巴里克黃金 (GOLD) 2025 Q4 法說會逐字稿

Good afternoon. Welcome to A-Mark Precious Metals conference call for the fiscal fourth quarter and full year ended June 30, 2025.

午安.歡迎參加 A-Mark Precious Metals 2025 年 6 月 30 日結束的第四財季及全年業績電話會議。

My name is [John]. I will be your operator this afternoon.

我的名字是[約翰]今天下午我將擔任您的接線生。

Before this call, A-Mark issued its results for the fiscal fourth quarter and full year 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 home page. Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Cary Dickson.

在本次電話會議之前，A-Mark公司發布了一份新聞稿，公佈了2025財年第四季和全年業績。新聞稿可在本公司網站www.amark.com的「投資者關係」欄位中查閱。您可以在首頁頂部找到“投資者關係”欄目的連結。今天參加電話會議的有 A-Mark 的執行長 Greg Roberts、總裁 Thor Gjerdrum 和財務長 Cary Dickson。

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.

在他們的發言之後，我們將開放提問環節。在結束本次電話會議之前，我將就管理階層在本次電話會議中所作的前瞻性陳述提出必要的注意事項。我想提醒大家，本次電話會議正在錄音，錄音將透過 A-Mark 網站投資者關係部分的連結提供回放。

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

現在，我想把電話交給 A-Mark 的執行長格雷格·羅伯茨先生。先生，請繼續。

Thank you, John, and good afternoon to everyone. Thanks once again for joining our call.

謝謝你，約翰，大家下午好。再次感謝您參加我們的電話會議。

As we reported in our earnings release today, our fourth quarter and fiscal year 2025 results underscore the ability of our fully integrated platform to generate positive results during challenging market conditions.

正如我們在今天發布的獲利報告中所述，我們的第四季度和 2025 財年業績凸顯了我們完全整合的平台在充滿挑戰的市場環境下創造積極業績的能力。

Despite the ongoing uncertainty in the physical markets, which has led to increased supply and range-bound premium spreads, we reported $17.3 million of net income non-GAAP adjusted net income before provision for income taxes of $53.1 million, non-GAAP earnings before interest taxes, depreciation and amortization of $64.4 million and diluted EPS of $0.71 per share for our fiscal year 2025.

儘管現貨市場持續存在不確定性，導致供應增加和溢價差在一定範圍內波動，但我們報告稱，2025 財年淨收入為 1730 萬美元，非 GAAP 調整後淨收入（扣除所得稅費用前）為 5310 萬美元，非 GAAP 利息、攤銷前 0.7 美元，10.7 美元。

For the fourth quarter of 2025, we generated $10.3 million of net income, non-GAAP adjusted net income before provisions for income taxes of $19.2 million, non-GAAP earnings before interest taxes, depreciation and amortization of $29.2 million and diluted EPS of $0.41 per share.

2025 年第四季度，我們實現淨收入 1,030 萬美元，非 GAAP 調整後淨收入（扣除所得稅準備金前）為 1,920 萬美元，非 GAAP 利息、稅項、折舊及攤銷前收益為 2,920 萬美元，稀釋後每股收益為 0.41 美元。

Our fourth-quarter results improved from the previous quarter with a 99% increase in gross profit, a 233% increase in non-GAAP adjusted net income and a 2,167% increase in non-GAAP EBITDA, reflecting the benefit of our recent strategic acquisitions. We have made steady progress bringing Spectrum Group International, AMS Holdings and Pinehurst Coin Exchange under the A-Mark umbrella, managing inventory levels and completing automation upgrades at our AMGL facility with centralized operations now in place.

我們的第四季業績較上一季有所改善，毛利成長了 99%，非 GAAP 調整後淨利潤成長了 233%，非 GAAP EBITDA 成長了 2,167%，這反映了我們近期策略收購帶來的益處。我們穩步推進了將 Spectrum Group International、AMS Holdings 和 Pinehurst Coin Exchange 納入 A-Mark 旗下，管理庫存水平，並在我們的 AMGL 工廠完成了自動化升級，目前已實現集中運作。

We completed the migration of Pinehurst logistics operations from North Carolina to AMGL in Las Vegas. One example of our cost savings synergies we expect to achieve from our recent acquisitions. As we continue to progress our integration initiatives, the scale and efficiencies we're achieving will help to optimize expenses, create greater operating leverage and maintain costs at more optimal levels going forward.

我們已完成將 Pinehurst 物流業務從北卡羅來納州遷移到拉斯維加斯的 AMGL。以下是我們近期收購專案預期實現的成本節約綜效的一個例子。隨著我們不斷推動整合計劃，我們所取得的規模和效率將有助於優化支出，創造更大的營運槓桿，並在未來將成本維持在更優化的水平。

We have also made significant progress in our expansion into Asia with LPM, now fully operational in Singapore across both wholesale and e-commerce channels, further broadening our reach into the Southeast Asian market.

我們在亞洲擴張方面也取得了重大進展，LPM 目前已在新加坡全面運營，涵蓋批發和電子商務管道，進一步擴大了我們在東南亞市場的業務範圍。

We believe these acquisitions, combined with our growing international presence, strengthen our distribution channels and expand our reach into higher-margin collectible and luxury segments. With a broader and more diversified platform, improved operational leverage and a strong balance sheet, we enter the new fiscal year well positioned to capture growth across multiple channels.

我們相信，這些收購，加上我們不斷增長的國際影響力，將加強我們的分銷管道，並將我們的業務拓展到利潤更高的收藏品和奢侈品領域。憑藉更廣泛、更多元化的平台、更高的營運槓桿和強勁的資產負債表，我們已做好充分準備，在新財年實現跨多個管道的成長。

Now, I will hand the call over to our new CFO, Cary Dickson, who will provide a more detailed financial overview of our results. Then A-Mark's President, Thor Gjerdrum, will discuss our key operating metrics.

現在，我將把電話交給我們的新任財務長凱瑞‧迪克森，他將為我們提供更詳細的財務業績概覽。接下來，A-Mark 總裁 Thor Gjerdrum 將討論我們的關鍵營運指標。

Afterwards, I will provide further update on our business growth and strategy for the upcoming fiscal year and then take your questions. Cary?

之後，我將進一步介紹我們公司在即將到來的財政年度的業務成長和策略，並回答大家的問題。凱瑞？

Thank you, Greg, and good afternoon to everybody. Our revenues for Q4 fiscal '25 decreased 1% to $2.51 billion from $2.52 billion in Q4 of last year. Excluding a decrease of $94 million of forward sales, revenues increased $81 million or 5%, which was due to higher average selling prices of gold and silver, offset by a decrease in gold and silver ounces sold.

謝謝你，格雷格，大家下午好。2025財年第四季度，我們的營收下降了1%，從去年同期的25.2億美元降至25.1億美元。剔除遠期銷售額減少 9,400 萬美元的影響，營收成長 8,100 萬美元，增幅達 5%，這主要歸功於黃金和白銀平均售價的上漲，但被黃金和白銀銷量的下降所抵消。

For the full year, our revenues increased 1.3% to $10.98 billion from $9.7 billion in the prior fiscal year. Excluding an increase of $446 million of forward sales -- our revenues increased $832.9 million or 15%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold.

