巴里克黃金 (GOLD) 2025 Q2 法說會逐字稿

Good afternoon and welcome to A-Mark Precious Metals ,conference call for the fiscal second quarter ended December 31, 2024. My name is John and I will be your operator this afternoon before this call. A Mark issued its results for the fiscal second quarter 2025, in a press release which is available in the investor relations section of the company's website at www.amark.com.

下午好，歡迎參加 A-Mark Precious Metals 截至 2024 年 12 月 31 日的第二財季電話會議。我叫約翰，今天下午通話前我將擔任您的接線生。A Mark 在新聞稿中發布了其 2025 財年第二季的業績，該新聞稿可在公司網站 www.amark.com 的投資者關係部分查閱。

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

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 Greg Roberts CEO A-Mark, President Thor G. Gjerdrum and CFO Kathleen Simpson Taylor.Following their remarks, we will open the call to your questions. Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.

參加今天電話會議的有執行長 A-Mark Greg Roberts、總裁 Thor G. Gjerdrum 和財務長 Kathleen Simpson Taylor。在他們發言之後，我們將開始回答大家的問題。在我們結束通話之前，我將對管理層在本次通話中做出的前瞻性陳述提供必要的警告。

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

我想提醒大家，本次通話正在錄音，我會提供給大家。它將透過 Mark 網站投資者關係部分提供的連結提供重播。

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

現在，我想將電話轉給 A-Mark 的執行長 Greg Roberts 先生。請繼續。

Thank you John, and Good afternoon, everyone. I appreciate you taking the time to join us today. Our second quarter results continue to reflect the strength of our fully integrated platform even in slower market conditions, elevated precious metal prices and subdued demand. During the quarter, A-Mark delivered earnings of $0.27 per diluted share and made $16.2 million in non-GAAP EBITDA.

謝謝約翰，大家下午好。感謝您今天抽出時間參加我們的活動。即使在市場行情放緩、貴金屬價格上漲和需求低迷的情況下，我們的第二季業績仍然反映出我們完全整合平台的實力。本季度，A-Mark 每股收益為 0.27 美元，非 GAAP EBITDA 為 1,620 萬美元。

We also made significant progress this quarter in our strategic plans for A-Mark's long term success. We are nearing completion of our facility expansion and logistic initiatives at A-Mark Global Logistics in Las Vegas. We continue to execute our plans to advance our reach in Asia and our now established DTC presence in Singapore.

本季度，我們在 A-Mark 長期成功的策略計劃方面也取得了重大進展。我們位於拉斯維加斯的 A-Mark Global Logistics 的設施擴建和物流計劃即將完成。我們將繼續執行我們的計劃，擴大我們在亞洲的影響力以及我們目前在新加坡建立的 DTC 業務。

We also continue to explore various M&A opportunities and as announced earlier this week, A-Mark entered into a definitive agreement to acquire Spectrum Group International, the parent of Stack’s Bowers galleries, one of the largest rare coin currency and bullion dealers and a leading wholesaler and retail dealer, special specializing in numismatic and bullion products.

我們還將繼續探索各種併購機會，正如本週早些時候宣布的那樣，A-Mark 已達成最終協議，收購 Spectrum Group International，後者是 Stack's Bowers 畫廊的母公司，是最大的稀有硬幣貨幣和金條經銷商之一，也是領先的批發商和零售商，專門從事錢幣和金條產品。

The proposed acquisition will expand our presence into the premium collectible markets and the adjacent higher margin luxury markets. I'm truly excited for the cross- selling opportunities and synergies the Stack's will bring to the Amart platform.

擬議的收購將擴大我們在高端收藏品市場和鄰近的高利潤奢侈品市場的影響力。我對 Stack 將為 Amart 平台帶來的交叉銷售機會和協同效應感到非常興奮。

I will now turn it over to our CFO Kathleen Simpson-Taylor, who will provide an overview of our financial performance. Then our President Thor G. Gjerdrum will discuss key operating metrics. I will then provide further insights into our business and growth strategy and take questions. Kathleen?

現在我將把時間交給我們的財務長凱瑟琳辛普森泰勒 (Kathleen Simpson-Taylor)，她將概述我們的財務表現。然後我們的總裁 Thor G. Gjerdrum 將討論關鍵營運指標。然後，我將進一步介紹我們的業務和成長策略並回答問題。凱瑟琳？

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q2 2025 increased 32% to $2.742 billion from $2.079 billion in Q2 of last year. Excluding an increase of $167.3 million of forward sales, our revenues increased $496.2 million or 38%, which was due to an increase in gold ounces sold and higher average selling prices of gold and silver, partially offset by a decrease in silver ounces sold.

謝謝你，格雷格，大家下午好。我們 2025 財年第二季的營收從去年第二季的 20.79 億美元成長 32% 至 27.42 億美元。不包括遠期銷售額 1.673 億美元的成長，我們的收入增加了 4.962 億美元，即 38%，這是由於黃金盎司銷量增加以及黃金和白銀平均售價上漲，但白銀盎司銷量減少部分抵消了這一增長。

The DTC segment contributed 21% and 18% of the consolidated revenue in the fiscal second quarters of 2025 and 2024, respectively. JMB’s revenue represented 11% of the consolidated revenue for the fiscal second quarter of 2025 compared with 16% in Q2 of last year. For the six-month period, our revenues increased 20% to $5.457 billion from $4.563 billion in the same year-ago period.

DTC 部門分別在 2025 財年第二季和 2024 財年第二季貢獻了合併營收的 21% 和 18%。JMB 的營收佔 2025 財年第二季合併營收的 11%，去年第二季為 16%。六個月期間，我們的營收從去年同期的 45.63 億美元成長 20% 至 54.57 億美元。

Excluding an increase of $384.7 million of forward sales, our revenues increased $509.3 million or 18%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in both gold and silver ounces sold. The DTC segment contributed 19% and 15% of the consolidated revenue for the six months ended December 31, 2024, and 2023, respectively.

不包括遠期銷售額 3.847 億美元的成長，我們的收入增加了 5.093 億美元，即 18%，這是由於黃金和白銀的平均售價上漲，但被黃金和白銀銷量的下降部分抵消。截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的六個月，DTC 部門分別貢獻了合併收入的 19% 和 15%。

Revenue contributed by JMB represented 11% of the consolidated revenue for the six months ended December 31, 2024, compared with 14% in the same year-ago period. Gross profit for fiscal Q2 2025 decreased 3% to $44.8 million or 1.63% of revenue, from $46 million or 2.22% of revenue in Q2 of last year.

截至 2024 年 12 月 31 日的六個月，JMB 貢獻的收入佔合併收入的 11%，去年同期為 14%。2025 財年第二季毛利從去年同期的 4,600 萬美元（佔營收的 2.22%）下降 3% 至 4,480 萬美元（佔營收的 1.63%）。

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 DTC Segment. Gross profit contributed by the DTC segment represented 56% and 48% of the consolidated gross profit in fiscal Q2.

毛利下降是由於批發銷售和輔助服務部門的毛利下降，但部分被 DTC 部門的毛利增加所抵消。DTC部門貢獻的毛利分別佔第二季合併毛利的56%和48%。

Gross profit contributed by JMB represented 38% of the consolidated gross profit in fiscal Q2 2025 compared to 41% in Q2 of last year. For the six-month period, gross profit decreased 8% to $88.2 million or 1.62% of revenue from $95.4 million or 2.09% of revenue in the same year-ago period.

JMB 貢獻的毛利佔 2025 財年第二季合併毛利的 38%，而去年第二季為 41%。六個月期間，毛利從去年同期的 9,540 萬美元（佔營收的 2.09%）下降 8% 至 8,820 萬美元（佔營收的 1.62%）。

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 DTC segment. Gross profit contributed by the DTC segment represented 55% and 45% of the consolidated gross profit for the six-month period ended December 31, 2024, and 2023.

