巴里克黃金 (GOLD) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to A-Mark Precious Metals Conference Call for the Fiscal Third Quarter ended March 31, 2025. My name is Kelly, and I will be your operator this afternoon. Before this call, A-Mark issued its results for the fiscal third quarter 2025 in a press release, which is available in the Investor Relations section of the company's website at www.amark.com. You can find the link to the Investor Relations section at the top of the homepage.

下午好，歡迎參加 A-Mark 貴金屬 2025 年 3 月 31 日結束的第三財季電話會議。我叫凱利，今天下午我將擔任您的接線生。在本次電話會議召開前，A-Mark 已發布其 2025 財年第三季業績新聞稿，該新聞稿可在本公司網站 www.amark.com 的「投資者關係」版塊查閱。 「投資者關係」版塊的連結位於公司網站首頁頂部。

Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Kathleen Simpson-Taylor. Following their remarks, we will open the call to your questions. Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of A-Mark's website.

參加今天電話會議的有 A-Mark 執行長 Greg Roberts、總裁 Thor Gjerdrum 和財務長 Kathleen Simpson-Taylor。在他們發言之後，我們將開始回答大家的提問。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。我想提醒大家，本次通話正在錄音，並將透過 A-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. The floor is yours.

現在我想把電話轉給 A-Mark 的執行長 Greg Roberts 先生。現在輪到你了。

Thank you, Kelly, and good afternoon, everyone. Thank you for joining the A-Mark call today. Our third quarter results demonstrated A-Mark's performance during very volatile market conditions. Early quarter concerns around tariffs led to decreased market liquidity and backwardation, contributing to trading losses and higher interest expense due to increases in product financing rates. Despite these headwinds, one-time acquisition-related costs of $4.6 million and a one-time remeasurement loss of $7 million on our Pinehurst Coin Exchange, pre-existing equity interest, we delivered $41 million in gross profit, $5.7 million in non-GAAP adjusted net income and $1.3 million in non-GAAP EBITDA.

謝謝你，凱利，大家下午好。感謝您今天參加 A-Mark 電話會議。我們的第三季業績證明了 A-Mark 在非常動盪的市場條件下的表現。本季度初對關稅的擔憂導致市場流動性下降和現貨溢價，從而造成交易損失，並且由於產品融資利率上升而導致利息支出增加。儘管面臨這些不利因素，包括 460 萬美元的一次性收購相關成本以及 Pinehurst Coin Exchange 現有股權的 700 萬美元的一次性重估損失，我們仍然實現了 4,100 萬美元的毛利潤、570 萬美元的非 GAAP 調整後淨收入和 130 萬美元的非 GAAP EBITDA。

We capitalized on the softer market conditions to execute three strategic acquisitions: Pinehurst Coin Exchange, Spectrum Group International, which closed during the quarter, and AMS Holding, LLC, which closed just after quarter end. These acquisitions have strengthened our competitive position while expanding our footprint into higher-margin luxury segments. As we integrate these businesses into A-Mark's infrastructure, we anticipate both immediate and long-term cost efficiencies.

我們利用較弱的市場條件實施了三項策略性收購：Pinehurst Coin Exchange、Spectrum Group International（本季完成）以及 AMS Holding, LLC（季末後完成）。這些收購增強了我們的競爭地位，同時將我們的業務範圍擴大到利潤率更高的奢侈品領域。當我們將這些業務整合到 A-Mark 的基礎設施中時，我們預計會實現短期和長期的成本效率。

Our consolidations efforts will help eliminate operational redundancies while supporting increased transaction volume. Our A-Mark Global Logistics facility in Las Vegas is fully prepared for the upcoming integration phase. With our hardware upgrade now complete, we have identified numerous opportunities to drive operational efficiencies. We continue to invest in automation technology in Las Vegas, enabling us to process higher volumes while reducing operational costs. We also made significant progress with our LPM acquisition, having successfully launched both retail and wholesale trading capabilities.

我們的整合努力將有助於消除營運冗餘，同時支援增加交易量。我們位於拉斯維加斯的 A-Mark 全球物流設施已為即將到來的整合階段做好充分準備。隨著硬體升級的完成，我們發現了許多提高營運效率的機會。我們繼續在拉斯維加斯投資自動化技術，使我們能夠處理更大的產量，同時降低營運成本。我們在 LPM 收購方面也取得了重大進展，成功推出了零售和批發交易能力。

We are optimistic about the long-term growth opportunities in the Asian markets across wholesale and e-commerce channels and look forward to scaling the LPM brand alongside our other portfolio assets. Looking ahead, market conditions have shown some modest improvement. With our expanded brand portfolio and substantial optimization opportunities, we remain confident in A-Mark's long-term growth trajectory and our continuing ability to deliver shareholder value.

我們對亞洲批發和電子商務通路市場的長期成長機會持樂觀態度，並期待與我們的其他投資組合資產一起擴大 LPM 品牌的規模。展望未來，市場狀況已顯示出一定程度的改善。憑藉我們不斷擴大的品牌組合和大量的優化機會，我們對 A-Mark 的長期成長軌跡和持續為股東創造價值的能力充滿信心。

Now, I will turn the call over to CFO, Kathleen Simpson-Taylor, who will provide a more detailed overview of our financial performance. Following that, our President, Thor Gjerdrum, will discuss our key operating metrics. Finally, I will offer further insights into the strategic direction and growth initiatives driving our business. Kathleen?

現在，我將把電話轉給財務長凱瑟琳辛普森泰勒，她將更詳細地概述我們的財務表現。隨後，我們的總裁 Thor Gjerdrum 將討論我們的關鍵營運指標。最後，我將進一步闡述推動我們業務發展的策略方向和成長舉措。凱瑟琳？

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q3 2025 increased 15% to $3 billion from $2.6 billion in the same year ago quarter. Excluding an increase of $155.8 million of forward sales, our revenues increased $242.7 million, or 18%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold.

謝謝你，格雷格，大家下午好。我們 2025 財年第三季的營收從去年同期的 26 億美元成長 15% 至 30 億美元。不包括遠期銷售額 1.558 億美元的成長，我們的收入增加了 2.427 億美元，即 18%，這是由於黃金和白銀的平均售價上漲，但被黃金和白銀銷售盎司數的減少部分抵消。

The DTC segment contributed 19% and 13% of the consolidated revenue in the fiscal third quarters of 2025 and 2024, respectively. JMB's revenue represented 10% of the consolidated revenue for the fiscal third quarter of 2025 compared with 12% for the prior year fiscal third quarter.

DTC 部門分別在 2025 財年第三季和 2024 財年第三季貢獻了合併營收的 19% 和 13%。JMB 的營收佔 2025 財年第三季合併營收的 10%，去年同期為 12%。

For the nine-month period, our revenues increased 18% to $8.5 billion from $7.2 billion in the same year ago period. Excluding an increase of $540.5 million of forward sales, our revenues increased $752 million, or 18.3%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold.

在這九個月期間，我們的營收從去年同期的 72 億美元成長了 18%，達到 85 億美元。不包括遠期銷售額 5.405 億美元的成長，我們的收入增加了 7.52 億美元，即 18.3%，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減少部分抵消。

The DTC segment contributed 19% and 14% of the consolidated revenue for the nine-months ended March 31, 2025 and 2024, respectively. Revenue contributed by JMB represented 11% of the consolidated revenues for the nine-months ended March 31, 2025, compared with 13% in the same year-ago period.