全年來看，我們的營收成長了 1.3%，從上一財年的 97 億美元增至 109.8 億美元。不計入 4.46 億美元的遠期銷售額成長——我們的收入成長了 8.329 億美元，增幅達 15%，這主要是由於黃金和白銀的平均售價上漲，但部分被黃金和白銀的銷量下降所抵消。

Revenues also increased due to the acquisition of a controlling interest in Silver Gold Bull, which we refer to as SGB in June of '24, and the acquisitions of Spectrum Group International, which we refer to as SGI and Pinehurst Coin Exchange, which we will continuously refer to as Pinehurst in February of 2025. And finally, AMS Holdings, which we refer to as AMS in April of '25.

由於 2024 年 6 月收購了 Silver Gold Bull（簡稱 SGB）的控股權，以及 2025 年 2 月收購了 Spectrum Group International（簡稱 SGI）和 Pinehurst Coin Exchange（簡稱 Pinehurst），公司收入也隨之增加。最後是 AMS Holdings，我們在 2025 年 4 月將其稱為 AMS。

Gross profit for Q4 fiscal '25 increased 90% to $81.7 million or 3.25% of revenue from $43.0 million or 1.7% of revenue in Q4 of last year. The increase was primarily due to the acquisition of a controlling interest in SGB in June of '24 and the acquisitions of SGI and Pinehurst in February '25 and AMS in April of '25.

2025 財年第四季毛利成長 90%，達到 8,170 萬美元，佔營收的 3.25%，而去年同期為 4,300 萬美元，佔營收的 1.7%。此次成長主要歸功於 2024 年 6 月收購了 SGB 的控股權，以及 2025 年 2 月收購了 SGI 和 Pinehurst，2025 年 4 月收購了 AMS。

For the full fiscal year, gross profit increased 22% to $210.9 million or 1.92% of revenue from $173.3 million or 1.79% of revenue in the prior fiscal year.

在整個財政年度，毛利成長 22%，達到 2.109 億美元，佔營收的 1.92%，而上一財政年度的毛利為 1.733 億美元，佔營收的 1.79%。

The increase in gross profit was due to higher profits earned by our direct-to-consumer segment, partially offset by lower gross profits earned from our wholesale sales and ancillary services segment. SG&A expenses for Q4 of fiscal '25 increased 135% to $53.4 million from $22.7 million in Q4 of last year. The overall increase was primarily due to an increase in compensation expense, including performance-based accruals of $17.6 million, an increase in advertising costs of $5.3 million, an increase in consulting and professional fees of $3.1 million and other expenses.

毛利的成長是由於我們直接面向消費者的部門所獲得的利潤增加，但部分被我們批發銷售和輔助服務部門所獲得的毛利減少所抵銷。2025 財年第四季銷售、一般及行政費用成長 135%，從去年同期的 2,270 萬美元增至 5,340 萬美元。整體成長主要是由於薪資支出增加，包括績效獎金增加 1,760 萬美元、廣告費用增加 530 萬美元、諮詢和專業費用增加 310 萬美元以及其他支出。

Increases in SG&A expenses, including expenses incurred by SGB, SGI, Pinehurst and AMS, which were not included or only partially included in the same year ago period. For the full fiscal year, SG&A expenses increased 55% to $139 million from $89.8 million in the prior fiscal year.

銷售、一般及行政費用增加，包括 SGB、SGI、Pinehurst 和 AMS 產生的費用，這些費用在上年同期未計入或僅部分計入。在整個財政年度，銷售、一般及行政費用增加了 55%，從上一財政年度的 8,980 萬美元增加到 1.39 億美元。

The increase is primarily due to an increase in compensation expense, including performance-based accruals of $24.1 million as well as increases in consulting and professional fees of $9.1 million, advertising costs of $8.4 million, facilities expense of $3.0 million and other expenses. SG&A expenses include expenses incurred by LPM, SGB, SGI, Pinehurst and AMS, which were not included or only partially included in the same year ago period.

成長的主要原因是薪資支出增加，包括績效工資增加 2,410 萬美元，諮詢和專業費用增加 910 萬美元，廣告費用增加 840 萬美元，設施費用增加 300 萬美元以及其他費用。銷售、一般及行政費用包括 LPM、SGB、SGI、Pinehurst 和 AMS 產生的費用，這些費用在上年同期未包含在內或僅部分包含在內。

Depreciation and amortization expense for Q4 of fiscal '25 increased 201% to $8.6 million from $2.8 million in Q4 of last year. The increase was primarily due to an increase in amortization expense of $6 million related to intangible assets acquired through the acquisition of a controlling interest in SGB and the recent acquisitions of AMS and SGI.

2025 財年第四季的折舊和攤提費用增加了 201%，從去年同期的 280 萬美元增加至 860 萬美元。此次成長主要是由於與收購 SGB 的控股權以及最近收購 AMS 和 SGI 相關的無形資產攤銷費用增加了 600 萬美元。

For the full fiscal year, depreciation and amortization expense increased 101% to $22.9 million from $11.4 million last fiscal year. The increase was primarily due to an increase in amortization expense of $12.9 million related to intangible assets acquired through our acquisitions of LPM, SGI, Pinehurst AMS and the acquisition of a controlling interest in SGB -- an increase of $1.8 million of depreciation expense due to an increase in capital expenditures, partially offset by a decrease in JMV intangible asset amortization of $3.1 million.

本財年，折舊和攤提費用增加了 101%，從上財年的 1,140 萬美元增至 2,290 萬美元。該增長主要是由於與收購 LPM、SGI、Pinehurst AMS 以及收購 SGB 的控股權相關的無形資產攤銷費用增加了 1290 萬美元，資本支出增加導致折舊費用增加了 180 萬美元，部分被 JMV 無形資產攤銷減少 310 萬美元所抵消。

Interest income for Q4 of fiscal '25 decreased 34% to $5.3 million from $8.1 million in Q4 of last year. The decrease is primarily related to lower interest earned from repurchase agreements with customers of $1.4 million and other finance products of $0.7 million.

2025 財年第四季利息收入較上年同期下降 34%，至 530 萬美元，而上年同期為 810 萬美元。下降的主因是回購協議收入減少 140 萬美元，其他金融產品收入減少 70 萬美元。

For the full fiscal year, interest income decreased 4% to $25.9 million from $27.2 million in the prior fiscal year. The decrease is primarily due to a decrease in interest income earned by our Secured Lending segment of $0.8 million and other finance product income of $0.5 million.

在整個財政年度，利息收入比上一財政年度的 2,720 萬美元下降了 4%，至 2,590 萬美元。下降的主要原因是擔保貸款業務的利息收入減少了 80 萬美元，其他金融產品收入減少了 50 萬美元。

Interest expense for Q4 of '25 increased 34% to $12.9 million from $9.6 million in Q4 of last year. The increase in interest expense was primarily driven by higher overall borrowings related to precious metal leases, the trading credit facility and product financing agreements.

2025 年第四季利息支出較上年同期成長 34%，達到 1,290 萬美元，而上年同期為 960 萬美元。利息支出增加主要是由於貴金屬租賃、貿易信貸安排和產品融資協議相關的整體借款增加所致。

For the full fiscal year, interest expense increased 17% to $46.2 million from $39.5 million last fiscal year. The increase is primarily driven by higher overall borrowings related to precious metal leases, the trading credit facility and product financing agreements, partially offset by the repayment of AM Capital funding notes that we had back in December of 2023. Earnings from equity method investments in Q4 decreased 201% to a loss of $0.8 million from earnings of $0.8 million in Q4 of last year.

