A-Mark Precious Metals, Inc. (NASDAQ:
AMRK), a leading fully integrated precious metals
platform, reported results for the fiscal fourth quarter and full
year ended June 30, 2023.
Management Commentary
“Fiscal year 2023 marked another year of strong
financial and operational performance, underscoring the strength of
our industry-leading fully integrated precious metals platform,”
said A-Mark CEO Greg Roberts. “Our full year gross profit and net
income before taxes grew 13% and 22% year-over-year, respectively,
and we also generated a 29% return on equity for the year. Diluted
earnings per share increased 16% compared with last fiscal year,
and we also delivered record levels of EBITDA of $225 million. New
customers in our Direct-to-Consumer segment increased 46%,
highlighting the success of our strategic acquisitions.
“Our fourth quarter results contributed to a
strong finish to the fiscal year with net income of $41.8 million
and diluted earnings per share of $1.71. Our integrated
capabilities and access to inventory provided us with a consistent
source of supply to meet the elevated demand from the heightened
market volatility experienced during the quarter.
“Reflecting on the full year, I am very proud of
our many accomplishments and the execution of our growth strategy.
During the year we added minority interests in UK-based Atkinsons
Bullion & Coins and Texas Precious Metals to our investments
portfolio and also closed the BGASC and BullionMax asset
acquisitions, further expanding our Direct-to-Consumer customer
base. We also bolstered our minting operations by investing in the
expansion of our Silver Towne Mint facility, which now consistently
produces over one million ounces of silver per week and achieved
ISO 9000:2015 Certification during the year, reaffirming the
company’s reputation as a leading manufacturer of quality bullion
products. Additionally, we repurchased $9.8 million of our common
stock creating additional value for our stockholders.
“Looking ahead to fiscal 2024, we continue to
evaluate opportunities to further expand our geographic presence
and market reach to create stockholder value. We also continue to
invest in our minting and logistics operations to further increase
capacity and enhance our fully integrated platform. We remain
optimistic that our diversified and proven business model will
allow us to sustain profitability and realize growth over the long
term.”
Fiscal Fourth Quarter 2023 Operational
Highlights
- Gold ounces sold in
the three months ended June 30, 2023 increased 27% to 814,000
ounces from 641,000 ounces for the three months ended June 30,
2022, and increased 24% from 659,000 ounces for the three months
ended March 31, 2023
- Silver ounces sold
in the three months ended June 30, 2023 increased 20% to 45.3
million ounces from 37.6 million ounces for the three months ended
June 30, 2022, and increased 23% from 36.9 million ounces for the
three months ended March 31, 2023
- As of June 30,
2023, the number of secured loans decreased 61% to 882 from 2,271
as of June 30, 2022, and decreased 8% from 963 as of March 31,
2023
- Direct-to-Consumer
new customers for the three months ended June 30, 2023 increased
85% to 90,400 from 48,800 for the three months ended June 30, 2022,
and increased 40% from 64,700 for the three months ended March 31,
2023. For the three-month period ended June 30, 2023, approximately
32% of the new customers were attributable to the acquired customer
list of BullionMax in June 2023
- Direct-to-Consumer
active customers for the three months ended June 30, 2023 increased
1% to 133,800 from 133,100 for the three months ended June 30,
2022, and decreased 9% from 147,400 for the three months ended
March 31, 2023
- Direct-to-Consumer
average order value for the three months ended June 30, 2023
increased $546, or 20% to $3,288 from $2,742 for the three months
ended June 30, 2022, and increased $836, or 34% from $2,452 for the
three months ended March 31, 2023
- JM Bullion’s
average order value for the three months ended June 30, 2023
increased $458, or 18% to $2,955 from $2,497 for the three months
ended June 30, 2022, and increased $703, or 31% from $2,252 for the
three months ended March 31, 2023
|
|
Three Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Selected Operating Metrics: |
|
|
|
|
|
|
|
|
Gold ounces sold(1) |
|
|
814,000 |
|
|
|
|
641,000 |
|
|
Silver ounces sold(2) |
|
|
45,273,000 |
|
|
|
|
37,597,000 |
|
|
Number of secured loans at period end(3) |
|
|
882 |
|
|
|
|
2,271 |
|
|
Direct-to-Consumer ("DTC") number of new customers(4) |
|
|
90,400 |
|
|
|
|
48,800 |
|
|
Direct-to-Consumer number of active customers(5) |
|
|
133,800 |
|
|
|
|
133,100 |
|
|
Direct-to-Consumer number of total customers(6) |
|
|
2,348,300 |
|
|
|
|
2,013,000 |
|
|
Direct-to-Consumer average order value ("AOV")(7) |
|
$ |
3,288 |
|
|
|
$ |
2,742 |
|
|
JM Bullion ("JMB") average order value(8) |
|
$ |
2,955 |
|
|
|
$ |
2,497 |
|
|
CyberMetals number of new customers(9) |
|
|
5,200 |
|
|
|
|
5,200 |
|
|
CyberMetals number of active customers(10) |
|
|
1,700 |
|
|
|
|
2,800 |
|
|
CyberMetals number of total customers(11) |
|
|
22,400 |
|
|
|
|
5,900 |
|
|
CyberMetals customer assets under management(12) |
|
$ |
6,500,000 |
|
|
|
$ |
3,700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gold ounces sold represents the ounces of gold product sold and
delivered to the customer during the period, excluding ounces of
gold recorded on forward contracts. |
(2) Silver ounces sold represents the ounces of silver product sold
and delivered to the customer during the period, excluding ounces
of silver recorded on forward contracts. |
(3) Number of outstanding secured loans to customers that are
primarily collateralized by precious metals at the end of the
period. |
(4) DTC number of new customers represents the number of customers
that have registered or set up a new account or made a purchase for
the first time during the period within the Direct-to-Consumer
segment. |
(5) DTC number of active customers represents the number of
customers that have made a purchase during any month during the
period within the Direct-to-Consumer segment. |
(6) DTC number of total customers represents the aggregate number
of customers that have registered or set up an account or have made
a purchase in the past within the Direct-to-Consumer segment. |
(7) DTC AOV represents the average dollar value of product orders
(excluding accumulation program orders) delivered to the customer
during the period within the Direct-to-Consumer segment. |
(8) JMB AOV represents the average dollar value of product orders
delivered to JMB's customers during the period. |
(9) CyberMetals number of new customers represents the number of
customers that have registered or set up a new account or have made
a purchase for the first time during the period on the CyberMetals
platform. |
(10) CyberMetals number of active customers represents the number
of customers that have made a purchase during any month during the
period from the CyberMetals platform. |
(11) CyberMetals number of total customers represents the aggregate
number of customers that have registered or set up an account or
have made a purchase in the past from the CyberMetals
platform. |
(12) CyberMetals customer assets under management represents the
total value of assets managed by the Company on behalf of
CyberMetals customers. |
|
|
Three Months Ended |
|
|
|
|
June 30, 2023 |
|
|
|
March 31, 2023 |
|
|
Selected Operating Metrics: |
|
|
|
|
|
|
|
|
Gold ounces sold(1) |
|
|
814,000 |
|
|
|
|
659,000 |
|
|
Silver ounces sold(2) |
|
|
45,273,000 |
|
|
|
|
36,906,000 |
|
|
Number of secured loans at period end(3) |
|
|
882 |
|
|
|
|
963 |
|
|
Direct-to-Consumer ("DTC") number of new customers(4) |
|
|
90,400 |
|
|
|
|
64,700 |
|
|
Direct-to-Consumer number of active customers(5) |
|
|
133,800 |
|
|
|
|
147,400 |
|
|
Direct-to-Consumer number of total customers(6) |
|
|
2,348,300 |
|
|
|
|
2,257,900 |
|
|
Direct-to-Consumer average order value ("AOV")(7) |
|
$ |
3,288 |
|
|
|
$ |
2,452 |
|
|
JM Bullion ("JMB") average order value(8) |
|
$ |
2,955 |
|
|
|
$ |
2,252 |
|
|
CyberMetals number of new customers(9) |
|
|
5,200 |
|
|
|
|
4,800 |
|
|
CyberMetals number of active customers(10) |
|
|
1,700 |
|
|
|
|
1,500 |
|
|
CyberMetals number of total customers(11) |
|
|
22,400 |
|
|
|
|
17,200 |
|
|
CyberMetals customer assets under management(12) |
|
$ |
6,500,000 |
|
|
|
$ |
6,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gold ounces sold represents the ounces of gold product sold and
delivered to the customer during the period, excluding ounces of
gold recorded on forward contracts. |
(2) Silver ounces sold represents the ounces of silver product sold
and delivered to the customer during the period, excluding ounces
of silver recorded on forward contracts. |
(3) Number of outstanding secured loans to customers that are
primarily collateralized by precious metals at the end of the
period. |
(4) DTC number of new customers represents the number of customers
that have registered or set up a new account or made a purchase for
the first time during the period within the Direct-to-Consumer
segment. |
(5) DTC number of active customers represents the number of
customers that have made a purchase during any month during the
period within the Direct-to-Consumer segment. |
(6) DTC number of total customers represents the aggregate number
of customers that have registered or set up an account or have made
a purchase in the past within the Direct-to-Consumer segment. |
(7) DTC AOV represents the average dollar value of product orders
(excluding accumulation program orders) delivered to the customer
during the period within the Direct-to-Consumer segment. |
(8) JMB AOV represents the average dollar value of product orders
delivered to JMB's customers during the period. |
(9) CyberMetals number of new customers represents the number of
customers that have registered or set up a new account or have made
a purchase for the first time during the period on the CyberMetals
platform. |
(10) CyberMetals number of active customers represents the number
of customers that have made a purchase during any month during the
period from the CyberMetals platform. |
(11) CyberMetals number of total customers represents the aggregate
number of customers that have registered or set up an account or
have made a purchase in the past from the CyberMetals
platform. |
(12) CyberMetals customer assets under management represents the
total value of assets managed by the Company on behalf of
CyberMetals customers. |
Full Year 2023 Operational
Highlights
- Gold ounces sold in
the fiscal year ended June 30, 2023 remained relatively unchanged
at 2,667,000 ounces compared to 2,668,000 in the fiscal year ended
June 30, 2022
- Silver ounces sold
in the fiscal year ended June 30, 2023 increased 18% to 156.2
million ounces from 132.2 million ounces in the fiscal year ended
June 30, 2022
- Direct-to-Consumer
new customers for the fiscal year ended June 30, 2023 increased 46%
to 335,300 from 230,400 for the fiscal year ended June 30, 2022.