截至 2025 年 3 月 31 日和 2024 年 3 月 31 日的九個月，DTC 部門分別貢獻了合併收入的 19% 和 14%。截至 2025 年 3 月 31 日的九個月，JMB 貢獻的收入佔合併收入的 11%，去年同期為 13%。

Gross profit for fiscal Q3 2025 increased 18% and to $41 million, or 1.36% of revenue, from $34.8 million, or 1.33% of revenue, in Q3 of last year. The increase in gross profit was due to higher gross profits earned from the DTC segment, partially offset by lower gross profits earned from the Wholesale Sales & Ancillary Services segment.

2025 財年第三季的毛利從去年同期的 3,480 萬美元（佔營收的 1.33%）成長 18%，達到 4,100 萬美元（佔營收的 1.36%）。毛利的成長是由於 DTC 部門的毛利增加，但批發銷售和輔助服務部門的毛利降低部分抵消了這一增長。

Gross profit contributed by the DTC segment represented 61% and 52% of the consolidated gross profit in the fiscal third quarters of 2025 and 2024, respectively. Gross profit contributed by JMB represented 40% of the consolidated gross profit in Q3 2025 compared to 45% in Q3 of last year.

DTC 部門貢獻的毛利分別佔 2025 財年第三季和 2024 財年第三季合併毛利的 61% 和 52%。JMB 貢獻的毛利佔 2025 年第三季合併毛利的 40%，而去年第三季為 45%。

For the nine-month period, gross profit decreased 1% to $129.3 million, or 1.53% of revenue, from $130.3 million, or 1.82% of revenue in the same year ago period. The decrease in gross profit was due to lower gross profits earned from the Wholesale Sales & Ancillary Services segment, partially offset by an increase in gross profits earned by the DTC segment.

前九個月，毛利從去年同期的 1.303 億美元（佔營收的 1.82%）下降 1% 至 1.293 億美元（佔營收的 1.53%）。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。

Gross profit contributed by the DTC segment represented 57% of the consolidated gross profit for the nine months ended March 31, 2025, compared to 47% in the same year ago period. Gross profit contributed by JMB represented 38% and 40% of the consolidated gross profit for the nine months ended March 31, 2025 and 2024, respectively.

截至 2025 年 3 月 31 日的九個月，DTC 部門貢獻的毛利佔合併毛利的 57%，而去年同期為 47%。JMB 貢獻的毛利分別佔截至 2025 年 3 月 31 日和 2024 年 3 月 31 日的九個月合併毛利的 38% 和 40%。

SG&A expenses for fiscal Q3 2025 increased 46% to $33.4 million from $22.9 million in the same year ago quarter. The change was primarily due to an increase in consulting and professional fees of $4.4 million, including an increase in one-time acquisition costs of $2.4 million, an increase in compensation expense, including performance-based accruals of $3.4 million, higher advertising costs of $1.5 million and an increase in facilities expense of $0.7 million.

2025 財年第三季的銷售、一般及行政費用從去年同期的 2,290 萬美元增加 46% 至 3,340 萬美元。這項變更主要是由於諮詢和專業費用增加了 440 萬美元，包括一次性收購成本增加 240 萬美元、薪酬費用增加（包括基於績效的應計費用 340 萬美元）、廣告費用增加 150 萬美元以及設施費用增加 70 萬美元。

Selling, general and administrative expenses also include $8.7 million of expenses incurred by LPM, Pinehurst, SGB and SGI, which were not included in the same year ago period as they were not yet consolidated subsidiaries for the full period.

銷售、一般和行政費用還包括 LPM、Pinehurst、SGB 和 SGI 產生的 870 萬美元費用，由於這些公司尚未成為整個期間的合併子公司，因此未將其計入去年同期。

For the nine-month period, SG&A expenses increased 28% to $85.8 million from $67.1 million in the same year ago period. The change was primarily due to an increase in compensation expense, including performance-based accruals of $6.5 million, an increase in consulting and professional fees of $5.9 million, including an increase in one-time acquisition costs of $2.6 million, an increase in advertising costs of $3.2 million, an increase in facilities expense of $1.5 million, an increase in information technology costs of $0.4 million and an increase in insurance costs of $0.2 million.

前九個月，銷售、一般及行政費用從去年同期的 6,710 萬美元增加 28% 至 8,580 萬美元。這項變更主要是由於薪資費用增加，包括基於績效的應計費用 650 萬美元，諮詢和專業費用增加 590 萬美元，其中包括一次性收購成本增加 260 萬美元，廣告成本增加 320 萬美元，設施費用增加 150 萬美元，資訊技術成本增加 40 萬美元，保險費用增加 20 萬美元。

Selling, general and administrative expenses for the nine months ended March 31, 2025, include $19.2 million of expenses incurred by LPM, Pinehurst, SGB and SGI, which were not included in the same year ago period as they were not yet consolidated subsidiaries for the full period.

截至 2025 年 3 月 31 日的九個月的銷售、一般和行政費用包括 LPM、Pinehurst、SGB 和 SGI 產生的 1,920 萬美元費用，由於它們尚未成為整個期間的合併子公司，因此未計入去年同期。

Depreciation and amortization expense for fiscal Q3 2025 increased 69% to $5 million from $2.9 million in the same year ago quarter. The change was primarily due to an increase in amortization expense of $2.4 million related to the intangible assets acquired through our acquisitions of LPM, Pinehurst and SGI and our acquisition of a controlling interest in SGB. This was partially offset by a decrease in JMB intangible asset amortization of $0.6 million.

2025 財年第三季的折舊和攤提費用從去年同期的 290 萬美元增加 69% 至 500 萬美元。這項變更主要是由於透過收購 LPM、Pinehurst 和 SGI 以及收購 SGB 的控股權而獲得的無形資產攤銷費用增加了 240 萬美元。這被 JMB 無形資產攤銷減少 60 萬美元部分抵銷。

For the nine-month period, depreciation and amortization expense increased 68% to $14.3 million from $8.6 million in the same year ago period. The change was primarily due to an increase in amortization expense of $6.8 million related to intangible assets acquired through our acquisitions of LPM, Pinehurst and SGI and our acquisition of a controlling interest in SGB. This was partially offset by a decrease in JMB intangible asset amortization of $1.7 million.

前九個月的折舊和攤銷費用從去年同期的 860 萬美元增加 68% 至 1,430 萬美元。這項變更主要是由於透過收購 LPM、Pinehurst 和 SGI 以及收購 SGB 的控股權而獲得的無形資產攤銷費用增加了 680 萬美元。這被 JMB 無形資產攤銷減少 170 萬美元部分抵銷。

Interest income for fiscal Q3 2025 increased slightly 0.6% to $6.7 million from $6.7 million in the same year ago quarter. The aggregate increase in interest income was due to an increase in other finance product income of $0.4 million and a decrease in interest income earned by the Secured Lending segment of $0.4 million.

2025 財年第三季的利息收入從去年同期的 670 萬美元小幅增加 0.6% 至 670 萬美元。利息收入總計增加是由於其他金融產品收入增加 40 萬美元以及擔保貸款部門的利息收入減少 40 萬美元。

For the nine-month period interest income increased 8% to $20.6 million from $19.1 million in the same year ago period. The aggregate increase in interest income was due to an increase in other finance product income of $1.7 million and a decrease in interest income earned by our Secured Lending segment of $0.2 million.