本財年全年利息支出成長 17%，從上財年的 3,950 萬美元增至 4,620 萬美元。此次成長主要由與貴金屬租賃、交易信貸安排和產品融資協議相關的整體借款增加所驅動，部分被我們在 2023 年 12 月償還的 AM Capital 融資票據所抵消。第四季權益法投資收益下降 201%，虧損 80 萬美元，去年同期為獲利 80 萬美元。

For the full fiscal year, earnings from equity method investments decreased 170% to a loss of $2.8 million from earnings of $4.0 million last fiscal year. The decrease in both periods was due to decreased earnings from our equity method investees. Net income on a GAAP basis attributable to the company for the fourth quarter of fiscal '25 totaled $10.3 million or $0.41 per diluted share. This compares to net income attributable to the company of $30.9 million or $0.29 per diluted share in Q4 of last year.

在整個財政年度，權益法投資收益下降了 170%，虧損 280 萬美元，而上一財政年度的收益為 400 萬美元。兩個時期的下降都是由於我們採用權益法投資的公司的收益減少所致。2025 財年第四季歸屬於公司的 GAAP 淨利總計 1,030 萬美元，即每股攤薄收益 0.41 美元。相較之下，去年第四季歸屬於公司的淨利潤為 3,090 萬美元，即每股攤薄收益 0.29 美元。

For the full fiscal year, net income on a GAAP basis attributable to the company totaled $17.3 million or $0.71 per diluted share, which compares to net income attributable to the company of $68.5 million or $2.84 per diluted share last fiscal year.

在整個財政年度，以美國通用會計準則計算歸屬於公司的淨利潤總計為 1,730 萬美元，即每股攤薄收益 0.71 美元，而上個財政年度歸屬於公司的淨利潤為 6,850 萬美元，即每股攤薄收益 2.84 美元。

Adjusted net income before provision for income taxes, a non-GAAP performance measure, which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses and contingent consideration fair value adjustment for Q4 fiscal '25 totaled $19.2 million, a decrease of 5% compared to $20.1 million in the same year ago quarter. Adjusted net income before provision for income taxes for the full fiscal year totaled $53.1 million, a 34% decrease from $80.3 million in the prior fiscal year. EBITDA -- another non-GAAP liquidity measure, which excludes interest, taxes, depreciation and amortization for Q4 fiscal '25 totaled $29.2 million, a 24% decrease compared to the $38.4 million in Q4 of fiscal '24. EBITDA for the full fiscal year totaled $64.4 million, a 40% decrease compared to the $106.5 million last fiscal year.

2025 財年第四季調整後的淨收入（未計入所得稅準備金，該非 GAAP 業績指標不包括折舊、攤提、收購成本、重估收益或損失以及或有對價公允價值調整）總計 1,920 萬美元，比去年同期的 2,010 萬美元減少了 5%。經過調整後，本財年所得稅前淨收入總計 5,310 萬美元，比上一財年的 8,030 萬美元減少了 34%。EBITDA（另一項非GAAP流動性指標，不包括利息、稅收、折舊和攤銷）在2025財年第四季總計為2,920萬美元，比2024財年第四季的3,840萬美元減少了24%。整個財政年度的 EBITDA 總額為 6,440 萬美元，比上一財年的 1.065 億美元下降了 40%。

Turning to our balance sheet. At fiscal year-end, we had $77.7 million of cash compared to $48.6 million at the end of the fiscal '24. Our nonrestricted inventories totaled $794.8 million, up by $215 million from the $579.4 million we had at the end of the last fiscal year in '24. And that completes my financial summary.

接下來來看看我們的資產負債表。截至本財年末，我們有 7,770 萬美元現金，而 2024 財年末為 4,860 萬美元。我們的非限制性庫存總額為 7.948 億美元，比 2024 年上一個財政年度末的 5.794 億美元增加了 2.15 億美元。我的財務總結就到此結束了。

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

現在，我將把電話交給 Thor，他將介紹我們的關鍵營運指標的最新情況。雷神？

Thank you, Cary. Looking at our key operational metrics for the fourth quarter and full year 2025, we sold 346,000 ounces of gold in Q4 fiscal 2025, which is down 23% from Q4 of last year and down 20% from the prior quarter. For the full fiscal year, we sold 1.6 million ounces of gold, which was down 11% from last fiscal year. We sold 15.7 million ounces of silver in Q4 fiscal 2025, which was down 38% from Q4 of last year and down 0.2% from the prior quarter. For the full fiscal year, we sold 73.6 million ounces of silver, which was down 32% from last year.

謝謝你，凱瑞。從我們 2025 年第四季和全年的關鍵營運指標來看，我們在 2025 財年第四季售出了 346,000 盎司黃金，比去年同期下降了 23%，比上一季下降了 20%。本財年，我們共售出160萬盎司黃金，比上財年下降了11%。我們在 2025 財年第四季售出了 1,570 萬盎司白銀，比去年同期下降了 38%，比上一季下降了 0.2%。整個財政年度，我們售出了 7,360 萬盎司白銀，比前一年下降了 32%。

The number of new customers in the DTC segment, which is defined as those who register, set up a new account or made a purchase for the first time during the period was 108,900 in Q4 fiscal 2025, which was down 81% from Q4 of last year and decreased 88% from last quarter. For the three months ended June 30, 2025, and June 30, 2024, approximately 30% and 92% of the new customers were attributable to the acquisition of AMS and the acquisition of a controlling interest in SGB, respectively. For the three months ended March 31, 2025, approximately 84% and 9% of the new customers were attributable to the acquisitions of Pinehurst and SGI, respectively.

2025 財年第四季度，DTC 細分市場的新客戶數量為 108,900 人，該細分市場定義為在該期間首次註冊、設置新帳戶或進行購買的客戶，與去年同期相比下降了 81%，與上一季相比下降了 88%。截至 2025 年 6 月 30 日及 2024 年 6 月 30 日止的三個月期間，新增客戶中約有 30% 和 92% 分別歸因於收購 AMS 和收購 SGB 的控股權。截至 2025 年 3 月 31 日的三個月內，新增客戶中約有 84% 和 9% 分別歸功於對 Pinehurst 和 SGI 的收購。

For the full fiscal year, the number of new customers in the DTC segment was 1,129,200, a 57% increase from the 718,500 new customers in the prior fiscal year. Approximately 79% of the new customers for the fiscal year ended June 30, 2025, were attributable to the acquisitions of SGI, Pinehurst and AMS.

在整個財政年度，DTC 領域的新客戶數量為 1,129,200，比上一財政年度的 718,500 新客戶數量增加了 57%。截至 2025 年 6 月 30 日的財政年度，新增客戶中約有 79% 歸功於對 SGI、Pinehurst 和 AMS 的收購。

Approximately 73% of new customers in fiscal year 2024 were attributable to the acquisition of a controlling interest in SGB. The number of total customers in the DTC segment at the end of the fourth quarter was approximately $4.2 million, a 37% increase from the prior year. The year-over-year increase in total customers was due to the acquisitions of SGI, Pinehurst and AMS as well as organic growth of our JMB customer base.