Approximately 31% of the new customers in fiscal year 2023 were
attributable to the acquired customer lists of BGASC and BullionMax
in October 2022 and June 2023, respectively
- Direct-to-Consumer
active customers for the fiscal year ended June 30, 2023 decreased
24% to 476,300 from 623,700 for the fiscal year ended June 30,
2022
- Direct-to-Consumer
average order value for the fiscal year ended June 30, 2023
increased $86, or 3% to $2,606 from $2,520 for the fiscal year
ended June 30, 2022
- JM Bullion’s
average order value for the fiscal year ended June 30, 2023
increased $62, or 3% to $2,390 from $2,328 for the fiscal year
ended June 30, 2022
|
|
Year Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Selected Operating Metrics: |
|
|
|
|
|
|
|
|
Gold ounces sold(1) |
|
|
2,667,000 |
|
|
|
|
2,668,000 |
|
|
Silver ounces sold(2) |
|
|
156,233,000 |
|
|
|
|
132,209,000 |
|
|
Number of secured loans at period end(3) |
|
|
882 |
|
|
|
|
2,271 |
|
|
Direct-to-Consumer ("DTC") number of new customers(4) |
|
|
335,300 |
|
|
|
|
230,400 |
|
|
Direct-to-Consumer number of active customers(5) |
|
|
476,300 |
|
|
|
|
623,700 |
|
|
Direct-to-Consumer number of total customers(6) |
|
|
2,348,300 |
|
|
|
|
2,013,000 |
|
|
Direct-to-Consumer average order value ("AOV")(7) |
|
$ |
2,606 |
|
|
|
$ |
2,520 |
|
|
JM Bullion ("JMB") average order value(8) |
|
$ |
2,390 |
|
|
|
$ |
2,328 |
|
|
CyberMetals number of new customers(9) |
|
|
16,500 |
|
|
|
|
5,900 |
|
|
CyberMetals number of active customers(10) |
|
|
4,800 |
|
|
|
|
3,000 |
|
|
CyberMetals number of total customers(11) |
|
|
22,400 |
|
|
|
|
5,900 |
|
|
CyberMetals customer assets under management(12) |
|
$ |
6,500,000 |
|
|
|
$ |
3,700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gold ounces sold represents the ounces of gold product sold and
delivered to the customer during the period, excluding ounces of
gold recorded on forward contracts. |
(2) Silver ounces sold represents the ounces of silver product sold
and delivered to the customer during the period, excluding ounces
of silver recorded on forward contracts. |
(3) Number of outstanding secured loans to customers that are
primarily collateralized by precious metals at the end of the
period. |
(4) DTC number of new customers represents the number of customers
that have registered or set up a new account or made a purchase for
the first time during the period within the Direct-to-Consumer
segment. |
(5) DTC number of active customers represents the number of
customers that have made a purchase during any month during the
period within the Direct-to-Consumer segment. |
(6) DTC number of total customers represents the aggregate number
of customers that have registered or set up an account or have made
a purchase in the past within the Direct-to-Consumer segment. |
(7) DTC AOV represents the average dollar value of product orders
(excluding accumulation program orders) delivered to the customer
during the period within the Direct-to-Consumer segment. |
(8) JMB AOV represents the average dollar value of product orders
delivered to JMB's customers during the period. |
(9) CyberMetals number of new customers represents the number of
customers that have registered or set up a new account or have made
a purchase for the first time during the period on the CyberMetals
platform. |
(10) CyberMetals number of active customers represents the number
of customers that have made a purchase during any month during the
period from the CyberMetals platform. |
(11) CyberMetals number of total customers represents the aggregate
number of customers that have registered or set up an account or
have made a purchase in the past from the CyberMetals
platform. |
(12) CyberMetals customer assets under management represents the
total value of assets managed by the Company on behalf of
CyberMetals customers. |
Fiscal Fourth Quarter 2023 Financial
Highlights
- Revenues for the
three months ended June 30, 2023 increased 51% to $3.16 billion
from $2.09 billion for the three months ended June 30, 2022 and
increased 36% from $2.32 billion for the three months ended March
31, 2023
- Gross profit for
the three months ended June 30, 2023 increased 16% to $78.6 million
from $67.8 million for the three months ended June 30, 2022 and
increased 4% from $75.5 million for the three months ended March
31, 2023
- Gross profit margin
for the three months ended June 30, 2023 decreased to 2.49% of
revenue from 3.24% of revenue for the three months ended June 30,
2022, and decreased from 3.26% of revenue in the three months ended
March 31, 2023
- Net income
attributable to the Company for the three months ended June 30,
2023 increased 12% to $41.8 million from $37.3 million for the
three months ended June 30, 2022, and increased 16% from $35.9
million for the three months ended March 31, 2023
- Diluted earnings
per share totaled $1.71 for the three months ended June 30, 2023, a
12% increase compared to $1.52 for the three months ended June 30,
2022, and increased 17% from $1.46 for the three months ended March
31, 2023
- Adjusted net income
before provision for income taxes, depreciation, amortization, and
acquisition costs (“Adjusted net income before provision for income
taxes” or “Adjusted net income”), a non-GAAP financial performance
measure, for the three months ended June 30, 2023 increased 17% to
$59.1 million from $50.6 million for the three months ended June
30, 2022, and increased 20% from $49.2 million for the three months
ended March 31, 2023
- Earnings before
interest, taxes, depreciation and amortization (“EBITDA”), a
non-GAAP liquidity measure, for the three months ended June 30,
2023 increased 23% to $61.8 million from $50.3 million for the
three months ended June 30, 2022, and increased 18% from $52.3
million for the three months ended March 31, 2023
|
|
Three Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(in thousands, except Earnings per Share) |
|
|
|
|
|
|
|
|
|
|
|
Selected Key Financial Statement Metrics: |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
3,155,201 |
|
|
|
$ |
2,089,804 |
|
|
Gross profit |
|
$ |
78,610 |
|
|
|
$ |
67,750 |
|
|
Depreciation and amortization expense |
|
$ |
(2,741 |
) |
|
|
$ |
(3,223 |
) |
|
Net income attributable to the Company |
|
$ |
41,834 |
|
|
|
$ |
37,336 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.80 |
|
|
|
$ |
1.62 |
|
|
Diluted |
|
$ |
1.71 |
|
|
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures(1): |
|
|
|
|
|
|
|
|
Adjusted net income before provision for income taxes |
|
$ |
59,084 |
|
|
|
$ |
50,628 |
|
|
EBITDA |
|
$ |
61,844 |
|
|
|
$ |
50,254 |
|
|
|
|
|
|
|
|
|
|
|
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures on pages
21-23 |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
June 30, 2023 |
|
|
|
March 31, 2023 |
|
|
|
|
(in thousands, except Earningsper Share) |
|
|
|
|
|
|
|
|
|
|
|
Selected Key Financial Statement Metrics: |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
3,155,201 |
|
|
|
$ |
2,317,150 |
|
|
Gross profit |
|
$ |
78,610 |
|
|
|
$ |
75,498 |
|
|
Depreciation and amortization expense |
|
$ |
(2,741 |
) |
|
|
$ |
(3,340 |
) |
|
Net income attributable to the Company |
|
$ |
41,834 |
|
|
|
$ |
35,920 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.80 |
|
|
|
$ |
1.53 |
|
|
Diluted |
|
$ |
1.71 |
|
|
|
$ |
1.46 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures(1): |
|
|
|
|
|
|
|
|
Adjusted net income before provision for income taxes |
|
$ |
59,084 |
|
|
|
$ |
49,151 |
|
|
EBITDA |
|
$ |
61,844 |
|
|
|
$ |
52,263 |
|
|
|
|
|
|
|
|
|
|
|
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures on pages
21-23 |
|
|
|
|
|
|
|
|
|
|
|
Full Year 2023 Financial
Highlights
- Revenues for the
fiscal year ended June 30, 2023 increased 14% to $9.32 billion from
$8.16 billion for the fiscal year ended June 30, 2022
- Gross profit for
the fiscal year ended June 30, 2023 increased 13% to $294.7 million
from $261.8 million for the fiscal year ended June 30, 2022
- Gross profit margin
for the fiscal year ended June 30, 2023 decreased to 3.16% of
revenue from 3.21% of revenue for the fiscal year ended June 30,
2022
- Net income
attributable to the Company for the fiscal year ended June 30, 2023
increased 18% to $156.4 million from $132.5 million for the fiscal
year ended June 30, 2022
- Diluted earnings
per share totaled $6.34 for the fiscal year ended June 30, 2023, a
16% increase compared to $5.45 for the fiscal year ended June 30,
2022
- Adjusted net income
for the fiscal year ended June 30, 2023 increased 11% to $216.0
million from $195.0 million for the fiscal year ended June 30,
2022
- EBITDA for the
fiscal year ended June 30, 2023 increased 16% to $225.0 million
from $193.9 million for the fiscal year ended June 30, 2022
|
|
Year Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(in thousands, except Earningsper Share) |
|
|
|
|
|
|
|
|
|
|
|
Selected Key Financial Statement Metrics: |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
9,322,407 |
|
|
|
$ |
8,159,254 |
|
|
Gross profit |
|
$ |
294,669 |
|
|
|
$ |
261,765 |
|
|
Depreciation and amortization expense |
|
$ |
(12,525 |
) |
|
|
$ |
(27,300 |
) |
|
Net income attributable to the Company |
|
$ |
156,360 |
|
|
|
$ |
132,536 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
6.68 |
|
|
|
$ |
5.81 |
|
|
Diluted |
|
$ |
6.34 |
|
|
|
$ |
5.45 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures(1): |
|
|
|
|
|
|
|
|
Adjusted net income before provision for income taxes |
|
$ |
215,980 |
|
|
|
$ |
195,000 |
|
|
EBITDA |
|
$ |
224,992 |
|
|
|
$ |
193,909 |
|
|
|
|
|
|
|
|
|
|
|
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures on pages
21-23 |
|
|
|
|
|
Fiscal Fourth Quarter 2023 Financial
Summary
Revenues increased 51% to $3.16 billion from
$2.09 billion in the same year-ago quarter due to increases in gold
and silver ounces sold and higher average selling prices of gold
and silver.
