巴里克黃金 (GOLD) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to A-Mark Precious Metals Conference Call for the fiscal first quarter ended September 30, 2025. My name is Kelly, and I will be your operator for this afternoon. Before this call, A-Mark issued its results for the fiscal first quarter 2026 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 貴金屬公司 2025 年 9 月 30 日結束的第一個財季電話會議。我叫凱莉，今天下午我將擔任您的接線生。在本次電話會議之前，A-Mark公司已發布2026財年第一季業績新聞稿，該新聞稿可在本公司網站www.amark.com的「投資者關係」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。

Joining us for today's call are A-Mark's CEO, Greg Roberts; and CFO, 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.

今天參加電話會議的有 A-Mark 的執行長 Greg Roberts 和財務長 Cary Dickson。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, Kelly, and good afternoon, everyone. Thanks for joining the call today. Today is an exciting day for A-Mark. As you may have seen in our press releases, we announced today the acquisition of Monex Deposit Company and our upcoming rebrand and relisting to gold.com.

謝謝你，凱莉，大家下午好。感謝您今天參加電話會議。今天對A-Mark來說是激動人心的一天。正如您可能在我們的新聞稿中看到的那樣，我們今天宣布收購 Monex Deposit Company，並即將進行品牌重塑，重新在 gold.com 上線。

I'll touch on both before getting into the quarter. Monex is one of the nation's largest direct-to-consumer or DTC precious metals dealers. Since its founding in 1987, Monex has facilitated billions of dollars in transactions and built a full-service platform offering bullion and coin products. The business also includes a sizable secure storage offering, which now exceeds $630 million in assets under custody.

在正式進入本季之前，我會先簡單介紹一下這兩點。Monex是美國最大的直接面向消費者（DTC）貴金屬交易商之一。自 1987 年成立以來，Monex 已促成數十億美元的交易，並建立了一個提供金銀條塊和硬幣產品的全方位服務平台。該業務還包括規模可觀的安全儲存服務，目前託管資產超過 6.3 億美元。

I've known and worked with the Carabini family throughout my career, and we're excited to welcome Michael and his team under the A-Mark gold.com umbrella. This acquisition strengthens our DTC presence by leveraging Monex' well-established brand, reputation and loyal customer base. We also expect operational synergies that will enhance and streamline both organizations.

在我的職業生涯中，我一直認識並與 Carabini 家族合作，我們很高興歡迎 Michael 和他的團隊加入 A-Mark gold.com 旗下。此次收購利用 Monex 成熟的品牌、聲譽和忠實的客戶群，加強了我們在 DTC 領域的影響力。我們也期望透過營運綜效來提升和簡化兩個組織的運作流程。

Turning to our decision to rebrand and transfer our listing. We began laying the groundwork several years ago when JM Bullion acquired the gold.com domain. Once the GOLD ticker became available on the New York Stock Exchange, the timing was right to make the change. Gold.com embodies who we are as we strengthen our category leadership and help shape the future of precious metals, numismatics and other collectibles. This name change marks the first step in positioning us for continued long-term success, enhancing operational excellence and delivering value to customers, partners and shareholders.

接下來談談我們決定重新打造品牌並轉移我們的房源資訊。幾年前，JM Bullion 收購了 gold.com 域名，我們便開始為此奠定基礎。GOLD股票代碼在紐約證券交易所推出後，時機就成熟了，可以進行更改了。Gold.com 體現了我們的企業理念，我們藉此鞏固了在貴金屬、錢幣學和其他收藏品領域的領導地位，並幫助塑造了貴金屬、錢幣學和其他收藏品的未來。這次更名標誌著我們朝著持續長期成功邁出了第一步，提升了營運效率，並為客戶、合作夥伴和股東創造了價值。

Investor interest in gold and silver has grown in recent years. And as we expand into adjacent categories such as wine, sports cards and other collectibles, now is the right time to modernize our corporate identity and how these assets are bought, sold and managed.

近年來，投資者對黃金和白銀的興趣日益濃厚。隨著我們業務拓展到葡萄酒、體育卡和其他收藏品等鄰近領域，現在正是對我們的企業形像以及這些資產的買賣和管理方式進行現代化改造的恰當時機。

While gold.com will serve as the corporate brand, our Wholesale Sales & Ancillary Services segment will continue to operate under the A-Mark name and brand. Our direct-to-consumer segments will continue to go to market through the portfolio of trusted brands and channels, including JM Bullion and Stack's Bowers, Collateral Finance, Goldline and will also retain their names. We're excited about this next chapter and look forward to the official exchange transfer on December 2.

gold.com 將作為公司品牌，而我們的批發銷售及輔助服務部門將繼續以 A-Mark 的名稱和品牌運作。我們的直接面向消費者的業務部門將繼續透過值得信賴的品牌和管道組合進入市場，包括 JM Bullion 和 Stack's Bowers、Collat​​​​eral Finance、Goldline，並且也將保留其名稱。我們對這下一個篇章感到興奮，並期待12月2日的正式匯兌。

Now on to our quarter. Our results demonstrate the resiliency of our fully integrated platform and the early benefits of our recent acquisitions. While July and particularly August were marked by subdued demand and historically tight premium spreads, conditions improved meaningfully after Labor Day. For the quarter, we delivered $72.9 million in gross profit. This performance reflects the late quarter shift in consumer demand, combined with strong auction results from our recently acquired Stacks Bowers galleries.

現在進入本季。我們的成果證明了我們完全整合的平台的韌性，以及我們近期收購帶來的早期效益。7 月，尤其是 8 月，需求疲軟，保費價差處於歷史低位，但勞動節後情況明顯改善。本季度，我們實現了7,290萬美元的毛利。這項業績反映了本季末消費者需求的轉變，以及我們最近收購的 Stacks Bowers 畫廊的強勁拍賣成績。

In September and October, we experienced a welcome increase in demand and expanded premium spreads. We have benefited from our strong balance sheet and our ability to manage our inventory levels to satisfy this increased demand. The ability to quickly ramp up production at both of our mints has proved to be timely as we have been moving through the second quarter. Although spot prices have come off all-time highs in the last two weeks, we are well positioned to take advantage of a continuation of elevated demand environment.

9月和10月，我們迎來了可喜的需求成長和保費價差擴大。我們得益於穩健的資產負債表和有效的庫存管理能力，得以滿足不斷增長的需求。事實證明，在我們進入第二季度之際，我們兩家造幣廠能夠迅速提高產量是非常及時的。儘管現貨價格在過去兩週已從歷史高點回落，但我們已做好充分準備，利用持續高漲的需求環境。

Operationally, our investment in AMGL over the past several quarters has paid off as we integrate our recent acquisitions. This quarter, we successfully consolidated Pinehurst's operations, inventory and shipping with AMGL and have automated those initiatives. We're also continuing to rightsize AMS, and we expect additional savings as we centralize operations and capture further economies of scale.