前九個月的利息收入從去年同期的 1,910 萬美元增長 8% 至 2,060 萬美元。利息收入總計增加是由於其他金融產品收入增加 170 萬美元以及我們的擔保貸款部門賺取的利息收入減少 20 萬美元。

Interest expense for fiscal Q3 2025 increased 31% to $13 million from $9.9 million in the same year ago quarter. The increase in interest expense was primarily due to an increase of $2 million related to product financing arrangements and $0.9 million from liabilities on borrowed metals. For the nine month period interest expense increased 11% to $33.3 million from $29.9 million in the same year ago period.

2025 財年第三季的利息支出從去年同期的 990 萬美元增加 31% 至 1,300 萬美元。利息支出的增加主要是由於與產品融資安排相關的利息支出增加了 200 萬美元，以及借入金屬負債增加了 90 萬美元。前九個月的利息支出從去年同期的 2,990 萬美元增加 11% 至 3,330 萬美元。

The increase in interest expense was primarily due to an increase of $2.9 million related to product financing arrangements; an increase of $1.6 million from liabilities on borrowed metals; and an increase of $1.3 million associated with our trading credit facility due to increased borrowings as well as an increase in the weighted average effective interest rate.

利息支出增加主要是因為與產品融資安排有關的利息支出增加了 290 萬美元；借入金屬的負債增加了 160 萬美元；由於借款增加以及加權平均有效利率上升，導致我們的貿易信貸額度增加了 130 萬美元。

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. Losses from equity method investments in Q3 of fiscal 2025 of $0.2 million remain consistent with the same year ago quarter.

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。2025 財年第三季權益法投資損失為 20 萬美元，與去年同期持平。

For the nine-month period, earnings from equity method investments decreased 163% to a loss of $2.1 million from earnings of $3.3 million in the same year ago period. The decrease was due to decreased earnings of our equity method investees.

在這九個月期間，權益法投資收益從去年同期的 330 萬美元下降到 210 萬美元的虧損，下降了 163%。減少的原因是我們的權益法投資對象的收益減少。

Net loss attributable to the company for the third quarter of fiscal 2025 totaled $8.5 million or $0.36 loss per diluted share compared to net income of $5 million or $0.21 per diluted share in Q3 of last year. For the nine month period, net income attributable to the company totaled $7 million or $0.29 per diluted share compared to net income of $37.6 million or $1.56 per diluted share in the same year ago period.

2025 財年第三季歸屬於公司的淨虧損總計 850 萬美元或每股攤薄虧損 0.36 美元，而去年第三季的淨收入為 500 萬美元或每股攤薄虧損 0.21 美元。前九個月，公司淨利潤總計 700 萬美元，即每股攤薄收益 0.29 美元，而去年同期淨利潤為 3,760 萬美元，即每股攤薄收益 1.56 美元。

Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes acquisition costs, amortization, depreciation, remeasurement gains or losses and contingent consideration fair value adjustments for Q3 fiscal 2025 totaled $5.7 million, a decrease of $5.9 million or 51% compared to $11.6 million in the same year ago quarter.

2025 財年第三季度，扣除所得稅前調整後淨收入（非 GAAP 財務指標，不包括收購成本、攤提、折舊、重估損益和或有對價公允價值調整）總計 570 萬美元，與去年同期的 1,160 萬美元相比減少 590 萬美元（即 51%）。

The decrease was primarily due to lower net income before provision for income taxes of $16.4 million, the contingent consideration fair value adjustment of $1 million, partially offset by higher acquisition costs $2.4 million, higher amortization of acquired intangibles of $1.8 million and the one-time remeasurement loss on our pre-existing equity interest in Pinehurst of $7 million.

下降的主要原因是扣除所得稅前的淨收入減少 1,640 萬美元，或有對價公允價值調整 100 萬美元，但部分被收購成本增加 240 萬美元、收購無形資產攤銷增加 180 萬美元以及我們在 Pinehurst 的現有股權的一次性重估損失 700 萬美元所抵消。

Adjusted net income before provision for income taxes for the nine month period totaled $33.9 million, a decrease of $26.2 million or 44% compared to $60.1 million in the same year ago period. The decrease was primarily due to lower net income before provision for income taxes of $40.6 million, contingent consideration fair value adjustment of $1.1 million and this was partially offset by higher amortization of acquired intangibles of $5.1 million, higher acquisition costs $2.6 million and the one-time remeasurement loss on our pre-existing equity interest in Pinehurst of $7 million.

九個月期間扣除所得稅前的調整後淨收入總計 3,390 萬美元，與去年同期的 6,010 萬美元相比減少 2,620 萬美元，降幅為 44%。下降的主要原因是扣除所得稅前的淨收入減少 4060 萬美元，或有對價公允價值調整 110 萬美元，但這部分被收購無形資產攤銷增加 510 萬美元、收購成本增加 260 萬美元以及我們在 Pinehurst 的現有股權的一次性重估損失 700 萬美元所抵消。

EBITDA, a non-GAAP liquidity measure for Q3 totaled $1.3 million, a decrease of $11.3 million or 90% compared to $12.6 million in the same year ago quarter. The decrease was primarily due to lower net income of $14 million, partially offset by the exclusion of higher interest expense of $3 million.

第三季非公認會計準則流動性指標 EBITDA 總計 130 萬美元，與去年同期的 1,260 萬美元相比減少 1,130 萬美元，降幅達 90%。下降的主要原因是淨收入減少 1,400 萬美元，但因扣除 300 萬美元的較高利息支出而部分抵銷。

EBITDA for the nine-month period totaled $35.3 million, a decrease of $32.9 million or 48% compared to $68.2 million in the same year ago period. The decrease was primarily due to lower net income of $32.4 million.

前九個月的 EBITDA 總計 3,530 萬美元，與去年同期的 6,820 萬美元相比減少 3,290 萬美元，降幅為 48%。下降的主要原因是淨收入減少 3,240 萬美元。

Turning to our balance sheet, at quarter end, we had $114.3 million of cash compared to $48.6 million at the end of fiscal year 2024. Our tangible net worth excluding non-controlling interest at the end of the quarter was $315.7 million, up from $306.0 million at the end of the prior fiscal year. During the quarter we amended our credit facility and now have a revolving commitment of $467 million.

回顧我們的資產負債表，截至本季末，我們的現金為 1.143 億美元，而 2024 財年末為 4,860 萬美元。本季末，不包括非控股權益的有形淨值為 3.157 億美元，高於上一財年末的 3.06 億美元。在本季度，我們修改了信貸安排，目前循環承諾金額為 4.67 億美元。

A-Mark's Board of Directors has continued to maintain the company's regular quarterly cash dividend program of $0.20 per common share. The most recent quarterly cash dividend was paid in April. It is expected that the next quarterly dividend will be paid in August 2025.

A-Mark 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。最近第一季現金股利於四月支付。預計下一季股利將於 2025 年 8 月支付。

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

我的財務摘要到此結束。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？

Thanks, Kathleen. Looking at our key operating metrics for the third quarter of fiscal 2025, we sold 432,000 ounces of gold in Q3 fiscal 2025, which was down 3% from Q3 of the previous year and down 7% from the prior quarter.

謝謝，凱瑟琳。綜觀我們2025財年第三季的關鍵營運指標，我們在2025財年第三季銷售了432,000盎司黃金，比去年同期第三季下降了3%，比上一季下降了7%。

For the nine month period we sold 1.3 million ounces of gold which was down 7% from the same year ago period. We sold 15.7 million ounces of silver in Q3 fiscal 2025, which is down 39% from Q3 of the previous year and down 28% from the last quarter. For the nine-month period we sold 58.0 million ounces of silver, which is down 30% from the same year ago period.

