark Precious Metals Inc (AMRK) 2025 Q1 法說會逐字稿

Good afternoon and welcome to a A-Mark Precious Metals conference call for the fiscal first quarter ended September 30th 2024.

下午好，歡迎參加截至 2024 年 9 月 30 日的第一財季 A-Mark 貴金屬電話會議。

My name is Matthew and I will be your operator this afternoon before this call.

我叫馬修，今天下午在這通電話之前我將擔任您的接線生。

A-mark issued its results for the fiscal first quarter, 2025 and a press release which is available in the investor relations section of the company's website at www.amark.com.

A-mark 發布了 2025 年第一個財季業績以及新聞稿，可在公司網站 www.amark.com 的投資者關係部分查看。

You can find the link in the investor relations section at the top of the homepage.

您可以在主頁頂部的投資者關係部分找到該連結。

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

參加今天電話會議的有 Amar 執行長 Greg Roberts、總裁 Thor Gjerdrum 和財務長 Kathleen Simpson Taylor。

Following the remarks, we'll open the call for your questions.

發言結束後，我們將開始電話詢問您的問題。

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

然後，在我們結束電話會議之前，我將就管理層在本次電話會議期間發表的前瞻性聲明提供必要的警告。

I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the investor relations section of A-mark's website.

我想提醒大家，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 Aar's CEO Mr Greg Roberts, sir.

先生，現在我想將電話轉給 Aar 執行長 Greg Roberts 先生。

Please proceed.

請繼續。

Thank you, Matthew and Good afternoon, everyone.

謝謝馬修，大家下午好。

Our first quarter results reflect the continued strength of our fully integrated platform to deliver profitable results even during slower market conditions.

我們第一季的業績反映了我們完全整合的平台的持續實力，即使在市場情況放緩的情況下也能實現盈利。

Despite facing a less favorable macroeconomic environment including elevated precious metal prices and softened levels of demand.

儘管面臨不太有利的宏觀經濟環境，包括貴金屬價格上漲和需求水準疲軟。

We delivered 37% diluted share and generated almost 18 million in NonGAAP EBITDA.

我們提供了 37% 的稀釋份額，並產生了近 1800 萬美元的非公認會計準則 EBITDA。

During the quarter.

本季期間。

We amended our trading credit facility extending its maturity to September 2026 providing us with the liquidity for our future capital needs.

我們修改了交易信貸安排，將其期限延長至 2026 年 9 月，為我們提供了滿足未來資本需求的流動性。

We also advanced our A-mark global logistics facility expansion and logistics automation initiatives which are expected to be completed in the next few months.

我們也推進了 A-mark 全球物流設施擴建和物流自動化計劃，預計在未來幾個月內完成。

We anticipate these measures will increase operational capacity and produce efficiencies and long-term cost savings.

我們預計這些措施將提高營運能力並提高效率並節省長期成本。

We have also continued to make substantial progress towards establishing a trading office and DTC presence in Singapore and broadening our reach into the surrounding region.

我們在新加坡建立貿易辦事處和 DTC 業務以及將業務範圍擴大到週邊地區方面繼續取得實質進展。

Finally, as previously announced Silvertown Mint recently acquired all the assets of Regency mint manufacturing, including its minting equipment and its customer list.

最後，正如先前宣布的，Silvertown Mint 最近收購了 Regency 造幣廠的所有資產，包括其造幣設備和客戶名單。

Further enhancing our minting capability and expanding our customer base.

進一步增強我們的鑄幣能力並擴大我們的客戶群。

We believe these initiatives position amar for future success as we continue to grow and expand our business.

我們相信，隨著我們不斷發展和擴大我們的業務，這些舉措將為 amar 未來的成功奠定基礎。

Now, I will turn the call over to our CFO Kathleen Simpson Taylor who 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 (Kathleen Simpson Taylor)，她將更詳細地介紹我們的財務業績。

Then our President Thor Gjerdrum will discuss our key operating metrics.

然後我們的總裁 Thor Gjerdrum 將討論我們的關鍵營運指標。

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

最後，我將對我們的業務和成長策略提供進一步的見解。

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 Q1 2025 increased 9% to 2.72 billion from 2.48 billion in Q1 of last year, excluding an increase of 217.4 million of forward sales.

我們 2025 財年第一季的營收從去年第一季的 24.8 億美元成長 9% 至 27.2 億美元，不包括增加的 2.174 億美元的遠期銷售。

Our revenues increased 13.1 million or 0.9% which was due to higher average selling prices of gold and silver partially offset by a decrease in gold and silver ounces sold.

我們的收入增加了 1,310 萬盎司，即 0.9%，這是由於黃金和白銀的平均銷售價格上漲，但部分被銷售的黃金和白銀盎司的減少所抵消。

The DTC segment contributed 18% and 13% of the consolidated revenue in fiscal Q1 2025 and fiscal Q1 2024 respectively.

DTC 部門分別佔 2025 年第一季及 2024 年第一季合併收入的 18% 和 13%。

Revenue contributed by JMB represented 11% of the consolidated revenues for fiscal Q1 of 2025 compared to 12% in Q1 of last year, gross profit for fiscal Q1 2025 decreased 12% to 43.4 million or 1.6% of revenue from 49.4 million or 1.99% of revenue in Q1 of last year, the decrease in gross profit was due to lower gross profits earned from the wholesale sales and ancillary services segment partially offset by an increase in gross profits earned by the direct consumer segment.

JMB 貢獻的收入佔2025 年第一季合併收入的11%，而去年第一季為12%，2025 年第一季毛利下降12%，至4,340 萬美元，佔營收的1.6%，從4,940 萬美元下降，佔收入的1.99%。

Gross profit contributed by the direct consumer segment represented 54% of the consolidated gross profit in fiscal Q1 2025 compared to 43% in the same year ago period.