The Direct-to-Consumer segment contributed 19%
and 23% of the consolidated revenue in the fiscal fourth quarters
of 2023 and 2022, respectively. JMB’s revenue represented 17% of
the consolidated revenues for the fiscal fourth quarter of 2023
compared with 21% for the prior year fiscal fourth quarter.
Gross profit increased 16% to $78.6 million
(2.49% of revenue) from $67.8 million (3.24% of revenue) in the
same year-ago quarter. The increase in gross profit was due to
higher gross profits earned from the Wholesale Sales &
Ancillary Services Segment and Direct-to-Consumer segments. The
Direct-to-Consumer segment contributed 60% and 57% of the
consolidated gross profit in the fiscal fourth quarters of 2023 and
2022, respectively. Gross profit contributed by JMB represented 49%
of the consolidated gross profit in the fiscal fourth quarter of
2023 and 46% of the consolidated gross profit for the prior year
fiscal fourth quarter.
Selling, general, and administrative expenses
increased 10% to $22.8 million from $20.7 million in the same
year-ago quarter. The increase was primarily due to an increase in
compensation expense (including performance-based accruals) of $1.3
million, higher advertising costs of $1.1 million, higher
information technology costs of $0.9 million, and higher consulting
and professional fees of $0.4 million, partially offset by lower
insurance costs of $2.1 million.
Depreciation and amortization expense decreased
15% to $2.7 million from $3.2 million in the same year-ago quarter.
The decrease in depreciation and amortization expense was primarily
due to a decrease in amortization of acquired intangibles related
to JMB.
Interest income increased 7% to $6.1 million
from $5.7 million in the same year-ago quarter. The increase in
interest income was primarily due to higher finance product income
from our Wholesale Sales & Ancillary Services segment partially
offset by a decrease in interest income earned by our Secured
Lending segment.
Interest expense increased 57% to $8.9 million
from $5.7 million in the same year-ago quarter. The increase in
interest expense was primarily driven by a $2.4 million increase
associated with our Trading Credit Facility (primarily due to an
increase in interest rates) and Notes Payable (including
amortization of debt issuance costs), and a $0.8 million increase
related to product financing arrangements.
Earnings from equity method investments
increased 105% to $5.3 million from $2.6 million in the same
year-ago quarter. The increase reflects our new investments made
during the year as well as the higher percentage ownership in our
existing equity method investments in comparison to the prior
year.
Net income attributable to the Company totaled
$41.8 million or $1.71 per diluted share, compared to net income of
$37.3 million or $1.52 per diluted share in the same year-ago
quarter.
Adjusted net income for the three months ended
June 30, 2023 totaled $59.1 million, compared to $50.6 million in
the same year-ago quarter. The increase was principally due to
higher net income before provision for income taxes of $9.2
million, partially offset by $0.6 million of lower amortization of
acquired intangibles and $0.3 million of lower acquisition
costs.
EBITDA for the three months ended June 30, 2023
totaled $61.8 million, compared to $50.3 million in the same
year-ago quarter. The increase was principally due to an increase
in income tax expense of $4.8 million, an increase in net income of
$4.5 million, an increase in interest expense of $3.2 million,
partially offset by a decrease in amortization of acquired
intangibles of $0.6 million, and an increase in interest income of
$0.4 million.
Full Year 2023 Financial
Summary
Revenues increased 14% to $9.32 billion from
$8.16 billion in the prior fiscal year. Excluding a $1.2 billion
increase in forward sales, revenues increased by $2.6 million,
driven primarily by an increase in silver ounces sold and higher
average selling prices of gold, partially offset by a decrease in
gold ounces sold and lower average selling prices of silver.
The Direct-to-Consumer segment contributed 21%
and 26% of the consolidated revenue in the fiscal year ended June
30, 2023 and 2022, respectively. JMB's revenue represented 19% and
24% of the Company's consolidated revenue for the fiscal years
ended June 30, 2023 and 2022, respectively.
Gross profit increased 13% to $294.7 million
(3.16% of revenue) in fiscal year 2023 from $261.8 million (3.21%
of revenue) in the prior year. Excluding a $1.2 billion increase in
forward sales which have a negligible impact to gross profit, the
gross profit percentage increased to 4.27% from 3.79% in the prior
fiscal year. The increase in gross profit was due to higher gross
profits earned from both the Wholesale Sales & Ancillary
Services and Direct-to-Consumer segments. The Direct-to-Consumer
segment contributed 57% and 56% of the consolidated gross profit in
fiscal year 2023 and 2022, respectively. Gross profit contributed
by JMB represented 49% and 46% of the consolidated gross profit
during the fiscal year ended June 30, 2023 and 2022,
respectively.
Selling, general and administrative expenses
increased 11% to $85.3 million from $76.6 million in the prior
fiscal year. The increase was primarily due to an increase in
compensation expense (including performance-based accruals) of $6.4
million, higher advertising costs of $3.5 million, an increase in
information technology costs of $1.7 million, partially offset by a
decrease in insurance costs of $1.7 million and lower consulting
and professional fees of $2.0 million.
Depreciation and amortization expense decreased
54% to $12.5 million from $27.3 million in fiscal 2022. The
decrease was primarily due to $14.9 million of lower amortization
of acquired intangibles related to JMB.
Interest income increased 2% to $22.2 million
from $21.8 million in the prior fiscal year. The increase was
primarily due to $1.8 million of higher other finance product
income, partially offset by $1.4 million of lower interest income
earned by our Secured Lending segment.
Interest expense increased 43% to $31.5 million
from $22.0 million in fiscal year 2022. The increase in interest
expense was primarily driven by $7.2 million associated with the
Company’s Trading Credit Facility (primarily due to an increase in
interest rates) and Notes Payable (including amortization of debt
issuance costs), $2.6 million related to product financing
arrangements, and $0.6 million in interest associated with
liabilities on borrowed metals, partially offset by a decrease of
$0.9 million of loan servicing fees.
Earnings from equity method investments
increased 82% to $12.6 million from $6.9 million in the prior
fiscal year. The increase of $5.7 million was primarily due to the
additional 40% ownership interest in Silver Gold Bull, Inc., which
was acquired in June 2022, as well as earnings from other equity
method investments.
Net income attributable to the Company totaled
$156.4 million or $6.34 per diluted share, compared to net income
attributable to the Company of $132.5 million or $5.45 per diluted
share in the prior fiscal year.
Adjusted net income for the fiscal year ended
June 30, 2023 totaled $216.0 million, an increase of approximately
$21.0 million or 11% compared to $195.0 million in the prior fiscal
year. The increase was principally due to higher net income before
provision for income taxes of $36.8 million, partially offset by a
decrease in amortization of acquired intangibles of $15.3
million.
EBITDA for fiscal year 2023 totaled $225.0
million, an increase of $31.1 million or 16% compared to $193.9
million in the prior fiscal year. The increase was principally due
to higher net income of $23.7 million, higher income tax expense of
$13.1 million, and higher interest expense of $9.5 million,
partially offset by lower amortization of acquired intangibles of
$15.3 million.
Dividends
Special Dividend
A-Mark’s Board of Directors has declared a
non-recurring special cash dividend of $1.00 per common share. The
special dividend will be paid on September 26, 2023 to stockholders
of record as of September 12, 2023.