2024 財年新增客戶中約有 73% 歸功於收購 SGB 的控股權。第四季末，DTC 業務部門的客戶總數約為 420 萬美元，比上年同期成長 37%。客戶總數較去年同期成長是由於收購了 SGI、Pinehurst 和 AMS，以及我們 JMB 客戶群的自然成長。

The DTC segment average order value, which represents the average dollar amount of products ordered, excluding accumulation program orders delivered to customers during Q4 fiscal 2025 was 2,443, which is down 15% from Q4 fiscal 2024 and down 21% from the prior quarter. For the full fiscal year, our DTC average order value was 2,886, which was up 19% from fiscal 2024.

DTC 業務平均訂單價值（代表訂購產品的平均美元金額，不包括 2025 財年第四季交付給客戶的累積計畫訂單）為 2,443 美元，比 2024 財年第四季下降 15%，比上一季下降 21%。整個財年，我們的 DTC 平均訂單價值為 2,886 美元，比 2024 財年增加了 19%。

For the fiscal fourth quarter, our inventory turn ratio was 1.9, which was a 17% decrease from 2.3 in Q4 of last year and a 21% decrease from 2.4 in the prior quarter. For the full fiscal year, our inventory turn ratio was 9.1, a 1% decrease from the 9.2% last fiscal year.

第四財季，我們的庫存週轉率為 1.9，比去年同期的 2.3 下降了 17%，比上一季的 2.4 下降了 21%。本財年，我們的庫存週轉率為 9.1，比上財年的 9.2% 下降了 1%。

And finally, the number of secured loans as of June 30, 2025, totaled 445, a decrease of 9% from March 31, 2025, and a decrease of 24% from June 30, 2024. Our secured loan receivable balance at the end of fiscal year was $94 million, a 9% decrease from March 31, 2025, and a 70% decrease from June 30, 2024. That concludes my prepared remarks.

最後，截至 2025 年 6 月 30 日，擔保貸款總數為 445 筆，比 2025 年 3 月 31 日減少了 9%，比 2024 年 6 月 30 日減少了 24%。截至本財年末，我們的擔保貸款應收款餘額為 9,400 萬美元，比 2025 年 3 月 31 日減少了 9%，比 2024 年 6 月 30 日減少了 70%。我的發言稿到此結束。

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

現在我將把發言權交給格雷格，請他作總結發言。格雷格？

Thank you, Thor and Cary. Our recent acquisitions and growing international presence have strengthened our competitive position while expanding our footprint into higher-margin luxury segments. Our investment in infrastructure and automation technology at our Las Vegas facility has enabled us to centralize our operations, manage costs and allows us to scale up as market conditions evolve.

謝謝Thor和Cary。我們近期的收購和不斷增長的國際影響力增強了我們的競爭地位，同時也將我們的業務拓展到了利潤更高的奢侈品領域。我們在拉斯維加斯工廠對基礎設施和自動化技術的投資，使我們能夠集中營運、控製成本，並隨著市場條件的變化而擴大規模。

Looking ahead to fiscal 2026 with our expanded brand portfolio and ongoing integration and optimization opportunities, we remain confident in A-Mark's long-term trajectory and our continuing ability to deliver shareholder value. That concludes my remarks.

展望 2026 財年，憑藉我們不斷擴大的品牌組合以及持續的整合和優化機會，我們對 A-Mark 的長期發展軌跡以及我們持續為股東創造價值的能力充滿信心。我的發言到此結束。

Operator, we can now open the line for questions.

接線員，現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Thomas Forte, Maxim Group.

Thomas Forte，Maxim集團。

Three questions for me. I'll go one at a time. The first one is a high-level question. You had indicated and you saw in the quarter an improvement in the performance versus the prior quarter. At a high level, though, I was curious where you think we are in the cycle right now.

我有三個問題。我會一個一個來。第一個問題比較宏觀。您曾指出，並且在本季度也看到了業績較上一季度有所改善。不過，從宏觀層面來說，我很好奇你認為我們現在處於週期的哪個階段。

I mean we saw some real strength in April. May and June were a little more -- a little slower. What we've talked about the last two or three quarters, the continued higher spot prices, which result in higher carry costs for A-Mark as well as the headwinds as it relates to the premium in our -- particularly our silver products, it has continued.

我的意思是，我們在四月份看到了一些真正的強勁勢頭。五月和六月稍微慢了一些。過去兩三個季度我們一直在討論現貨價格持續走高的問題，這導致 A-Mark 的持有成本上升，同時也給我們的溢價帶來了不利影響——尤其是我們的白銀產品溢價，這種情況一直持續至今。

We continue to battle these issues, and they are continuing. I do -- I am optimistic that our -- integration of our acquisitions and our continuing efforts to optimize and integrate and reduce the expenses in these acquisitions will ultimately is going to pay off.

我們仍在與這些問題作鬥爭，而這些問題仍然存在。我的確樂觀地認為，我們對收購項目的整合，以及我們不斷努力優化、整合和降低這些收購項目的成本，最終將會發揮成效。

But at the moment, the market is about how it has been over the last three to six months.

但就目前而言，市場狀況與過去三到六個月的情況基本上相同。

Okay. And then for my second, you did engage in a lot of strategic M&A over the last 12, 18 months. Where are your thoughts today? It seems like you have more opportunities to take advantage of, but I don't know if you feel like you need to digest what you just did. But what are your current thoughts on strategic M&A?

好的。其次，在過去的 12 到 18 個月裡，你們確實進行了許多策略性併購。你今天在想些什麼？看起來你還有更多機會可以把握，但我不知道你是否覺得需要好好消化你剛剛做的事情。那麼，您目前對策略併購有何看法？

I mean I think we're always looking for opportunities, and there are still opportunities in the pipeline that we're looking at. I do believe that we closed three acquisitions in our Q3, and we did digest those, and we do believe that we've made good progress in integrating them, although we're not complete yet. I think that the team at A-Mark has done a great job with the integration, and I believe that we are ready to digest something else if the opportunity presented itself.

我的意思是，我認為我們一直在尋找機會，而且目前還有一些機會正在醞釀中，我們正在關注。我相信我們在第三季完成了三項收購，我們也消化了這些收購，我們相信我們在整合這些收購方面取得了良好的進展，儘管我們還沒有完全完成。我認為 A-Mark 團隊在整合方面做得非常出色，我相信如果機會出現，我們已經準備好接受其他事物。

And we're just trying to, as usual, balance our capital allocation between inventory and acquisitions and continuing to optimize what we've already purchased. So work is ongoing in all areas but I certainly wouldn't shut the door on future acquisitions.

我們正努力像往常一樣，平衡庫存和收購之間的資本配置，並繼續優化我們已經購買的資產。因此，各領域的工作都在進行中，但我當然不會排除未來收購的可能性。

I've said before for quite some time that when the market is slow, we believe that opportunities will present themselves and that the acquisitions that we can make now when the market is slower are a lot easier for us to digest and grow and expand than making an acquisition when the market is very hot. So feeling good about it. Door is open and looking for opportunities.