直接消費者部門貢獻的毛利佔 2025 財年第一季綜合毛利的 54%，去年同期為 43%。

Gross profit contributed by JMB represented 37% of the consolidated gross profit in fiscal Q1 2025 compared to 36% in Q1 of last year.

JMB 貢獻的毛利佔 2025 財年第一季綜合毛利的 37%，而去年第一季為 36%。

SG&A expenses for fiscal Q1 2025 increased 22% to 26.6 million from 21.8 million in Q1 of last year.

2025 財年第一季的 SG&A 支出從去年第一季的 2,180 萬增加到 2,660 萬，成長 22%。

The increase was primarily due to an increase in compensation expense including performance based accruals of 2.6 million higher advertising costs of 0.7 million.

這一增長主要是由於薪酬費用增加，包括基於績效的應計費用 260 萬美元以及廣告費用 70 萬美元。

An increase in consulting and professional fees of 0.2 million.

諮詢和專業費用增加20萬。

An increase in information technology costs of 0.2 million and an increase in insurance costs of 0.2 million SG&A expenses for the three months ended.

截至三個月內，資訊科技成本增加了 20 萬美元，保險成本增加了 20 萬美元。

September 30th 2024 include 5.3 million of expenses incurred by LPM and SGB.

2024 年 9 月 30 日包含 LPM 和 SGB 產生的 530 萬費用。

Our recently consolidated subsidiaries which were not included in our prior year.

我們最近合併的子公司未包含在上一年。

Q1 results.

第一季的結果。

Depreciation and amortization expense for fiscal Q1 2025 increased 69% to 4.7 million from 2.8 million in Q1 of last year.

2025 財年第一季的折舊和攤銷費用從去年第一季的 280 萬成長 69% 至 470 萬。

The increase was primarily due to an increase in amortization expense of 2.2 million related to intangible assets acquired through our acquisition of LPM and our acquisition of a controlling interest in SGB.

增加的主要原因是與透過收購LPM和收購SGB控股權益而獲得的無形資產相關的攤銷費用增加了220萬元。

This was partially offset by a decrease in JMB intangible asset amortization of 0.5 million interest income for fiscal Q1 2025 increased 16% to 7.1 million from 6.1 million in Q1 of last year, the increase in interest income was primarily due to an increase in other finance product income of 0.6 million.

這被JMB 無形資產攤銷減少50 萬的減少所部分抵消，2025 財年第一季利息收入從去年第一季的610 萬增加了16% 至710 萬，利息收入的增加主要是由於其他融資的增加產品收入60萬元。

And an increase in interest income earned by our secured lending segment of 0.3 million.

我們的擔保貸款部門賺取的利息收入增加了 30 萬人。

Interest expense for fiscal Q1 2025 increased 2% to 10 million from 9.8 million in Q1 of last fiscal year.

2025 財年第一季的利息支出從上一財年第一季的 980 萬增加至 1,000 萬，成長 2%。

The increase in interest expense was primarily due to an increase of 0.7 million associated with our trading credit facility due to increased borrowings as well as an increase in interest rates and an increase of 0.7 million related to product financing arrangements.

利息支出的增加主要是由於借款增加以及利率上升導致與我們的貿易信貸便利相關的增加了 70 萬，以及與產品融資安排相關的增加了 70 萬。

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.

這被與 AMCF 票據相關的 140 萬美元減少部分抵消，其中包括由於 2023 年 12 月償還而導致的債務發行成本攤銷。

Earnings from equity method investments in fiscal Q1 2025 decreased 79% to 0.6 million from 2.7 million in the same year ago quarter.

2025 財年第一季權益法投資收益從去年同期的 270 萬下降 79% 至 60 萬。

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

減少的原因是權益法投資對象的獲利下降。

Net income attributable to the company for the first quarter of fiscal 2025 totalled 9 million or 37% diluted share.

2025財年第一季歸屬於公司的淨利潤總計900萬歐元，稀釋後份額為37%。

This compares to net income attributable to the company of 18.8 million or 77% diluted share in Q1 of last year.

相比之下，去年第一季歸屬於公司的淨利潤為 1,880 萬美元，即稀釋後份額的 77%。

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 measure which excludes depreciation amortization acquisition costs and contingent consideration.

一種非公認會計準則財務指標，不包括折舊攤提收購成本和或有對價。

Fair value adjustments for fiscal Q1 2025 totalled 14.8 million.

2025財年第一季的公允價值調整總額為1,480萬美元。

A decrease of 45% co mpared to 26.8 million in the same year ago quarter, EBIDA a NonGAAP liquidity measure for fiscal Q1 2025 total l ed 17.8 million.

2025 財年第一季的非公認會計原則 (NonGAAP) 流動性衡量指標 EBIDA 總額為 1,780 萬美元，與去年同期的 2,680 萬美元相比下降了 45%。

A 41% decrease compared to 30.4 million in Q1 of last year.

與去年第一季的 3,040 萬相比下降了 41%。

Turning to our balance sheet at quarter end, we had 46.9 million of cash compared to 48.6 million at June 30th 2024.

轉向季度末的資產負債表，我們擁有 4,690 萬現金，而 2024 年 6 月 30 日為 4,860 萬現金。

Our tangible net worth excluding non controlling interest at the end of the quarter was 313.3 million.

截至本季末，我們的有形淨資產（不包括非控股權益）為 3.133 億美元。

Up from 306 million at June 30th 2024.

高於 2024 年 6 月 30 日的 3.06 億。

As Greg mentioned, we executed an extension of our primary credit facility which provides 422.5 million in committed lines.

正如 Greg 所提到的，我們延長了主要信貸額度，提供了 4.225 億美元的承諾額度。

Now through September 2026 providing the company with stable long-term access to capital for the business.