在這九個月裡，我們銷售了 130 萬盎司黃金，比去年同期下降了 7%。我們在 2025 財年第三季銷售了 1,570 萬盎司白銀，比去年同期下降了 39%，比上一季下降了 28%。前九個月我們賣了 5,800 萬盎司白銀，比去年同期下降了 30%。

The number of new customers in the DTC segment, which is defined as those who registered or set up a new account or made a purchase for the first time during the period, was $899,600 in Q3 fiscal 2025, which is up 1489% from Q3 of last year and increased 1276% from the prior quarter.

DTC 領域新客戶數量（定義為在此期間註冊或設立新帳戶或首次進行購買的客戶）在 2025 財年第三季度為 899,600 美元，較去年第三季度增長 1489%，較上一季增長 1276%。

For the three-month period ended March 31, 2025, approximately 84% and 9% of the new customers were attributable to the acquisitions of Pinehurst and SGI respectively. For the nine-month period the number of new customers in the DTC segment was 1,020,300 which is up 588% from 148,200 new customers in the same year ago period.

截至 2025 年 3 月 31 日的三個月期間，約 84% 和 9% 的新客戶分別歸因於對 Pinehurst 和 SGI 的收購。在這九個月期間，DTC 部門新增客戶數量為 1,020,300 名，較去年同期的 148,200 名新客戶成長了 588%。

For the nine-month period end of March 31, 2025, approximately 74% and 8% of the new customers were attributable to the acquisitions of Pinehurst and SGI respectively.

截至 2025 年 3 月 31 日的九個月期間，約 74% 和 8% 的新客戶分別歸因於對 Pinehurst 和 SGI 的收購。

The total number of customers in the DTC segment at the end of the third quarter was approximately 4.1 million, a 64% increase from the prior year. The year-over-year growth was driven by organic expansion of our customer base and the acquisitions of Pinehurst, SGI and the acquisition of a non-controlling interest in SGI.

第三季末，DTC 部門的客戶總數約為 410 萬，比上年增長 64%。年成長主要得益於我們客戶群的有機擴張以及對 Pinehurst、SGI 和 SGI 非控制權益的收購。

The DTC segment average order value, which represents the average dollar amount of products, orders excluding accumulation program orders delivered to DTC segment customers during Q3 fiscal 2025 was $3,084 which was up 45% from Q3 fiscal 2024 and a 3% decrease for the prior quarter. For the nine month period the DTC average order value was $3,080 which is up 37% from the same year ago period.

DTC 部門平均訂單價值（代表 2025 財年第三季交付給 DTC 部門客戶的產品訂單（不含累積計畫訂單）的平均美元金額）為 3,084 美元，較 2024 財年第三季成長 45%，較上一季下降 3%。在這九個月期間，DTC 平均訂單價值為 3,080 美元，比去年同期成長了 37%。

For the fiscal third quarter our inventory turn ratio was 2.4, a 4% increase from 2.3 in Q3 of the fiscal -- the previous year and a 9% increase from 2.2 in the prior quarter. For the nine-month period the inventory turn ratio was 6.9, a 1% increase from 6.8 in the same year ago period.

第三財季我們的庫存週轉率為 2.4，比去年同期的 2.3 成長了 4%，比上一季的 2.2 成長了 9%。前九個月的庫存週轉率為 6.9，較去年同期的 6.8 成長 1%。

Finally, the number of secured loans at the end of March totaled 491, a 27% decrease from March 31, 2024 and a 5% decrease from the end of December. The value of the loan portfolio as of March 31, 2025 was $86.5 million 25% decrease from the prior year period and a 12% decrease from December 31, 2024.

最後，3月底的擔保貸款總數為491筆，比2024年3月31日減少了27%，比12月底減少了5%。截至 2025 年 3 月 31 日，貸款組合價值為 8,650 萬美元，比去年同期減少 25%，比 2024 年 12 月 31 日減少 12%。

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

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，請他作最後發言。格雷格？

Thank you, Thor and Kathleen. We are focused on integrating our recent acquisitions and driving efficiencies throughout the businesses to close out the fiscal year. We are excited about the new markets that we have entered and will be operating in, our commitment to generating stockholder value remains firm and we are confident in A-Mark's diversified and proven business model.

謝謝你，Thor 和 Kathleen。我們專注於整合最近的收購並提高整個業務的效率以結束本財政年度。我們對已經進入並將要運營的新市場感到興奮，我們致力於創造股東價值的承諾仍然堅定，我們對 A-Mark 多元化和成熟的商業模式充滿信心。

That concludes my prepared remarks. Operator?

我的準備好的發言到此結束。操作員？

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始接受提問。（操作員指示）

Andrew Scutt, Roth Capital Partners.

羅斯資本合夥公司的安德魯‧斯卡特 (Andrew Scutt)。

Hey, good afternoon.

嘿，下午好。

Hey good afternoon. Thank you for taking my questions. First one for me here. In April, kind of gold and silver prices saw a little bit of volatility. So, can you just kind of talk about what you've seen in the market to your quarter-to-date?

嘿，下午好。感謝您回答我的問題。這是我這裡的第一個。4月份，黃金、白銀價格均出現小幅波動。那麼，您能否簡單談談本季迄今為止您在市場上看到的情況？

Yes, post April 2, we saw an increased level of activity. We were happy to see that based on what we went through the quarter we just described. But yes, in the first couple of weeks of April, we were very active and I believe the business is operating very efficiently. Things have slowed down a little bit the last week or two. But all in all, April was a very solid month for us.

是的，4 月 2 日之後，我們看到活動水準有所提高。根據我們剛才描述的這個季度的情況，我們很高興看到這一點。但是，是的，在四月的頭幾週，我們非常活躍，我相信業務運作非常有效率。過去一兩週，事情進展得稍微慢了一點。但總而言之，四月對我們來說是一個非常堅實的月份。

Great to hear. Thank you for that color. Second one for me, and then I'll jump back in the queue. Kind of tangent from the core business, but recently, you guys have gotten more into the Collectible space. Can you just kind of talk about the progress you've seen there and the outlook on the business?

很高興聽到這個消息。謝謝你的那個顏色。對我來說是第二個，然後我會重新回到隊列中。有點偏離核心業務，但最近，你們更涉足收藏領域。您能否簡單談談您在那裡看到的進展以及業務前景？

Sure. As we've communicated, we closed the SGI deal as well as the Pinehurst deal within the quarter, our Q3. We've done a good job in my opinion of integrating the businesses, and the businesses are operating as we would expect them to. I think the market has been active in the Collectible space, particularly at the Stack's Bowers division.

當然。正如我們所溝通的，我們在本季（第三季）完成了 SGI 交易以及 Pinehurst 交易。我認為我們在業務整合方面做得很好，而且業務的運作也符合我們的預期。我認為收藏品領域的市場一直很活躍，尤其是 Stack 的 Bowers 部門。

They had some very impressive auctions with great demands in April. And I think the overall market for the Collectibles, although historically has been driven a bit by precious metal prices, happy with the demand and the execution at Collectible side of things.

他們在四月舉辦了一些非常令人印象深刻的拍賣會，需求量很大。我認為，儘管從歷史上看，收藏品的整體市場受到貴金屬價格的影響，但人們對收藏品方面的需求和執行感到滿意。

Perfect. Great to hear and I'll jump back into queue.

完美的。很高興聽到這個消息，我會重新加入隊列。

Sure.

當然。

Thomas Forte, Maxim Group.