從營運角度來看，過去幾季我們對 AMGL 的投資已經取得了回報，因為我們正在整合最近收購的公司。本季度，我們成功地將 Pinehurst 的營運、庫存和運輸與 AMGL 合併，並實現了這些措施的自動化。我們也持續調整AMS的規模，隨著營運集中化和規模經濟效益的進一步提高，我們預計還將節省更多成本。

Internationally, our move to Asia with LPM has delivered sizable contributions this quarter. We believe the traction in the business is a strong indicator of what's ahead. Our fully integrated platform positions us to succeed across market environments.

在國際方面，我們與 LPM 合作進軍亞洲市場，本季取得了可觀的業績貢獻。我們認為，業務的良好發展動能是未來發展趨勢的強大指標。我們全面整合的平台使我們能夠在各種市場環境中取得成功。

With that, I will turn the call over to our CFO, Cary Dickson, for a detailed financial review and to walk through our key operating metrics. Afterwards, I will return with additional comments on our business growth strategy for the coming fiscal year as well as take your questions. Cary?

接下來，我將把電話交給我們的財務長凱瑞·迪克森，讓他進行詳細的財務回顧，並介紹我們的關鍵營運指標。之後，我將就我們下一財年的業務成長策略發表更多評論，並回答大家的問題。凱瑞？

Thank you, Greg, and good afternoon to everybody. Our revenues for Q1 fiscal '26 increased 36% to $3.68 billion from $2.72 billion in Q1 of last year. Excluding an increase of $561 million of forward sales, our revenues increased $404 million or 27.6%, which was due to an increase in gold ounces sold and higher average selling prices of gold and silver, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisitions of SGI, Pinehurst and AMS in the last two quarters of fiscal '25.

謝謝你，格雷格，大家下午好。2026 財年第一季度，我們的營收成長了 36%，從去年同期的 27.2 億美元增至 36.8 億美元。不計入 5.61 億美元的遠期銷售額成長，我們的營收成長了 4.04 億美元，增幅達 27.6%，這主要得益於黃金銷量增加以及黃金和白銀平均售價上漲，但部分被白銀銷量下降所抵消。由於在 2025 財年的最後兩個季度收購了 SGI、Pinehurst 和 AMS，收入也有所增長。

Gross profit for Q1 fiscal '26 increased 68% to $72.9 million or 1.98% of revenue from $43.4 million or 1.6% of revenue in Q1 of last year. The increase was primarily due to higher gross profits earned by both the wholesale sale and ancillary services and direct-to-consumer segments, including the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year ago quarter, partially offset by lower trading profits.

2026 財年第一季毛利成長 68%，達到 7,290 萬美元，佔營收的 1.98%，而去年同期毛利為 4,340 萬美元，佔營收的 1.6%。成長主要歸功於批發銷售及輔助服務和直接面向消費者業務部門的毛利增加，其中包括收購 SGI、Pinehurst 和 AMS，這些業務在去年同期並未計入毛利潤，但部分被較低的交易利潤所抵銷。

SG&A expenses for Q1 fiscal '26 increased 125% to $59.8 million from $26.6 million in Q1 of last year. The overall increase is primarily due to increases in compensation expense of $19.5 million, advertising costs of $5.2 million, consulting and professional fees of $4.1 million, facilities expenses of $1.3 million and bank and service credit fees of $1.2 million.

2026 財年第一季銷售、一般及行政費用成長 125%，從去年同期的 2,660 萬美元增至 5,980 萬美元。整體成長主要歸因於薪資支出增加 1,950 萬美元、廣告費用增加 520 萬美元、諮詢和專業費用增加 410 萬美元、設施費用增加 130 萬美元以及銀行和服務信貸費用增加 120 萬美元。

SG&A expenses for the three months ended September 30, '25, included expenses incurred by SGI, Pinehurst and AMS, which were not included in the same year ago period as they were not consolidated subsidiaries, and we have not acquired them yet.

截至 2025 年 9 月 30 日止三個月的銷售、一般及行政費用包括 SGI、Pinehurst 和 AMS 產生的費用，這些費用在去年同期並未計入，因為它們不是合併子公司，而且我們尚未收購它們。

Depreciation and amortization for Q1 of '26 increased 61% to $7.6 million from $4.7 million in Q1. The increase was primarily due to an increase in amortization expense resulting from the increase in step-up of our intangible assets through the acquisitions that we've been talking about.

2026 年第一季的折舊和攤銷費用增加了 61%，從 2026 年第一季的 470 萬美元增加到 760 萬美元。此次成長主要是由於我們一直在討論的收購導致無形資產增值，從而造成攤銷費用增加。

Interest income for Q1 fiscal '26 decreased 21% to $5.6 million from $7.1 million in Q1 of last year. The decrease is primarily due to a decrease in other finance product income of $1 million and a decrease in interest income earned by our Secured Lending segment of $0.5 million.

2026 財年第一季利息收入較上年同期下降 21%，至 560 萬美元，而上年同期為 710 萬美元。下降的主要原因是其他金融產品收入減少了 100 萬美元，以及擔保貸款業務部門獲得的利息收入減少了 50 萬美元。

Interest expense for Q1 fiscal '26 increased 26% to $12.6 million from $10 million in Q1 of last year. The increase in interest expense is primarily due to an increase of $1.3 million related to precious metal leases, an increase of $0.6 million associated with our trading credit facility, an increase of $0.5 million related to product financing arrangements.

2026 財年第一季利息支出較上年同期成長 26%，從 1,000 萬美元增至 1,260 萬美元。利息支出增加主要是因為貴金屬租賃增加 130 萬美元，貿易信貸額度增加 60 萬美元，產品融資安排增加 50 萬美元。

Earnings from equity method investments of Q1 fiscal '26 decreased 257% to a loss of $0.9 million from earnings of $0.6 million profit in Q1 of last year. The decrease is due to decreased earnings from our equity method investees. Net loss attributable to the company for the first quarter of fiscal '26 totaled $0.9 million or $0.04 per diluted share. This compares to net income attributable to the company of $9 million or $0.37 per diluted share in Q1 of last year.

2026 財年第一季權益法投資收益下降 257%，虧損 90 萬美元，去年同期獲利 60 萬美元。下降的原因是採用權益法投資的公司的獲利減少。該公司2026財年第一季淨虧損總計90萬美元，即每股攤薄虧損0.04美元。相較之下，去年第一季歸屬於公司的淨利潤為 900 萬美元，即每股攤薄收益 0.37 美元。

Adjusted net income before provision for income taxes, a non-GAAP financial performance measure, which excludes depreciation, amortization, acquisition costs and contingent consideration fair value adjustments for Q1 '26 totaled $4.9 million, a decrease of 67% compared to $14.8 million in the same year ago quarter. EBITDA, a non-GAAP liquidity measure for Q1 fiscal '26 totaled $14.3 million, a 20% decrease compared to $17.8 million in the same quarter last year.