毛利下降是由於批發銷售和輔助服務部門的毛利下降，但部分被 DTC 部門的毛利增加所抵消。DTC 部門貢獻的毛利分別佔截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的六個月合併毛利的 55% 和 45%。

Gross profit contributed by JMB represented 37% and 38% of the consolidated gross profit for the six months ended December 31, 2024, and 2023, respectively. SG&A expenses for fiscal Q2 2025 increased 15% to $25.8 million from $22.4 million in Q2 of last year.

JMB 貢獻的毛利分別佔截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的六個月合併毛利的 37% 和 38%。2025 財年第二季的銷售、一般及行政費用從去年第二季的 2,240 萬美元增加 15% 至 2,580 萬美元。

The change was primarily due to an increase in consulting and professional fees, higher advertising costs of $0.9 million, an increase in compensation expense, including performance-based accruals of $0.6 million, and an increase in facilities expense of $0.4 million.

這項變更主要是由於諮詢和專業費用增加、廣告成本增加 90 萬美元、薪酬費用增加（包括基於績效的應計費用 60 萬美元）以及設施費用增加 40 萬美元。

SG&A expenses for the three months ended December 31, 2024, include $5.2 million of expenses incurred by LTM and SGB, which were not included in our prior year Q2 results as they were not yet consolidated subsidiaries. For the six-month period, SG&A expenses increased 18% to $52.4 million from $44.2 million in the same year-ago period.

截至 2024 年 12 月 31 日的三個月的銷售、一般及行政費用 (SG&A) 包括 LTM 和 SGB 產生的 520 萬美元費用，由於它們尚未成為合併子公司，因此未包含在我們上一年第二季度的業績中。六個月期間，銷售、一般及行政費用從去年同期的 4,420 萬美元增加 18% 至 5,240 萬美元。

The change was primarily due to an increase in compensation expense, including performance-based accruals of $3.1 million, an increase in advertising cost of $1.6 million, an increase in consulting and professional fees of $1.5 million, and an increase in facilities expense of $0.8 million.

這項變更主要是由於薪酬費用增加，包括基於績效的應計費用 310 萬美元、廣告費用增加 160 萬美元、諮詢和專業費用增加 150 萬美元以及設施費用增加 80 萬美元。

Also, an increase in insurance costs of $0.3 million and information technology costs of $0.2 million. SG&A expenses for the six months ended December 31, 2024, include $10.5 million of expenses incurred by LTM and SGB, which were not included in our prior year-to-date Q2 results as they were not yet consolidated subsidiaries.

此外，保險成本增加了 30 萬美元，資訊科技成本增加了 20 萬美元。銷售、一般及行政費用截至 2024 年 12 月 31 日的六個月的費用包括 LTM 和 SGB 產生的 1,050 萬美元的費用，由於它們尚未成為合併子公司，因此未將其計入我們去年同期的第二季業績中。

Depreciation and amortization expense for fiscal Q2 2025 increased 65% to $4.6 million from $2.8 million in the same year-ago quarter.The change was primarily due to an increase in amortization expense of $2.2 million relating to intangible assets acquired through our acquisition of LTM and our acquisition of a controlling interest in SGB.

2025 財年第二季的折舊和攤提費用從去年同期的 280 萬美元增加 65% 至 460 萬美元。這項變更主要是由於透過收購 LTM 和收購 SGB 的控股權而獲得的無形資產攤銷費用增加了 220 萬美元。

This was partially offset by a decrease in JMB intangible asset amortization of $0.5 million. For the six-month period, depreciation and amortization expense increased 67% to $9.3 million from $5.6 million in the same year-ago period.

這被 JMB 無形資產攤銷減少 50 萬美元部分抵銷。六個月期間，折舊和攤提費用從去年同期的 560 萬美元增加 67% 至 930 萬美元。

The change was primarily due to an increase in amortization expense of $4.4 million relating to intangible assets acquired through our acquisition of LPM and our acquisition of a controlling interest in SGB, partially offset by a decrease in JMB intangible asset amortization of $1.9 million. Interest income for fiscal Q2 2025 increased 8% to $6.8 million from $6.3 million in Q2 of last year.

這項變更主要是由於我們透過收購 LPM 和收購 SGB 的控股權而獲得的無形資產攤銷費用增加了 440 萬美元，但 JMB 無形資產攤銷減少了 190 萬美元，部分抵消了這一變化。2025 財年第二季的利息收入從去年第二季的 630 萬美元成長 8% 至 680 萬美元。

The aggregate increase in interest income was due to an increase in other finance product income of $0.6 million, partially offset by a decrease in interest income earned by our Secured Lending segment of $0.1 million. For the six-month period, interest income increased 12% to $13.9 million from $12.4 million in the same year-ago period.

利息收入總計增加是由於其他金融產品收入增加了 60 萬美元，但部分被我們的擔保貸款部門的利息收入減少 10 萬美元所抵消。六個月期間，利息收入從去年同期的 1,240 萬美元增加 12% 至 1,390 萬美元。

The aggregate increase in interest income was due to an increase in other finance product income of $1.2 million and an increase in interest income earned by our Secured Lending segment of $0.2 million. Interest expense for fiscal Q2 2025 increased 2% to $10.4 million from $10.2 million in Q2 of last fiscal year.

利息收入總計增加是由於其他金融產品收入增加 120 萬美元以及我們的擔保貸款部門賺取的利息收入增加 20 萬美元。2025 財年第二季的利息支出從上一財年第二季的 1,020 萬美元增加 2% 至 1,040 萬美元。

The increase in interest expense was primarily due to an increase of $0.6 million associated with our trading credit due to increased borrowing, an increase of $0.5 million from liabilities on borrowed metals, an increase of $0.2 million related to product financing arrangements, partially offset by a decrease of $1.1 million related to the AMCF notes, including amortization of debt issuance due to their repayment in December 2023.

利息支出的增加主要是由於借款增加導致我們的交易信貸增加 60 萬美元，借入金屬負債增加 50 萬美元，產品融資安排增加 20 萬美元，但 AMCF 票據減少 110 萬美元（包括因 2023 年 12 月償還而產生的債務發行攤銷）部分抵消了這一增加。

For the six-month period, interest expense increased 2% to $20.4 million from $20 million in the same year-ago period. The increase in interest expense was primarily due to an increase of $1.3 million associated with our trading credit facility due to increased borrowing as well as an increase in the weighted average effective interest rate,

六個月期間，利息支出從去年同期的 2,000 萬美元增加 2% 至 2,040 萬美元。利息支出的增加主要是由於借款增加導致我們的交易信貸額度增加了 130 萬美元，以及加權平均有效利率增加，

an increase of $0.9 million related to product financing arrangements, and an increase of $0.7 million from liabilities on borrowed metals. This was partially offset by a decrease of $2.5 million related to the AMCF notes, including amortization of debt issuance costs due to their repayment in December 2023.

與產品融資安排有關的增加額為 90 萬美元，與借入金屬負債有關的增加額為 70 萬美元。這部分被與 AMCF 票據相關的 250 萬美元的減少所抵消，其中包括 2023 年 12 月償還而攤銷的債務發行成本。

Earnings from equity method investments in Q2 2025 decreased 410% to a loss of $2.4 million from earnings of $0.8 million in the same year-ago quarter.For the six-month period, earnings from equity method investments decreased 153% to a loss of $1.8 million from earnings of $3.5 million in the same year-ago period.

2025 年第二季權益法投資收益從去年同期的 80 萬美元下降 410%，至虧損 240 萬美元。六個月期間，權益法投資收益從去年同期的 350 萬美元下降 153%，虧損 180 萬美元。

The decrease in both periods was due to decreased earnings of our equity method investee. Net income attributable to the company for the second quarter of fiscal 2025 totaled $6.6 million or $0.27 per diluted share, compared to net income attributable to the company of $13.8 million or $0.57 per diluted share.

