Earnings call transcript Q4 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, and welcome to the A-Mark Precious Metals Conference Call for the Fourth Quarter and Fiscal Year ended June 30, 2023. My name is John, and I will be your operator this afternoon.

Before this call, A-Mark issued its results for the fourth quarter and fiscal year 2023 in a press release, which is available in the Investor Relations section of the Company's website at www.amark.com.

You can find the link to the Investor Relations section at the top of the home page.

Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Kathleen Simpson-Taylor.

will call we your remarks, their open to the questions. Following call. I'll we made necessary this conclude before provide by the during statements Then forward-looking call, the the cautions management regarding this I A-Mark's call will would website. and made available via be for will remind Relations in like everyone the -- is recorded, Investor and to being we replay link available that section of

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

Greg Roberts

everyone. to Thank for you, John, afternoon Thank good call our you today. and joining

As a we platform. metals further industry-leading, financial performance in XXXX reported A-Mark's our earnings precious A-Mark, record and fiscal release, for demonstrating marked of integrated strong the strength year of fully operational

diluted EPS $X.XX full share. of year, For $XXX.X the million and fiscal per reported we of income net

and gross record generated a year profit delivered EBITDA $XXX for year-over-year, equity on XX% grew the million we of full year. XX% and of levels Our return

segment XX% Direct-to-Consumer consolidated continues approximately generating to DTC to for financial performance, significantly contribute the year. of Our or our our profit gross overall

base. grew New which acquisitions the year-over-year, strategic success our growth, of customer DTC organic and of XX% DTC our customer expanded BGASC and acquisitions by further highlighting BullionMax, the customers including

Bullion During our minority in the & Metals interests year, Precious Coin investment U.K.-based we Texas Atkinsons and added to portfolios.

minting a week. bullion the certification Company's reputation per to silver the capacity produce We of achieved the leading expansion million investing now has of the in manufacturer quality also our by fabricated during also of bolstered reaffirming facility ISO in over operations which as our SilverTowne products. year, Indiana, Mint SilverTowne ounces XXXX X

further through A-Mark's financials she progress on to operating our and we Gjerdrum, our discuss President, strategy in Afterwards, our provide will call growth business more the walk Kathleen CFO, turn a as Then, will over Simpson-Taylor, I fiscal I'll metrics. ahead will into update key Thor XXXX. detail. and our you Now

Kathleen?

Kathleen Simpson-Taylor

Greg, Thank everyone. afternoon, and good you,

fiscal and billion $X.XX silver. billion and due higher selling last increased The gold in fiscal in average year represented XX% to XX% the QX sold by JMB, of compared from Our QX QX for consolidated contributed XXXX to to of XXXX revenues XXXX of contributed of an ounces revenue QX QX JM QX prices revenues for gold $X.XX segment consolidated increase of year. XX% DTC last silver in XX% and Bullion, Revenue to last of of the XX% in in year. compared fiscal

the full fiscal $X.XX For the year, $X.XX prior billion fiscal billion to year. XX% revenues in our increased from

by million, a of ounces an gold increase silver. prices lower $X.X Excluding billion $X.X sales, a by by sold average selling higher and and sold driven increase partially in primarily in silver of in revenues increased ounces decrease selling our forward offset gold, prices average

Revenue of DTC in XX% of revenue and year respectively. XX% revenues prior XXXX compared revenue XX% year. for of revenue contributed consolidated $XX.X million Gross The from profit the last million X.XX% QX in to of X.XX% to of or in QX fiscal $XX.X year. XXXX, the by segment or fiscal represented increased fiscal XXXX for the JMB and consolidated XX% XX% contributed XXXX year

gross increase The DTC the Sales contributed QX in XX% from represented profit the gross in to was in Ancillary in of in and segment Gross consolidated XXXX represented earned contributed to higher fiscal XX% compared and profit QX gross by year. of last XXXX profit same by period. of segments. profit fiscal QX to XX% compared JMB due the year-ago profits gross Gross the XX% Direct-to-Consumer the Services consolidated Wholesale profit

year. or X.XX% the of year, of fiscal the profit $XXX.X full For million fiscal in prior increased XX% revenue from to X.XX% gross $XXX.X or revenue million