我之前就說過，當市場低迷時，我們相信機會就會出現；而且，在市場低迷時進行的收購，比在市場火熱時進行的收購，更容易被我們消化、發展和擴張。所以感覺很好。機會之門敞開，我正在尋找機會。

All right. So two more. I just thought of one more I wanted to ask quickly. So I think that the answer to this one is that they're still in their early days, but some of the acquisitions you did were intended to give you some element of countercyclicality. So where are we with those efforts?

好的。還剩兩個。我突然想到還有一個問題想趕快問一下。所以我認為這個問題的答案是，他們還處於起步階段，但你們進行的一些收購旨在賦予你們一些反週期性因素。那麼，這些努力目前進展如何？

I mean, I think particularly in the Stack's Bowers area, we just concluded last Friday, our largest sale in history on the Rare Coin auction side. It was a $62 million sale -- over nine days. We sold over 14,000 lots, a very good result. The team at Stack’s Bowers did excellent work getting that auction and those auctions out the door. And that particular market on the rare coin side is very strong right now.

我的意思是，我認為尤其是在 Stack's Bowers 地區，我們上週五剛結束了有史以來最大的稀有硬幣拍賣會。這是一筆耗資 6,200 萬美元的交易——歷時九天。我們賣出了超過14,000件拍品，成績非常好。Stack’ 的 Bowers 團隊出色地完成了那次拍賣和那些拍賣的籌備工作。目前稀有硬幣市場非常強勁。

And to the countercyclical nature you just mentioned, it is proving out that we're benefiting on the higher-margin rare coin side right now than maybe on the 1 ounce silver rounds. So I believe that the strategy is sound. I think the acquisitions were appropriate and they were well timed, and we just need to continue to expand on them.

至於你剛才提到的反週期性，事實證明，我們現在從利潤更高的稀有硬幣領域獲益，可能比從 1 盎司銀幣領域獲益更多。所以我認為這個策略是合理的。我認為這些收購是恰當的，時機也恰到好處，我們只需要繼續擴大規模。

Great. And then last one. So it wasn't clear to me in the prepared remarks, I apologize if it was clear, and I just didn't understand. Have you finished fully upgrading your Vegas distribution center? I know you're adding in or implementing some pretty impressive tech -- is that fully?

偉大的。然後是最後一個。所以，我沒能從準備好的發言稿中清楚地理解，如果已經很清楚了，只是我沒聽懂，我深感抱歉。你們的拉斯維加斯配送中心升級改造工作已經全部完成了嗎？我知道你們正在添加或實施一些非常令人印象深刻的技術——全部都實現了嗎？

Yes. I would say we're 95% complete. From an infrastructure standpoint, we are complete. We continue to work on the software and IT side of it, integrating all of our different customers and all of our internal DTC customers, we are integrating that, but it is operational. And I would say that, like I said, it's mostly complete.

是的。我認為我們已經完成了95%。從基礎設施的角度來看，我們已經完成了。我們正在繼續推進軟體和 IT 方面的工作，整合我們所有不同的客戶和所有內部 DTC 客戶，我們正在進行整合，但它已經投入營運。正如我所說，我認為它基本上完成了。

We're very happy. The increased capacity and cost savings has been everything we expected it to be. We have been able to onboard a number of new clients there, which ultimately in the long term is going to translate into more business and give us opportunity to take market share when the market heats up.

我們非常高興。產能提升和成本節約完全符合我們的預期。我們已經成功吸引了許多新客戶，從長遠來看，這將最終轉化為更多的業務，並在市場升溫時為我們帶來搶佔市場份額的機會。

Mike Baker, D.A. Davidson.

麥克貝克，D.A.戴維森。

Okay. A few for me. Starting big picture, you said, Greg, at the beginning, just the environment remains weak or soft or slow, whatever you said. Can you just remind us, bigger picture, what's a good environment for you guys? What are we from -- looking from the outside looking in, what do we need to see in the world for it not to be a slow environment.

好的。給我幾個。格雷格，你一開始就說過，從大局來看，環境依然薄弱、鬆軟或緩慢，不管你怎麼說。能否請您從更宏觀的角度提醒我們一下，對你們來說，什麼樣的環境才是好的？我們來自哪裡？從外部向內看，我們需要看到世界上的什麼，才能讓世界不再是一個緩慢的環境？

I mean, April, we had a lot of volatility around Liberation Day. I guess that's sort of calmed down. Is it just that the world is too good right now? What makes a good environment for you guys?

我的意思是，四月份，解放日前後市場波動很大。我想這件事應該已經平靜下來了。難道是因為現在的世界太美好了嗎？你們覺得什麼樣的環境才算好環境？

I mean the world is too good if you're in the equities market, and that's where a lot of people are right now. It's hard to compete with the returns. As you point out, yes, April, there was a great deal of volatility. If you look at the (inaudible) levels, they were very high. And our business performed very well in the first 10 days of April.

我的意思是，如果你身處股市，那世界就太美好了，而現在很多人都身處股市。這樣的回報很難與之競爭。正如你所指出的，是的，四月市場波動很大。如果你看一下（聽不清楚的）音量，它們非常高。四月份的前十天，我們的業務表現非常出色。

The uncertainty as it relates to tariffs and as it relates to interest rates and our cost of financing has been negatively affected by a lot of the current administration's strategies. And I believe that when you ask the question, what's good for us? Well, certainly, volatility and some uncertainty in the equity markets would be good for us. The bigger picture macroeconomic issues that are generally good for us are fear and uncertainty. And our last really big run was the Silicon Valley Bank crisis.

關稅、利率以及融資成本的不確定性受到了本屆政府諸多策略的負面影響。我相信，當你問自己「什麼對我們有益？」這個問題時，答案是肯定的。當然，股市的波動和不確定性對我們來說是有利的。從宏觀經濟層面來看，對我們普遍有利的問題是恐懼和不確定性。我們上一次真正意義上的大事件是矽谷銀行危機。

So these are things that would affect us positively. But we can't just wait and hope they're going to happen. I mean we're continuing to grow this business. We're continuing to take seriously our view of our SG&A and particularly our inventory and carrying costs. And historically, we've held a very good-sized inventory in preparation for higher premiums and for more activity.

所以這些都是會對我們產生正面影響的事情。但我們不能只是等待和希望它們會發生。我的意思是，我們正在不斷發展這項業務。我們將繼續認真對待銷售、管理及行政費用，特別是庫存和持有成本。從歷史上看，我們一直保持著相當可觀的庫存，以應對更高的保費和更多的業務活動。

But really, over the last nine months, we've probably had a bit too much inventory. So that is something that we're taking a look at. Certainly, the higher spot prices have put a lot of -- put a spotlight on precious metals, but they haven't particularly been good for us.

但實際上，在過去的九個月裡，我們的庫存可能有點太多了。所以這是我們正在研究的問題。當然，現貨價格上漲讓貴金屬備受關注，但這對我們來說並沒有什麼特別的好處。

Most of the demand and drive in the higher spot prices has been from central banks, and it has not yet translated into a FOMO type effect as it relates to our DTC customers. We see glimpses of change and of things kind of rebounding, but no what we could consider multi-month traction at the moment.

現貨價格上漲的大部分需求和推動力來自中央銀行，但尚未轉化為我們 DTC 客戶所感受到的 FOMO 效應。我們看到了一些變化的跡象，事情似乎正在復蘇，但目前還沒有持續數月的良好勢頭。

So doing everything we can and just making sure we're in a position where if something happens tomorrow that we're able to take advantage of it.