從現在到 2026 年 9 月，為公司提供穩定的長期業務資本。

This facility in conjunction with our repo lines and lease facilities provides the company with a diversified portfolio of liquidity tools going forward.

該設施與我們的回購額度和租賃設施相結合，為公司未來提供了多元化的流動性工具組合。

A-mark's board of directors has continued to maintain the company's regular quarterly cash dividend program of 20% common share.

A-mark董事會繼續維持公司20%普通股的定期季度現金股利計畫。

The most recent quarterly cash dividend was paid in October.

最近一次季度現金股利於 10 月支付。

It is expected that the next quarterly dividend will be paid in January 2025.

預計下一季股利將於2025年1月支付。

That completes my financial summary.

我的財務摘要就這樣完成了。

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

現在我將把電話轉給托爾，他將提供我們關鍵營運指標的最新資訊。

Thor.

托爾。

Thank you, Kathleen, looking at our key operating metrics for the first quarter of fiscal 2025.

謝謝凱瑟琳查看我們 2025 財年第一季的主要營運指標。

We sold 398,000 ounces of gold in Q1 fiscal 2025 which was down 20% from Q1 of last year and down 11% from the prior.

我們在 2025 財年第一季出售了 398,000 盎司黃金，比去年第一季下降了 20%，比前一年下降了 11%。

We sold 20.4 million ounces of silver in Q1 fiscal 2025 which was down 33% from Q1 of last year and down 20% from last year.

2025 財年第一季度，我們售出了 2,040 萬盎司白銀，比去年第一季下降了 33%，比去年下降了 20%。

The number of new customers in the DTC segment, which is defined as a number of customers that have registered or set up a new account or made a purchase for the first time during the period was 55,300 in Q1 fiscal 2025 which was up 41% from Q1 of last year and down 90% from last quarter.

DTC 細分市場的新客戶數量（定義為在此期間註冊或設立新帳戶或首次購買的客戶數量）在 2025 財年第一季為 55,300 人，比上一季增長了 41%去年第一季比上季下降了90%。

Approximately 92% of the new customers from the last quarter were attributable to the acquisition of a controlling interest in SGB.

上季約 92% 的新客戶來自於收購 SGB 的控股權。

The number of total customers in the DTC segment at the end of the first quarter was approximately 3.1 million, which was a 31% increase from prior year.

截至第一季末，DTC 業務客戶總數約為 310 萬戶，較去年同期成長 31%。

The year over year increase in total customers was due to the organic growth of our JMB customer base.

客戶總數的年成長歸功於我們 JMB 客戶群的有機成長。

As well as the acquisition of a controlling interest in SGB.

以及收購SGB的控股權。

The DTC segment average order value which represents the average dollar value of third-party product orders excluding accumulation program orders delivered to DTC segment customers during Q1 fiscal 2025 was $2967 which was up 22% from Q1 fiscal 2024 and up 3% from the prior quarter for the fiscal first quarter.

DTC 部門平均訂單價值為2967 美元，代表第三方產品訂單的平均美元價值（不包括2025 財年第一季度交付給DTC 部門客戶的累積計劃訂單），比2024 財年第一季增長22%，比上一季成長3%第一財季。

Our inventory turnover ratio was 2.3 which was an 8% decrease from 2.5 in Q1 of last year and comparable with the prior quarter.

我們的庫存週轉率為 2.3，比去年第一季的 2.5 下降 8%，與上一季持平。

Finally, the number of secured loans at the end of September totalled 562.

最終，截至9月底的擔保貸款數量總計562筆。

A decrease of 30% from September 30 2023 and a decrease of 4% from the end of June 2024.

較2023年9月30日減少30%，較2024年6月底減少4%。

The dollar value of our loan portfolio at the end of September totalled 101.9 million.

截至 9 月底，我們的貸款組合價值總計 1.019 億美元。

A decrease of 10% from June 30 2024 that concludes my prepared remarks.

與 2024 年 6 月 30 日相比減少了 10%，我準備好的演講結束了。

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

現在我將把它交給格雷格做總結發言。

Great.

偉大的。

Thank you, Thor and Kathleen A-Mark's fully integrated precious metals platform.

謝謝 Thor 和 Kathleen A-Mark 的完全整合的貴金屬平台。

Continues to demonstrate its ability to deliver profitable results even during slower market conditions.

繼續證明即使在市場情況放緩的情況下也能實現盈利。

Looking ahead, we remain cautiously optimistic that the macro headwinds we face will begin to shift leading to increased demand across both our wholesale and retail segments.

展望未來，我們仍然謹慎樂觀，認為我們面臨的宏觀阻力將開始轉變，導致批發和零售領域的需求增加。

We remain committed to pursuing opportunities that expand our market reach and deliver value to our shareholders over the long- term.

我們仍然致力於尋求擴大市場覆蓋範圍並為股東長期創造價值的機會。

Operator.

操作員。

Certainly, everyone at this time will be conducting a question-and-answer session.

當然，這時候大家都會進行問答環節。

If you have any questions or comments, please press star one on your phone at this time.

如果您有任何疑問或意見，請此時按手機上的星號一。

We do ask that while posing your question.

我們在提出您的問題時確實會問這個問題。

Please pick up your handset.

請拿起您的手機。

If you're listening on speakerphone to provide optimum sound quality.

如果您使用揚聲器聆聽以提供最佳音質。

Once again, if you have any questions or comments, please press star one on your phone.

再次強調，如果您有任何疑問或意見，請按手機上的星號一。

Your first question is coming from Thomas Forte from Maxim Group.

您的第一個問題來自 Maxim Group 的 Thomas Forte。

Your line is live.

您的線路已上線。

Great.

偉大的。

So first talking team congrats on your ability to once again generate profits in a challenging quarter.

因此，首先發言的團隊祝賀您能夠在充滿挑戰的季度再次創造利潤。

I'm going to ask two questions and then get back in the queue to give other people an opportunity.