托馬斯·福特（Thomas Forte），馬克西姆集團（Maxim Group）。

Great. So first off, for Kathleen, I wanted to offer her congratulations and best wishes. And then Greg, I had two questions and then also I want to get back in the queue as well because I have a lot of questions. So can you explain how backwardation impacted your results? And when was the last time A-Mark experienced backwardation?

偉大的。首先，我想向凱瑟琳表示祝賀和最美好的祝愿。然後格雷格，我有兩個問題，然後我也想回到隊列中，因為我有很多問題。那麼你能解釋一下現貨溢價如何影響你的業績嗎？A-Mark 上次出現現貨溢價是什麼時候？

Sure. The last time that backwardation was material and affected us was right after the COVID. And there were some similarities to what happened then versus what happened to us through most of February and March and part of January.

當然。上一次現貨溢價如此嚴重並對我們造成影響是在新冠疫情之後。當時發生的情況與我們在二月、三月大部分時間以及一月部分時間所經歷的情況有一些相似之處。

In general and throughout most of -- as we've been reporting and as we've been a public company, the company carries a very large short position, which hedges our inventory. So if you look at our balance sheet and you look at the rising cost of spot price of metal, that increases our carrying cost A, through borrowings on our dollar lines.

總體而言，正如我們一直在報導的那樣，而且由於我們是一家上市公司，因此公司持有非常大的空頭頭寸，以對沖我們的庫存。因此，如果你查看我們的資產負債表，你會發現金屬現貨價格的上漲，透過美元借款，我們的持有成本 A 也隨之增加。

But as it relates to the difference between contango and backwardation, as we moved into the tariff uncertainty and as we moved closer to April 2, there was a significant fear that precious metals and bullion would be subject to tariffs. That caused a disruption in the normal contango market where as you're short metal, as you go out on the curve, you're going to get paid to be short.

但由於它與正價差和現貨溢價之間的差異有關，隨著我們進入關稅不確定性，並且隨著 4 月 2 日的臨近，人們開始非常擔心貴金屬和金條會被徵收關稅。這導致正常的正價差市場出現混亂，在正常的正價差市場中，如果你做空金屬，當你走在曲線上時，你就會因為做空而獲得報酬。

The difference in backwardation is that you're paying to be short. And it's a flip from what we normally earn in contango. So it is a part of our trading revenue and our gross profit. And it did disrupt our GP in that area fairly significantly in February and March.

現貨溢價的不同之處在於您需要為做空而付費。這與我們通常在期貨溢價中賺取的利潤完全不同。所以它是我們交易收入和毛利的一部分。這確實在二月和三月嚴重擾亂了我們在該地區的 GP。

At the same time, we create liquidity through leases and through repo. And the rates on those borrowing facilities also increased. So we saw an increased level of borrowing. On April 2, when the administration became more specific on what was going to be tariffed and what wasn't, there was an exemption for precious metals and bullion. And since then, the markets have gone back to a much more normal and historic level.

同時，我們透過租賃和回購創造流動性。這些借貸工具的利率也上升了。因此，我們看到借貸水準有所上升。4 月 2 日，當政府對哪些商品將被徵收關稅以及哪些商品不被徵收關稅做出更明確的規定時，貴金屬和金條被豁免。自那時起，市場已經恢復到更正常和歷史性的水平。

Now it takes a little while for backwardation to go back to contango. But as we are rolling our positions today as we roll them out and we roll out to the future, we're gaining contango again, and we're actually seeing contango back to a level that was pre-Trump, pre-tariff -- a pre-tariff world. So it was a negative, and it was a big headwind on the business in mostly February and March. But what we're seeing today is a much more normalized situation. And if I -- there's anything there I didn't -- wasn't clear enough on or you need more clarification, let me know that it's a fairly -- it's a bit of a complex situation, and there's a lot to digest there.

現在，現貨溢價需要一段時間才能回到正價差。但隨著我們今天不斷調整倉位，並展望未來，我們再次獲得了正價差，而且我們實際上看到正價差回到了川普上任前、關稅前的水平——關稅前的世界。所以這是一個負面因素，對二月和三月的業務造成了很大的阻礙。但我們今天看到的是更正常化的情況。如果我 - 那裡有什麼我不清楚的，或者您需要進一步說明，請告訴我，這是一個相當複雜的情況，有很多內容需要消化。

Yes. So that was very helpful. Let me ask one of my second question, and then let me get back in the queue for some more. So at a high level, how should we think about A-Mark's earnings power in a period of macroeconomic uncertainty but a one-way trade in gold?

是的。這非常有幫助。讓我問第二個問題，然後再排隊問更多問題。那麼從高層次來看，在宏觀經濟不確定但黃金單向交易的時期，我們該如何看待A-Mark的獲利能力呢？

Yes. I mean, it's interesting. We talked about this all the time. If you go back historically with A-Mark, we make most of our money in a very active silver market. So in general, premiums and margins for us are higher on silver than in gold. What we've seen in the last 6 months or 8 months as gold continues to hit new highs, almost every month, it seems like. We did see the company and the earnings power perform very well in a gold-dominated market.

是的。我的意思是，這很有趣。我們一直在談論這個。如果回顧 A-Mark 的歷史，我們大部分的利潤都是在非常活躍的白銀市場中賺取的。因此，整體而言，白銀的溢價和利潤率高於黃金。我們看到，在過去的 6 個月或 8 個月裡，金價幾乎每個月都不斷創出新高。我們確實看到該公司和獲利能力在黃金主導的市場中表現非常出色。

And in market conditions were really over the last 12 months, silver has been left behind. And as you just look at the ratio between silver and gold, it's trading at really unprecedented numbers for any extended period of time. You're up over 100x between silver and gold. So it's clear that the precious metals markets right now are very dominated by gold, and we believe they're very dominated by central banks and institutional buying and the smaller precious metals buyer that historically has bought silver up to this time, we haven't seen anything to indicate that there's a level of foam or frothiness that is trickling down to the silver buyer.

在過去 12 個月的市場狀況中，白銀一直處於落後狀態。只要看一下白銀和黃金之間的比率，就會發現其交易量在任何較長時期內都是前所未有的。白銀和黃金之間的差距超過 100 倍。因此，很明顯，目前貴金屬市場主要由黃金主導，而且我們認為，貴金屬市場主要由央行和機構購買主導，而歷史上購買過白銀的較小貴金屬買家到目前為止，我們還沒有看到任何跡象表明存在一定程度的泡沫，並且這種泡沫正在逐漸滲透到白銀買家身上。

And I will say, as we saw silver and gold a few weeks ago, make a new time -- an all-time high in gold and a recent high in silver, we did see our DTC customers become a bit more active. And actually in communications with customers, we did hear a bit of anxiety and a beer -- a little bit of fear of being left behind. So we're going to have to see how that plays out.

我想說的是，正如我們幾週前看到的，白銀和黃金價格創下新高——黃金價格創歷史新高，白銀價格也創下近期新高，我們確實看到我們的 DTC 客戶變得更加活躍。實際上，在與顧客的溝通中，我們確實聽到了一些焦慮和害怕被拋在後面的聲音。所以我們必須看看事情會如何發展。

But it is fairly uncharted with gold at $3,500 an ounce, I just believe there's a little bit of frozen behavior right now as to -- is gold going to $5,000, is gold going back to $2,500? We're just not sure on that. And I think anything in general, the retail purchaser of fabricated precious metals right now is also kind of looking for more direction there.