所以，我們會盡一切努力，確保我們處於有利地位，以便如果明天發生什麼事，我們能夠從中獲利。

Understood. Okay. That's helpful. A couple of follow-ups. One, you said you mentioned tariffs.

明白了。好的。那很有幫助。還有一些後續問題。第一，你說你提到了關稅。

Remind us how are tariffs impacting your business right now?

請告訴我們關稅目前對貴公司業務有何影響？

Well, certainly, the tariffs are causing a great deal of consternation as it relates to countries that are subject to tariffs and changing tariffs. In particular, a high percentage of the gold that comes into the United States comes from outside the US, particularly Switzerland, London and some other areas.

當然，關稅問題確實引起了受關稅及關稅變化影響的國家的極大擔憂。尤其值得注意的是，進入美國的黃金很大一部分來自美國以外，特別是瑞士、倫敦和其他一些地區。

There have been a number of occasions over the last 8 to 12 weeks, where uncertainty as it relates to where metal should be located to avoid tariffs has disrupted a number of our different places that we borrow metal or where we borrow dollars and the cost of carry has just been higher for us.

在過去的 8 到 12 周里，由於金屬存放地點的不確定性（為了避免關稅），我們借入金屬或借入美元的多個不同地點都受到了影響，導致我們的持有成本更高。

I think also the uncertainty just as it relates to what will be taxed or what will be tariffed and what will not has caused some disruption in our hedge position, which historically has been a regular contributor to our profitability. And that what we call contango has had some periods of flipping to backwardation.

我認為，關於哪些商品或服務需要徵稅或徵收關稅，哪些不需要徵稅或徵收關稅的不確定性，也對我們的避險策略造成了一定的干擾，而避險策略歷來是我們獲利能力的重要貢獻者。而我們所說的期貨溢價也曾經歷過一些轉為期貨貼水的時期。

So that in general, we get paid to have a short position and that reduces our carry costs in a backwardation situation, near-term spot prices are higher than longer-term prices, and that can negatively affect our profitability. So it has been -- I think we've managed it well, but it has certainly caused a bit of uncertainty in parts of our business.

因此，一般來說，我們持有空頭部位可以獲得收益，這降低了我們在現貨溢價情況下的持倉成本，短期現貨價格高於長期價格，這可能會對我們的獲利能力產生負面影響。所以情況確實如此——我認為我們處理得很好，但這無疑為我們的業務某些方面帶來了一些不確定性。

Yes. Okay. A lot there. If I could ask one more good news question. Your gross margin was really strong.

是的。好的。那裡有很多東西。如果我能再問一個關於好消息的問題的話。你的毛利率非常高。

So I get that gross profit dollars were helped by acquisitions, but what was the big driver to the margin so gross profits relative to sales? It was up --

我明白收購有助於提高毛利潤，但毛利率（相對於銷售）的主要驅動因素是什麼？已經起來了--

I mean I think the gross profit --

我的意思是，我認為毛利--

1.7 Yes, what was that?

1.7 是的，那是什麼？

I mean the gross profit is up because we've added in gross profit from our acquisitions. We've also -- as Cary noted, we've added a lot of SG&A. So you -- our actual gross profit percentage margin is likely to be up because we've integrated the higher-margin businesses. But those acquisitions and higher-margin top line is just a minor percentage of our $11 billion annually in sales. The higher-margin businesses are a few hundred million dollars.

我的意思是，毛利上升是因為我們把收購帶來的毛利加了進去。正如凱瑞所指出的那樣，我們也增加了大量的銷售、一般及行政費用。所以，我們的實質毛利率可能會上升，因為我們已經整合了利潤率較高的業務。但這些收購和高利潤率的收入僅占我們每年 110 億美元銷售額的一小部分。利潤率較高的業務規模達數億美元。

So it's going to add gross profit. I mean our job right now is to continue to look at efficiencies and synergies and how to capture more of that gross profit and we can do that by making sure we're taking a close look at our SG&A as well as I do believe there's an initiative we're working on right now to reduce our inventories a bit and lower our cost to carry.

所以這將增加毛利。我的意思是，我們現在的工作是繼續尋找提高效率和綜效的方法，以及如何獲得更多的毛利。我們可以透過密切關注銷售、一般及行政費用來實現這一點。此外，我相信我們目前正在推進一項計劃，以減少庫存並降低持有成本。

Our interest carry cost, as you can see from the release, are very high. And historically, that has given us optionality as it relates to selling that inventory and being able to maximize the premiums we achieve. In the current environment, those premiums are -- have shrunk.

從這份文件中可以看出，我們的利息成本非常高。從歷史上看，這給了我們銷售庫存和最大化溢價的選擇權。在當前環境下，這些保費已經下降。

So we just don't believe we're going to need to have the same inventory in the future.

所以我們認為未來不再需要同樣的庫存。

Andrew Scutt, ROTH Capital.

Andrew Scutt，ROTH Capital。

So you talked a lot in the -- on the call about greater exposure to international markets. If you look at it, I know revenue is not maybe the best indicator for your business, but as a percentage of revenue, it's grown substantially around 50% last year, over 60% year to date.

所以你在電話會議上談了很多關於更多涉足國際市場的問題。我知道收入可能不是衡量企業績效的最佳指標，但就收入百分比而言，去年增長了約 50%，今年迄今增長了超過 60%。

Can you just kind of talk to us where you see that mix balancing out maybe over the medium and long term as you continue with these strategic acquisitions?

您能否談談您認為隨著您繼續進行這些策略性收購，在中長期內，這種組合將如何達到平衡？

Yes. I would say that we're very pleased. It took 6 to 9 months, but we've been able to integrate our LPM acquisition that was in Hong Kong, that is in Hong Kong. And LPM has been able to expand and open a retail facility in Singapore. We've also made a couple of hires to move more into the wholesale trading business in Singapore.

是的。我想說，我們非常滿意。雖然花了 6 到 9 個月的時間，但我們已經能夠整合我們在香港收購的 LPM 公司。LPM得以擴張，並在新加坡開設了一家零售店。我們還聘請了幾名員工，以便更多地涉足新加坡的批發貿易業務。

And those areas are new to us. We're very optimistic of what we've seen, particularly in the more recent months as the opportunities there appear to be what we hope they would be. And so I think we just like the growth opportunity down there. I'm not saying that it's going to be immediately a material portion of our top line sales.

這些領域對我們來說都是全新的。我們對目前的情況非常樂觀，尤其是在最近幾個月，因為那裡的機會似乎正是我們所希望的。所以我覺得我們只是看好那裡的發展機會。我並不是說它會立即成為我們總銷售額的重要組成部分。

But we are onboarding new customers, and we are -- we have gained access through our LPM brand to a number of new product offerings and higher-margin products that originate in China or in Southeast Asia.

但我們正在吸引新客戶，而且——我們已經透過我們的 LPM 品牌獲得了許多來自中國或東南亞的新產品和高利潤產品。

And having access to those products gives us optimism that this is going to be a new kind of frontier for us that we haven't tackled before. We continue to have good strong new customer growth numbers in the US.