X.XX% sales, billion percentage from increased in profit, gross fiscal to gross the a which $X.X have to in year. a impact X.XX% Excluding increase profit forward the negligible prior

in gross higher segment to due and was profit XX% contributed represented profit gross gross the Services for XX% fiscal the profit from in of prior XXXX in compared the fiscal DTC XX% profits the to to compared earned prior gross by Gross Ancillary DTC consolidated with JMB the consolidated XXXX segments. profit contributed fiscal Sales XX% Wholesale in year. the and increase year. The

and professional advertising offset by $X.X of costs million, to $X.X of million fees million, SG&A expense, QX increased of in insurance The higher XX% to $X.X information XXXX million lower was costs million, expenses for fiscal QX primarily compensation and $XX.X year. of increase accruals costs higher technology performance-based of $X.X higher including million. $XX.X million $X.X in from last increase due partially an consulting of

For of SG&A higher full in of decrease The in $XX.X and a costs fiscal information $X.X increase in to advertising million, an partially insurance expense, fiscal costs compensation of $X $X.X increase was million $X.X million, costs fees accruals in $XX.X million. increase $X.X million, offset due by from million year, million primarily and performance-based XXXX. consulting to the expenses technology lower an professional XX% including of of increased year

in to $X.X for in year. Depreciation fiscal million acquired intangibles of amortization QX a to decreased to XX% decrease amortization expense The was JMB. QX decrease related last million of $X.X XXXX from primarily due

$XX.X and million full prior the expense million the For year, decreased fiscal XX% in to depreciation amortization $XX.X year. from

product in offset Ancillary partially million X% million intangibles Wholesale income from Services higher our interest which in from increase increased finance The by primarily segment, was to Sales interest and related income $XX.X amortization was was of million Lending QX income our decrease acquired earned a and decrease decrease by due income $X.X primarily due segment. to Secured a last to JMB. in $X.X The year. Interest of to

to our full partially interest higher decrease XXXX. year income to earned Secured in fiscal our increase offset Lending primarily million was from segment, X% in Ancillary a due Sales by year, from fiscal The $XX.X interest product by income increased $XX.X finance income the segment. and For Services million Wholesale

a expense associated with of QX increase amortization year. increase costs. $X.X $X.X and rates, interest of in fiscal Interest QX debt issuance credit million facility, The by to increase including XX% trading million an to last expense in $X.X for million notes driven our interest primarily payable, due primarily XXXX increased in from was

to In addition, increase $X.X product a financing arrangements. million related

payable, debt associated For our offset million was million And notes million $X.X increased costs, related $X.X $XX.X in metals. $XX the by product million The interest million partially was expense including a borrowed by and $X.X trading XXXX. with in rate increase associated fiscal arrangements decrease and amortization this servicing year, credit facility, fiscal liabilities of year $X.X on issuance fees. financing XX% with of loan an of to to full driven due increase million interest primarily interest from primarily to

in as XXXX XXX% $X.X million in made increased prior from fiscal ownership The as method higher QX percentage same equity equity our comparison investments the from year. year to the quarter. the reflects to million our $X.X existing during the well investments Earnings increase in new in investments year-ago method

method investments. due full from acquired other Bull, million equity XX% increased $XX.X from well the as the to earnings ownership fiscal to year, from as increase For million of XXXX, interest in was XXXX. million $X.X investments our in was method which earnings $X.X in XX% Gold equity additional June primarily year The fiscal Silver

$X.XX share. last fiscal year. XXXX per attributable QX income to Company net to diluted Company diluted share of This attributable of quarter totaled $XX.X compares per in fourth the income or the million million to the Net of for or $X.XX $XX.X

For to diluted Company $X.XX or $XXX.X the share. year, income the attributable net totaled full million fiscal per

taxes, net year-ago This non-GAAP QX provision for net to compares acquisition per and financial same before of $X.XX share prior quarter. Company income $XX.X million compared of amortization fiscal depreciation a in attributable XXXX to Adjusted income income million for in an the $XXX.X or measure to the excludes performance totaled million, which increase fiscal diluted $XX.X XX% the year. expenses,

XXXX increase a XXXX. compared million compared $XXX.X fiscal non-GAAP to a income million fiscal XX% fiscal million, provision XX% $XX.X in liquidity an for before XXXX of in of taxes income the the increase EBITDA fiscal compared EBITDA, $XXX in to measure, increase XXXX year. net for $XXX to QX QX year. prior fiscal totaled $XXX fiscal million, for million, prior Adjusted XX% million totaled totaled for a $XX.X

to At of year-end, XXXX. million year the $XX.X our compared fiscal to we of $XX.X fiscal Turning had cash balance sheet. at million end

million, of regular quarterly net end tangible of the from year. end prior year program the A-Mark's fiscal fiscal was dividend at $XXX.X Company's the of Board per up at $X.XX the maintain million share. $XXX.X Our cash worth to Directors the of continued has common

cash which is October was most also quarterly paid XX, recent on dividend Directors in record stockholders The XXXX, October declared of XXXX. dividend, of of cash quarterly to next XX, The the has as payable Board regular July.