但由於金價達到每盎司 3,500 美元，所以市場還處於相當未知的狀態，我認為現在市場有點僵持不下——金價會漲到 5,000 美元嗎？還是會回到 2,500 美元？我們只是對此不確定。我認為，總體而言，目前貴金屬製品的零售購買者也在尋找更多的方向。

On the positive side, we've seen some really volatile days over the last three weeks, where you've had $100 swings in gold within a day and $1.50 in silver. So there is certainly uncertainty. And I think as equities became a bit shaky in early April, we realized what we would expect from our customer base is there is a move to safety and there is a move to precious metals as a place to go if you're pulling out of equity investments. So we saw a lot of good things. I still have not seen enough demand to really affect premiums to the upside, and we'll see how that plays out through the rest of this quarter.

從正面的一面來看，過去三週我們經歷了一些非常動盪的日子，黃金價格一天之內波動 100 美元，白銀價格一天之內波動 1.50 美元。因此肯定存在不確定性。我認為，隨著 4 月初股市變得有些不穩定，我們意識到，我們希望客戶群能夠轉向安全投資，如果要退出股票投資，那麼他們就會將目光轉向貴金屬。所以我們看到了很多好的東西。我仍然沒有看到足夠的需求來真正影響溢價的上漲，我們將看看這種情況在本季度剩餘時間內將如何發展。

Thank you. I'm going to get back into queue. That was very helpful. Thanks, guys.

謝謝。我要回到隊列中。這非常有幫助。謝謝大家。

Thank you.

謝謝。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Hey, good afternoon, Greg, Thor, and Kathleen. Thanks for taking the questions.

嘿，格雷格、托爾和凱瑟琳，下午好。感謝您回答這些問題。

Sure.

當然。

We've seen A-Mark capitalize on the softer conditions, completing those three acquisitions in the quarter. I wanted to ask what your maybe current stance on acquisitions is and whether your M&A focus has shifted at all following the acquisitions you closed in the quarter?

我們看到 A-Mark 利用較為寬鬆的市場環境，在本季完成了這三項收購。我想問一下您目前對收購的立場是什麼，以及在本季完成收購後，您的併購重點是否有所轉變？

As we've said before, I want to be very active in acquisitions when the markets are slow. Generally, I have found historically that things aren't really for sale at a price I want to pay when we're at the top. Things become available and for sale at the right price when things are not going great or when markets are slow. I feel very good and confident about the acquisitions we've closed. There are still a number of things we're looking at. And I believe we are properly positioned that if an opportunity presents itself at what we think is the best use of capital, we will continue to deploy capital in acquisitions.

正如我們之前所說，當市場低迷時，我希望積極進行收購。總體而言，我發現，從歷史上看，當我們處於巔峰狀態時，東西實際上並不會以我想要支付的價格出售。當情況不妙或市場低迷時，商品就會出現並以合適的價格出售。我對我們完成的收購感到非常滿意和有信心。我們仍在關註一些事情。我相信，我們已做好充分準備，如果出現我們認為可以最佳利用資本的機會，我們將繼續在收購中部署資本。

I'm particularly encouraged by what these acquisitions have done positively to our balance sheet, which we'll be putting out with our 10-Q, as well as the 4 million retail customers in the DTC segment that we reported today. Just very large numbers, and through acquisitions, we've been able to add to that customer base. And I'm very confident that when the markets do become more favorable and we get to a situation where we have tailwinds instead of headwinds, the customer base is going to significantly outperform a lower number of customers that we had two or three years ago. So I continue to view acquisitions as a great way, combined with our organic marketing and new customer growth, to add to the customer base that will really propel A-Mark to a new place.

我對這些收購對我們的資產負債表產生的正面影響感到特別鼓舞，我們將在 10-Q 中公佈這些資產負債表，以及我們今天報告的 DTC 部門的 400 萬零售客戶。數量非常龐大，而且透過收購，我們能夠擴大客戶群。我非常有信心，當市場變得更加有利，我們面臨的情況是順風而不是逆風時，客戶群的表現將遠遠超過兩三年前較少的客戶數量。因此，我仍然認為收購是一種很好的方式，結合我們的有機行銷和新客戶成長，可以擴大客戶群，真正推動 A-Mark 邁向新的高度。

Got it. Very helpful, Greg. And a couple of my other questions have been answered. But if I could follow up on kind of how things have trended post Liberation Day? You mentioned a very active first few weeks of April. Are you still seeing more favorable elevated customer activity kind of relative to -- not that we have a near-term baseline, but like kind of maybe normalized demand in a way? Or it would be helpful if you could kind of characterize like how things have trended post those first two weeks.

知道了。非常有幫助，格雷格。我的其他幾個問題也得到了答案。但是如果我可以追蹤解放日之後事態的發展趨勢呢？您提到四月的頭幾週非常活躍。您是否仍然看到相對於更有利的客戶活動增加——並不是說我們有一個近期基線，而是某種程度上可能是正常化的需求？或者如果您能描述一下前兩週的情況趨勢，那將會很有幫助。

Yes. I mean, I think we are definitely seeing elevated interest throughout April. It's a little early to talk about May. But throughout April, we definitely saw elevated interest across all of our different businesses, both the -- our normal trading business, our DTC business and our newly acquired businesses. So we saw elevated activity well -- impressive above what we saw in our Q3 that we're reporting here.

是的。我的意思是，我認為我們肯定會看到整個四月份人們的興趣不斷增加。現在談論五月還有些早。但在整個四月份，我們確實看到大家對我們所有不同業務的興趣有所提升，包括我們的正常交易業務、我們的 DTC 業務以及我們新收購的業務。因此，我們看到活動量明顯增加——比我們在此報告的第三季度的活動量高出很多。

I will say there does seem to be a bit more of a correlation right now in our businesses as it relates to what the stock market and equities are doing. Certainly, throughout the last week of March and the first couple of weeks of April, there was just tremendous volatility and tremendous uncertainty as it relates to what's really going on out there in the world right now. And it's clear that from looking at other companies' earnings calls over the last couple of weeks, there just continues to be CEOs that are very uncertain and pulling guidance, and there's just a lot of uncertainty.

我想說的是，我們的業務目前似乎與股票市場和股票的走勢有更多的關聯。當然，在整個三月的最後一周和四月的前幾週，與當前世界上真正發生的事情有關的是巨大的波動和巨大的不確定性。並且從過去幾週其他公司的財報電話會議中可以清楚地看出，執行長們仍然非常不確定並提出指導，而且存在許多不確定性。

But there is a -- at the moment, we're seeing a direct correlation that days where the stock market is down 2% or 3%, there's a direct correlation to positive results at the A-Mark level. And vice versa, when you see the stock market up 3%, we're seeing things slow down. So at least at the moment, that seems to be what we're following, and I think we're very well positioned in either scenario, but I just continue to see uncertainty out there outside of our business. But as I said before, I'm very encouraged. It doesn't take a whole lot for us to see when all 12 cylinders are firing, albeit a very small sample size that we're talking about. But the businesses -- we definitely saw them perform.

但目前，我們看到一種直接的相關性，即股市下跌 2% 或 3% 的日子，與 A-Mark 水準的正面結果有直接的相關性。反之亦然，當你看到股市上漲 3% 時，我們卻看到經濟放緩。所以至少目前，這似乎是我們正在遵循的，我認為我們在這兩種情況下都處於非常有利的地位，但我仍然看到我們業務之外存在不確定性。但正如我之前所說，我感到非常鼓舞。儘管我們討論的樣本量非常小，但我們不需要花費太多精力就能知道所有 12 個氣缸何時點火。但這些企業——我們確實看到了它們的表現。

Great to hear. Thank you all. I'll pass it on.