能夠獲得這些產品讓我們樂觀地認為，這將是我們以前從未涉足過的一個新領域。我們在美國的新客戶成長數據持續保持強勁勢頭。

But certainly, we are very new to the Asian markets, and we see some good client onboarding there, and we're starting to see some very positive numbers.

但可以肯定的是，我們進入亞洲市場的時間還很短，我們看到了一些不錯的客戶加入，並且開始看到一些非常正面的數據。

Great. And right know -- I mean, it is a soft environment. You guys have really expanded your DTC exposure to different types of markets, online sales over the phone sales. Are there any particular pockets right now that are currently showing promise? Can you talk about how that expansion has benefited you in this environment?

偉大的。而現在——我的意思是，這是一個寬鬆的環境。你們真的把 DTC 業務拓展到了不同類型的市場，包括線上銷售和電話銷售。目前有哪些領域展現發展潛力？您能否談談在當前環境下，這種擴張為您帶來了哪些好處？

Like I said earlier, I think the (inaudible) some higher premium bullion products as well as the rare coins in our new Stack’s Bowers brand has been very positive. I believe that our CFC finance business is strong right now. I think that is growing.

正如我之前所說，我認為我們新的 StackâCHR Bowers 品牌中的一些高溢價金銀條塊產品以及稀有硬幣的銷售情況非常積極。我認為我們目前的CFC金融業務發展勢頭強勁。我認為這種趨勢正在成長。

We did get back over $100 million of our loan book in the last few weeks. And there does seem to be -- I don't know if it's connected to the overall economic environment or what it is, but we do see an uptick in new loans and new draws against existing loans.

在過去幾周里，我們收回了超過1億美元的貸款。似乎確實存在這種情況——我不知道這是否與整體經濟環境有關，或者是什麼原因，但我們確實看到新增貸款和現有貸款的新提取額有所上升。

So those areas are good. But we're still buying back a lot of material from customers. Our DTC brands are buying back a very high percentage of what they're selling is coming through buybacks. We're keeping up with that with regular melt lots where we're actually melting quite a bit of stuff right now.

所以這些地區都不錯。但我們仍然從客戶那裡回購大量材料。我們的 DTC 品牌正在回購其銷售產品中非常高比例的產品，這些產品都是透過回購獲得的。我們正在透過定期熔煉來跟上進度，目前我們正在熔煉相當多的東西。

So the premiums continue to be a challenge, and we're looking towards when that's going to change and an uptick in silver, in particular, over the last few weeks with silver getting above $40.

因此，溢價仍然是一個挑戰，我們正在關注這種情況何時會改變，尤其是在過去幾週白銀價格上漲的情況下，白銀價格已經超過了 40 美元。

We have seen a bit of positivity there from the silver buyer. So there's a few pockets of positivity. And again, I believe that we're headed in the right direction, and we're making the right adjustments with our business. So looking forward to the future.

我們看到白銀買家方面出現了一些正面情緒。所以還是有一些正面因素的。我再次重申，我相信我們正朝著正確的方向前進，並且正在對我們的業務做出正確的調整。非常期待未來。

(Operator Instructions)

（操作說明）

Gregory Gibas, Northland Securities.

Gregory Gibas，北地證券。

I wanted to follow up on what you mentioned earlier regarding backwardation. I know we talked about it last quarter. Just regarding the impact that maybe backwardation and the cost to carry had in the quarter in fiscal Q4 versus fiscal Q3, was it pretty similar? Or are you seeing it lighten up as there is a little bit more clarity in terms of tariffs?

我想就您之前提到的反向排列問題做個後續說明。我知道我們上個季度討論過這個問題。關於第四財季與第三財季相比，現貨溢價與持有成本的影響是否非常相似？或者，隨著關稅政策更加明朗，您是否看到價格回落？

You asked -- your question is Q4 versus Q3 2025.

你問的是——你的問題是 2025 年第四季與第三季相比。

Yes. And just kind of how it's trending maybe post that as well.

是的。順便也看看這事兒現在的趨勢，或許也可以發。

I mean I don't think it's eased up at all. I think it continues to be challenging. Within the last three to four weeks, the White House announced that silver was going to be a strategic metal or was going to be a rare earth type strategic item. That threw a great deal of disruption into the silver market. And it does affect our ability to finance our silver inventory and as well as our hedge because a good portion of our hedge is in silver.

我的意思是，我覺得情況根本沒有緩和。我認為這仍然是一個挑戰。在過去三到四周內，白宮宣佈白銀將成為一種戰略金屬，或是一種稀土類型的戰略物品。這給白銀市場帶來了極大的混亂。這確實會影響我們為白銀庫存融資以及對沖的能力，因為我們很大一部分對沖都是白銀。

But what it tends to do when you have these disruptions is it causes the curve in contango to flip and you have 1,000-ounce bars, -- there was a period two weeks ago where 1,000-ounce bars were trading at a $1 premium over the melt value for delivery into New York. I mean we're struggling to sell 1 ounce silver rounds at $0.40 an ounce over melt.

但當這些中斷出現時，往往會發生正價差曲線反轉的情況，導致 1000 盎司的金條出現溢價——兩週前曾有一段時間，1000 盎司的金條在紐約交割時的交易價格比熔化價值高出 1 美元。我的意思是，我們現在連以高於熔化價每盎司 0.40 美元的價格出售 1 盎司銀幣都困難重重。

So it gives you an idea of the flip. And when large traders around the world believe that they're going to get metal locked, the demand coming out of New York to get the metal into New York as soon as possible creates this very near-term spike in the premium over the spot price. So that is what leads to backwardation.

這樣可以讓你對翻轉有個大致了解。當世界各地的大型貿易商認為他們即將鎖定金屬供應時，紐約方面為了盡快將金屬運到紐約而產生的需求，就會造成現貨價格溢價在短期內飆升。這就是導致逆向排列的原因。

And that's the definition of it is where future values are lower than near-term values. So to this point, we haven't seen this become long term. For the most part, you get announcements out of the White House or out of other parts of the government, and it creates a bit of immediate panic or a week or two of uncertainty.

這就是它的定義：未來價值低於近期價值。所以到目前為止，我們還沒有看到這種情況長期持續下去。大多數情況下，白宮或其他政府部門會發佈公告，這往往會立即引發一些恐慌，或造成一到兩週的不確定性。

And then, things tend to settle down again. I mean, we had an announcement that was kind of what, I guess, is fake news a few weeks ago where there was a rumor out there in the Financial Times, and there was a story that Trump was going to put tariffs and taxes on gold being imported from Switzerland along the same time that there was a lot of trade war chatter going on.

然後，事情往往會再次平靜下來。我的意思是，幾週前我們聽到了一則消息，我覺得可以稱之為假新聞。當時《金融時報》上流傳著一個謠言，說川普將對從瑞士進口的黃金徵收關稅和稅款，同時，關於貿易戰的討論也很多。

In the end, Trump came out a few days later and said, no, I'm not going to tariff gold from Switzerland. But it was only -- this was four or five weeks ago, it was only in the last week that the administration came out with proper guidance to the import agents as to what code they were supposed to use for gold bars. There's just a lot of disinformation out there.

最後，幾天后，川普出來說，不，我不會對來自瑞士的黃金徵收關稅。但就在四、五週前，就在上週，政府才向進口代理商發布了關於金條應使用什麼代碼的正式指引。現在到處都是假訊息。

I believe there's a lot of trading strategies going on taking advantage of some of this. I think in all of my analysis of our book, of our hedge book of where we're at, we have 20-year history of managing our book and managing a contango environment very profitably to A-Mark.