September of on to dividend September In special Directors of declared financial stockholders summary. addition, has Board the XX, be my which $X XXXX. nonrecurring will a XXXX, XX, paid record cash of That completes per as common share, of

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

Thor Gjerdrum

Kathleen. you, Thank

metrics quarter XXXX, XX% up the was key XXXX, year QX gold the year quarter. we and in from up ounces QX last fiscal our of XXX,XXX at for operating XX% fourth Looking which from and of fiscal sold full prior

X.X we the XXXX. relatively For which sold million ounces full year, gold, was unchanged fiscal fiscal of from

quarter. was silver, sold year ounces up up of of XX% which correction. fiscal QX prior last XX.X one I XXX,XXX We silver. from XXX,XXX the silver and XX% ounces gold, XXXX, in QX Sorry, said ounces of million that was of from

which XX% For ounces from the is silver, XXXX. full fiscal year, million we fiscal sold XXX.X of up

and XX,XXX in DTC customers which QX QX a of of June segment, during the to Approximately customer prior account customers fiscal acquired of a registered made XXXX the the from the first last defined or new The attributable were number XX% was period of time was up new XX% or the in number is customers the that for year up new set XXXX, of as in have the which BullionMax XXXX. QX XX% up list from in purchase fiscal quarter.

number of the fiscal in is customers the segment the year. new For from prior the which up full XXX,XXX, year, XX% was DTC

of respectively. The fiscal at end attributable DTC and million, is was approximately XX% number as customers well our of XXXX, customers XX% XXXX base of fiscal the were from year-over-year to and customer the 'XX the a June the new increase as respectively. total October increase XXXX, acquired of October in to list in total The acquired year. which BGASC BGASC GMV customers XXXX of XXXX X.X Approximately list due the BullionMax in customer customer growth and in June BullionMax organic segment prior and the in of was

which the XX% product DTC prior QX average was which up quarter. accumulation The value, was represents order QX during of value XX% from the products, year of and up dollar to last XXXX DTC from average program fiscal $X,XXX, delivered customers orders excluding segment segment

$X,XXX, For was up DTC average value the from X% which full order our fiscal XXXX. is fiscal year,

from increase last XX% our For the quarter, quarter. was XX% X.X a the from X.X, inventory and which a in increase fourth QX in ratio X.X of fiscal turnover was prior year

For the XX.X, inventory XX% full same was is fiscal the ratio which period. turnover year, our from year-ago down

of one -- of number apologize, on ounces gold gold I full and a ounces our of March, $XXX.X June loan year. a loans we QX at fiscal but for down sold of XXX, the of XXX,XXX million, We decrease silver of June totaled X% ounce million and up XXXX the totaled in dollar the XX% for XX, XXXX. X% X.X at XX, full me, the in million end of from from The sold fiscal XXXX, ounces end my secured end statements. of of X.X is June XXXX, from XXXX. XX, value excuse Finally, the XX% -- from June portfolio the March of which decrease correction

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

Greg Roberts

and Thank you, Thor Kathleen.

September. our the we've of new a more fiscal Looking optimistic bit June this we a bit we 'XX, are from and fiscal August that with into continue headwinds seen will into commenced compression July. premium year, been ahead to active, continuing since has

our We create expand geographic and to reach value. continue to evaluate market opportunities presence to shareholder further

focus to logistics strategic remains create platform, will on strong along successful relations. synergies with with access supply footprint, including Our model reliable will align business with opportunities our that and integrated our and customer A-Mark's

operations long and diversified our logistics the continue and to enhance We optimistic in that increase sustain and our profitability will allow our us invest and over business operations. remain will model further to We term. capacity proven realize minting to growth

That remarks. prepared concludes Operator? my

Operator

please comes Instructions] our first Now Thomas, with Thomas [Operator Davidson. D.A. question Forte proceed. from

Thomas Forte

quarter both team, congrats and were on the amazing. year, Greg and

Greg, two one the companies follow. So time. of most a I at I'll I consider go questions. well-run A-Mark one

job. fantastic You, Thor and do everyone a

should management a Robert Bullion, had with think How You change JM investors at about Michael. recently that change? replacing