Regular Quarterly Cash Dividend
A-Mark’s Board of Directors has declared a
quarterly cash dividend of $0.20 per common share, maintaining the
Company’s current dividend program. The dividend is payable on
October 24, 2023 to stockholders of record as of October 10,
2023.
Conference Call
A-Mark will hold a conference call today (August
31, 2023) to discuss these financial results. A-Mark management
will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific
time) followed by a question-and-answer period.
To participate, please call the conference
telephone number 10 minutes before the start time and ask for the
A-Mark Precious Metals conference call.
Webcast:
https://www.webcaster4.com/Webcast/Page/2867/48656
U.S. dial-in number: 1-888-506-0062International
number: 1-973-528-0011Access Code: 250722
The conference call will be webcast
simultaneously and available for replay via the Investor Relations
section of A-Mark’s website at www.amark.com. If you have any
difficulty connecting with the conference call or webcast, please
contact A-Mark’s investor relations team at 1-949-574-3860.
A replay of the call will be available after
7:30 p.m. Eastern time on the same day through September 14,
2023.
Toll-free replay number:
1-877-481-4010International replay number: 1-919-882-2331Replay
Passcode: 48656
About A-Mark Precious
Metals
Founded in 1965, A-Mark Precious Metals, Inc. is
a leading fully integrated precious metals platform that offers an
array of gold, silver, platinum, palladium, and copper bullion,
numismatic coins, and related products to wholesale and retail
customers via a portfolio of channels. The company conducts its
operations through three complementary segments: Wholesale Sales
& Ancillary Services, Direct-to-Consumer, and Secured Lending.
The company’s global customer base spans sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, e-commerce
customers, and other retail customers.
A-Mark’s Wholesale Sales & Ancillary
Services segment distributes and purchases precious metal products
from sovereign and private mints. As a U.S. Mint-authorized
purchaser of gold, silver, and platinum coins since 1986, A-Mark
purchases bullion products directly from the U.S. Mint for sale to
customers. A-Mark also has longstanding distributorships with other
sovereign mints, including Australia, Austria, Canada, China,
Mexico, South Africa, and the United Kingdom. The company sells
more than 200 different products to e-commerce retailers, coin and
bullion dealers, financial institutions, brokerages, and
collectors. In addition, A-Mark sells precious metal products to
industrial users, including metal refiners, manufacturers, and
electronic fabricators.
Through its A-M Global Logistics subsidiary,
A-Mark provides its customers with a range of complementary
services, including managed storage options for precious metals as
well as receiving, handling, inventorying, processing, packaging,
and shipping of precious metals and coins on a secure basis.
A-Mark’s mint operations, which are conducted through its wholly
owned subsidiary Silver Towne Mint, enable the company to offer
customers a wide range of proprietary coin and bar offerings and,
during periods of market volatility when the availability of silver
bullion from sovereign mints is often product constrained,
preferred product access.
A-Mark’s Direct-to-Consumer segment operates as
an omni-channel retailer of precious metals, providing access to a
multitude of products through its wholly owned subsidiaries, JM
Bullion and Goldline. JM Bullion is a leading e-commerce retailer
of precious metals and operates seven separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org,
BGASC.com and BullionMax.com. JMB
also owns CyberMetals.com, an online platform where customers can
purchase and sell fractional shares of digital gold, silver,
platinum, and palladium bars in a range of denominations. Goldline
markets precious metals directly to the investor community through
various channels, including television, radio, and telephonic sales
efforts. A-Mark also holds minority ownership interests in four
additional direct-to-consumer brands.
The company operates its Secured Lending segment
through its wholly owned subsidiaries, Collateral Finance
Corporation (CFC) and AM Capital Funding. Founded in 2005, CFC is a
California licensed finance lender that originates and acquires
loans secured by bullion and numismatic coins. Its customers
include coin and precious metal dealers, investors, and collectors.
AM Capital Funding was formed in 2018 for the purpose of
securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and
has additional offices and facilities in the neighboring Los
Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester,
IN, and Vienna, Austria. For more information, visit
www.amark.com.
A-Mark periodically provides information for
investors on its corporate website, www.amark.com, and its
investor relations website, ir.amark.com. This includes press
releases and other information about financial performance, reports
filed or furnished with the SEC, information on corporate
governance, and investor presentations.
Important Cautions Regarding
Forward-Looking Statements
Statements in this press release that relate to
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. These include statements regarding
expectations with respect to the dividend declarations, the amount
or timing of any future dividends, future macroeconomic conditions
and demand for precious metal products, and the Company’s ability
to effectively respond to changing economic conditions. Future
events, risks and uncertainties, individually or in the aggregate,
could cause actual results or circumstances to differ materially
from those expressed or implied in these statements. 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; changes in the current international
political climate, which has favorably contributed to demand and
volatility in the precious metals markets; potential adverse
effects of the current problems in the national and global supply
chains; increased competition for the Company’s higher margin
services, which could depress pricing; the failure of the Company’s
business model to respond to changes in the market environment as
anticipated; changes in consumer demand and preferences for
precious metal products generally; potential negative effects that
inflationary pressure may have on our business; the inability of
the Company to expand capacity at Silver Towne Mint, the failure of
our investee companies to maintain, or address the preferences of,
their customer bases; general risks of doing business in the
commodity markets; and the strategic, business, economic,
financial, political and governmental risks and other Risk Factors
described in 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.
Use and Reconciliation of Non-GAAP
Measures
In addition to presenting the Company’s
financial results determined in accordance with U.S. GAAP,
management believes the following non-GAAP measures are useful in
evaluating the Company’s operating performance: “adjusted net
income before provision for income taxes” and “earnings before
interest, taxes, depreciation and amortization” (“EBITDA”).
Management believes the “adjusted net income before provision for
income taxes” non-GAAP financial performance measure assists
investors and analysts by facilitating comparison of
period-to-period operational performance on a consistent basis by
excluding items that management does not believe are indicative of
the Company’s core operating performance. The items excluded from
this financial measure may have a material impact on the Company’s
financial results. Certain of those items are non-recurring, while
others are non-cash in nature. Management believes the EBITDA
non-GAAP liquidity measure assists investors and analysts by
facilitating comparison of our business operations before investing
activities, interest, and income taxes with other publicly traded
companies. Non-GAAP measures do not have standardized definitions
and should be considered in addition to, and not as a substitute
for or superior to, the comparable measures prepared in accordance
with U.S. GAAP, and should be read in conjunction with the
financial statements included in the Company’s Annual Report on
Form 10-K to be filed with the SEC. Management encourages investors
and others to review the Company’s financial information in its
entirety and not to rely on any single financial or liquidity
measure.
In the Company’s reconciliation from its
reported U.S. GAAP “net income before provision for income taxes”
to its non-GAAP “adjusted net income before provision for income
taxes”, the Company eliminates the impact of the following three
amounts: (i) acquisition expenses; (ii) amortization expenses
related to intangible assets acquired; and (iii) depreciation
expense. The Company’s reconciliations from its reported U.S. GAAP
“net income before provision for income taxes” to its non-GAAP
“adjusted net income before provision for income taxes”, and “net
income” and “net cash provided by (used in) operating activities”
to its non-GAAP “EBITDA” are provided below and are also included
in the Company’s Annual Report on Form 10-K to be filed with the
SEC for the fiscal year ended June 30, 2023.
Company Contact:Steve Reiner,
Executive Vice President, Capital Markets & Investor
RelationsA-Mark Precious Metals,
Inc.1-310-587-1410sreiner@amark.com
Investor Relations Contact:Matt
Glover and Matthew HauschGateway Group, Inc.