2026 年第一季調整後的淨收入（未提列所得稅準備金，非公認會計準則財務業績指標，不包括折舊、攤提、收購成本和或有對價公允價值調整）總計 490 萬美元，與去年同期的 1,480 萬美元相比下降了 67%。2026 財年第一季的非 GAAP 流動性指標 EBITDA 總計 1,430 萬美元，比去年同期的 1,780 萬美元下降了 20%。

Turning to our balance sheet. As of September 30, we had $89.2 million in cash compared to $77.7 million at the end of fiscal '25. Our nonrestricted inventories totaled $846.1 million as of September 30 compared to $794 million at the end of fiscal '25.

接下來來看看我們的資產負債表。截至 9 月 30 日，我們擁有 8,920 萬美元現金，而 2025 財年末為 7,770 萬美元。截至 9 月 30 日，我們的非限制性庫存總額為 8.461 億美元，而 2025 財年末為 7.94 億美元。

That completes my financial summary. Now looking at our key operating metrics for the first fiscal quarter of '26. We sold 439,000 ounces of gold in Q1 fiscal '26, which was up 10% from Q1 of last year and up 27% from the prior quarter. We sold 10.4 million ounces of silver in Q1 fiscal '26, which was down 49% from Q1 of last year and down 34% from the prior quarter.

我的財務總結就到這裡。現在來看看我們 2026 財年第一季的關鍵營運指標。我們在 2026 財年第一季售出了 439,000 盎司黃金，比去年第一季成長了 10%，比上一季成長了 27%。我們在 2026 財年第一季售出了 1,040 萬盎司白銀，比去年第一季下降了 49%，比上一季下降了 34%。

The number of new customers in our DTC segment, which is defined as those who registered, set up a new account or made a purchase for the first time during the period was 69,400 in Q1 fiscal '26, which was up 25% from Q1 of last year and decreased 36% from last quarter.

2026 財年第一季度，我們 DTC 業務部門的新客戶數量為 69,400 人，該部門定義為在該期間首次註冊、設定新帳戶或進行購買的客戶。這一數字比去年第一季成長了 25%，比上一季下降了 36%。

The number of total customers in our direct-to-consumer segment at the end of the first quarter was approximately $4.3 million, a 37% increase from the prior year. This year-over-year increase in total customers is predominantly due to the acquisitions of SGI, Pinehurst and AMS as well as organic growth of our JMB customer base.

第一季末，我們直接面向消費者的業務部門的客戶總數約為 430 萬美元，比上年同期成長 37%。客戶總數較去年同期成長主要歸功於對 SGI、Pinehurst 和 AMS 的收購，以及我們 JMB 客戶群的自然成長。

Finally, the number of secured loans at the end of September totaled 424, a decrease of 5% from June 30, '25, and a decrease of 25% from September 30, '24. Our secured loans receivable balance at the end of September was $103.6 million, a 10% increase from June 30, '25, and a 2% increase from September 30, '24.

最後，截至 9 月底，擔保貸款總數為 424 筆，比 2025 年 6 月 30 日減少了 5%，比 2024 年 9 月 30 日減少了 25%。截至 9 月底，我們的擔保貸款應收款餘額為 1.036 億美元，比 2025 年 6 月 30 日增加了 10%，比 2024 年 9 月 30 日增加了 2%。

That concludes my prepared remarks. I'll now turn it back over to Greg for closing remarks.

我的發言稿到此結束。現在我將把發言權交還給格雷格，請他作總結發言。

Thank you, Cary. We've seen the momentum that began late in the first quarter carry into our second quarter, and we're cautiously optimistic about the year ahead. With the addition of Monex and our recent acquisitions, we're now better positioned to perform across all market environments and to capitalize on periods of heightened volatility.

謝謝你，凱瑞。我們看到第一季末開始的成長動能延續到了第二季度，我們對未來一年持謹慎樂觀態度。隨著 Monex 的加入以及我們最近的收購，我們現在更有能力在各種市場環境下取得業績，並能從市場波動加劇的時期獲利。

As we prepare for our transition to gold.com next month, this milestone underscores our vision to build the most trusted and globally recognized precious metals platform. Backed by the strength of our core business, the power of our integrated model and the momentum from our recent acquisitions, we have a solid foundation for sustained growth and profitable -- sustained and profitable growth. We remain confident in our long-term trajectory and our ability to create lasting value for our shareholders.

下個月我們將過渡到 gold.com，這一里程碑凸顯了我們打造最值得信賴、全球公認的貴金屬平台的願景。憑藉我們核心業務的實力、一體化模式的強大力量以及近期收購帶來的發展勢頭，我們擁有持續增長和盈利的堅實基礎——持續且盈利的增長。我們對公司的長期發展軌跡以及為股東創造持久價值的能力充滿信心。

That concludes my remarks. Operator, we can now open the line for questions.

我的發言到此結束。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。

Yes. So Greg, congrats on all the advancements and the rebrand to gold.com. One question, one follow-up, and then I might get back in the queue. I wanted to ask you, Greg, for your current thoughts on strategic M&A. You've had a lot of transactions over the last 12 to 18 months. What's your current appetite for additional deals? And how should we think about areas of focus, domestic versus international, DTC and I guess, precious metals versus other collectibles. The recent examples have been wine and numismatics.

是的。格雷格，祝賀你們取得的所有進展以及更名為gold.com。我還有一個問題，一個後續問題，之後我可能會重新排隊。格雷格，我想問你目前對策略併購的看法。在過去 12 到 18 個月裡，您有很多交易。您目前對更多交易的需求如何？那我們該如何考慮重點領域呢？國內市場與國際市場、DTC市場，以及貴金屬與其他收藏品的差異。最近的例證是葡萄酒和錢幣學。

Yes. As always, I think this question, I answer it the same way. We're always looking at opportunities, always looking at pieces that we think fit in the overall goals and where we want to be going forward. We've digested, and we've digested the acquisitions we did earlier in the year. The team has done a great job getting those in a position where we can now start to see the benefits from the acquisitions.

是的。和以往一樣，我認為這個問題，我的回答也一樣。我們一直在尋找機會，一直在尋找我們認為符合整體目標和未來發展方向的要素。我們已經消化了今年稍早的收購。團隊出色地完成了工作，使這些公司處於有利地位，我們現在可以開始看到收購帶來的好處了。

On the rare coin side, which generally has some correlation to precious metals prices from a buyer behavior perspective, we accomplished one of the largest auctions that Stack's Bowers has had in history in August and September. So we've seen great strength there.