兩個期間的減少是由於我們權益法下的被投資方收益減少所致。2025 財年第二季歸屬於公司的淨收入總計 660 萬美元或每股稀釋後 0.27 美元，而去年同期歸屬於公司的淨收入為 1,380 萬美元或每股稀釋後 0.57 美元。

For the six-month period, net income attributable to the company totaled $15.5 million or $0.65 per diluted share, which compares to net income attributable to the company of $32.6 million or $1.34 per diluted share in the same year-ago period.

六個月期間，公司淨利潤總計 1,550 萬美元，即每股攤薄收益 0.65 美元，而去年同期公司淨利潤為 3,260 萬美元，即每股攤薄收益 1.34 美元。

Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments for fiscal Q2 2025 totaled $13.4 million, a decrease of 38% compared to $21.7 million in the same year-ago quarter.

扣除所得稅前調整後淨收入（非 GAAP 財務指標，不包括折舊、攤提、收購成本和或有對價公允價值調整）2025 財年第二季總計 1,340 萬美元，與去年同期的 2,170 萬美元相比下降 38%。

Adjusted net income before provision for income taxes for the six-month period totaled $28.1 million, a 42% decrease from $48.5 million in the same year-ago period. EBITDA, a non-GAAP liquidity measure, for Q2 fiscal 2025 totaled $16.2 million, a 35% decrease compared to $25.1 million in Q2 fiscal 2024.

六個月期間扣除所得稅前的調整後淨收入總計 2,810 萬美元，較去年同期的 4,850 萬美元下降 42%。2025 財年第二季的非 GAAP 流動性指標 EBITDA 總計 1,620 萬美元，與 2024 財年第二季的 2,510 萬美元相比下降了 35%。

EBITDA for the six-month period totaled $34 million, a 39% decrease compared to $55.5 million in the same year-ago period. Turning to our balance sheet. At quarter-end, we had $37.8 million of cash compared to $48.6 million at the end of fiscal year 2024.

六個月期間的 EBITDA 總計 3,400 萬美元，較去年同期的 5,550 萬美元下降 39%。轉向我們的資產負債表。截至本季末，我們的現金為 3,780 萬美元，而 2024 財年末為 4,860 萬美元。

Our tangible net worth, excluding non-controlling interest at the end of the quarter, was $318.7 million, up from $306 million at the end of the prior fiscal year. Last week, we amended our trading credit facility to increase our revolving commitment to $457 million from $422.5 million.

截至本季末，我們的有形淨資產（不包括非控股權益）為 3.187 億美元，高於上一財年末的 3.06 億美元。上週，我們修改了交易信貸額度，將循環承諾額從 4.225 億美元增加到 4.57 億美元。

We also returned capital to shareholders through the repurchase of $5.1 million of common stock during the quarter. A-Mark Precious Metals, Inc.’s Board of Directors has continued to maintain the company’s regular quarterly cash dividend program of $0.20 per common share.

本季我們也透過回購價值 510 萬美元的普通股向股東返還資本。A-Mark Precious Metals, Inc. 董事會繼續維持公司常規季度現金股息計劃，即每股 0.20 美元。

The most recent quarterly cash dividend was paid in January. It is expected that the next quarterly dividend will be paid in April 2025. 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?

最近第一季現金股利於一月支付。預計下一季股利將於 2025 年 4 月支付。我的財務摘要到此結束。現在我將把電話轉給 Thor，他將提供有關我們關鍵營運指標的最新資訊。雷神？

Thank you, Kathleen. Looking at our key operating metrics for the second quarter of fiscal 2025, we sold 466,000 ounces of gold in Q2 fiscal 2025, which is up 4% from Q2 of last year, and up 17% from the prior quarter. For the six-month period, we sold 864,000 ounces of gold, which is down 9% from the same year-ago period.

謝謝你，凱瑟琳。從 2025 財年第二季的主要營運指標來看，我們在 2025 財年第二季銷售了 466,000 盎司黃金，比去年第二季成長 4%，比上一季成長 17%。六個月內，我們售出了 864,000 盎司黃金，比去年同期下降了 9%。

We sold 21.8 million ounces of silver in Q2 fiscal 2025, which is down 18% from Q2 of last year, and up 7% from last quarter. For the six-month period, we sold 42.3 million ounces of silver, which is down 26% from the same year-ago period. The number of new customers in the DTC segment, which is defined as the number of customers

我們在 2025 財年第二季銷售了 2,180 萬盎司白銀，比去年第二季下降了 18%，比上一季成長了 7%。六個月內，我們售出了 4,230 萬盎司白銀，比去年同期下降了 26%。DTC 細分市場的新客戶數量，定義為客戶數量

that we have registered or set up a new account or made a purchase for the first time during the period, was 65,400 in Q2 fiscal 2025, which was up 25% from Q2 of last year, and increased 18% from last quarter.For the six-month period, the number of new customers in the DTC segment was 120,700, which increased 32% from 91,600 new customers in the same year-ago period.

2025財年第二季度，我們註冊或開設新帳戶或首次購買的客戶數量為65,400人，較去年第二季度增長25%，較上一季增長18%。六個月期間，DTC部門新增客戶數量為120,700人，較去年同期的91,600人成長32%。

The number of total customers in the DTC segment at the end of the second quarter was approximately 3.2 million, which is a 31% increase from the prior year. The year-over-year increases in customer base metrics were primarily due to organic growth of our customer base and the acquisition of a controlling interest in SGB.

第二季末，DTC 部門的總客戶數量約為 320 萬，比上年增長 31%。客戶群指標的同比增長主要歸功於我們客戶群的有機增長以及對 SGB 控股權的收購。

The DTC segment average order value, which represents the average dollar value of product orders delivered to DTC segment customers during Q2 fiscal 2025, was $3,178, which is up 43% from Q2 2024, and up 7% from the prior quarter. For the six-month period, our DTC average order value was $3,077, which was up 33% from the same year-ago period.

DTC 部門平均訂單價值（代表 2025 財年第二季交付給 DTC 部門客戶的產品訂單的平均美元價值）為 3,178 美元，較 2024 年第二季成長 43%，較上一季成長 7%。六個月期間，我們的 DTC 平均訂單價值為 3,077 美元，比去年同期成長了 33%。

For this fiscal second quarter, our inventory turn ratio was 2.2, which was a 16% increase from 1.9 in Q2 of last year and a 4% decrease from 2.3 in the prior quarter. For the six-month period, the inventory turnover ratio was 4.7, a 9% increase from 4.3 in the same year-ago period.

本財年第二季度，我們的庫存週轉率為 2.2，比去年第二季的 1.9 成長了 16%，比上一季的 2.3 下降了 4%。六個月期間，庫存週轉率為 4.7，較去年同期的 4.3 成長 9%。

Finally, the number of secured loans at the end of December totaled 518, a decrease of 28% from December 31, 2023, and a decrease of 8% from the end of September. The dollar value of our loan portfolio as of December 31, 2024, totaled $98.5 million, a decrease of 8% from December 31, 2023, and a decrease of 3% from September 30, 2024. That concludes my prepared remarks. I’ll now turn it over to Greg for closing remarks. Greg?

最後，12月底的擔保貸款總數為518筆，比2023年12月31日減少了28％，比9月底減少了8％。截至 2024 年 12 月 31 日，我們的貸款組合美元價值總計 9,850 萬美元，比 2023 年 12 月 31 日減少 8%，比 2024 年 9 月 30 日減少 3%。我的準備好的發言到此結束。現在我將把發言時間交給格雷格，請他做最後發言。格雷格？

Thanks, Thor and Kathleen. A-Mark Precious Metals, Inc.’s strategic focus continues to be on expanding our domestic and geographic reach and diversifying our customer base as well as expanding our DTC customer base. We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term.