我要問兩個問題，然後回到隊列中，給其他人一個機會。

So, Greg, the first question I had is how should we think about the levers you can pull to stimulate demand when you have an environment?

所以，格雷格，我遇到的第一個問題是，當你有一個環境時，我們應該如何考慮可以拉動的槓桿來刺激需求？

It seems like there's, you know, it's pretty challenging because you have kind of 2 1-way trades now in gold and essentially in equities.

你知道，這似乎相當具有挑戰性，因為你現在有兩種單向交易，分別是黃金和股票。

So, but I do think that you do a lot in such an environment So I would like to hear some additional details on the leverage you can pull when facing that.

所以，但我確實認為你在這樣的環境中做了很多事情，所以我想聽聽一些關於你在面對這種情況時可以發揮作用的更多細節。

Yeah, I mean, I think we can increase our marketing expenses.

是的，我的意思是，我認為我們可以增加行銷費用。

We can, you know, use marketing to try to bring in new customers, which we've done.

你知道，我們可以利用行銷來吸引新客戶，我們已經做到了。

We can't really control how much they are going to spend or what their average order value is going to be.

我們無法真正控制他們將花費多少或他們的平均訂單價值是多少。

But we believe that, you know, when markets are slower trying to, to get new customers is, is a great investment in the future.

但我們相信，你知道，當市場放緩時，爭取新客戶是對未來的巨大投資。

Throughout this quarter, you know, we once again had kind of hit and miss weeks.

你知道，在整個這個季度，我們再次經歷了一些時好時壞的幾週。

We, we would have we probably had two or three very exceptional weeks, particularly in August.

我們，我們希望我們可能有兩到三個星期非常特殊，特別是在八月。

And, you know, we were able to, to really capitalize when we saw an increase in demand and we were very well positioned in our, our new customer accounts, our, our profitability, our sales, you know, we had, we, we were able to pull some levers as you say that what we felt was able to take advantage, you know, when the market allowed us to do it.

而且，你知道，當我們看到需求增加時，我們能夠真正利用資本，並且我們在我們的新客戶帳戶、我們的盈利能力、我們的銷售方面處於非常有利的位置，你知道，我們有，我們，正如你所說，當市場允許我們這樣做時，我們能夠拉動一些槓桿，我們認為我們能夠利用這些槓桿。

You know, what we haven't been able to do is sustain, you know, multiple weeks or months where we, you know, where we are, where we're seeing this, this increased demand.

你知道，我們無法做的是維持幾週或幾個月的時間，我們在哪裡，我們在哪裡看到這種增加的需求。

You know, I will say that, you know, towards the end of September and, and through October, we did, we did start to see a little bit of positive movement in the premiums.

你知道，我會說，你知道，在九月底和整個十月，我們確實開始看到保費出現了一些積極的變化。

So some of the premiums and some of the products, not all of them, but some of them, we did, we did see some premium expansion to the positive.

因此，一些溢價和一些產品，不是全部，但其中一些，我們確實看到了一些溢價的積極擴張。

So, you know, we, we did, we did feel we were in good shape there.

所以，你知道，我們，我們確實，我們確實感覺我們在那裡狀態良好。

We, you know, we feel that in this quarter, our, our inventory and our buys and ourselves and, you know, we, we felt like we had a very good, you know, very good match there.

我們，你知道，我們覺得在這個季度，我們的庫存和購買以及我們自己，你知道，我們感覺我們在那裡有一個非常好的，你知道的，非常好的匹配。

And then obviously, you know, coming into to the election yesterday, you know, the last, you know, the last few weeks there was activity that was good and then, you know, today, clearly there was a risk on movement in back into equities.

然後顯然，你知道，昨天進入選舉，你知道，最後幾週，有很好的活動，然後，你知道，今天，顯然存在後面的運動風險進入股票。

A little bit of a price drop in the spot price of gold and silver, which, you know, traditionally should, should help with premiums and as well as demand with a, with a drop in price.

黃金和白銀現貨價格的一點點下跌，你知道，傳統上應該有助於提高溢價和需求，同時價格下跌。

So, we'll have to see how that plays out and how the customer base responds.

因此，我們必須看看效果如何以及客戶群如何反應。

But, you know, for the most part, you know, we, we still felt, felt really good about, you know, almost 18 million in EBITDA and almost 15 million in adjusted net and, and it was a, you know, for us, we felt like, you know, we continue to get, get as much as we can out of what the environment gives us the, as I've said before, the good news is we, we clearly see that when we get a little bit of a shift from headwind to tailwind, The businesses all performed very well albeit in, in shorter periods of time.

但是，你知道，在很大程度上，你知道，我們仍然感覺非常好，你知道，近 1800 萬的 EBITDA 和近 1500 萬的調整後淨值，而且這是一個，你知道的，我們覺得，你知道，我們繼續從環境給我們的東西中得到盡可能多的東西，正如我之前所說，好消息是我們清楚地看到，當我們得到一個儘管時間較短，但從逆風到順風的轉變，這些業務都表現得非常好。

And then for my follow up and I'll get back in the queue.

然後我會回到隊列中進行後續跟進。

So the longer term question is during periods like this, it seems like historically, you've done an amazing job on the strategic M&A side to, to find assets attractively valued that have you then well positioned for that next increase in demand.

因此，長期的問題是，在這樣的時期，從歷史上看，您在策略併購方面做得非常出色，找到了估值有吸引力的資產，使您能夠為下一次需求成長做好準備。

It sounds like you made an acquisition through the Silvert Town.

聽起來你是透過 Silvert Town 進行了收購。

But can you give your current thoughts on Strategic M&A.

但您能否談談您目前對策略併購的想法？

I mean, I, you know, I thought the Silvertown acquisition was, you know, just, just great for us re really good timing for us with, with premiums low and profitability at the, the the the target was down a little.