從買家行為的角度來看，稀有硬幣的價格通常與貴金屬價格有一定的相關性。在稀有硬幣方面，我們在 8 月和 9 月完成了 Stack's Bowers 歷史上最大的拍賣會之一。所以我們看到了那裡的強大實力。

As we look for other opportunities, we're always open and always looking at ways to expand. I think we've done a lot in Asia over the last 24 months, and we're definitely seeing the benefits of those acquisitions pay off today. We have a great partner in Atkinsons in the UK. Their business has been very strong over the last 24 months, and we would love to help Atkinsons grow in the UK. As it relates to other geographical areas, there's nothing at the moment that is a must-have, I believe, for us, although we're -- if we see something we like, we'll talk about it.

在尋找其他機會的同時，我們始終保持開放態度，並不斷尋求擴張的途徑。我認為過去 24 個月我們在亞洲做了很多工作，而且我們今天確實看到了這些收購帶來的好處。我們在英國的合作夥伴是 Atkinsons 公司。過去 24 個月，他們的業務發展非常強勁，我們很樂意幫助 Atkinsons 在英國成長。至於其他地理區域，我認為目前沒有什麼是我們必須要擁有的，儘管如果我們看到喜歡的東西，我們會談論它。

The Monex transaction is something that I've worked on for many quarters now, a company that has been a customer, the counterparty of A-Mark for over 25 years. They have a great model, a great customer base, and most importantly, management, the Carabini family are -- and others there are just great assets that we're bringing into the A-Mark fold. So we want to get that deal closed. We want to continue to look for synergies. As we've grown, as you can see from the numbers, our SG&A has grown, a lot of it having to do with new employees through the acquisitions.

Monex 的交易是我多年來一直在努力推進的，該公司是 A-Mark 的客戶和交易對手，合作時間超過 25 年。他們擁有優秀的商業模式、龐大的客戶群，最重要的是，他們的管理團隊——卡拉比尼家族——以及其他許多優秀的人才，都是我們引進 A-Mark 的寶貴資產。所以我們希望盡快完成這筆交易。我們希望繼續尋找協同效應。正如您從數據中看到的，隨著我們的發展，我們的銷售、一般及行政費用也隨之增長，這很大程度上是由於收購帶來的新員工。

Our finance costs are up. A lot of that having to do with headwinds related to the precious metals financing overall macro business as well as we're financing the same amount of ounces at much higher spot prices right now. So I think our appetite is still there, and we'll continue to look for deals that we believe are accretive to the business.

我們的融資成本上升了。這很大程度上與貴金屬融資整體宏觀業務面臨的不利因素有關，而且我們現在是以更高的現貨價格為相同數量的黃金進行融資。所以我認為我們仍然有收購的意願，我們將繼續尋找我們認為能夠提升公司績效的交易。

Thank you. And then for my follow-up, and then I might get back in the queue. I really appreciate your thoughts on stablecoins and gold demand. So I think there's been a long-time debate or had been a long-time debate on kind of gold versus Bitcoin, and I see this as an example of gold and crypto. So I would appreciate your thoughts on stablecoins and gold demand.

謝謝。然後，我會跟進，之後我可能又要重新排隊了。我非常感謝您關於穩定幣和黃金需求的見解。所以我認為，關於黃金與比特幣孰優孰劣的爭論由來已久，而我認為這就是黃金和加密貨幣的一個例子。所以我想聽聽您對穩定幣和黃金需求的看法。

I mean the gold demand has been incredible over the last 9 to 12 months, and it's reflected in the performance of the spot prices. And you have throughout the beginning of the year and most of last year, you had strong central bank buying. And I've talked about this before. China has been buying large quantities of gold for at least the last three or four years.

我的意思是，過去9到12個月裡，黃金需求非常旺盛，這反映在現貨價格的表現上。年初至今以及去年大部分時間裡，各國央行都進行了強而有力的購債行動。我之前也談過這個問題。至少在過去三、四年裡，中國一直在大量購買黃金。

And that demand has trickled down to other governments. I think you could look towards India, you could look towards Russia, you could look towards other countries that are kind of on the anti-dollar trade right now. And whether it be redeploying assets from maturing treasuries or just reallocation, you've seen central banks really leading. And to move the spot price of gold as much as it has moved, it's a very large amount of dollars that move that price.

這種需求也蔓延到了其他國家的政府。我認為你可以關注印度，你可以關注俄羅斯，你可以關注其他一些目前奉行反美元政策的國家。無論是將到期國債重新部署到其他資產，還是進行資產重新配置，我們都看到各國央行真正發揮了領導作用。而要讓黃金現貨價格出現如此大的波動，需要非常龐大的美元資金來推動價格變動。

I think that throughout July and August, the spot prices continued to rise. And in the US, the domestic consumer, as I have talked about before, the domestic consumer was not really motivated by the higher spot prices. In fact, as we talked about last quarter, A-Mark was a terminal point of liquidity for a lot of people selling and taking profits at the spot prices.

我認為在整個七月和八月，現貨價格持續上漲。而在美國，正如我之前所說，國內消費者並沒有真正受到現貨價格上漲的激勵。事實上，正如我們上個季度所討論的那樣，A-Mark 是許多人以現貨價格賣出並獲利的流動性終點。

As I mentioned before and in the press release, we have seen a welcome change in September and October, where it does appear that there has been a lot of publicity. I think Goldman came out with something. Others have said the same that US citizens should have a higher percentage of their investable assets in gold and silver, and we have definitely seen an uptick in September and October.

正如我之前在新聞稿中提到的那樣，我們在九月和十月看到了令人欣喜的變化，這兩個月似乎進行了大量宣傳。我覺得高盛發布了一些消息。其他人也表示，美國公民應該將更高比例的可投資資產配置於黃金和白銀，而我們在 9 月和 10 月確實看到了這種增長。

And we have got back to a situation where there's been some tight supply on certain products and our premiums have finally started to grow a little bit. I think at JM Bullion in September and October premiums have probably gone up about 20% since August. And so that has been a shift in kind of what's going on in the gold market.

現在，某些產品的供應又變得緊張起來，我們的溢價也終於開始稍微上漲。我認為 JM Bullion 9 月和 10 月的溢價可能比 8 月上漲了約 20%。因此，黃金市場的發展趨勢發生了一些轉變。

And then finally, I think starting in October, we did see an increased demand for silver as silver got over $50. So I think our customers have taken a little breather the last week as spot prices have come off a little bit. But I think the major shift in what we saw in September and October were as gold and silver made new highs, we saw a shift in demand from our customers. So that was welcome and we hope it continues.