很高興聽到這個消息。謝謝大家。我會傳達的。

(Operator Instructions)

（操作員指示）

Thomas Forte, Maxim Group.

托馬斯·福特（Thomas Forte），馬克西姆集團（Maxim Group）。

Great. So I have three. I apologize if that's too many. But --

偉大的。所以我有三個。如果太多的話我深感抱歉。但--

No, you go right ahead, Tom.

不，你繼續吧，湯姆。

Okay. Thank you, Greg. So one of the things that seems to happen in a period of elevated gold prices is that long time gold owners sell their own inventory. Do you have any visibility on that being exhausted? And then how does that impact your earnings power when you have a lot of existing holders selling into the market?

好的。謝謝你，格雷格。因此，在金價高漲期間似乎會發生的一件事就是長期黃金持有者出售自己的庫存。您是否知道這會耗盡一切？那麼，當大量現有持有者向市場拋售股票時，這會對您的獲利能力產生什麼影響？

Well, it's just a supply and demand equation. The more long-term holders of precious metals that sell back into the market, it's going to create supply situations that are different than when you have the reverse of that. And I think I've discussed this a bit before. When you have a number of retail customers bringing metal back into the market, you're going to have less new material being made. So for every ounce of silver that there's demand for that comes back into the marketplace through a buyback or through customer liquidation or a long-term holder selling, that's one less new silver round that we make at Silver Towne or new gold bar that we make at Sunshine. So it does affect throughout.

嗯，這只是一個供給與需求方程式。長期持有貴金屬的人越多，將貴金屬賣回市場，就會產生與相反情況不同的供應狀況。我想我之前已經討論過這個問題了。當大量零售客戶將金屬帶回市場時，生產的新材料就會減少。因此，每當有需求的白銀透過回購或客戶清算或長期持有者出售回到市場時，我們在 Silver Towne 生產的白銀就會減少一枚，我們在 Sunshine 生產的金條也會減少一枚。所以它確實會產生影響。

And then it also stuns our trading division on a wholesale level because a lot of our wholesale customers are buying back material, and they don't need to buy new material from A-Mark. So that is a metric that I look at every week, and I view it in the -- through the lens of what percentage are we buying back from wholesale and retail customers versus new sales to new customers. And when you have an elevated percentage there where the percentage is elevated and higher, you're going to have headwinds and you're going to have less -- lower performance, which is -- this is probably the third or fourth quarter that we've been talking about this, and we've been talking about it since we talked when gold hit an all-time high at $2,700.

這也讓我們批發貿易部門感到震驚，因為我們的許多批發客戶都在回購材料，他們不需要從 A-Mark 購買新材料。所以這是我每週都會關注的一個指標，我透過從批發和零售客戶回購的百分比與向新客戶的新銷售百分比來觀察它。當該百分比不斷升高時，你就會面臨阻力，業績也會下降，這可能是我們討論這個問題的第三季度或第四季度，自從金價創下 2,700 美元的歷史新高以來，我們就一直在討論這個問題。

And we had elevated liquidations when gold hit that spot price. Since then, we've continued all the way up to $3,400, $3,500, where you have people liquidating and taking profits, whether they've been holding material for 20 years or whether they've been holding material since gold was at $2,700, you're going to have a percentage of people that are going to liquidate, and they're going to take advantage of these prices.

當黃金達到現貨價格時，我們的清算量就增加了。從那時起，金價一直上漲到 3,400 美元、3,500 美元，這時就會有人清算並獲利，無論他們是持有材料 20 年，還是自金價達到 2,700 美元以來就一直持有材料，都會有一定比例的人清算，並利用這些價格獲利。

I will say that -- what I did see in the first week or so of April, where we had some elevated demand, and we had higher numbers, as I've discussed, we did see the liquidations and the wholesale buys that we were making go down as a percentage of new sales. So it is fairly -- it is -- the numbers and the metrics and the analytics are fairly consistent with what happens. And then two weeks ago or a week ago, we saw a new high spot price, and we did see some elevated liquidations and sell backs. So that's what we're seeing. And just operating within in the environment and trying to execute as well as we can.

我想說的是——正如我所討論的，我在四月的第一周左右確實看到，需求有所增加，數量也有所增加，我們確實看到清算和批發購買佔新銷售額的百分比有所下降。因此，數字、指標和分析與實際發生的情況相當一致。兩週前或一週前，我們看到現貨價格創下新高，而且我們確實看到了一些清算和回售的增加。這就是我們所看到的。並且只是在環境中運作並盡力執行。

Great. All right. So then two more. So I'm very impressed by the improvements you've made to your Las Vegas facility or are in the process of making. Does that translate into higher volumes and slightly better margins? How should we think about the financial impact of those improvements?

偉大的。好的。然後再來兩個。因此，我對你們對拉斯維加斯設施所做的改進或正在進行的改進印象深刻。這是否意味著更高的銷售量和更好的利潤率？我們該如何看待這些改進的財務影響？

Yes. I mean, we're not fully operational there yet. But certainly, we believe that the automation that we've created in the facility that is very, very impressive, and it allows us to bring in more third-party shippers and other third-party inventories into the facility. And allows us to ship, sort, pick and pack, just a much higher percentage. I think when this is all said and done, we likely will be able to do 50% to 75% more packages a week without adding more employees. So I think this is part of my long-term goal and strategy, and it's something that Thor and Brian Aquilino have been working on for quite some time.

是的。我的意思是，我們還沒有完全在那裡開展業務。但毫無疑問，我們相信，我們在該設施中實現的自動化非常令人印象深刻，它使我們能夠將更多的第三方托運人和其他第三方庫存引入該設施。並允許我們運輸、分類、挑選和包裝，只是比例要高得多。我認為，當這一切都完成後，我們很可能不需要增加員工，就能每週多處理 50% 到 75% 的包裹。所以我認為這是我的長期目標和策略的一部分，也是 Thor 和 Brian Aquilino 長期以來一直致力於的事情。

And I'm just very, very pleased that we took the leap three years ago or four years ago when we first went to SpaceX and we saw these machines and we saw what they could do and that demonstration, I'm just very pleased that we weren't afraid to do it, and we went ahead and got in the queue to get these machines, and they're very impressive, what they can do. So that's certainly going to help us.

我非常非常高興我們在三年前或四年前邁出了這一步，當時我們第一次去 SpaceX，看到了這些機器，看到了它們能做什麼，在那個演示中，我很高興我們不怕這樣做，我們繼續前進，排隊購買這些機器，它們的能力令人印象深刻。這肯定會對我們有幫助。

And as it relates to integrating our acquisitions and looking for ways to make our subsidiaries' inventory more efficient or inventory-light, whether it be an asset or Pinehurst or Stack's, being able to have more demand out of A-Mark's inventory and have it all in Las Vegas where it can be accessed is going to create synergies and create efficiencies and hopefully have a positive effect on our SG&A.

並且，這涉及到整合我們的收購，並尋找使我們子公司的庫存更有效率或輕庫存的方法，無論是資產還是 Pinehurst 或 Stack's，能夠從 A-Mark 的庫存中獲得更多需求，並將其全部放在拉斯維加斯可供使用，這將產生協同效應，提高效率，並希望對我們的銷售、一般和行政費用 (SG&A) 產生積極影響。

Okay. Last one, I apologize, it just has elements of being a comment and a question.

好的。最後一個問題，我很抱歉，它只是包含評論和問題的元素。

Okay.