我的意思是，我，你知道，我認為 Silvertown 收購對我們來說非常好，因為保費低且盈利能力強，目標略有下降。

They were looking to the sellers were looking to move out of the business and move into something else.

他們希望賣家能夠退出該行業並轉向其他行業。

So I, I believe that, you know, for us to really pick up, you know, an extra 20 million ounces a year of struck product, which is what we believe we will get out of this acquisition when, when we get all the equipment set up and working and, and you know, really getting up to that 100 million market, Silvertown Minute, if you include the cast bar products, you know, that, that, that was just a, you know, what we felt was just perfect timing and, and, and very good from a strategic standpoint.

因此，我相信，對於我們來說，每年能夠真正獲得額外 2000 萬盎司的精礦產品，這就是我們相信，當我們獲得所有這些產品時，我們將從這次收購中獲得的收益。並開始工作，而且你知道，真正進入了1 億市場，Silvertown 分鐘，如果你包括鑄棒產品，你知道，那，那，那隻是，你知道，我們的感受是從戰略角度來看，時機非常完美。

I will say in the last 30 days, we have, really filled the funnel in, in, in things we're looking at on the M&A side.

我想說的是，在過去 30 天裡，我們確實填補了我們在併購方面正在關注的事情的漏斗。

We, we, we're very, you know, we're cautiously optimistic that in, you know, in the next 90 days, we're going to, we're going to be able to, to, to do some acquisitions that are, you know, we believe very favorable for us.

我們，我們，我們非常，你知道，我們非常謹慎樂觀，在接下來的 90 天內，我們將能夠，能夠，進行一些收購你知道，我們相信這對我們非常有利。

So we're, we're very busy in that area right now to answer the question directly.

所以我們現在在該領域非常忙碌，無法直接回答這個問題。

And, you know, again, I believe the timing is very good for us.

而且，你知道，我再次相信時機對我們來說非常好。

And, you know, we, we very much look forward to going through the process and, and, you know, and, and trying to finish up a couple of these deals we've been looking at.

而且，你知道，我們非常期待完成這個過程，並且，你知道，並且，並努力完成我們一直在考慮的幾筆交易。

Great.

偉大的。

Thank you.

謝謝。

I'm going to get back in the queue.

我要回到隊列中。

Thank you.

謝謝。

Your next question is coming from Michael Baker from D.A Davidson.

您的下一個問題來自 D.A Davidson 的 Michael Baker。

Your line is live.

您的線路已上線。

Okay.

好的。

Thanks.

謝謝。

One of the last things Greg you said on your prepared remarks was something along the lines of, looking ahead.

格雷格，你在準備好的發言中所說的最後一句話之一是，展望未來。

You think the macro headwinds will begin to shift, leading to increased demand.

您認為宏觀阻力將開始轉變，導致需求增加。

What makes you say that?

是什麼讓你這麼說？

Does it have anything to do with the election?

這跟選舉有什麼關係嗎？

Is it one of the things you just said to answer?

這是你剛才說要回答的事情之一嗎？

Tom's question, you talked about gold and silver pricing coming down a little bit and that's helping premiums.

湯姆的問題，您談到黃金和白銀的價格略有下降，這有助於保費。

Is that what you're referring to or just, you know, what, why do the macro headwinds which seem to have been against you for, you know, the last several quarters?

這就是你所指的，或者只是，你知道，為什麼宏觀逆風在過去幾季似乎一直對你不利？

Why, why do you think that begins to shift?

為什麼，為什麼你認為這種情況會開始轉變？

You know, as we talked about on the last call, you know, as we have gone through this quarter of continuing record gold spot prices in particular and silver, you know, trading at a, at a, at a price above $32 that we, we hadn't seen in a very long time.

你知道，正如我們在上次電話會議中談到的，你知道，因為我們已經經歷了本季持續創紀錄的黃金現貨價格，特別是白銀，你知道，交易價格高於 32 美元，我們，我們已經很久沒見面了。

And as I talked about on the last call, when you go day after day after day and week after week after week of, of higher spot prices or world record spot prices, which is, you know, what we talk about around here.

正如我在上次電話會議上談到的，當你日復一日、週復一周地走高現貨價格或世界紀錄現貨價格時，你知道，這就是我們在這裡談論的內容。

We're just going to buy back more product and that's going to, you know, hurt our margins a little bit.

我們只是要回購更多的產品，這會稍微損害我們的利潤。

It's going to hurt our premiums a little bit.

這會對我們的保費造成一些影響。

And, you know, we talked about this on the last call when I, I said earlier that I believe that was shifting a little up until today.

而且，你知道，我們在上次電話會議上討論了這個問題，當時我早些時候說過，我相信直到今天情況有所改變。

You know, we continue to see very high spot prices but our percentage and our buybacks that we've been buying back or, or taking back in on the secondary market.

你知道，我們繼續看到非常高的現貨價格，但我們一直在二級市場上回購或回購的百分比和回購。

It did seem to, to, to, to diminish a bit and it did seem to wane.

它似乎確實減弱了一點，而且似乎確實減弱了。

So I feel like, you know, a lot of that selling has is behind us and, and, and I believe we're very well positioned that we work through a lot of inventory.

所以我覺得，你知道，很多銷售已經過去了，而且我相信我們處於非常有利的位置，我們可以處理大量庫存。

So we, we aren't, you know, we feel, we feel like we're very well positioned when you get a drop in the spot price as we did today.

所以，我們不是，你知道，我們感覺，當現貨價格像我們今天一樣下跌時，我們感覺我們處於非常有利的位置。

I mean, that, that has historically, you know, changed sentiment a little bit on the buy side.

我的意思是，從歷史上看，這稍微改變了買方的情緒。

So, you know, I believe that that leading up and then the drop in price today is what I was referencing.