最後，我認為從 10 月開始，隨著白銀價格超過 50 美元，我們確實看到了白銀需求的增加。所以我覺得，由於現貨價格略有回落，我們的客戶在過去一周稍微放鬆了一下。但我認為，9 月和 10 月我們觀察到的主要變化是，隨著黃金和白銀價格創下新高，我們的客戶需求也改變了。我們對此表示歡迎，並希望這種情況能持續下去。

Mike Baker, DA Davidson.

麥克貝克，地方檢察官戴維森。

Thanks. So you just sort of touched on it, but I was going to ask you, what's changed because in the past and even last year, when we saw really high prices, you didn't see the demand. In fact, as you said, you were providing liquidity. I guess you just sort of -- I was going to ask what has changed this time, but you sort of answered that.

謝謝。所以你剛才稍微提到了這一點，但我本來想問你，是什麼發生了變化，因為在過去，甚至去年，當我們看到價格非常高的時候，並沒有看到需求。事實上，正如你所說，你當時是在提供流動性。我想你大概就是──我本來想問這次有什麼變化，但你已經回答了。

So I guess I'll pivot my question. How sustainable is this change? You said your customers have taken a bit of a breather in the last week, and we're not going to look at things on a week-to-week basis. I get that. But how sustainable is the better trends that you've seen in September and October? Is it that everyone sort of emptied out their closet of the gold they have.

那我換個話題問吧。這種改變的可持續性如何？您說您的客戶在過去一周稍作休息，所以我們不會按週來看待這個問題。我明白了。但是，您在九月和十月看到的這些較好的趨勢能持續多久呢？是不是大家都把衣櫃裡的金子都掏空了？

And so now there's no more selling to you and it's much more buying. Is that sustainable? And if you could, just take the last two months and what's sort of the run rate of the profitability of this business now relative to where you just finished?

所以現在不再是向你推銷，而是向你購買更多。這種做法可持續嗎？如果可以的話，請您回顧過去兩個月的情況，並分析目前該業務的盈利能力與剛結束的時期相比如何？

Yeah. I think as it relates to whether or not it's sustainable or not, I mean we've had extreme, extreme volatility and behavior of our customers -- it changes fairly regularly. Like I said, July and August were particularly August were about as slow as I have seen our business, which is, for the most part, reflective in our performance. I think that we had a great rebound in September and made up for a very slow period as well as extreme volatility and some extreme increases in financing costs in July and August.

是的。我認為，就其是否可持續而言，我的意思是，我們經歷了客戶行為的極端波動——這種情況變化相當頻繁。正如我所說，7 月和 8 月，尤其是 8 月，是我見過我們業務最清淡的時候，這在很大程度上反映在我們的業績上。我認為我們在9月份實現了強勁反彈，彌補了7月和8月的低迷時期、極端波動以及融資成本的急劇上升。

We continue to have a very volatile and erratic market as it relates to gold leases and repo, which are gold and silver leases and repo rates, which are a big component of how we finance our business. Those rates have been very volatile. The market has flipped a bit into backwardation, which is never great for us because we're short the market and we have a very big short book. So, in July and August, we did face some headwinds.

與黃金租賃和回購相關的市場仍然非常不穩定和無常，而黃金和白銀的租賃和回購利率是我們業務融資的重要組成部分。這些利率波動非常劇烈。市場已經略微轉向現貨溢價，這對我們來說絕非好事，因為我們做空市場，而且我們的空頭部位非常大。所以，在七月和八月，我們確實遇到了一些阻力。

As it relates to why the customer base in our DTC segment decided after Labor Day to change their behavior or their attitude, I don't have a single reason for that. I mean I do a lot of research. We do a lot of looking at behavior, look at macroeconomic issues. Certainly, I think the continued back and forth trade war with China was a big issue.

至於為什麼我們 DTC 領域的客戶群在勞動節後改變了他們的行為或態度，我沒有任何理由可以解釋。我的意思是，我做了很多研究。我們做了很多關於行為和宏觀經濟問題的研究。當然，我認為與中國持續不斷的貿易戰是一個大問題。

I think the government shutdown has likely in its first few weeks, probably woke up a number of our customers to what's going to happen. Now the shutdown has become like just ho hum every day, we're shut down and who knows what's going to happen. And China has temporarily seems to have calmed down a little bit.

我認為政府停擺可能在最初幾週內，已經讓我們的許多客戶意識到即將發生的事情。現在，停工已經變成了每天平淡無奇的生活，我們被困住了，誰知道接下來會發生什麼。中國局勢似乎暫時平靜了一些。

So I think there are some macro things that have affected us. I think throughout October, there was a lot of focus in mainstream media on precious metals, rare earth metals, gold and silver. And I think the awareness was just higher than we have seen it since probably the Silicon Valley Bank crisis. We didn't -- unlike Silicon Valley Bank, we didn't get the feeling that our customers were fleeing to safety or looking for a place to put cash. It felt for the first time that there was a bit of FOMO related to the record spot prices. And so if that's the case, spot prices are down 8% from where they were a few weeks ago. We'll have to see whether that slows the behavior or whether or not our customers decide to buy the dip.

所以我認為有一些宏觀因素對我們產生了影響。我認為整個十月份，主流媒體都非常關注貴金屬、稀土金屬、黃金和白銀。而且我認為，人們的意識比矽谷銀行危機以來任何時候都要高。我們沒有—與矽谷銀行不同，我們沒有感覺到我們的客戶在逃離以求安全，或在尋找存放現金的地方。人們第一次感覺到，創紀錄的現貨價格似乎引發了一些「害怕錯過」（FOMO）的情緒。如果情況真是如此，現貨價格比幾週前下降了 8%。我們得看看這能否減緩這種行為，或者我們的客戶是否會選擇逢低買入。

As it relates to run rate, as it relates to how we're looking this quarter, I've gone about as far as I'm going to go saying with October being very strong on the heels of September. And we'll continue to update you on how we see the markets performing and how we're able to take advantage of it.

就運行率而言，就我們本季的展望而言，我已經說得差不多了，10 月的表現將緊隨 9 月之後，非常強勁。我們會持續向您報告我們對市場表現的看法以及我們如何從中獲利。

Fair enough. Thanks for the detail. If I could ask one more. Just about the expenses, we get that expenses are higher because of all the acquisitions that you've made. But at some point, the acquisitions make sense in that they drive higher sales, higher gross profit and you leverage the expenses just that EBITDA is -- goes up. Presumably, that's the outcome at some point.

很公平。謝謝你提供的詳細資訊。如果我能再問一個問題的話。至於費用方面，我們理解由於你們進行了一系列收購，費用自然會更高。但從某種程度上來說，收購是有意義的，因為它們可以推動更高的銷售額、更高的毛利，並且你可以利用費用，從而使 EBITDA 上升。想必在某個時候，這就是最終的結果。

So any idea of when you start to sort of synergize some of these expenses or when that starts to show up a little bit more in the P&L such that EBITDA is increasing in line with the gross profit dollar increase?