謝謝，Thor 和 Kathleen。A-Mark Precious Metals, Inc. 的策略重點繼續是擴大我們的國內和地理覆蓋範圍、多樣化我們的客戶群以及擴大我們的 DTC 客戶群。我們對最近的成就感到滿意，並將繼續致力於探索更多機會，為股東提供長期價值。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

The first question comes from Thomas Forte with Maxim Group. Please proceed.

第一個問題來自 Maxim Group 的 Thomas Forte。請繼續。

Great. Thanks. So first off, Greg, congratulations on another profitable quarter in a challenging environment. I have two questions, and then I might get back in the queue. I’ll go one at a time. So first off, I was hoping, Greg, you could point out just for my own understanding our comparable period of low volatility and elevated gold prices. How far back in history do we have to go for something like today in your mind?

偉大的。謝謝。首先，格雷格，恭喜您在充滿挑戰的環境中又取得了一個獲利的季度。我有兩個問題，然後我可能會回到隊列中。我會一次講一個。所以首先，格雷格，我希望你能根據我的理解指出我們可比較的低波動時期和高金價時期。在您看來，我們需要追溯到多遠的歷史才能實現今天這樣的目標？

I mean, we’re every day the last six months, we’ve been really in uncharted waters as it relates to comps. Just because gold continues to rise and every day, it seems like to us, it sets a new high. I mean, today, it was off $20 or $30. But yesterday and the day before, we’re new high prices as we know, we move in very comfortably to the $2,800 range.

我的意思是，在過去六個月裡，我們每天都處於與公司相關的未知領域。只是因為金價持續上漲，而且在我們看來，它每天都創下新高。我的意思是，今天它跌了 20 美元或 30 美元。但昨天和前天，我們的價格創下了新高，我們非常輕鬆地進入了 2,800 美元的區間。

I feel like the circumstances are the same as they were last quarter or the quarter before. But I think that we continue to deal with a high percentage of our sales or buybacks, particularly in the DTC segment, where shorter-term vision retail customers are looking to take profits and take advantage of the higher spot prices. And that continues to have an effect on premiums.

我覺得情況與上一季或上一季相同。但我認為，我們將繼續處理高比例的銷售或回購，特別是在 DTC 領域，短期願景零售客戶希望獲利並利用更高的現貨價格。這將繼續對保費產生影響。

So I don’t, you know, I mean, you would have to go all the way back really to 1980, particularly in silver, where you had a similar phenomenon where the flow back into the marketplace was a high percentage or exceeded the demand.

所以，你知道，我的意思是，你必須追溯到 1980 年，特別是在白銀市場，當時也出現了類似的現象，即回流到市場的白銀比例很高，甚至超過了需求。

And so we’re regularly dealing with most things we know. We know what we’re doing. We know how to handle this. We’re doing a very good job of managing our abilities to be a terminal destination for liquidity as it relates to metal. We continue to have great relationships with refiners.

因此，我們經常處理我們所知道的大多數事情。我們知道自己在做什麼。我們知道如何處理這個問題。我們在管理成為金屬相關流動性終端目的地的能力方面做得非常好。我們繼續與煉油商保持良好的關係。

We’re able to regularly melt inventory or melt purchases we make that don’t have any ceiling for upside. But it is what it is, and the A-Mark Precious Metals, Inc. machine is performing and handling every new twist that we run into.

我們能夠定期熔化庫存或熔化我們所做的沒有任何上漲上限的購買。但事實就是如此，A-Mark Precious Metals, Inc. 的機器正在執行並處理我們遇到的每一個新轉折。

Alright. Thank you. That was very helpful, and I appreciate that. Alright. So one more question, and then time permitting, I might get back into you and ask more questions. So the thing that excites me about the deal you announced earlier this week is that you’re essentially looks like

好吧。謝謝。這非常有幫助，我很感激。好吧。所以還有一個問題，然後如果時間允許，我可能會再回來找你並問更多問題。所以，本週早些時候你宣布的協議讓我興奮的是，你基本上看起來像

you’re gonna advance your efforts in numismatics and then you’re going to get into essentially wine collection. Wine collecting. So how should we think about the counter cyclicality of that numismatics effort and the wine efforts from the SGI deal?

你會在錢幣學方面取得更大進步，然後你就會進入葡萄酒收藏領域。收藏葡萄酒。那麼，我們該如何看待 SGI 交易中的錢幣學努力和葡萄酒努力的反週期性呢？

Well, I you know, the Spectrum group or stack has been involved with a company called Spectrum Wine Auctions for a while. And, and you know, it is, it is a collectible but it's not particularly connected or adjacent to semi numismatic numismatic bullying coins or some of the other things that, that Stax sells.

嗯，我知道，Spectrum 集團或堆疊已經與一家名為 Spectrum Wine Auctions 的公司合作了一段時間。而且，你知道，它是一種收藏品，但它與半錢幣收藏霸凌硬幣或 Stax 出售的其他一些東西並沒有特別的聯繫或相鄰。

We, we're excited that, it's a, it's a product that we believe has synergies within sta customer base and we do see opportunities to cross sell more bullion products both to the stacks, customers as well as we believe that our other DTC brands that have focused on straight bullion products,

我們非常高興，我們相信該產品在 sta 客戶群中具有協同效應，我們確實看到了向堆疊客戶交叉銷售更多金條產品的機會，我們相信我們的其他 DTC 品牌專注於直接金條產品，

we have been testing over the last six months and have been very pleased with the success that JM Bullion in particular has had selling semi numismatic and numismatic coins to their very large customer base. So I will say that that is an opportunity that we have been testing and we were enthusiastic about at JM Bullion prior to this acquisition being completed.

我們在過去六個月中一直在進行測試，並且對 JM Bullion 向其龐大的客戶群銷售半錢幣和錢幣所取得的成功感到非常高興。所以我想說，這是一個我們在 JM Bullion 一直在測試的機會，在此次收購完成之前，我們對此充滿熱情。

I think it’s important to note that if you look at Stacks’ revenue mix, $535 million in revenue, of which $512 million of that was wholesale or retail direct sales of coins and bullion. So I believe that $500 million number is one of the largest in the industry as it relates to direct sales of bullion and numismatic properties. So very impressed with that.

我認為值得注意的是，如果你看看 Stacks 的收入組合，你會發現 5.35 億美元的收入中，有 5.12 億美元來自硬幣和金條的批發或零售直銷。因此，我相信 5 億美元的金額是業內最大的金額之一，因為它涉及金條和錢幣財產的直接銷售。我對此印象非常深刻。

I believe that the higher margins that Stacks achieves in their business will be very complementary to A-Mark Precious Metals, Inc., particularly in times like we’re in right now where bullion margins are down and premiums are down. We believe this is a strategic opportunity for A-Mark Precious Metals, Inc.

我相信 Stacks 在其業務中獲得的更高利潤將與 A-Mark Precious Metals, Inc. 形成很好的互補，特別是在我們現在所處的黃金利潤率下降和溢價下降的時期。我們相信這對 A-Mark Precious Metals, Inc. 來說是一個戰略機會。

to move into adjacent businesses. They still have the majority of their business has a precious metal component to it, albeit a smaller amount of gold, let’s say, in higher value coins. But we see a lot of synergies here. And what Stacks Bowers has accomplished over the last particularly the last ten years has been very impressive.

進入相鄰的企業。他們的主要業務仍然與貴金屬有關，儘管黃金含量較少，但價值較高的硬幣中卻含有貴金屬。但我們在這裡看到了很多協同效應。Stacks Bowers 在過去十年中取得的成就令人印象深刻。

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

謝謝你，格雷格。我會回到隊列中。

The next question comes from Andrew Scott with Roth Capital. Please proceed.

下一個問題來自羅斯資本的安德魯·斯科特。請繼續。

Good afternoon. Thanks for taking my questions and congrats on the continued execution. So my first question has to deal with the Stacks in particular, kind of the performance over the last six months. It looks like over the fiscal year ended June 30, 2024, the company generated about $11 million in EBITDA. And the company has already generated $10 million in the last six months. So I was wondering if there’s anything to call out there and what’s kind of driving the profitability here for Stacks.