1-949-574-3860AMRK@gateway-grp.com
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(amounts in
thousands, except for share data) |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash |
|
$ |
39,318 |
|
|
$ |
37,783 |
|
Receivables, net |
|
|
35,243 |
|
|
|
97,040 |
|
Derivative assets |
|
|
77,881 |
|
|
|
91,743 |
|
Secured loans receivable |
|
|
100,620 |
|
|
|
126,217 |
|
Precious metals held under financing arrangements |
|
|
25,530 |
|
|
|
79,766 |
|
Inventories: |
|
|
|
|
|
|
Inventories |
|
|
645,812 |
|
|
|
458,347 |
|
Restricted inventories |
|
|
335,831 |
|
|
|
282,671 |
|
|
|
|
981,643 |
|
|
|
741,018 |
|
Prepaid expenses and other assets |
|
|
6,956 |
|
|
|
7,558 |
|
Total current
assets |
|
|
1,267,191 |
|
|
|
1,181,125 |
|
Operating lease right of use assets |
|
|
5,119 |
|
|
|
6,482 |
|
Property, plant, and equipment, net |
|
|
12,513 |
|
|
|
9,845 |
|
Goodwill |
|
|
100,943 |
|
|
|
100,943 |
|
Intangibles, net |
|
|
62,630 |
|
|
|
67,965 |
|
Long-term investments |
|
|
88,535 |
|
|
|
70,828 |
|
Other long-term assets |
|
|
8,640 |
|
|
|
5,471 |
|
Total
assets |
|
$ |
1,545,571 |
|
|
$ |
1,442,659 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Lines of credit |
|
$ |
235,000 |
|
|
$ |
215,000 |
|
Liabilities on borrowed metals |
|
|
21,642 |
|
|
|
59,417 |
|
Product financing arrangements |
|
|
335,831 |
|
|
|
282,671 |
|
Accounts payable and other payables |
|
|
25,465 |
|
|
|
6,127 |
|
Deferred revenue and other advances |
|
|
181,363 |
|
|
|
175,545 |
|
Derivative liabilities |
|
|
8,076 |
|
|
|
75,780 |
|
Accrued liabilities |
|
|
20,418 |
|
|
|
21,813 |
|
Income tax payable |
|
|
958 |
|
|
|
382 |
|
Notes payable |
|
|
95,308 |
|
|
|
— |
|
Total current
liabilities |
|
|
924,061 |
|
|
|
836,735 |
|
Notes payable |
|
|
— |
|
|
|
94,073 |
|
Deferred tax liabilities |
|
|
16,677 |
|
|
|
15,408 |
|
Other liabilities |
|
|
4,440 |
|
|
|
5,972 |
|
Total
liabilities |
|
|
945,178 |
|
|
|
952,188 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares;
issued and outstanding: none as of June 30, 2023 or
June 30, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.01; 40,000,000 shares authorized;
23,672,122 and 23,379,888 shares issued and 23,336,387 and
23,379,888 shares outstanding as of June 30, 2023 and
June 30, 2022, respectively |
|
|
237 |
|
|
|
234 |
|
Treasury stock, 335,735 and 0 shares at cost as of June 30,
2023 and June 30, 2022, respectively |
|
|
(9,762 |
) |
|
|
— |
|
Additional paid-in capital |
|
|
169,034 |
|
|
|
166,526 |
|
Accumulated other comprehensive loss |
|
|
(1,025 |
) |
|
|
— |
|
Retained earnings |
|
|
440,639 |
|
|
|
321,849 |
|
Total A-Mark Precious
Metals, Inc. stockholders’ equity |
|
|
599,123 |
|
|
|
488,609 |
|
Noncontrolling interest |
|
|
1,270 |
|
|
|
1,862 |
|
Total stockholders’
equity |
|
|
600,393 |
|
|
|
490,471 |
|
Total liabilities,
noncontrolling interest and stockholders’ equity |
|
$ |
1,545,571 |
|
|
$ |
1,442,659 |
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(in
thousands, except for share and per share data) |
|
|
Year Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
$ |
9,322,407 |
|
|
$ |
8,159,254 |
|
|
$ |
7,613,015 |
|
Cost of sales |
|
|
9,027,738 |
|
|
|
7,897,489 |
|
|
|
7,402,817 |
|
Gross profit |
|
|
294,669 |
|
|
|
261,765 |
|
|
|
210,198 |
|
Selling, general, and
administrative expenses |
|
|
(85,282 |
) |
|
|
(76,618 |
) |
|
|
(48,020 |
) |
Depreciation and amortization
expense |
|
|
(12,525 |
) |
|
|
(27,300 |
) |
|
|
(10,789 |
) |
Interest income |
|
|
22,231 |
|
|
|
21,800 |
|
|
|
18,474 |
|
Interest expense |
|
|
(31,528 |
) |
|
|
(21,992 |
) |
|
|
(19,865 |
) |
Earnings from equity method
investments |
|
|
12,576 |
|
|
|
6,907 |
|
|
|
15,547 |
|
Other income, net |
|
|
2,663 |
|
|
|
1,953 |
|
|
|
1,079 |
|
Remeasurement gain on
pre-existing equity interest |
|
|
— |
|
|
|
— |
|
|
|
26,306 |
|
Unrealized gains (losses) on
foreign exchange |
|
|
366 |
|
|
|
(98 |
) |
|
|
(129 |
) |
Net income before provision
for income taxes |
|
|
203,170 |
|
|
|
166,417 |
|
|
|
192,801 |
|
Income tax expense |
|
|
(46,401 |
) |
|
|
(33,338 |
) |
|
|
(31,877 |
) |
Net income |
|
|
156,769 |
|
|
|
133,079 |
|
|
|
160,924 |
|
Net income attributable to noncontrolling interest |
|
|
409 |
|
|
|
543 |
|
|
|
1,287 |
|
Net income attributable to the
Company |
|
$ |
156,360 |
|
|
$ |
132,536 |
|
|
$ |
159,637 |
|
Basic and diluted net income
per share attributable to A-Mark Precious Metals, Inc.: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
6.68 |
|
|
$ |
5.81 |
|
|
$ |
9.57 |
|
Diluted |
|
$ |
6.34 |
|
|
$ |
5.45 |
|
|
$ |
8.90 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
23,400,300 |
|
|
|
22,805,600 |
|
|
|
16,686,600 |
|
Diluted |
|
|
24,648,600 |
|
|
|
24,329,500 |
|
|
|
17,944,600 |
|
A-MARK PRECIOUS METALS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(amounts in thousands) |
|
|
Year Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
156,769 |
|
|
$ |
133,079 |
|
|
$ |
160,924 |
|
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
12,525 |
|
|
|
27,300 |
|
|
|
10,789 |
|
Amortization of loan cost |
|
|
2,113 |
|
|
|
2,651 |
|
|
|
2,162 |
|
Deferred income taxes |
|
|
1,585 |
|
|
|
(4,106 |
) |
|
|
(2,034 |
) |
Share-based compensation |
|
|
2,176 |
|
|
|
2,140 |
|
|
|
1,173 |
|
Remeasurement gain on pre-existing equity method investment |
|
|
— |
|
|
|
— |
|
|
|
(26,306 |
) |
Earnings from equity method investments |
|
|
(12,576 |
) |
|
|
(6,907 |
) |
|
|
(15,547 |
) |
Dividends and distributions received from equity method
investees |
|
|
978 |
|
|
|
1,678 |
|
|
|
343 |
|
Other |
|
|
(155 |
) |
|
|
215 |
|
|
|
(13 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Receivables, net |
|
|
61,797 |
|
|
|
(8,040 |
) |
|
|
(20,880 |
) |
Secured loans receivable |
|
|
1,012 |
|
|
|
757 |
|
|
|
1,932 |
|
Secured loans made to affiliates |
|
|
— |
|
|
|
3,042 |
|
|
|
5,755 |
|
Derivative assets |
|
|
13,862 |
|
|
|
(47,207 |
) |
|
|
7,447 |
|
Precious metals held under financing arrangements |
|
|
54,236 |
|
|
|
74,976 |
|
|
|
23,835 |
|
Inventories |
|
|
(240,625 |
) |
|
|
(282,999 |
) |
|
|
(79,031 |
) |
Prepaid expenses and other assets |
|
|
(3,336 |
) |
|
|
(649 |
) |
|
|
(7 |
) |
Accounts payable and other payables |
|
|
19,338 |
|
|
|
192 |
|
|
|
(86,097 |
) |
Deferred revenue and other advances |
|
|
5,818 |
|
|
|
(18,871 |
) |
|
|
58,651 |
|
Derivative liabilities |
|
|
(67,704 |
) |
|
|
68,241 |
|
|
|
(20,194 |
) |
Liabilities on borrowed metals |
|
|
(37,775 |
) |
|
|
(32,449 |
) |
|
|
(76,340 |
) |
Accrued liabilities |
|
|
(937 |
) |
|
|
2,425 |
|
|
|
5,686 |
|
Income tax payable |
|
|
576 |
|
|
|
(4,634 |
) |
|
|
(4,902 |
) |
Net cash used in
operating activities |
|
|
(30,323 |
) |
|
|