那麼，您認為什麼時候才能開始對這些費用進行協同效應，或者什麼時候才能在損益表中看到更多體現，從而使 EBITDA 與毛利的增長保持一致呢？

Yes. I mean I think $73 million of gross profit in the quarter and almost $14 million in EBITDA, I was very satisfied with that for what we were experiencing as it relates to just the amount of ounces we were selling and the other factors I've already talked about.

是的。我的意思是，本季毛利為 7300 萬美元，EBITDA 接近 1400 萬美元，考慮到我們當時的銷售量以及我之前提到的其他因素，我對這個成績非常滿意。

The company is digesting the acquisitions. My strategy is generally we try to buy great businesses with great management and we let them manage their businesses. At the same time, from a corporate standpoint, we are looking for redundancies, and we're looking for places to be more efficient. We don't want to keep spending more money on an apples-to-apples comparison. We want our expenses to go down, and we want our profits to go up. So that's something we're focused on.

公司正在消化這些收購。我的策略通常是，我們盡量收購擁有優秀管理團隊的優秀企業，然後讓他們管理自己的企業。同時，從公司角度來看，我們正在尋求精簡人員，並尋找提高效率的途徑。我們不想繼續在同類比較上花費更多錢。我們希望降低開支，提高利潤。所以這是我們目前關注的重點。

We are very, very focused last quarter and this quarter on ways that we can integrate ways we can reduce redundancy, ways we can relocate some of the employees and relocate some of the operations that have been run in remote locations to our Vegas facility. As we announced with this rebranding, we are going to be closing our offices in El Segundo, and we're going to be moving -- employees are going to be moving either to the new corporate offices in Orange County that are where Stack's has been located or they -- some employees are moving to Santa Monica where Goldline is located.

上個季度和本季度，我們非常非常專注於如何整合資源、減少冗餘、將部分員工和部分在偏遠地區運營的業務轉移到我們在拉斯維加斯的工廠。正如我們在這次品牌重塑中宣布的那樣，我們將關閉位於埃爾塞貢多的辦公室，我們將搬遷——員工將搬遷到位於奧蘭治縣的新公司總部（Stack's 原址），或者——一些員工將搬遷到位於聖莫尼卡的 Goldline 總部。

So we are we do have a process that we're going through. And I think that the goal for us is are we reducing costs on an apples-to-apples basis? Are our costs efficient and moving in the right direction absent the acquisitions? And then total, as we get into quarters-over-quarters, are we able to be more efficient and deal with lower expenses across all the businesses.

所以，我們確實正在經歷一個流程。我認為我們的目標是，在不改變成本的前提下降低成本嗎？如果不進行收購，我們的成本是否有效率且朝著正確的方向發展？然後，從季度到季度，我們能否提高效率，並降低所有業務的支出？

But at the moment, I thought based on how July and August started, I thought we got a lot out of the quarter. I think that the flipping of the switch for whatever reasons, some of it we've talked about, the customer base in our DTC business has really just they woke up and the business that profits we've been able to generate in that segment have been great in September, October.

但就目前而言，根據七、八月的開局來看，我認為我們本季取得了巨大的成就。我認為，無論出於何種原因（其中一些我們已經討論過了），我們 DTC 業務的客戶群真的已經覺醒了，我們在 9 月和 10 月在這個領域創造的利潤非常可觀。

And we have also worked through a lot of inventory that we've been able to monetize and reposition at the A-Mark trading corporate level. And we're hoping that we see at the wholesale level, a drying up of excess supply and that A-Mark is going to reestablish itself as the go-to when you want to buy something and you need product at a wholesale level, not just when you're looking for liquidity to sell stuff to A-Mark. So these things for the last 60 days have been going in the right direction. So we'll try to continue that.

此外，我們還處理了大量庫存，並已將其變現，並在 A-Mark 貿易公司層級重新定位。我們希望在批發層面看到過剩供應的減少，並希望 A-Mark 能夠重新確立其作為批發商的首選地位，而不僅僅是當您需要流動資金將產品出售給 A-Mark 時才會選擇它。所以過去60天來，這些事情一直朝著正確的方向發展。所以我們會努力繼續這樣做。

Excellent. Great. I appreciate all the detail.

出色的。偉大的。我很欣賞您提供的所有細節。

(Operator Instructions)

（操作說明）

Andrew Scutt, Roth Capital.

Andrew Scutt，Roth Capital。

Good afternoon. Congratulations on the announcements. First one for me, you guys kind of historically have done acquisitions, I guess, I would call them in piecemeal. And you did talk about the long-standing relationship with Monex, but was there any other factors that went in the decision to do this in one full swoop?

午安.恭喜發布這些消息。對我來說，這是第一個問題。你們過去似乎一直都是進行收購，我猜，我會稱之為零散收購。您確實談到了與 Monex 的長期合作關係，但還有其他因素促使您決定一次性完成這項收購嗎？

Yeah. Like I said, this is a transaction I've been working on with Michael for a couple of years now, and it took -- the stars have aligned, and we felt this was a deal we wanted to go in 100%. And Michael was enthusiastic about taking some A-Mark's stock and being part of the A-Mark family as well as we were able to structure an earn-out that gave both sides some opportunities as it relates to whether or not the Monex businesses can grow and whether they can continue to perform or if it takes a little bit longer.

是的。正如我所說，這筆交易我和麥可已經合作了好幾年，現在——一切都恰到好處，我們覺得這是我們想要百分之百完成的交易。麥可也熱衷於持有 A-Mark 的一些股票，並成為 A-Mark 大家庭的一員。我們也設計了一個獲利能力支付方案，讓雙方都有機會參與，這取決於 Monex 的業務能否成長，能否繼續保持良好的業績，或者是否需要更長的時間。

So I think the structure of the deal and the willingness of both sides to make the move, it just fit for this transaction. It wasn't a transaction, I think, where either side really wanted to start with a 10% or 20% or 40% stake in the company. I think -- I know the business very well. I've been looking and diligencing the business for a long time.

所以我認為，這筆交易的結構以及雙方達成協議的意願，都非常符合這筆交易的條件。我認為，這筆交易雙方都不是真的想一開始就持有公司 10%、20% 或 40% 的股份。我認為——我對這個行業非常了解。我考察調查這家公司已經很久了。

The business is very important to moving forward in what we're trying to accomplish. There is some -- it's a different model most of the customers store their metal and hold their metal in storage and are much more frequent traders of gold and silver as opposed to a cash and carry and take possession of the metal.