午安.感謝您回答我的問題，並祝賀您繼續執行。所以我的第一個問題是關於 Stacks 過去六個月的表現。看起來，在截至 2024 年 6 月 30 日的財政年度，該公司的 EBITDA 約為 1,100 萬美元。該公司在過去六個月內已經創造了 1000 萬美元的收入。所以我想知道是否有什麼值得注意的，以及是什麼推動了 Stacks 的獲利能力。

Yeah. I would caution on that that, generally, the first six months are front-loaded at Stacks. And they had a very good first six months, but I will say that there is some cyclicality to their business. I would point particularly to their August auction as it relates to their auction cycles. Their largest auction is every year in August.

是的。我要提醒的是，一般來說，前六個月是 Stacks 的前期投入。他們的前六個月表現非常好，但我要說的是，他們的業務有一定的周期性。我要特別指出的是他們八月的拍賣，因為它與他們的拍賣週期有關。他們最大的拍賣會是每年八月。

They’re in conjunction with the American Numismatic Association’s World’s Fair of Money. And we also were fortunate enough at Stacks this year to acquire the world’s greatest collection of Scandinavian coins. Stacks believes that the value of that collection will be $75 to $100 million in US value. It’s a collection called the Brunn Collection. And they had their first auction in fiscal Q2, and it brought some very impressive prices.

它們與美國錢幣協會的世界錢幣博覽會聯合舉辦。今年，我們還非常幸運，在 Stacks 收藏了世界上最大的斯堪的納維亞硬幣收藏。Stacks 認為，這些藏品的價值以美國價值計算將在 7,500 萬至 1 億美元之間。這是一個名為 Brunn Collection 的收藏品。他們在第二財季舉行了首次拍賣，並取得了令人印象深刻的價格。

That auction was, I believe, $15 million to $20 million. So over the next couple of years, there’s going to be a series of collections continuing to distribute and auctions continuing to distribute these coins. I will say that the first six months were probably front-loaded a little bit due to those two events.

我相信那次拍賣的價格是1500萬到2000萬美元。因此，在接下來的幾年裡，將會有一系列的收藏品繼續發行，拍賣會也將繼續發行這些硬幣。我想說的是，由於這兩件事，前六個月可能有點負擔過重。

Great. Appreciate the color. Second one for me before I jump back in the queue. Last couple quarters, you guys have been talking about marketing efforts to increase the volume through your DTC channel as you guys post another quarter of impressive growth in new customers and active customers. So can you just kind of talk through how these marketing efforts are progressing and driving volume on your different DTC portals?

偉大的。欣賞色彩。在我重新排隊之前，這是我的第二個。過去幾個季度，你們一直在談論行銷努力，以透過 DTC 管道增加銷量，因為你們又一個季度的新客戶和活躍客戶數量都取得了令人矚目的成長。那麼，您能否簡單談談這些行銷工作進展如何，以及它們如何推動不同 DTC 入口網站的銷售？

Yeah. I mean, we are continuing the same strategy we talked about last quarter, looking for opportunities to increase our active customer numbers and to also reengage customers that have fallen out of what we define as our active customers.

是的。我的意思是，我們正在繼續執行上個季度討論的相同策略，尋找機會增加我們的活躍客戶數量，並重新吸引那些不再是我們定義的活躍客戶的客戶。

We continue to have very good results in that area. We’ve had a number of weeks over the last sixty days where we have very impressive numbers in our minds as to being able to offer products at prices that reactivate old customers that we haven’t seen in a while, as well as bringing in new customers that we believe are we’re taking market share by adding them.

我們在該領域繼續取得非常好的成績。在過去的六十天裡，有好幾個星期，我們都在心裡默默地等待著那些令人印象深刻的數字：我們能夠以優惠的價格提供產品，重新吸引那些我們已經很久沒見過的老客戶，同時還能吸引新客戶，我們相信，透過增加這些客戶，我們可以搶佔市場份額。

So I don’t have a whole lot more to report on that other than we continue to focus on new customers as well as old customers.Our overall customer counts, over three million customers, continues to be very impressive. And we just believe that when the pendulum swings back to a larger wallet percentage or a larger wallet of these customers getting a piece of their wallet, we believe we’re gonna reap the benefit.

因此，除了我們繼續關注新客戶和老客戶之外，我沒有太多要報告的內容。我們的總客戶數量超過 300 萬，這仍然非常令人印象深刻。我們只是相信，當鐘擺擺回到錢包比例更大或這些客戶的錢包更大時，我們相信我們將獲得收益。

Great. Well, thanks, Greg. And I’ll jump back in the queue.

偉大的。好吧，謝謝你，格雷格。我將重新回到隊列中。

Up next, we have Greg Gibas with Northland Securities. Please proceed.

接下來我們請到 Northland Securities 的 Greg Gibas。請繼續。

Good afternoon. Greg, Thor, thanks for taking the questions. Congrats on the execution in the quarter. I wonder if you could speak to the timing of the SGI acquisition given it has been a pretty long-standing relationship. What kind of led you to believe the acquisition made sense more recently?

午安.格雷格、托爾，謝謝你們回答這些問題。恭喜本季的執行情況。鑑於我們與 SGI 的合作關係已經持續了很長時間，我想知道您是否可以談談收購 SGI 的時機。最近是什麼讓您相信這項收購是合理的？

And I guess wondering if you could maybe expand on the synergies you expect to see with SGI and to what degree A-Mark Precious Metals, Inc. can benefit from the DTC expertise that SGI brings to the table?

我想知道您是否可以詳細說明您期望與 SGI 實現的協同效應，以及 A-Mark Precious Metals, Inc. 能在多大程度上受益於 SGI 帶來的 DTC 專業知識？

Well, I think it’s a different demographic as it relates to customers. I believe that Stacks has found a niche in the marketplace on the bullion side going downstream and servicing customers that aren’t quite big enough or aren’t worth onboarding at A-Mark Precious Metals, Inc.

嗯，我認為就客戶而言，這是一個不同的人口統計特徵。我相信 Stacks 已經在黃金下游市場找到了自己的利基市場，為那些規模不夠大或不值得 A-Mark Precious Metals, Inc. 接納的客戶提供服務。

And I believe they’ve developed a very good wholesale and retail customer base to take advantage of. I think being part of A-Mark Precious Metals, Inc., they’re going to have access to A-Mark Precious Metals, Inc.’s balance sheet. They’re going to have access to being able to expand using A-Mark Precious Metals, Inc.’s existing inventory.

我相信他們已經開發出非常好的批發和零售客戶群，可以利用這些客戶。我認為，作為 A-Mark Precious Metals, Inc. 的一部分，他們將能夠存取 A-Mark Precious Metals, Inc. 的資產負債表。他們將能夠利用 A-Mark Precious Metals, Inc. 的現有庫存進行擴張。

Historically, Stacks’ balance sheet has limited them a bit in what they can hold in inventory. And their carry costs should improve with A-Mark Precious Metals, Inc. So I’m looking forward to having another 100% owned subsidiary that’s working out of A-Mark Precious Metals, Inc.’s inventory,

從歷史上看，Stacks 的資產負債表對其庫存量有一定的限制。有了 A-Mark Precious Metals, Inc. 的幫助，他們的持有成本應該會有所改善。因此，我期待擁有另一家全資子公司，利用 A-Mark Precious Metals, Inc. 的庫存來開展業務。

and I hope that will help our inventory turns as well as create some efficiencies there. Like I said, lower borrowing cost, lower inventory costs, lower logistic cost, and the benefit of the balance sheet. From a timing perspective, I think that both companies are a lot different than they were five years ago. I think that Stacks has grown alongside A-Mark Precious Metals, Inc.,

我希望這將有助於我們的庫存週轉並提高效率。就像我說的，降低借貸成本、降低庫存成本、降低物流成本，以及資產負債表的好處。從時間角度來看，我認為這兩家公司與五年前相比有很大不同。我認為 Stacks 和 A-Mark Precious Metals, Inc. 一起成長，

operating independently. I do believe that we’re getting a strong balance sheet in the transaction. From Stacks, I anticipate that we’re going to be acquiring $50 million in working capital and $70 million in shareholder equity in the acquisition, which along with their earnings was a very good opportunity for A-Mark Precious Metals, Inc., I felt.