(89,166 |
) |
|
|
(52,654 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures for property, plant, and equipment |
|
|
(4,783 |
) |
|
|
(2,879 |
) |
|
|
(2,113 |
) |
Purchase of long-term investments |
|
|
(7,950 |
) |
|
|
(34,950 |
) |
|
|
(7,996 |
) |
Purchase of an option to acquire long-term investments |
|
|
(340 |
) |
|
|
(5,300 |
) |
|
|
— |
|
Purchase of intangible assets |
|
|
(5,000 |
) |
|
|
— |
|
|
|
— |
|
Secured loans receivable, net |
|
|
24,599 |
|
|
|
(17,034 |
) |
|
|
(56,932 |
) |
Acquisition of remaining noncontrolling equity interest in joint
venture |
|
|
— |
|
|
|
— |
|
|
|
(1,950 |
) |
Purchase of digital assets |
|
|
— |
|
|
|
(400 |
) |
|
|
— |
|
Proceeds from the sale of digital assets |
|
|
313 |
|
|
|
— |
|
|
|
— |
|
Redemption associated with acquisition of pre-existing equity
method investment |
|
|
— |
|
|
|
— |
|
|
|
17,457 |
|
Incremental acquisition of pre-existing equity method investment,
net of cash |
|
|
— |
|
|
|
— |
|
|
|
(78,859 |
) |
Net cash provided by
(used in) investing activities |
|
|
6,839 |
|
|
|
(60,563 |
) |
|
|
(130,393 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
Product financing arrangements, net |
|
|
53,160 |
|
|
|
81,643 |
|
|
|
126,350 |
|
Dividends paid |
|
|
(37,468 |
) |
|
|
(22,645 |
) |
|
|
(21,191 |
) |
Distributions paid to noncontrolling interest |
|
|
(1,001 |
) |
|
|
— |
|
|
|
— |
|
Net borrowings and repayments under lines of credit |
|
|
20,000 |
|
|
|
30,000 |
|
|
|
50,000 |
|
Repayments on notes payable to related party |
|
|
(2,955 |
) |
|
|
— |
|
|
|
— |
|
Repurchases of common stock |
|
|
(9,762 |
) |
|
|
— |
|
|
|
— |
|
Proceeds from issuance of related party note |
|
|
3,500 |
|
|
|
— |
|
|
|
— |
|
Debt funding issuance costs |
|
|
(485 |
) |
|
|
(5,179 |
) |
|
|
(1,861 |
) |
Net proceeds from the issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
75,344 |
|
Proceeds from the exercise of share-based awards |
|
|
1,884 |
|
|
|
2,323 |
|
|
|
3,523 |
|
Payments for tax withholding related to net settlement of
share-based awards |
|
|
(1,854 |
) |
|
|
(35 |
) |
|
|
(38 |
) |
Net cash provided by
financing activities |
|
|
25,019 |
|
|
|
86,107 |
|
|
|
232,127 |
|
Net increase (decrease)
in cash |
|
|
1,535 |
|
|
|
(63,622 |
) |
|
|
49,080 |
|
Cash, beginning of
period |
|
|
37,783 |
|
|
|
101,405 |
|
|
|
52,325 |
|
Cash, end of
period |
|
$ |
39,318 |
|
|
$ |
37,783 |
|
|
$ |
101,405 |
|
Overview of Results of Operations for
the Three Months Ended June 30, 2023 and 2022
Consolidated Results of
Operations
The operating results for the three months ended
June 30, 2023 and 2022 were as follows (in thousands, except
per share data):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
2023 |
|
|
|
2022 |
|
|
|
Change |
|
|
|
$ |
|
|
|
% of revenue |
|
|
|
$ |
|
|
|
% of revenue |
|
|
|
$ |
|
|
|
% |
|
Revenues |
|
$ |
3,155,201 |
|
|
|
|
100.000 |
% |
|
|
$ |
2,089,804 |
|
|
|
|
100.000 |
% |
|
|
$ |
1,065,397 |
|
|
|
|
51.0 |
% |
Gross profit |
|
|
78,610 |
|
|
|
|
2.491 |
% |
|
|
|
67,750 |
|
|
|
|
3.242 |
% |
|
|
$ |
10,860 |
|
|
|
|
16.0 |
% |
Selling, general, and
administrative expenses |
|
|
(22,844 |
) |
|
|
|
(0.724 |
%) |
|
|
|
(20,734 |
) |
|
|
|
(0.992 |
%) |
|
|
$ |
2,110 |
|
|
|
|
10.2 |
% |
Depreciation and amortization
expense |
|
|
(2,741 |
) |
|
|
|
(0.087 |
%) |
|
|
|
(3,223 |
) |
|
|
|
(0.154 |
%) |
|
|
$ |
(482 |
) |
|
|
|
(15.0 |
%) |
Interest income |
|
|
6,064 |
|
|
|
|
0.192 |
% |
|
|
|
5,675 |
|
|
|
|
0.272 |
% |
|
|
$ |
389 |
|
|
|
|
6.9 |
% |
Interest expense |
|
|
(8,925 |
) |
|
|
|
(0.283 |
%) |
|
|
|
(5,695 |
) |
|
|
|
(0.273 |
%) |
|
|
$ |
3,230 |
|
|
|
|
56.7 |
% |
Earnings from equity method
investments |
|
|
5,300 |
|
|
|
|
0.168 |
% |
|
|
|
2,590 |
|
|
|
|
0.124 |
% |
|
|
$ |
2,710 |
|
|
|
|
104.6 |
% |
Other income, net |
|
|
662 |
|
|
|
|
0.021 |
% |
|
|
|
618 |
|
|
|
|
0.030 |
% |
|
|
$ |
44 |
|
|
|
|
7.1 |
% |
Unrealized gains on foreign
exchange |
|
|
116 |
|
|
|
|
0.004 |
% |
|
|
|
30 |
|
|
|
|
0.001 |
% |
|
|
$ |
86 |
|
|
|
|
286.7 |
% |
Net income before provision for
income taxes |
|
|
56,242 |
|
|
|
|
1.783 |
% |
|
|
|
47,011 |
|
|
|
|
2.250 |
% |
|
|
$ |
9,231 |
|
|
|
|
19.6 |
% |
Income tax expense |
|
|
(14,305 |
) |
|
|
|
(0.453 |
%) |
|
|
|
(9,541 |
) |
|
|
|
(0.457 |
%) |
|
|
$ |
4,764 |
|
|
|
|
49.9 |
% |
Net income |
|
|
41,937 |
|
|
|
|
1.329 |
% |
|
|
|
37,470 |
|
|
|
|
1.793 |
% |
|
|
$ |
4,467 |
|
|
|
|
11.9 |
% |
Net income attributable to noncontrolling interest |
|
|
103 |
|
|
|
|
0.003 |
% |
|
|
|
134 |
|
|
|
|
0.006 |
% |
|
|
$ |
(31 |
) |
|
|
|
(23.1 |
%) |
Net income attributable to the Company |
|
$ |
41,834 |
|
|
|
|
1.326 |
% |
|
|
$ |
37,336 |
|
|
|
|
1.787 |
% |
|
|
$ |
4,498 |
|
|
|
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share attributable
to A-Mark Precious Metals,
Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.80 |
|
|
|
|
|
|
|
$ |
1.62 |
|
|
|
|
|
|
|
$ |
0.18 |
|
|
|
|
11.1 |
% |
Diluted |
|
$ |
1.71 |
|
|
|
|
|
|
|
$ |
1.52 |
|
|
|
|
|
|
|
$ |
0.19 |
|
|
|
|
12.5 |
% |
Overview of Results of Operations for
the Three Months Ended June 30, 2023 and March 31,
2023
Consolidated Results of
Operations
The operating results for the three months ended
June 30, 2023 and March 31, 2023 were as follows (in
thousands, except per share data):
|
|
Three Months Ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
Change |
|
|
|
$ |
|
|
% ofrevenue |
|
|
$ |
|
|
% ofrevenue |
|
|
$ |
|
|
% |
|
Revenues |
|
$ |
3,155,201 |
|
|
|
100.000 |
% |
|
$ |
2,317,150 |
|
|
|
100.000 |
% |
|
$ |
838,051 |
|
|
|
36.2 |
% |
Gross profit |
|
|
78,610 |
|
|
|
2.491 |
% |
|
|
75,498 |
|
|
|
3.258 |
% |
|
$ |
3,112 |
|
|
|
4.1 |
% |
Selling, general, and
administrative expenses |
|
|
(22,844 |
) |
|
|
(0.724 |
%) |
|
|
(23,841 |
) |
|
|
(1.029 |
%) |
|
$ |
(997 |
) |
|
|
(4.2 |
%) |
Depreciation and amortization
expense |
|
|
(2,741 |
) |
|
|
(0.087 |
%) |
|
|
(3,340 |
) |
|
|
(0.144 |
%) |
|
$ |
(599 |
) |
|
|
(17.9 |
%) |
Interest income |
|
|
6,064 |
|
|
|
0.192 |
% |
|
|
6,087 |
|
|
|
0.263 |
% |
|
$ |
(23 |
) |
|
|
(0.4 |
%) |
Interest expense |
|
|
(8,925 |
) |
|
|
(0.283 |
%) |
|
|
(9,237 |
) |
|
|
(0.399 |
%) |
|
$ |
(312 |
) |
|
|
(3.4 |
%) |
Earnings (losses) from equity
method investments |
|
|
5,300 |
|
|
|
0.168 |
% |
|
|
(70 |
) |
|
|
(0.003 |
%) |
|
$ |
5,370 |
|
|
|
7671.4 |
% |
Other income, net |
|
|
662 |
|
|
|
0.021 |
% |
|
|
641 |
|
|
|
0.028 |
% |
|
$ |
21 |
|
|
|
3.3 |
% |
Unrealized gains on foreign
exchange |
|
|
116 |
|
|
|
0.004 |
% |
|
|
35 |
|
|
|
0.002 |
% |
|
$ |
81 |
|
|
|
231.4 |
% |
Net income before provision for
income taxes |
|
|
56,242 |
|
|
|
1.783 |
% |
|
|
45,773 |
|
|
|
1.975 |
% |
|
$ |
10,469 |
|
|
|
22.9 |
% |
Income tax expense |