這項業務對於我們實現目標至關重要。確實有一些——這是一種不同的模式，大多數客戶將金屬儲存起來，並將金屬存放在倉庫中，他們更頻繁地進行黃金和白銀交易，而不是現金交易並直接佔有金屬。

So it's a little different model, but I believe it's got enough uncorrelation to it that in viewing it, particularly the last nine months, it felt that to me that this was a great move for us because I think we have a customer base that's a little bit different motivated, particularly through the slower periods that we've experienced the last six to nine months in our retail business. The Monex business has actually outperformed what I would expect. And I think the customer base is a little bit more of a -- it's a bit more of a high-frequency trading business where customers are actually able to move in and out and go between cash and go to metal that's in storage.

所以這是一個略有不同的模式，但我認為它與之前的模式有足夠的非相關性，尤其是在觀察過去九個月的情況時，我覺得這對我們來說是一個很好的舉措，因為我認為我們的客戶群的動機略有不同，尤其是在我們零售業務過去六到九個月經歷的低迷時期。Monex 的業務表現實際上超出了我的預期。而且我認為客戶群更偏向高頻交易業務，客戶可以自由買賣，在現金和倉儲中的金屬之間進行轉換。

I've talked about it before. Storage is a huge component of what we're focused on growing right now. And Monex provided us with $600 million to $700 million of storage right now. That's likely adding 50% to 75% of what we have under management in storage right now. And that's just storage fees and storage are paid day in, day out, and it's a good steady stream of income for us.

我之前談過這件事。儲存是我們目前重點發展業務的重要組成部分。目前，Monex 為我們提供了價值 6 億至 7 億美元的儲存空間。這可能意味著我們目前儲存管理容量的 50% 到 75% 會增加。這只是倉儲費，倉儲費每天都在支付，對我們來說是一筆穩定的收入來源。

And I think that the that their customer base was a bit more -- seems to have been a bit more motivated by the higher spot prices. And so it felt at this moment that there's not another model like this out there that we're familiar with. And just very happy with the 50 years they've been in business or 40 years they've been in business, and they have a very, very loyal customer base and a great management team.

而且我認為，他們的客戶群似乎更容易受到現貨價格上漲的刺激。因此，當時我們感覺市面上還沒有其他我們熟悉的類似模式。對他們經營了 50 年或 40 年感到非常滿意，他們擁有非常非常忠實的客戶群和優秀的管理團隊。

Great. Well, I appreciate the color. And second one for me, a little bit more high level. So now that you've kind of made all these acquisitions, you have all these DTC brands under your umbrella, does it make sense to kind of combine a few of them and have a one-stop shop and say, here we are at gold.com? Or is there greater value in having multiple storefronts under multiple different brands?

偉大的。我很喜歡這個顏色。對我來說，第二個問題層次比較高。既然你已經完成了這麼多收購，旗下擁有了這麼多 DTC 品牌，那麼將其中一些品牌合併起來，打造一個一站式商店，然後說“這就是 gold.com”，這是否有意義呢？或者，擁有多個不同品牌的多家門市是否更有價值？

Great question. I think about this all the time. And when we're doing acquisitions, one of the key diligence items we look at is what is the crossover from one brand to another as it relates to the customer base. If there is a high level of crossover, the brands may not be as important.

問得好。我一直在思考這個問題。當我們進行收購時，盡職調查的關鍵項目之一是檢視一個品牌與另一個品牌在客戶群方面的重疊情況。如果交叉度很高，品牌的重要性可能就沒那麼高了。

If there's very, very low crossover, I view that as value in the brand and value in what the customer knows and what the customer is comfortable with. I think the Monex brand has been around forever. The Monex brand is well known throughout all of the retail precious metals business. So I love the brand. I have been familiar with the brand forever. So I don't see anything changing with that.

如果交叉率非常非常低，我認為這體現了品牌的價值，體現了顧客所了解的東西以及顧客所感到舒適的價值。我認為Monex這個品牌已經存在很久了。Monex品牌在整個零售貴金屬產業享有盛名。我非常喜歡這個品牌。我一直都很熟悉這個品牌。所以我覺得這方面不會有任何改變。

I do think that our rebranding and our move to gold.com as an umbrella over our brands is important, and it's an important milestone. I do believe there -- having a an umbrella brand that can look for ways where the individual brands can be more familiar with each other or how there might be offerings that we can come up with that will be appealing to all the brands. I think this is an important step in that. I think the new logo we've developed will be launching December 1.

我認為，我們的品牌重塑以及將所有品牌統一歸於 gold.com 非常重要，這是一個重要的里程碑。我相信，擁有一個繖形品牌，可以尋找讓各個品牌彼此更加熟悉的方法，或者我們可以想出一些對所有品牌都有吸引力的產品和服務。我認為這是實現這一目標的重要一步。我認為我們設計的新標誌將於12月1日正式啟用。

We're launching gold.com precious metal products that are branding of the gold.com brand and the products that we have developed to this point are going to be incredible and they're going to bring that the gold.com website that will also be going online in early December. It is going to connect all the brands in one place. And they'll be -- if you want to buy gold, you're going to get to see all the different options that gold.com will offer you, and you'll be able to choose who you want to do business with within our ecosystem.

我們將推出 gold.com 貴金屬產品，這些產品是 gold.com 品牌的專屬產品。到目前為止，我們開發的產品將會非常出色，它們將與 gold.com 網站同步推出，該網站也將於 12 月初上線。它將把所有品牌連接起來，集中在一個平台上。如果你想購買黃金，你將會看到 gold.com 提供的所有不同選項，並且你可以選擇在我們的生態系統中與誰進行交易。

So I'm very excited and very enthusiastic about this move. And I think in some way, what you're asking the question, part of our strategic plan is to use this great domain name that we bought, this great new website we've developed, this new great corporate location and this have the ability to promote one brand that encompasses everything and then introduce people to our distinct and different DTC platforms, I think, is going to be a great opportunity for the company.

所以我對這次搬遷感到非常興奮和熱情。我認為，在某種程度上，你提出的問題，是我們戰略計劃的一部分，即利用我們購買的這個優秀的域名、我們開發的這個優秀的新網站、這個優秀的新公司辦公地點，以及推廣一個涵蓋所有方面的品牌，然後向人們介紹我們獨特且不同的 DTC 平台，我認為這對公司來說將是一個絕佳的機會。

Great, we really appreciate the details and thank you for taking my questions.

太好了，非常感謝您提供的詳細信息，也謝謝您回答我的問題。

Thomas Forte, Maxim Group

Thomas Forte，Maxim集團

Great, thanks. Greg, last one, I promise. So you've done a great job.

太好了，謝謝。格雷格，最後一個了，我保證。你做得非常棒。

That's okay. Many as you want, Tom.

沒關係。湯姆，你想吃多少都行。

Don't say that. The call go on more half an hour. So you've done a great job upgrading the technology and adding physical space to your logistics effort in Vegas. How should investors think about your logistics capacity given all the recent M&A activity?