獨立營運。我確實相信，我們在交易中會獲得強勁的資產負債表。我預計，透過收購 Stacks，我們將獲得 5,000 萬美元的營運資金和 7,000 萬美元的股東權益，我認為這對 A-Mark Precious Metals, Inc. 及其收益來說是一個非常好的機會。

And Stacks was starting to get to a point where they were hitting a bit of a ceiling on their growth just based on their balance sheet and how much business they were doing. And as opposed to going outside and looking for additional capital,

Stacks 開始達到這樣的一個點：僅根據他們的資產負債表和業務量來看，他們的成長就遇到了一些瓶頸。而不是到外面去尋找額外的資本，

the timing seemed right for A-Mark Precious Metals, Inc. to take a look at this and look at the opportunities of where Stacks can go, related to the balance sheet of A-Mark Precious Metals, Inc. So I think there were some opportunities there where we think the Stacks growth will be able to continue and maybe even move a little bit faster.

現在似乎是 A-Mark Precious Metals, Inc. 研究這個問題並研究 Stacks 發展機會的最佳時機，這與 A-Mark Precious Metals, Inc. 的資產負債表有關。因此，我認為存在一些機會，我們認為 Stacks 的成長將能夠持續，甚至可能更快一些。

Overall, I think we continue to have a very full funnel as it relates to our M&A. And as I said on the last call, we continue to look at a number of opportunities and expect to be very active in the next ninety days.And I think the strategy with Stacks is we will continue to look at ways to look into more luxury goods,

總體而言，我認為我們的併購管道仍然非常充實。正如我在上次電話會議上所說的那樣，我們將繼續關註一系列機會，並希望在接下來的九十天內保持活躍。我認為 Stacks 的策略是，我們將繼續尋找方法來研究更多奢侈品，

more DTC businesses that are adjacent to what A-Mark Precious Metals, Inc. is doing. And we think there’s a number of opportunities out there that we’re continuing to look at. So I would say that the A-Mark Precious Metals, Inc. holders, it was very good timing and a very good opportunity for us in a business that we’re very familiar with.

更多與 A-Mark Precious Metals, Inc. 業務相鄰的 DTC 業務。我們認為還有很多機會值得我們繼續關注。因此我想說，對於 A-Mark Precious Metals, Inc. 的持有者來說，這是一個非常好的時機，也是一個非常好的機會，讓我們能夠涉足我們非常熟悉的行業。

It’s obviously, I’m very familiar with it. To put it together and give A-Mark Precious Metals, Inc. an opportunity to be involved in what I would consider is a little uncorrelated business and gross profit that we think that A-Mark Precious Metals, Inc. historically has not been able to achieve. And hopefully, we’re gonna see some higher gross profit margins that will be helpful to A-Mark Precious Metals, Inc.

顯然，我對此非常熟悉。綜合起來，給 A-Mark Precious Metals, Inc. 一個機會，讓它參與到我認為是一些不相關的業務和毛利中，我們認為 A-Mark Precious Metals, Inc. 歷史上未能實現這一目標。希望我們能看到更高的毛利率，這對 A-Mark Precious Metals, Inc. 有幫助。

Got it. That’s helpful, Greg. And, yeah, you’d be a follow-up question I had. So I guess as it relates to maybe geographic perspective, you know, you mentioned a full funnel on M&A. Now that you’ve established A-Mark Precious Metals, Inc.’s presence in the Singapore DTC market, in which other Asian markets make the most sense as maybe next steps for continual expansion in Asia?

知道了。這很有幫助，格雷格。是的，這就是我接下來要問的問題。因此我想這可能與地理視角有關，您提到了併購的完整管道。既然您已在新加坡 DTC 市場確立了 A-Mark Precious Metals, Inc. 的地位，那麼在亞洲繼續擴張的下一步中，哪些其他亞洲市場最有意義？

I know we don’t have anything on our plate right now that we’re looking at that is out. We’re continuing to develop our strategy down there. We’ve made a couple of key hires. We feel very good about our potential staffing and some new business in those two geographical areas.

我知道我們目前手邊沒有任何需要處理的事情。我們正在繼續在那裡制定我們的策略。我們已聘用了幾位關鍵人員。我們對這兩個地理區域的潛在員工配置和一些新業務感到非常滿意。

We did sign a lease for an office and retail space in Singapore, and we’ll start building that out this quarter. And so I wouldn’t anticipate that there’s any other moves into any other markets other than adjacent countries or markets that we believe will be able to do business with out of this Singapore facility.

我們確實簽署了新加坡辦公室和零售空間的租約，並將於本季開始建造。因此，我預計除了鄰近國家或我們認為能夠透過新加坡工廠開展業務的市場之外，我們不會進軍其他市場。

And so I think as we look at the funnel or as we look at other M&A opportunities right now, I think we’re currently focused on domestic opportunities.As we digest and as we build out what we have in Asia and prove out the profitability of it and become comfortable with investing our capital down there. But I think we’re fine down there for right now.

因此，我認為，當我們審視通路或審視其他併購機會時，我們目前關注的是國內機會。隨著我們消化和拓展我們在亞洲的現有資源，並證明其盈利能力，我們願意在那裡投資。但我認為我們現在在那裡還不錯。

And the opportunities we have that we’re looking at right now, I think, are probably a little bit more on the domestic side.

我認為，我們現在所關注的機會可能更集中在國內方面。

Okay. Makes sense. Thanks, Greg.

好的。有道理。謝謝，格雷格。

Once again, if you have a question or a comment, the next question comes from Eugene Hawkes with D.A. Davidson. Please proceed. Eugene, your line is live.

再次強調，如果您有任何問題或意見，下一個問題來自 D.A. 的 Eugene Hawkes。戴維森。請繼續。尤金，你的線路已通電。

Sorry. I was on mute. This is Kegan on for Mike at D.A. Davidson. I just had a question on Stack’s and you kind of mentioned the seasonality that it’s more front half loaded. So I was just wondering how this business, like, how accretive is this deal to your earnings? That’s probably the simplest way I can put it.

對不起。我處於靜音狀態。我是 Kegan，為 D.A. 的 Mike 主持。戴維森。我剛剛對 Stack 有一個疑問，您提到了季節性，它更多地集中在前半部分。所以我只是想知道這筆交易對你們的收入有多大幫助？這或許是我能想到的最簡單的表達方式。

Yeah. I mean, I think we’re comfortable that it’s accretive. I don’t think I’m comfortable at the moment when we’re not closed on the deal really going into how accretive it is, but I’m sure that we are looking to close this deal in the next thirty days.

是的。我的意思是，我認為我們對它的增值感到滿意。我認為目前我們還不能放心地談論這筆交易究竟能帶來多大的增值，但我確信我們希望在未來三十天內完成這筆交易。

We have a couple more things to tie up, and we’re working on the financing approval, which we’ve indicated in the press release. I’m sure that when we do close it, as we probably next quarter, we’ll be able to give you a little bit more specifics on that.

我們還有一些事情需要處理，我們正在努力獲得融資批准，這一點我們已經在新聞稿中提到了。我確信當我們最終完成它時，可能是下個季度，我們將能夠為您提供更多細節。

I will just say that I’m very comfortable with the accretiveness of the deal. I think the 2025, we’re looking and estimating about $16 million in EBITDA, I believe. And we’re very excited about this opportunity. So I think our timing was good. And we’ll give you more specifics on that as we digest the deal.