|
|
(14,305 |
) |
|
|
(0.453 |
%) |
|
|
(9,775 |
) |
|
|
(0.422 |
%) |
|
$ |
4,530 |
|
|
|
46.3 |
% |
Net income |
|
|
41,937 |
|
|
|
1.329 |
% |
|
|
35,998 |
|
|
|
1.554 |
% |
|
$ |
5,939 |
|
|
|
16.5 |
% |
Net income attributable to noncontrolling interest |
|
|
103 |
|
|
|
0.003 |
% |
|
|
78 |
|
|
|
0.003 |
% |
|
$ |
25 |
|
|
|
32.1 |
% |
Net income attributable to the
Company |
|
$ |
41,834 |
|
|
|
1.326 |
% |
|
$ |
35,920 |
|
|
|
1.550 |
% |
|
$ |
5,914 |
|
|
|
16.5 |
% |
Basic and diluted net
income per share attributable to A-Mark
Precious Metals, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.80 |
|
|
|
|
|
$ |
1.53 |
|
|
|
|
|
$ |
0.27 |
|
|
|
17.6 |
% |
Diluted |
|
$ |
1.71 |
|
|
|
|
|
$ |
1.46 |
|
|
|
|
|
$ |
0.25 |
|
|
|
17.1 |
% |
Overview of Results of Operations for
the Fiscal Years Ended June 30, 2023 and
2022
Consolidated Results of
Operations
The operating results for the fiscal years ended
June 30, 2023 and 2022 were as follows (in thousands, except
per share data):
Year Ended
June 30, |
|
2023 |
|
|
|
2022 |
|
|
|
Change |
|
|
|
$ |
|
|
|
% of revenue |
|
|
|
$ |
|
|
|
% of revenue |
|
|
|
$ |
|
|
|
% |
|
Revenues |
|
$ |
9,322,407 |
|
|
|
|
100.000 |
% |
|
|
$ |
8,159,254 |
|
|
|
|
100.000 |
% |
|
|
$ |
1,163,153 |
|
|
|
|
14.3 |
% |
Gross profit |
|
|
294,669 |
|
|
|
|
3.161 |
% |
|
|
|
261,765 |
|
|
|
|
3.208 |
% |
|
|
$ |
32,904 |
|
|
|
|
12.6 |
% |
Selling, general, and
administrative expenses |
|
|
(85,282 |
) |
|
|
|
(0.915 |
%) |
|
|
|
(76,618 |
) |
|
|
|
(0.939 |
%) |
|
|
$ |
8,664 |
|
|
|
|
11.3 |
% |
Depreciation and amortization
expense |
|
|
(12,525 |
) |
|
|
|
(0.134 |
%) |
|
|
|
(27,300 |
) |
|
|
|
(0.335 |
%) |
|
|
$ |
(14,775 |
) |
|
|
|
(54.1 |
%) |
Interest income |
|
|
22,231 |
|
|
|
|
0.238 |
% |
|
|
|
21,800 |
|
|
|
|
0.267 |
% |
|
|
$ |
431 |
|
|
|
|
2.0 |
% |
Interest expense |
|
|
(31,528 |
) |
|
|
|
(0.338 |
%) |
|
|
|
(21,992 |
) |
|
|
|
(0.270 |
%) |
|
|
$ |
9,536 |
|
|
|
|
43.4 |
% |
Earnings from equity method
investments |
|
|
12,576 |
|
|
|
|
0.135 |
% |
|
|
|
6,907 |
|
|
|
|
0.085 |
% |
|
|
$ |
5,669 |
|
|
|
|
82.1 |
% |
Other income, net |
|
|
2,663 |
|
|
|
|
0.029 |
% |
|
|
|
1,953 |
|
|
|
|
0.024 |
% |
|
|
$ |
710 |
|
|
|
|
36.4 |
% |
Unrealized gains (losses) on
foreign exchange |
|
|
366 |
|
|
|
|
0.004 |
% |
|
|
|
(98 |
) |
|
|
|
(0.001 |
%) |
|
|
$ |
464 |
|
|
|
|
473.5 |
% |
Net income before provision for
income taxes |
|
|
203,170 |
|
|
|
|
2.179 |
% |
|
|
|
166,417 |
|
|
|
|
2.040 |
% |
|
|
$ |
36,753 |
|
|
|
|
22.1 |
% |
Income tax expense |
|
|
(46,401 |
) |
|
|
|
(0.498 |
%) |
|
|
|
(33,338 |
) |
|
|
|
(0.409 |
%) |
|
|
$ |
13,063 |
|
|
|
|
39.2 |
% |
Net income |
|
|
156,769 |
|
|
|
|
1.682 |
% |
|
|
|
133,079 |
|
|
|
|
1.631 |
% |
|
|
$ |
23,690 |
|
|
|
|
17.8 |
% |
Net income attributable to noncontrolling interest |
|
|
409 |
|
|
|
|
0.004 |
% |
|
|
|
543 |
|
|
|
|
0.007 |
% |
|
|
$ |
(134 |
) |
|
|
|
(24.7 |
%) |
Net income attributable to the
Company |
|
$ |
156,360 |
|
|
|
|
1.677 |
% |
|
|
$ |
132,536 |
|
|
|
|
1.624 |
% |
|
|
$ |
23,824 |
|
|
|
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share attributable
to A-Mark Precious Metals,
Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
6.68 |
|
|
|
|
|
|
|
$ |
5.81 |
|
|
|
|
|
|
|
$ |
0.87 |
|
|
|
|
15.0 |
% |
Diluted |
|
$ |
6.34 |
|
|
|
|
|
|
|
$ |
5.45 |
|
|
|
|
|
|
|
$ |
0.89 |
|
|
|
|
16.3 |
% |
Reconciliation of U.S. GAAP to Non-GAAP
Measures for the Three Months Ended June 30, 2023 and
2022
A reconciliation of net income before provision
for income taxes to adjusted net income before provision for income
taxes for the three months ended June 30, 2023 and 2022
follows (in thousands):
Three Months Ended
June 30, |
|
2023 |
|
|
2022 |
|
|
|
Change |
|
|
|
$ |
|
|
$ |
|
|
|
$ |
|
|
% |
|
Net income before provision for income taxes |
|
$ |
56,242 |
|
|
$ |
47,011 |
|
|
|
$ |
9,231 |
|
|
|
19.6 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs |
|
|
101 |
|
|
|
394 |
|
|
|
$ |
(293 |
) |
|
|
(74.4 |
%) |
Amortization of acquired intangibles |
|
|
2,150 |
|
|
|
2,736 |
|
|
|
$ |
(586 |
) |
|
|
(21.4 |
%) |
Depreciation expense |
|
|
591 |
|
|
|
487 |
|
|
|
$ |
104 |
|
|
|
21.4 |
% |
Adjusted net income before
provision for income taxes (non-GAAP) |
|
$ |
59,084 |
|
|
$ |
50,628 |
|
|
|
$ |
8,456 |
|
|
|
16.7 |
% |
A reconciliation of net income to EBITDA, and operating cash
flows to EBITDA for the three months ended June 30, 2023 and
2022 follows (in thousands):
Three Months Ended
June 30, |
|
2023 |
|
|
2022 |
|
|
|
Change |
|
|
|
$ |
|
|
$ |
|
|
|
$ |
|
|
% |
|
Net income |
|
$ |
41,937 |
|
|
$ |
37,470 |
|
|
|
$ |
4,467 |
|
|
|
11.9 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(6,064 |
) |
|
|
(5,675 |
) |
|
|
$ |
389 |
|
|
|
6.9 |
% |
Interest expense |
|
|
8,925 |
|
|
|
5,695 |
|
|
|
$ |
3,230 |
|
|
|
56.7 |
% |
Amortization of acquired intangibles |
|
|
2,150 |
|
|
|
2,736 |
|
|
|
$ |
(586 |
) |
|
|
(21.4 |
%) |
Depreciation expense |
|
|
591 |
|
|
|
487 |
|
|
|
$ |
104 |
|
|
|
21.4 |
% |
Income tax expense |
|
|
14,305 |
|
|
|
9,541 |
|
|
|
$ |
4,764 |
|
|
|
49.9 |
% |
|
|
|
19,907 |
|
|
|
12,784 |
|
|
|
$ |
7,123 |
|
|
|
55.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before interest, taxes,
depreciation, and amortization (non-GAAP) |
|
$ |
61,844 |
|
|
$ |
50,254 |
|
|
|
$ |
11,590 |
|
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Cash Flows to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
$ |
(73,572 |
) |
|
$ |
(13,464 |
) |
|
|
$ |
60,108 |
|
|
|
446.4 |
% |
Changes in operating working capital |
|
|
116,110 |
|
|
|
54,954 |
|
|
|
$ |
61,156 |
|
|
|
111.3 |
% |
Interest expense |
|
|
8,925 |
|
|
|
5,695 |
|
|
|
$ |
3,230 |
|
|
|
56.7 |
% |
Interest income |
|
|
(6,064 |
) |
|
|
(5,675 |
) |
|
|
$ |
389 |
|
|
|
6.9 |
% |
Income tax expense |
|
|
14,305 |
|
|
|
9,541 |
|
|
|
$ |
4,764 |
|
|
|
49.9 |
% |
Dividends and distributions received from equity method
investees |
|
|
(427 |
) |
|
|
(1,678 |
) |
|
|
$ |
(1,251 |
) |
|
|
(74.6 |
%) |
Earnings from equity method investments |
|
|
5,300 |
|
|
|
2,590 |
|
|
|
$ |
2,710 |
|
|
|
104.6 |
% |
Share-based compensation |
|
|
(569 |
) |
|
|
(512 |
) |
|
|
$ |
57 |
|
|
|
11.1 |
% |
Deferred income taxes |
|
|
(1,836 |
) |
|
|
(457 |
) |
|
|
$ |
1,379 |
|
|
|
301.8 |
% |
Amortization of loan cost |
|
|
(485 |
) |
|
|
(562 |
) |
|
|
$ |
(77 |
) |
|
|
(13.7 |
%) |
Other |
|
|
157 |
|
|
|
(178 |
) |
|
|
$ |
335 |
|
|
|
188.2 |
% |
Earnings before interest, taxes,
depreciation, and amortization (non-GAAP) |
|
$ |
61,844 |
|
|
$ |
50,254 |
|
|
|
$ |
11,590 |
|
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of U.S. GAAP to Non-GAAP
Measures for the Three Months Ended June 30, 2023 and March