所以，你知道，我相信今天價格的上漲和下跌就是我所指的。

Clearly moving forward.

明顯在前進。

We're going to have to see you know how the, how the public responds and how the you know, how things have gone.

我們必須看看你知道公眾如何反應，以及你如何知道事情進展如何。

I do believe that for the first time in the last few weeks, we did see a little bit different attitude with the retail buyer.

我確實相信，在過去幾周里，我們確實第一次看到零售買家的態度有所不同。

That for the first time in a while, there appeared to be some, you know, fear of missing out purchasing and, and people were, you know, customers were, you know, buying the higher prices with a little more gusto.

一段時間以來，第一次出現了一些人擔心錯過購買，而且人們，你知道，顧客，你知道，以更大的熱情購買更高的價格。

So, you know, we'll see, we'll see if that continues or, you know, if, if you know the drop in price triggers, you know, more buying or, or what happens, but generally in a, in a, in a lower spot price environment, our premiums are going to expand a little bit.

所以，你知道，我們會看到，我們會看看這種情況是否會持續下去，或者，你知道，如果你知道價格下跌會引發更多購買，或者會發生什麼，但通常是在a、在在現貨價格較低的環境下，我們的保費將會略為擴大。

So that's what I was referring to.

這就是我所指的。

Okay.

好的。

Yeah, that, that makes sense and, and, and by way of follow up any way you can sort of quantify or, or a little more detail on the ratio of what you, what you were buying in versus what you were selling, I think in my notes.

是的，這是有道理的，並且，透過跟進任何你可以量化的方式，或者，或者更詳細地說明你購買的東西與你出售的東西的比率，我在我的筆記中思考。

So, you know, it, it's historically around 10% of you know, you're, you're buying in what you're selling.

所以，你知道，從歷史上看，大約有 10% 的人知道，你正在購買你所出售的東西。

I knew it had gone up to, I think 30% last quarter.

我知道上個季度這個數字已經上升到了 30%。

If my numbers are right, well, or the quarter, that's the quarter, the, the the June quarter.

如果我的數字是正確的，那麼，或者季度，那就是季度，六月季度。

What was it in September, the September quarter?

九月、九月季度是什麼狀況？

How is that trending?

趨勢如何？

Right?

正確的？

I, I think when I was referencing this before we were looking more at weekly, week, over week and, and weekly numbers.

我，我想當我引用這個之前，我們更專注於每週、每週、每周和每週的數字。

So, you know, it would be possible that we, in the past we may have had, you know, at our DTC segment, there may have been a number close to 30% that we, we had bought back and the 10% number, you know, in a week is, is a little more, is a little more normalized.

所以，你知道，我們過去可能有，你知道，在我們的 DTC 部門，我們可能回購了接近 30% 的股份，還有 10% 的股份。一點。

You know, we did have a couple of, you know, real good weeks in the quarter where that ratio, you know, dropped down to 5%.

你知道，我們在本季確實經歷了幾個非常好的幾週，這個比率下降到了 5%。

So, you know, if you get some increased sales and you buy back the same amount, the percentage is going to go down.

所以，你知道，如果你的銷售額增加，而你回購了相同數量的產品，那麼百分比就會下降。

So that's not, that's not a revelation.

所以這不是，這不是一個啟示。

But, you know, as I said, I mean, I think that the basic feel that I have right now is that the selling, the selling of our retail customers is shifting a little bit more to the buy side.

但是，你知道，正如我所說，我的意思是，我認為我現在的基本感覺是，我們零售客戶的銷售正在更多地轉向買方。

And the, and the, and the sales in general have slowed down the kinds of products we're buying back have have shifted a little bit.

整體而言，銷售已經放緩，我們回購的產品種類已經發生了一些變化。

So, you know, cautiously optimistic, as I said.

所以，你知道，正如我所說，謹慎樂觀。

Awesome.

驚人的。

Thank you.

謝謝。

Fair enough.

很公平。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Thank you.

謝謝。

Once again, everyone.

大家再一次。

If you have any questions or comments, please press star, then one on your phone, your next question is coming from Lucas Pipes from B. Riley.

如果您有任何問題或意見，請按星號，然後在您的手機上按星號，您的下一個問題來自 B. Riley 的 Lucas Pipes。

Your line is live.

您的線路已上線。

Thank you very much operator.

非常感謝運營商。

This is actually forshoveling asking question on behalf of Lucas Pipes and Greg.

這實際上是代表 Lucas Pipes 和 Greg 提出問題。

I would like to follow up a little bit on previous question looking forward.

我想對之前的問題進行一些後續跟進。

So, you, you, you pretty good described your expectations for calendar Q4, but for 2025 once Trump gets into the office based on your experience from his previous presidency, what what would you expect from buyers and sellers' sentiment?

所以，你，你，你很好地描述了你對日曆第四季度的期望，但是根據你之前擔任總統的經驗，對於2025 年川普上任後，你對買家和賣家的情緒有何期望？

Thank you.

謝謝。

Yea favorable ah, I, I mean, it's very hard for me to predict what, what the political wins are going to create for our business.

是的，有利啊，我，我的意思是，我很難預測政治勝利將為我們的企業創造什麼。

I, I think that, you know, historically, we've talked about very close, you know, contested elections are beneficial for us.

我，我認為，你知道，從歷史上看，我們已經非常密切地討論過，有爭議的選舉對我們有利。

This clearly was not contested and it was a real referendum on a change of attitude, you know, and, and clearly what looks to be a shift in the Senate is something we haven't had or experienced in a while.

這顯然沒有爭議，這是一次關於態度改變的真正公投，你知道，而且，顯然參議院看起來的轉變是我們一段時間以來沒有經歷過或經歷過的。

So how, how the new administration manages taxes and how they, you know, administer the printing of money and where they're going to spend the money and, and you know, what really does, where really inflation kind of ends up?