我認為有很多交易策略都在利用這一點。我認為，在我對我們的帳簿、我們的對沖帳簿以及我們目前狀況的所有分析中，我們有 20 年的帳簿管理歷史，並且在期貨溢價環境下管理 A-Mark 非常有利可圖。

But we are -- there are a few bumps in the road right now. And every morning, we wake up wondering what's going to be next. So that's really what's going on.

但是，我們目前遇到了一些困難。每天早上醒來，我們都會好奇接下來會發生什麼事。這就是事情的真相。

Yes. I appreciate the details, Greg. And I guess I just wanted to follow up, too, in terms of the solid progress that you've made digesting those recent acquisitions. Could you maybe just go over the highlights in terms of what's been done and maybe what's on the horizon regarding integration work that's not yet completed with SGI and AMS?

是的。格雷格，謝謝你提供的細節。我還想跟進一下，關於你們在消化最近收購項目方面取得的實際進展。能否簡單介紹一下目前為止與 SGI 和 AMS 合作完成的整合工作，以及未來有哪些尚未完成的工作？

Sure. I mean I think the first big lift was for Cary and Jill on our finance team. They've done a great job of the purchase price accounting. We were able to complete our year end. We're here talking and we have our release here.

當然。我的意思是，我認為第一個取得重大進展的是我們財務團隊的 Cary 和 Jill。他們在採購價格核算方面做得非常出色。我們順利完成了年終工作。我們在這裡進行討論，我們的發布會也在這裡舉行。

And I think the integration of the accounting for the acquisitions is 90% complete now and a great job by the finance team. We started and it was our plan first to integrate Pinehurst, and Pinehurst was a stand-alone business that we had a minority interest in located in North Carolina.

我認為收購相關的會計整合工作目前已完成 90%，財務團隊做得非常出色。我們最初的計劃是整合 Pinehurst，而 Pinehurst 是一家位於北卡羅來納州的獨立企業，我們持有少數股權。

We have completed moving their inventory and all of their shipping and logistics, storage, pick and pack, all of that has now been moved to Las Vegas.

我們已經完成了他們的庫存搬遷，所有運輸和物流、倉儲、揀貨和包裝等工作現在都轉移到拉斯維加斯。

Thor Gjerdrum spearheaded that along with Brian Aquilino and Vince from Pinehurst, and that's now complete. We've been able to eliminate a lot of redundancy and a lot of costs there. From the Pinehurst DTC side of things, we are continuing to look for redundancies and synergies that we can find with JM Bullion and our DTC operations in Texas.

Thor Gjerdrum 與 Brian Aquilino 和 Pinehurst 的 Vince 一起領導完成了這項工作，現在這項工作已經完成。我們已經消除了很多冗餘，也節省了很多成本。從 Pinehurst DTC 的角度來看，我們將繼續尋找與 JM Bullion 以及我們在德克薩斯州的 DTC 業務之間的冗餘和協同效應。

As it relates to AMS, I think we are in process of looking at where the synergies are, particularly with their marketing department and some of their marketing expertise that we're rolling out across some of our other platforms and again, looking for synergies and looking for redundancy in expenses that we don't have to incur.

就 AMS 而言，我認為我們正在研究協同效應在哪裡，特別是與他們的行銷部門以及他們的一些行銷專業知識，我們正在將這些專業知識推廣到我們的一些其他平台上，並且再次尋找協同效應，尋找我們不必承擔的費用方面的冗餘。

I think on the stack side, we've moved some of our resources from El Segundo. We've moved them down to Orange County, and we are developing and building a more integrated trading desk down here. So we have a lot on our plate. We have a lot going on, but very excited about the opportunity.

我認為在技術堆疊方面，我們已經將一些資源從埃爾塞貢多轉移了過來。我們已經把他們搬到了奧蘭治縣，我們正在這裡開發和建立一個更一體化的交易平台。所以我們有很多事情要處理。我們有很多事情要做，但對這個機會感到非常興奮。

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

問答環節到此結束。

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

現在我把電話交給羅伯茲先生，請他作總結發言。

I'd like to thank our many shareholders, once again, for your loyalty and being with the company and joining our call today. Continued interest and support is important to A-Mark.

我再次感謝各位股東的忠誠與支持，感謝你們今天參加我們的電話會議。A-Mark 非常重視大家的持續關注與支持。

I'd also like to thank our many employees for their dedication and commitment to A-Mark's success.

我還要感謝我們眾多員工為 A-Mark 的成功所付出的奉獻和努力。

I look forward to keeping you apprised of A-Mark's progress and turn it back over to John. Thank you for being on the call today.

我將隨時向您報告 A-Mark 的進度，然後把工作交還給約翰。感謝您今天參加電話會議。

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.

在今天的電話會議結束之前，我想提供 A-Mark 的安全港聲明，其中包含有關本次電話會議中作出的前瞻性陳述的重要注意事項。

During today's call, there were forward-looking statements made regarding future events. Statements that relate to A-Mark's future plans, objectives, expectations, performance, events and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.

在今天的電話會議中，有人對未來事件做出了前瞻性陳述。與 A-Mark 的未來計畫、目標、預期、績效、事件等相關的聲明，均屬於 1995 年《私人證券訴訟改革法案》和 1934 年《證券交易法案》所界定的前瞻性聲明。

These include statements regarding expectations with respect to growth, the delivery of long-term value, expense optimization, cost containment and operating leverage. Future events, risks and uncertainties individually or in the aggregate could cause actual results or circumstances to differ materially from those expressed or implied in these statements.

其中包括有關成長預期、實現長期價值、費用優化、成本控制和營運槓桿的聲明。未來的事件、風險和不確定性，無論是單獨發生或綜合起來發生，都可能導致實際結果或情況與這些聲明中明示或暗示的內容有重大差異。

Factors that could cause actual results to differ include the following: the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater-than-anticipated costs incurred to execute this strategy; our inability to execute on our cost containment and expense reduction programs, government regulations that might impede growth, particularly in Asia, including with respect to tariff policy; 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.

可能導致實際結果與預期存在差異的因素包括：未能執行公司成長策略，包括未能找到合適的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；未能執行成本控制和費用削減計劃；可能阻礙增長的政府法規，尤其是在亞洲，包括關稅政策；未能成功整合

Particularly in recent periods 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 metal products generally; potential negative effects that inflationary pressure may have on our business; the failure of our investee companies to maintain or address the preferences of their customer bases; general risk of doing business in commodity markets and 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.

特別是在最近一段時間，公司高利潤率服務的競爭加劇，這可能會壓低價格；公司的商業模式未能如預期般應對市場環境的變化；消費者對貴金屬產品的需求和偏好普遍發生變化；通脹壓力可能對我們的業務產生潛在的負面影響；我們的投資公司未能維持或滿足其客戶群的偏好；在金融市場開展業務的一般風險

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.

本公司不承擔公開更新或修改任何前瞻性聲明的義務。聽眾請注意，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.

最後，我想提醒大家，今天電話會議的錄音將透過公司網站投資者關係部分的連結提供回放。

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的財報電話會議。您現在可以斷開連線了。