31, 2023
A reconciliation of net income before provision
for income taxes to adjusted net income before provision for income
taxes for the three months ended June 30, 2023 and March 31,
2023 follows (in thousands):
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
|
Change |
|
|
|
$ |
|
|
$ |
|
|
|
$ |
|
|
% |
|
Net income before provision for income taxes |
|
$ |
56,242 |
|
|
|
45,773 |
|
|
|
$ |
10,469 |
|
|
|
22.9 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs |
|
|
101 |
|
|
|
38 |
|
|
|
$ |
63 |
|
|
|
165.8 |
% |
Amortization of acquired intangibles |
|
|
2,150 |
|
|
|
2,719 |
|
|
|
$ |
(569 |
) |
|
|
(20.9 |
%) |
Depreciation expense |
|
|
591 |
|
|
|
621 |
|
|
|
$ |
(30 |
) |
|
|
(4.8 |
%) |
Adjusted net income before
provision for income taxes (non-GAAP) |
|
$ |
59,084 |
|
|
$ |
49,151 |
|
|
|
$ |
9,933 |
|
|
|
20.2 |
% |
A reconciliation of net income to EBITDA, and
operating cash flows to EBITDA for the three months ended
June 30, 2023 and March 31, 2023 follows (in thousands):
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
|
Change |
|
|
|
$ |
|
|
$ |
|
|
|
$ |
|
|
% |
|
Net income |
|
$ |
41,937 |
|
|
$ |
35,998 |
|
|
|
$ |
5,939 |
|
|
|
16.5 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(6,064 |
) |
|
|
(6,087 |
) |
|
|
$ |
(23 |
) |
|
|
(0.4 |
%) |
Interest expense |
|
|
8,925 |
|
|
|
9,237 |
|
|
|
$ |
(312 |
) |
|
|
(3.4 |
%) |
Amortization of acquired intangibles |
|
|
2,150 |
|
|
|
2,719 |
|
|
|
$ |
(569 |
) |
|
|
(20.9 |
%) |
Depreciation expense |
|
|
591 |
|
|
|
621 |
|
|
|
$ |
(30 |
) |
|
|
(4.8 |
%) |
Income tax expense |
|
|
14,305 |
|
|
|
9,775 |
|
|
|
$ |
4,530 |
|
|
|
46.3 |
% |
|
|
|
19,907 |
|
|
|
16,265 |
|
|
|
$ |
3,642 |
|
|
|
22.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before interest, taxes,
depreciation, and amortization (non-GAAP) |
|
$ |
61,844 |
|
|
$ |
52,263 |
|
|
|
$ |
9,581 |
|
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Cash Flows to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by
operating activities |
|
$ |
(73,572 |
) |
|
$ |
91,767 |
|
|
|
$ |
(165,339 |
) |
|
|
(180.2 |
%) |
Changes in operating working capital |
|
|
116,110 |
|
|
|
(52,003 |
) |
|
|
$ |
168,113 |
|
|
|
323.3 |
% |
Interest expense |
|
|
8,925 |
|
|
|
9,237 |
|
|
|
$ |
(312 |
) |
|
|
(3.4 |
%) |
Interest income |
|
|
(6,064 |
) |
|
|
(6,087 |
) |
|
|
$ |
(23 |
) |
|
|
(0.4 |
%) |
Income tax expense |
|
|
14,305 |
|
|
|
9,775 |
|
|
|
$ |
4,530 |
|
|
|
46.3 |
% |
Dividends received from equity method investees |
|
|
(427 |
) |
|
|
— |
|
|
|
$ |
(427 |
) |
|
|
— |
% |
Earnings (losses) from equity method investments |
|
|
5,300 |
|
|
|
(70 |
) |
|
|
$ |
5,370 |
|
|
|
7671.4 |
% |
Share-based compensation |
|
|
(569 |
) |
|
|
(538 |
) |
|
|
$ |
31 |
|
|
|
5.8 |
% |
Deferred income taxes |
|
|
(1,836 |
) |
|
|
666 |
|
|
|
$ |
(2,502 |
) |
|
|
(375.7 |
%) |
Amortization of loan cost |
|
|
(485 |
) |
|
|
(488 |
) |
|
|
$ |
(3 |
) |
|
|
(0.6 |
%) |
Other |
|
|
157 |
|
|
|
4 |
|
|
|
$ |
153 |
|
|
|
3825.0 |
% |
Earnings before interest, taxes,
depreciation, and amortization (non-GAAP) |
|
$ |
61,844 |
|
|
$ |
52,263 |
|
|
|
$ |
9,581 |
|
|
|
18.3 |
% |
Reconciliation of U.S. GAAP to Non-GAAP
Measures for the Fiscal Years Ended June 30, 2023 and
2022
A reconciliation of net income before provision
for income taxes to adjusted net income before provision for income
taxes for the fiscal years ended June 30, 2023 and 2022
follows (in thousands):
Year Ended
June 30, |
|
2023 |
|
|
2022 |
|
|
|
Change |
|
|
|
$ |
|
|
$ |
|
|
|
$ |
|
|
% |
|
Net income before provision for income taxes |
|
$ |
203,170 |
|
|
$ |
166,417 |
|
|
|
$ |
36,753 |
|
|
|
22.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs |
|
|
285 |
|
|
|
1,283 |
|
|
|
$ |
(998 |
) |
|
|
(77.8 |
%) |
Amortization of acquired intangibles |
|
|
10,343 |
|
|
|
25,668 |
|
|
|
$ |
(15,325 |
) |
|
|
(59.7 |
%) |
Depreciation expense |
|
|
2,182 |
|
|
|
1,632 |
|
|
|
$ |
550 |
|
|
|
33.7 |
% |
Adjusted net income before
provision for income taxes (non-GAAP) |
|
$ |
215,980 |
|
|
$ |
195,000 |
|
|
|
$ |
20,980 |
|
|
|
10.8 |
% |
A reconciliation of net income to EBITDA, and
operating cash flows to EBITDA for the fiscal years ended
June 30, 2023 and 2022 follows (in thousands):
Year Ended
June 30, |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
|
$ |
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
Net income |
|
$ |
156,769 |
|
|
|
$ |
133,079 |
|
|
$ |
23,690 |
|
|
|
|
17.8 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(22,231 |
) |
|
|
|
(21,800 |
) |
|
$ |
431 |
|
|
|
|
2.0 |
% |
Interest expense |
|
|
31,528 |
|
|
|
|
21,992 |
|
|
$ |
9,536 |
|
|
|
|
43.4 |
% |
Amortization of acquired intangibles |
|
|
10,343 |
|
|
|
|
25,668 |
|
|
$ |
(15,325 |
) |
|
|
|
(59.7 |
%) |
Depreciation expense |
|
|
2,182 |
|
|
|
|
1,632 |
|
|
$ |
550 |
|
|
|
|
33.7 |
% |
Income tax expense |
|
|
46,401 |
|
|
|
|
33,338 |
|
|
$ |
13,063 |
|
|
|
|
39.2 |
% |
|
|
|
68,223 |
|
|
|
|
60,830 |
|
|
$ |
7,393 |
|
|
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before interest, taxes,
depreciation, and amortization (non-GAAP) |
|
$ |
224,992 |
|
|
|
$ |
193,909 |
|
|
$ |
31,083 |
|
|
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Cash Flows to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating
activities |
|
$ |
(30,323 |
) |
|
|
$ |
(89,166 |
) |
|
$ |
(58,843 |
) |
|
|
|
(66.0 |
%) |
Changes in operating working capital |
|
|
193,738 |
|
|
|
|
245,216 |
|
|
$ |
(51,478 |
) |
|
|
|
(21.0 |
%) |
Interest expense |
|
|
31,528 |
|
|
|
|
21,992 |
|
|
$ |
9,536 |
|
|
|
|
43.4 |
% |
Interest income |
|
|
(22,231 |
) |
|
|
|
(21,800 |
) |
|
$ |
431 |
|
|
|
|
2.0 |
% |
Income tax expense |
|
|
46,401 |
|
|
|
|
33,338 |
|
|
$ |
13,063 |
|
|
|
|
39.2 |
% |
Dividends and distributions received from equity method
investees |
|
|
(978 |
) |
|
|
|
(1,678 |
) |
|
$ |
(700 |
) |
|
|
|
(41.7 |
%) |
Earnings from equity method investments |
|
|
12,576 |
|
|
|
|
6,907 |
|
|
$ |
5,669 |
|
|
|
|
82.1 |
% |
Share-based compensation |
|
|
(2,176 |
) |
|
|
|
(2,140 |
) |
|
$ |
36 |
|
|
|
|
1.7 |
% |
Deferred income taxes |
|
|
(1,585 |
) |
|
|
|
4,106 |
|
|
$ |
(5,691 |
) |
|
|
|
(138.6 |
%) |
Amortization of loan cost |
|
|
(2,113 |
) |
|
|
|
(2,651 |
) |
|
$ |
(538 |
) |
|
|
|
(20.3 |
%) |
Other |
|
|
155 |
|
|
|
|
(215 |
) |
|
$ |
370 |
|
|
|
|
172.1 |
% |
Earnings before interest, taxes,
depreciation, and amortization (non-GAAP) |
|
$ |
224,992 |
|
|
|
$ |
193,909 |
|
|
$ |
31,083 |
|
|
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A Mark Precious Metals (NASDAQ:AMRK)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
A Mark Precious Metals (NASDAQ:AMRK)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024