那麼，新政府如何管理稅收，如何管理印鈔，以及他們將把錢花在哪裡，以及，你知道，真正的作用是什麼，通貨膨脹最終會在哪裡結束？

You know, I, I think that's to be determined and, you know, you may not see it until 26 but from, from my viewpoint, our job here is just to manage whatever, whatever the markets throw at us and, and I, I feel we're really good at that.

你知道，我，我認為這是有待確定的，你知道，你可能要到26 歲才能看到它，但從我的角度來看，我們在這裡的工作只是管理任何事情，無論市場向我們拋出什麼，而且我，我覺得我們真的很擅長這一點。

I feel like we, we can make money, you know, we made money through a Biden administration, we made money historically in the Trump administration.

我覺得我們可以賺錢，你知道，我們透過拜登政府賺錢，我們歷史上在川普政府賺錢。

You know, the, from my viewpoint, as it relates to a favorable mark's business, I wasn't particularly concerned about who won from a pure business standpoint.

你知道，從我的角度來看，因為它涉及到有利商標的業務，所以從純粹的商業角度來看，我並不特別關心誰獲勝。

I, I felt like a lot of what was going to happen in the future was going to happen either way.

我，我覺得未來會發生的很多事情都會以兩種方式發生。

And, and I think that, you know, we're in the precious metals business, we're in the hard asset business and, and, you know, continued and unsustainable deficits.

而且，我認為，你知道，我們從事貴金屬業務，我們從事硬資產業務，而且，你知道，持續且不可持續的赤字。

And, and borrowing of money is likely to be good for our business.

而且，借錢可能對我們的業務有利。

And, and we'll have to see how that plays out.

而且，我們必須看看結果如何。

Thank you very much for this and, in my second follow up, maybe on this SGN a growth quarter over quarter, if I remember correctly is 22% up.

非常感謝你們，在我的第二次跟進中，也許在這個 SGN 上一個季度比一個季度增長，如果我沒記錯的話，增長了 22%。

And can you frame up a little bit?

你能稍微概括一下嗎？

Is it, sorry if I missed, can, is it related to, to the acquisitions and how we should look to, to this expense going forward?

抱歉，如果我錯過了，它是否與收購有關，以及我們應該如何看待這項費用的未來？

I, I think if you listen to Kathleen and go back and look at her comments, I believe a little over 5 million of the SG&A increase was related to the new acquisitions, which is just, you know, brand new expenses we're bringing on.

我，我想，如果你聽凱瑟琳的話，回頭看看她的評論，我相信 SG&A 增長中略多於 500 萬的費用與新收購有關，你知道，這只是我們帶來的全新費用。

So I think if you back that out, you know, I think our SG&A was, you know, fairly consistent.

所以我認為如果你反駁這一點，你知道，我認為我們的SG&A 是相當一致的。

Got you.

明白你了。

Thank you very much.

非常感謝。

Okay.

好的。

Thank you.

謝謝。

Your next question is coming from Greg Gibas from Northland Securities.

您的下一個問題來自北國證券的格雷格·吉巴斯。

Your line is live.

您的線路已上線。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Appreciate the color Greg Roberts for you wanted to follow up.

感謝格雷格·羅伯茨（Greg Roberts）的顏色，因為你想跟進。

I, I think, you know, if you could speak to maybe which markets you're looking at on the M&A side, I think you noted, you know, potentially something within the next 90 days or so.

我想，如果您能談談您在併購方面關注的市場，我想您已經註意到，您知道，可能會在未來 90 天內左右發生一些事情。

And just wanted to get a sense of, you know, where, where in terms of geographies, you're, you know, leaning towards, on, on that front.

只是想了解一下，你知道，就地理而言，你在哪裡，你知道，傾向於那方面。

It's probably a little premature to focus on, on specifically where, where we're, where we're looking at.

現在專注於具體的地方、我們在哪裡、我們正在關注的地方可能還為時過早。

I can just say that, you know, the deals we're looking at right now are broad and, and they cover, you know, a number of parts of our business.

我只能說，我們現在正在考慮的交易很廣泛，而且它們涵蓋了我們業務的許多部分。

And I haven't been, you know, this optimistic in a while I think, you know, we, we, we've got some really good opportunities we're looking at and I think, you know, we feel good about them.

我已經有一段時間沒有這麼樂觀了，我想，我們，我們，我們正在尋找一些非常好的機會，我想，我們對它們感覺很好。

We feel good about the timing.

我們對時機感覺很好。

You know, we're always looking to increase our, our, our direct-to-consumer business as well as our wholesale business.

您知道，我們一直在尋求增加我們的、我們的、我們的直接面向消費者的業務以及我們的批發業務。

And, you know, there, there's, there's, there's good reason for us here that we're, we're going to be very busy and, and we're optimistic, we're going to be able to get, get, get at least one or two deals over the goal line.

而且，你知道，我們在這裡有充分的理由，我們將非常忙碌，而且我們很樂觀，我們將能夠得到，得到，至少達成一到兩筆交易超過目標線。

Got it, we'll look forward to updates there.

明白了，我們將期待那裡的更新。

You know, appreciate your commentary on kind of the goal and civil prices and then just kind of expectations into the election and after election.

你知道，感謝你對目標和公民價格的評論，以及對選舉和選舉後的期望。

You know, I guess I wanted to ask more broadly speaking, if you're seeing any changes on the competitive front.

你知道，我想我想更廣泛地詢問你是否看到競爭方面有任何變化。

You know, whether it's within kind of traditional retail or anything you're seeing online, but that would be great to kind of get your overall thoughts on, on any dynamics there.

你知道，無論是傳統零售業還是你在網路上看到的任何東西，但如果你能了解你對那裡的任何動態的整體想法，那就太好了。

Yeah, I mean, I, I mean, we, we track, as I've said on previous calls, we track pretty closely our new customer data and, and our new customer numbers.