別這麼說。通話持續了半個多小時。所以，你們在拉斯維加斯的物流工作中，在技術升級和增加實體空間方面做得非常出色。鑑於近期併購活動頻繁，投資人該如何看待貴公司的物流能力？

We built this thing, and it is incredible. The automation that Thor and Brian have accomplished up in Vegas is -- it's better than anything I've ever seen. And we have onboarded a number of new clients there, some corporate clients that are new to us. But the ability for the facility to operate and the capacity that we can now get out of it is, I think we have absolutely the best in the business.

我們造出了這個東西，它簡直太棒了。Thor 和 Brian 在拉斯維加斯實現的自動化程度——比我見過的任何東西都要好。我們在那裡新增了不少客戶，其中一些是以前從未合作過的企業客戶。但就該設施的運作能力以及我們現在能夠從中獲得的產能而言，我認為我們絕對擁有業內最好的水平。

I think we shipped in October, I want to say, 60,000 packages plus, which was a very strong month for us. I think we could have shipped 100,000 packages in October, if need be. So we have great capacity. We have onboarded, I know of at least three new customers that are outside of the A-Mark umbrella that are using our services as well as -- as I said earlier, we've taken the Pinehurst logistics and inventory from Pinehurst, North Carolina, and we've moved that to Las Vegas. And now all the Pinehurst packages on eBay to their retail customers, to their wholesale customers, all those packages are being shipped out of Vegas.

我想我們在十月份發貨了超過 6 萬件包裹，這對我們來說是一個非常強勁的月份。我覺得如果需要的話，我們10月可以寄出10萬個包裹。所以我們擁有強大的產能。我們已經接納了至少三位 A-Mark 旗下以外的新客戶，他們正在使用我們的服務，而且——正如我之前所說，我們已經將北卡羅來納州 Pinehurst 的物流和庫存轉移到了拉斯維加斯。現在，所有在 eBay 上銷售給零售客戶和批發客戶的 Pinehurst 產品包，都是從拉斯維加斯發貨的。

We need to continue to do that with our other brands and utilize the facility. But we are very well positioned if the market continues to perform or even gets better, we will still be able to get our customers' packages out within one or two days. And at the level of 100,000, 110,000 packages a month, to be able to do that. I think the moat around now gold.com, the moat is just very difficult for our competitors to address. I think that we can really promote and really separates us from others, our ability to store and to ship logistics.

我們需要繼續對我們其他品牌這樣做，並充分利用這項設施。但是，如果市場繼續保持良好勢頭甚至更好，我們完全有能力在一兩天內將客戶的包裹發出。每月要處理 10 萬、11 萬個包裹，才能做到這一點。我認為現在 gold.com 的護城河，我們的競爭對手很難撼動它的地位。我認為，我們的倉儲和物流運輸能力可以真正提升我們的競爭力，並使我們與其他公司拉開差距。

Excellent. Thank you, Greg.

出色的。謝謝你，格雷格。

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。現在我想把電話交還給羅伯茲先生，請他作總結發言。

Okay. Thank you very much. Once again, thank you to all of our shareholders. There have been a lot of change, a lot going on here. We've continued to try to make what we think are great long-term moves as well as short-term adjustments that we need to make. Your continued interest and support is most appreciated.

好的。非常感謝。再次感謝所有股東。這裡變化很大，發生了很多事。我們一直在努力做出我們認為具有長遠意義的重大舉措，以及我們需要做出的短期調整。非常感謝您一直以來的關注與支持。

And I'd also like to thank all of our employees for their dedication and commitment to A-Mark's success. We look forward to keeping you apprised of A-Mark and gold.com's further developments, and we look forward to talking to you again in a few months, if not sooner. So thank you very much.

我還要感謝我們所有員工對 A-Mark 成功的奉獻和付出。我們期待著向您通報 A-Mark 和 gold.com 的進一步發展，並期待幾個月後，甚至更早，再次與您交談。非常感謝。

Thank you. 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.

謝謝。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, long-term success, operational enhancement, delivery of value, access to and credibility in the public markets, continuing execution on other steps in our strategic planning and anticipated cost savings. Future events, risks and uncertainties individually or in aggregate could cause actual results or circumstances to differ materially from those expressed or implied in these statements.

這些聲明包括對成長、長期成功、營運改善、價值交付、進入公開市場和信譽、繼續執行策略規劃中的其他步驟以及預期成本節約的預期。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: a neutral or negative reaction of our customers, partners and public markets to the change of our name, our brand, other corporate identifiers and to our listing venue, our inability to seamlessly execute our rebranding strategy, potential confusion in the markets that we serve concerning our rebranding, difficulties with formulating and effectively executing on additional steps in our strategic plan and our inability to successfully expand into other categories of collectibles or to enhance how these new asset categories are managed or transacted.

可能導致實際結果出現差異的因素包括：我們的客戶、合作夥伴和公開市場對我們名稱、品牌、其他公司標識和上市場所的變更持中立或負面態度；我們無法順利執行品牌重塑策略；我們所服務的市場可能對我們的品牌重塑感到困惑；制定和有效執行戰略計劃中的其他步驟存在困難；以及我們無法成功擴展到其他收藏品類別或這些資產類別的方式。

There are other factors affecting our business generally, which could cause our actual results to differ from those that we anticipate as a result of our rebranding program, including government regulations that might impede growth, particularly in Asia, including with respect to tariff policy, the inability to successfully integrate recently acquired businesses.

還有其他一些因素會影響我們的業務，這些因素可能會導致我們的實際業績與我們因品牌重塑計劃而預期的業績有所不同，包括可能阻礙增長的政府法規，尤其是在亞洲，包括關稅政策方面，以及無法成功整合最近收購的業務。

Changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metal markets, but has also posed certain risks and uncertainties for the company, particularly in recent periods, increased competition for the company's higher-margin services, which could depress pricing.

當前國際政治環境的變化，從歷史上看，有利於貴金屬市場的需求和波動，但也為公司帶來了一定的風險和不確定性，尤其是在最近一段時間，公司利潤率較高的服務面臨更大的競爭，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.

公司商業模式未能按預期應對市場環境的變化；消費者對貴金屬產品的需求和偏好發生了變化。

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 risks of doing business in the commodity markets.

通膨壓力可能對我們的業務產生的潛在負面影響；我們投資的公司未能維持或滿足其客戶群的偏好；在商品市場開展業務的一般風險。

And the strategic business, economic, financial, political and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

以及公司向美國證券交易委員會提交的公開文件中所述的戰略業務、經濟、金融、政治和政府風險以及其他風險因素。本公司不承擔公開更新或修改任何前瞻性聲明的義務。請讀者註意，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. Thank you for joining us today for A-Mark's earnings call. You may now disconnect.

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。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。