我只想說，我對這筆交易的增值感到非常滿意。我認為，到 2025 年，我們的 EBITDA 預計約為 1,600 萬美元。我們對這個機會感到非常興奮。所以我認為我們的時機很好。在消化這筆交易後，我們會向您提供更多具體資訊。

And then just to follow-up on that, you mentioned that you’re expecting to be active in the next ninety days. Are other businesses you’re looking at going to have to meet the same threshold for accretiveness, or are you just looking to broaden your reach, I guess?

然後為了跟進這一點，您提到您預計在接下來的 90 天內保持活躍。您所考慮的其他企業是否也必須達到相同的增值門檻，或者我猜您只是想擴大業務範圍？

I mean, I don’t want to do any dilutive deals, right? I don’t think I have to. I think this, you know, you guys have been very patient and our shareholders have been very patient in what I have said from the beginning. We passed on a lot of opportunities a year or two ago that would have been not accretive and would have turned out to be buying things at the top.

我的意思是，我不想做任何稀釋性交易，對嗎？我不認為我必須這麼做。我認為，你們從一開始就非常有耐心，我們的股東也對我所說的話非常有耐心。一兩年前，我們放棄了很多機會，這些機會本來不會帶來增值，而最終只會變成在頂部購買東西。

It’s very hard to buy things with, you know, buy assets when things are going great. Our job right now is to understand that we are in a slow period and patience is important and finding the right deals is important and making sure that we’re buying deals and taking advantage of opportunities in our marketplace when things are slow.

當一切順利時，用購買資產來購買東西是非常困難的。我們現在的工作是了解我們正處於一個緩慢的時期，耐心很重要，找到正確的交易很重要，並確保我們在業務不景氣時購買交易並利用市場中的機會。

And clearly, we’re not particularly happy making $0.27, and we understand that if we’re not going to make more on an EPS basis, we better be buying things that are accretive that are going to be good for us in the long term and are going to build our brand in a slow market but also be very accretive if the market changes, which is not in our control.

顯然，我們對賺 0.27 美元並不特別滿意，我們也明白，如果我們不打算在每股收益的基礎上賺得更多，我們最好購買那些可以增值的東西，這些東西從長遠來看對我們有利，可以在低迷的市場中打造我們的品牌，但如果市場發生變化，我們也將獲得很大的增值，而這不在我們的控制範圍內。

We continue to deal with changes. We went through this period this quarter where we had a presidential election that has basically turned the world upside down. And there has been since November a significant catch of breath period, I think, across a lot of different asset classes.

我們繼續應對變化。本季我們經歷了這樣的時期，我們的總統選舉基本上顛覆了世界。我認為，自 11 月以來，許多不同資產類別都出現了明顯的喘息期。

Ours in particular is dealing with a customer base that is very happy with the election results and have not up until maybe the last week or so with these tariffs. They have not really felt too threatened. The world seemed like it was just going to be a great place in December and January and the end of November and that everything was just gonna be great.

特別是，我們的客戶群對選舉結果非常滿意，但直到上週左右才對這些關稅表示滿意。他們實際上並沒有感受到太大的威脅。12 月、1 月和 11 月底的世界似乎將變得更加美好，一切都將變得美好。

It’s only really in the last couple of weeks that we’ve started to see a little bit of fear back in our customer base and a little bit of uncertainty as it relates to these tariffs.And what that’s going to do to our market, you know, in the short term. It hasn’t been a great thing.

直到最近幾週，我們才開始看到客戶群中又出現了一些擔憂，並且對這些關稅產生了一些不確定性。您知道，這將在短期內對我們的市場產生什麼影響。這並不是什麼好事。

It’s increased our borrowing costs a bit. And it’s caused just a little bit of uncertainty in exactly how gold and silver are going to enter the United States from Mexico and Canada, which are big suppliers as it relates to precious metals in the United States. So we feel very agile. We feel like we’re anticipating and learning and reacting to what’s going on.

這稍微增加了我們的借貸成本。這給黃金和白銀如何從墨西哥和加拿大進入美國帶來了一些不確定性，這兩個國家是美國貴金屬的主要供應國。因此我們感覺非常敏捷。我們感覺我們正在預期、學習並對正在發生的事情做出反應。

As it relates to acquisitions, I really believe that this uncertainty and the low premiums and buybacks and everything else, A-Mark Precious Metals, Inc. is really positioned for that. And I think just in the last few weeks as gold has hit another all-time high and silver has $33, we are starting to see better profits on our buybacks.

就收購而言，我確實相信，這種不確定性以及低溢價和回購以及其他一切，A-Mark Precious Metals, Inc. 確實已經準備好了。我認為就在過去幾週，隨著金價再創歷史新高，白銀價格達到 33 美元，我們開始看到回購的利潤提高。

Competition is not as strong as they were ninety days ago or sixty days on the buyback. And we’re seeing good flow at good pricing actually below spot, that is starting to, you know, we’re starting to see a little bit more margin there. So we’ll look to take opportunities in this slow period where they’re available. Thank you.

競爭不像九十天前或六十天的回購那麼激烈。而且我們看到，在低於現貨價的良好定價下，流量很好，你知道，我們開始看到那裡有更多的利潤。因此，我們會在這個低迷時期尋找機會。謝謝。

If there are any remaining questions, the next question comes from Thomas Forte with Maxim Group. Please proceed.

如果還有其他問題，下一個問題來自 Maxim Group 的 Thomas Forte。請繼續。

Thank you. Two follow-up questions for me. So Greg, if you’re so inclined, sometimes on these earnings calls, you’ve discussed quarter-to-date trends. So if you’re so inclined, otherwise, pass. Up to you.

謝謝。我還有另外兩個問題。所以格雷格，如果你願意的話，有時在這些收益電話會議上，你會討論本季迄今為止的趨勢。所以，如果您願意的話，就通過吧。由你決定。

I feel like I just said enough on that the last four or five minutes.

我覺得我已經用最後四、五分鐘說得夠多了。

Okay. And then, you know, we’re continuing to execute on our plans. I think, you know, as you can see, we’re able to announce a transaction that we think is great for the company. We’re looking to continue to add through M&A targets and deals that we think are accretive and long-term gonna be good for the company.

好的。然後，你知道，我們會繼續執行我們的計劃。我認為，正如您所見，我們能夠宣布一項對公司有利的交易。我們希望透過併購目標和交易繼續增加我們認為具有增值作用並且長期對公司有利的目標和交易。

And, you know, as we’ve said for the last two quarters, at the moment, higher gold and silver prices are a headwind. They’re not actually helping us right now. And our cost of carrying, our cost of financing, our inventory, which we’ve talked about before, it costs more for us to hold an ounce of gold at $2,800 than it does at $2,200.

而且，正如我們在過去兩個季度所說的那樣，目前，黃金和白銀價格上漲是一個阻力。他們現在其實並沒有幫助我們。我們之前討論過的持有成本、融資成本和庫存成本是，持有一盎司黃金的價格為 2,800 美元比持有一盎司黃金的價格為 2,200 美元要高。

So we’re optimistic. We feel like the company is functioning in this environment. And we’ll look for opportunities to take advantage of that.

所以我們很樂觀。我們感覺公司正在這種環境中運作。我們將尋找機會利用這一點。

Great. Alright. Then my last question, what I thought was interesting about the quarter and your comments, can you talk about from a capital allocation standpoint, your ability to pay a dividend, buy back shares, and engage in strategic M&A all at the same time?