是的，我的意思是，我，我的意思是，我們，我們跟踪，正如我在之前的電話中所說，我們非常密切地跟踪我們的新客戶數據和新客戶數量。

You know, we, we have, we have picked up a lot of new clients and then a lot of new buyers in the last, you know, 90 to 120 days.

你知道，我們，我們，我們已經吸引了許多新客戶，然後在過去 90 到 120 天內，又吸引了許多新買家。

I, and we've also, you know, done a pretty good job of re-energizing and, and getting old clients who haven't bought for a while to buy.

我，你知道，我們在重新註入活力以及讓一段時間沒有購買的老客戶購買方面也做得很好。

And, and so I, I believe that, you know, we're growing, and I believe our message to our retail customers is resonating and I, and I think there's, you know, there's good reason to believe we, we have the best, you know, retail customer base out there right now, at least in small fabricated silver and gold products.

所以我，我相信，你知道，我們正在成長，我相信我們向零售客戶傳達的訊息正在引起共鳴，我，我認為，你知道，有充分的理由相信我們，我們有你知道，目前最好的是零售客戶群，至少在小型銀和金製品方面是如此。

So, very, very pleased with, with our DTC customer base.

所以，我們對 DTC 客戶群非常非常滿意。

You know, wholesale continues to be a bit of a struggle just because of the premiums and there's a lot of product out in the marketplace right now.

你知道，批發仍然是一個有點困難，只是因為溢價，而且現在市場上有很多產品。

So you'll see, you'll see our wholesale numbers, you know, lag a little bit here.

所以你會看到，你會看到我們的批發數據，你知道，這裡有點滯後。

But we have, you know, we have managed the inventory and we believe we, we have, have a good mix of inventory right now and when we have seen, you know, a real busy week or, you know, a home run kind of week we've seen in the last few months, we really were able to take advantage of it.

但你知道，我們已經管理了庫存，我們相信我們現在擁有良好的庫存組合，當我們看到，你知道，真正忙碌的一周，或者，你知道，全壘打的時候過去幾個月我們看到的一周，我們確實能夠利用它。

So, you know, I think we're doing a good job of continuing to take market share and, and, and add new customers.

所以，你知道，我認為我們在繼續佔據市場份額和增加新客戶方面做得很好。

Got it.

知道了。

That's helpful.

這很有幫助。

Thanks, Greg.

謝謝，格雷格。

Thank you at this time.

這次謝謝你了。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

現在我想將電話轉回給羅伯茲先生，讓他作結束語。

I'd like to thank our shareholders for joining the call today and for your ongoing support and investment in A-Mark.

我要感謝我們的股東今天加入電話會議，並感謝你們對 A-Mark 的持續支持和投資。

I also want to express my gratitude to all of our employees for their dedication and commitment to our success.

我還要對我們所有員工的奉獻和對我們成功的承諾表示感謝。

And we look forward to talking to you next quarter.

我們期待下個季度與您交談。

If not before.

如果不是之前的話。

Thank you.

謝謝。

Before we conclude today's call, I'd like to provide A-Mark's safe harbour statement that includes important cautions regarding forward-looking statements made during this call.

在我們結束今天的電話會議之前，我想提供 A-Mark 的安全港聲明，其中包括有關本次電話會議期間做出的前瞻性陳述的重要警告。

During today's call.

在今天的通話中。

There were forward-looking statements made regarding future events, statements that relate A-Mark's future plans, objectives, expectations, performance events and the like are forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.

存在有關未來事件的前瞻性陳述，涉及 A-Mark 未來計劃、目標、預期、業績事件等的陳述屬於 1995 年《私人證券訴訟改革法案》和證券交易所含義內的前瞻性陳述1934 年法案。

Future events, risks and uncertainties individually or in the aggregate could cause actual results to differ materially from those expressed or implied in these statements.

未來事件、風險和不確定性單獨或總體可能導致實際結果與這些陳述中明示或暗示的結果有重大差異。

Factors that could cause actual results to differ include the following, the failure to execute the company's growth strategy.

可能導致實際結果差異的因素包括：未能執行公司的成長策略。

As planned, greater than anticipated costs incurred to execute the strategy changes in the current domestic and international political climate, increased competition for A-Mark's higher margin service which could depress pricing the failure of the company's business model to respond to change in the market environment as anticipated general risks of doing business in the commodity markets and other business, economic, financial and governmental risks.

根據計劃，在當前國內和國際政治氣候下執行戰略變化所產生的成本高於預期，對 A-Mark 較高利潤服務的競爭加劇，這可能會壓低定價，公司業務模式無法應對市場環境的變化預期在商品市場開展業務的一般風險以及其他商業、經濟、金融和政府風險。

As described in the company's public filings with the Securities and Exchange commission.

正如該公司向美國證券交易委員會提交的公開文件中所述。

The words should believe estimate expect intend anticipate foresee plan and similar expressions and variations thereof.

「相信」、「估計」、「預期」、「打算」、「預見」、「計畫」等類似表達方式及其變體。

Identify such forward-looking statements which speak only as of the date of which they were made.

確定此類前瞻性陳述僅代表其作出之日的情況。

Additionally, any statements related to future improved performance and estimates of revenue and earnings per share are forward-looking statements.

此外，任何與未來業績改善以及收入和每股盈餘估計相關的陳述均為前瞻性陳述。

The company undertakes no obligation to publicly update or revise any 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。

Readers are cautioned not to place undue reliance on these forward-looking statements.

請讀者不要過度依賴這些前瞻性陳述。

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

最後，我想提醒大家，今天的電話會議錄音將可以透過公司網站投資者部分的連結重播。

Thank you for joining us today for A-Mark's earnings call.

感謝您今天參加我們的 A-Mark 財報電話會議。

You may now disconnect.

您現在可以斷開連線。