好的。

So one of the wonderful things in my opinion about your business model is the improvements you make over time that position you to capture incremental profits in the next favorable environment. Off the top of my head, I couldn't name all the M&A you've done since that last trading environment. But it feels like to me that you're -- it's almost like a coiled spring that when the time comes, the earnings will be very big, so that's the statement part. The question part then is, what are your current thoughts on buybacks given where shares are trading?

因此，我認為您的商業模式最棒的地方之一就是隨著時間的推移，您會不斷做出改進，從而能夠在下一個有利的環境中獲取增量利潤。我無法一口氣說出自你們上次交易環境以來所進行的所有併購交易。但對我來說，感覺就像你一樣——它幾乎就像一根螺旋彈簧，時機成熟時，收益將會非常大，所以這就是聲明部分。那麼問題是，考慮到股票交易情況，您目前對回購有何看法？

As I've said before and just to, I guess, respond to your comment, as I've said for quite some time now, the goals are to have higher highs and higher lows within similar environments. And I believe that is what we're doing here. I mean, I do -- I am very impressed by our balance sheet, our number of DTC customers. Our ability to sell $3 billion in a quarter, albeit at lower margins, which we realize the margins are low right now.

正如我之前所說的，我猜只是為了回應您的評論，正如我相當長一段時間以來所說的那樣，目標是在類似的環境中實現更高的高點和更高的低點。我相信這就是我們在這裡所做的事情。我的意思是，我們的資產負債表和 DTC 客戶數量給我留下了深刻的印象。儘管利潤率較低，但我們有能力在一個季度內銷售 30 億美元，我們意識到目前的利潤率很低。

But hitting that $3 billion mark or a $12 billion run rate is going to position us if margins increase that we're going to see tremendous performance. There's no doubt about that. So I agree with your comment, and I think that is what I am trying to build here. That's what we're trying to accomplish and take advantage of things in good markets as well as bad markets.

但如果利潤率上升，達到 30 億美元大關或 120 億美元的運行率，我們將獲得巨大的業績。毫無疑問。所以我同意你的評論，我認為這就是我在這裡試圖建立的。這就是我們試圖實現的目標，並利用好市場和壞市場的優勢。

As it relates to our stock buybacks, I'm going to go back to what I always say. We look at four or five different things that we look at every day when we're talking about capital deployment. We're looking at inventory reduction, we're looking at affecting our interest expense, where we look at dividends, we look at stock buybacks, and we look at acquisitions. And those are -- I'm very consistent on that, that's what we do.

就我們的股票回購而言，我將回到我一直說的話。當我們談論資本配置時，我們每天都會專注於四、五種不同的事物。我們正在考慮減少庫存，我們正在考慮影響我們的利息支出，我們正在考慮股息，我們正在考慮股票回購，我們正在考慮收購。這些都是——我對此非常堅持，這就是我們所做的。

We feel good at the moment in digesting the acquisitions that we have closed on. I think there's still work to be done on the integration and making sure we recognize the efficiencies that we have projected. As I said earlier, there's still a number of opportunities that we're looking at that as it relates to M&A that we think would be the right use of capital as it relates to return on equity or return on investment.

目前，我們很高興能夠消化已完成的收購。我認為在整合方面仍有工作要做，並確保我們認識到我們所預測的效率。正如我之前所說，我們仍在關注與併購相關的許多機會，我們認為這將是與股本回報率或投資回報率相關的資本的正確使用方式。

And I think we're always looking at stock buybacks if we believe that is the best use of our capital. So I'm not precluding anything but I think that -- we see great opportunity with the market being slow, as I've said before, that we believe that acquisitions, new clients that come with acquisitions, new DTC customers that come, we believe that is a very good long-term use or deployment of capital. So I think we're flexible and open to everything, but -- you got to stay flexible, and we're always looking at this.

我認為，如果我們認為這是對我們資本的最佳利用，我們就會一直考慮股票回購。因此，我並不排除任何可能性，但我認為——正如我之前所說，我們看到了市場低迷的巨大機遇，我們相信收購、伴隨收購而來的新客戶、新的 DTC 客戶，我們相信這是非常好的長期使用或資本部署方式。所以我認為我們對一切都很靈活和開放，但是——你必須保持靈活性，我們一直在關注這一點。

Thank you, Greg for taking all my questions. I appreciate it.

謝謝格雷格回答我的所有問題。我很感激。

At this time, this does conclude our question-and-answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

至此，我們的問答環節就結束了。現在我想把電話轉回給羅伯茲先生，請他作最後發言。

Great. Thank you. Again, thanks, everybody, for being on the call. Thank you for being long-term followers and shareholders. We continue to be positive at A-Mark about what we're accomplishing, where we've been, where we're going. And again, very -- we are committed to this, creating shareholder value, and we're going to continue on the mission here. So thank you very much for being on the call.

偉大的。謝謝。再次感謝大家的來電。感謝您長期以來的關注和股東。在 A-Mark，我們對我們所取得的成就、我們所取得的成就以及我們將要取得的成就保持積極的態度。再說一次，我們致力於創造股東價值，我們將繼續履行這項使命。非常感謝您接聽電話。

Before we conclude today's call, I would like to provide A-Mark's safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today's call, there were forward-looking statements made regarding future events. Statements that relate A-Mark's future plans, objectives, expectations, performance, events and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.

在我們結束今天的電話會議之前，我想提供 A-Mark 的安全港聲明，其中包括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。與 A-Mark 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 the dividend declarations, the amount of timing of any future dividends, future macroeconomic conditions and a demand for precious metals products and the company's ability to effectively respond to changing economic conditions. 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.

這些包括有關股息聲明的預期、未來股息的時間數額、未來宏觀經濟狀況和對貴金屬產品的需求以及公司有效應對不斷變化的經濟狀況的能力的聲明。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 transaction with AMS Holdings: 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 time line or at all; the failure to obtain necessary third-party consents or approvals; and the greater-than-anticipated costs incurred to consummate the transactions.

就與 AMS Holdings 的擬議交易而言，這些包括：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；以及完成交易所產生的成本高於預期。

Other factors that could possibly cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater-than-anticipated costs incurred to execute this strategy; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets; potential adverse effects of the current problems in the national and global supply chain; increased competition for the company's higher-margin services, which could depress pricing.

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，包括未能找到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；當前國際政治環境的變化（歷史上對貴金屬市場的需求和波動有利）；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，這可能會壓低價格。

The failure of the company's business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metal products generally; potential negative effects of that inflationary pressure may have on our business. The inability of the company to expand capacity at Silver Towne Mint. The failure of our investee companies to maintain or address the preferences of their consumer bases; general risks of doing business in the commodity markets; and the strategic business, economic, financial, political and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission.

公司的商業模式未能如預期對市場環境的變化做出反應；消費者對貴金屬產品的需求和偏好普遍發生變化；通膨壓力可能對我們的業務產生潛在的負面影響。該公司無法擴大 Silver Towne Mint 的產能。我們所投資的公司未能維持或滿足其消費者群體的偏好；在商品市場開展業務的一般風險；以及公司向美國證券交易委員會提交的公開文件中描述的戰略業務、經濟、金融、政治和政府風險和其他風險因素。

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

該公司不承擔公開更新或撤銷任何前瞻性陳述的義務。提醒聽眾不要過度依賴這些前瞻性陳述。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。

Thank you for joining us today for A-Mark's earnings call. You may now disconnect.

感謝您今天參加 A-Mark 的收益電話會議。您現在可以斷開連線。