偉大的。好吧。那麼我的最後一個問題，我認為本季和您的評論有趣的地方是，您能否從資本配置的角度談談您同時支付股息、回購股票和進行策略併購的能力？

Well, I’ve talked about doing that for quite some time now. So if I say I’m gonna do it, I better do it. Right? I mean, it is a balancing act that we believe that there are opportunities in M&A. And as we manage our dividends and as we manage our stock buybacks, you’re going to see periods where if we have nothing

好吧，我已經談論這個話題有一段時間了。所以如果我說我要做某事，我就必須做到。正確的？我的意思是，我們相信併購中存在著機會，這是一種平衡行為。當我們管理股利和管理股票回購時，你會看到如果我們什麼都沒有

going on in M&A, we’re likely to buy back more stock or we’re likely to pay higher dividends if we’re having good performance. We’ve talked about that before. You know, I think that you gotta kind of prepare when you go into this M&A that these deals can take four or six months. So you’re kind of planning and juggling well in advance of when you actually announce a deal. I think we’re aware of that.

在併購過程中，如果我們的業績表現良好，我們可能會回購更多股票或支付更高的股利。我們之前已經討論過這個問題。你知道，我認為你在進行併購時必須做好準備，因為這些交易可能需要四到六個月的時間。因此，在實際宣布交易之前，你要提前做好計劃和安排。我想我們已經意識到了這一點。

And, you know, my job is to hopefully not waste our resources, our time, and energy on deals we’re not gonna close. So once we find deals we wanna do, it’s important to close them. But when we do spend $90 million in essence for this deal and we have other deals on the horizon, there is a decision, a fork in the road.

而且，你知道，我的工作是希望不要在我們無法達成的交易上浪費我們的資源、時間和精力。因此，一旦我們找到想要達成的交易，完成交易就很重要。但是，當我們確實為這筆交易花費了 9,000 萬美元，而我們還有其他交易即將達成時，我們就需要做出決定，面對一個岔路。

Are you gonna buy back stock or are you going to do M&A, or are you gonna hold inventory, or are you gonna pay down debt? Those are the things that we talk about that we juggle here. In this case, we felt very comfortable and when we add Stacks to our balance sheet,

您要回購股票還是進行併購，還是持有庫存，還是償還債務？這些就是我們在這裡討論和處理的事情。在這種情況下，我們感到非常舒服，當我們將 Stacks 添加到我們的資產負債表中時，

it’ll be clear what we’re adding and how we feel that we got a very good balance sheet that is going to add to flexibility at A-Mark Precious Metals, Inc. and I’m optimistic that these types of transactions, whether we use stock or cash or how we do the mix, is going to continue to give us that flexibility that when an opportunity is there to buy back stock, we will.

我們將清楚地了解我們將增加什麼，以及我們認為我們擁有非常好的資產負債表，這將增加 A-Mark Precious Metals, Inc. 的靈活性，我樂觀地認為，這些類型的交易，無論我們使用股票還是現金，或者我們如何進行組合，都將繼續為我們提供靈活性，當有機會回購股票時，我們就會回購。

But when we’re heavy into M&A transactions and we have the cone of silence going on at A-Mark Precious Metals, Inc. when we’re doing them, which is important to a success, but it’s very hard for us to buy back stock when we’re in that. And the stock we did buy back this quarter happened at the very beginning of the quarter. So we’ve been focusing on the M&A for the last few, like 45 or 65 days.

但是，當我們大量參與併購交易時，A-Mark Precious Metals, Inc. 就會採取保密措施，這對於成功至關重要，但當我們處於這種狀態時，我們很難回購股票。我們本季確實回購了股票，是在本季初發生的。因此，過去幾天，例如 45 天或 65 天，我們一直專注於併購。

Appreciate that. Thank you, Greg.

非常感謝。謝謝你，格雷格。

Thank you, Tom.

謝謝你，湯姆。

Thank you, Tom. I’d now like to turn the call back over to Mr. Roberts for his closing remarks.

謝謝你，湯姆。現在我想將電話轉回給羅伯茲先生，請他作最後發言。

I’d like to thank our many shareholders again for joining the call today and for the continued interest and support in A-Mark Precious Metals, Inc. I feel like A-Mark Precious Metals, Inc. is going in the right direction, and I know it can you have to be patient with us sometimes when we have the volatility

我要再次感謝我們眾多股東今天參加電話會議，感謝大家對 A-Mark Precious Metals, Inc. 的持續關注與支持。我覺得 A-Mark Precious Metals, Inc. 正朝著正確的方向發展，我知道，當我們面臨波動時，有時你需要對我們保持耐心。

and how the business performs. But again, thanks to everybody. Thanks to our employees’ dedication and commitment to our success. And we have exciting times ahead, and we look forward to keeping you updated on our progress. So thank you very much.

以及業務表現如何。但還是要再次感謝大家。感謝我們的員工對我們成功的奉獻和承諾。我們的未來充滿激動人心，我們期待向您通報我們的進展。非常感謝。

Before we conclude today’s call, I would like to provide A-Mark Precious Metals, Inc.’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.

在我們結束今天的電話會議之前，我想提供 A-Mark Precious Metals, Inc. 的安全港聲明，其中包括對本次電話會議期間做出的前瞻性陳述的重要警告。在今天的電話會議中，我們對未來事件做出了前瞻性的陳述。

Statements that relate to A-Mark Precious Metals, Inc.’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.

與 A-Mark Precious Metals, Inc. 未來計畫、目標、期望、績效、事件等相關的陳述均屬於《1995 年私人證券訴訟改革法》和《1934 年證券交易法》所定義的前瞻性陳述。

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

這些包括關於未來獲利能力和成長、國際擴張、營運改善以及任何未來股息的金額或時間的預期陳述。未來事件、風險和不確定性，無論是單獨或合計，都可能導致實際結果與這些陳述中表達或暗示的結果有重大差異。

These include the following with respect to the proposed transactions with Spectrum Group International: the failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplated transactions within the currently expected timeline or at all, the failure to obtain necessary third-party consents or approvals,

這些包括與 Spectrum Group International 擬議交易的以下內容：雙方未能就最終交易文件達成一致，雙方未能在目前預期的時間內完成擬議交易或根本未能完成擬議交易，未能獲得必要的第三方同意或批准，

and greater than anticipated costs incurred to consummate the transactions. Other factors that could cause actual results to differ include failure to execute the company’s growth strategy, including the inability to identify suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute this strategy, government regulations that might impede growth,

以及高於完成交易預計產生的成本。其他可能導致實際結果不同的因素包括未能執行公司的成長策略，包括未能確定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、可能阻礙成長的政府法規，

particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets, but also has posed certain risks and uncertainties for the company, particularly in recent periods,

特別是在亞洲，無法成功整合最近收購的業務，當前國際政治環境的變化，歷史上，這有利於貴金屬市場的需求和波動，但也給公司帶來了一定的風險和不確定性，特別是在最近一段時間，

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,

當前國家和全球供應鏈問題的潛在不利影響、公司高利潤服務的競爭加劇（可能壓低價格）、公司業務模式未能按預期應對市場環境變化、消費者對貴金屬產品的需求和偏好普遍發生變化，

potential negative effects that inflationary pressure may have on our business, the inability of the company to expand 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,

通膨壓力可能對我們的業務產生的潛在負面影響、公司無法擴大 SilverTowne Mint 的產能、我們所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，

and the strategic business, economic, financial, political, and governmental risks and other risk factors described in the company’s public filings with the Securities and Exchange Commission. 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.

以及公司向美國證券交易委員會提交的公開文件中所述的戰略業務、經濟、金融、政治和政府風險以及其他風險因素。該公司不承擔公開更新或修改任何前瞻性聲明的義務。提醒聽眾不要過度依賴這些前瞻性陳述。

Finally, I would like to remind everyone that a recording of today’s call will be available for replay via a link in the Investors section of the company’s website. Thank you for joining us for A-Mark Precious Metals, Inc.’s earnings call. You may now disconnect.

最後，我想提醒大家，今天的電話會議錄音可以透過公司網站「投資者」部分的連結重播。感謝您參加 A-Mark Precious Metals, Inc. 的收益電話會議。您現在可以斷開連線。