Greg Roberts

parts that I He's Board. benefit he his of his job, asset involved in has feel done of a Well, He to he's a think of consult the the last my still Bullion we're a still right his Rob proven that the the the has continue and on he's it's mind, Company. XX-plus grasp person tremendous positive. Company. going is I efforts is, over -- all And I to Michael great going for JM a he's with years and and -- been his to forward. expertise have -- abilities. his like weekly. the that focus He's

and very a something I in a still Bullion, that part the been JM and acquisition the felt of job. right and is digital decision. has A-Mark marketing And the the I'm think is the still right I the And Rob Bullion for so it's running I a the was of of right believe client was Rob JM move part a confident person that part Michael And for person positive. while. the for obviously, move,

Thomas Forte

you And you quarterly strategic special dividends, the your including on and onetime give second Can onetime, investing another dividend. Great. and current then capital my most question, back thoughts announced in business? allocation, M&A for regular

Greg Roberts

relates had year, at is three which capital Sure. fourth looks inventory as one we can allocation of we've do quarter dividend. we are the we to always when months special talked certainly will committed Obviously, and performance, and well a see with as six at. in dividend, everybody the money strong keeping we the acquisitions, about to regular justified as it drivers. main we better that and other and very before, it, And where say I we factors what even opportunities mind next as the how look look an that to put -- full the what the we

we're of quarter strength at. I have the strength would acquisitions looking we're and year. of of very last us and the the optimistic again a dividend for couple the that good. comfortable is our to special right that There's say pipeline things But and this allowed year continue now

return. As before, we we've I return look capital best we where think we shareholders. we can't can as to use, think If it said put I've we'll we to before, said the the excess to have that get

I indicative dividend this the forward special that that think our last the fiscal are us of performance. like new great be, with allocations I where And And year's had exactly continuing same feel right was now, we I capital year in for position fairly them opportunities. to should active think and a be I we in new year want the a going into year, are that

Operator

from comes with Please Pipes question next Lucas The B. Riley. proceed.

Lucas Pipes

and do it changed first in today little operator. strong a a here elaborate the much, touch my Greg, during I year? versus fiscal of very where market you to wanted more quarter. bit what the you you Thank Is in it your Could opinion? on very lull? bit softened the your like seasonal? remarks would summer How kind ended to market describe Is color the comments you a a congratulations done. on that prepared Well add your I quarter.

Greg Roberts

We a mean on a that a profits and of period, May. a down good big little really here, May. just last QX indicated reporting bit our to in start a in we and the did carried that very number on the that April I slow call June April our that quarter coming bit. success and with portion strong the think had Yes. -- little -- I we're

usually had seasonality. would July month, And so guess, our light would we of out, had, I We had things you I some general, pointed headwinds. a call as slowest that, say I July, in number is

a in it off, to market, relates equity a on global we in side. going change complete the I said risk in past, saw atmosphere of risk I in the as the that you overall July, the cause demand on market. in slowdown what's sentiment think a think the And that off have as bit does

into more the time, ourselves. of a At the product created bit lot same we coming bit had we And a more we saw marketplace. that, A supply.

more right have bit a now. We capacity

premium what those call, the caused of I last think of things, July, I particularly and June So couple some, throughout compression. combination of the weeks

of in in than around premium. a people cheaper as follow they are they particular, in And lot May April it as today our knows, look Eagles or to relates Silver business if were that

bit like there. said, a proprietary our bit you've little that we into and So that products And can I of a some seen, down compression of sell. trickle products the other

August. As I seen good is in in have improvement, which the said prepared remarks, we some

the think July. different with customer it equities to sentiment markets just felt market. significant change in I I in couple And demand. the I think that weeks it in a a In that. August, particular, some note coincides the of we're completely in bit increase on a seen X, did in response than of we've last August overall seeing it

it Premiums but any doesn't low, may excess us on take demand for really still the fairly take a are lot have. of to side inventory we care

to a in of a still with and think the not like after said, would So July, total I June it is hit in little strong of would that I to surprising we as slowdown me think I happy environment. and April this A-Mark and a bit overall May performance, the very such in we're but expect operating business I

So answers question. hopefully, the that

Lucas Pipes

that maybe I'm that? but around some any And and say? is is way Very, fair if volumes are so, to premiums what hearing numbers that put -- stronger. somewhat very helpful. And to weaker, there Is are

Greg Roberts

Again, more without a that's to It's context. bit specific answer question. a a challenge

the XXX-ounce demand produce have XX very that a That over good, been fortunate to days sell premiums and in silver We ounces bars the we maintained. have has SilverTowne. of last at been enough tremendous amount

the identify Silver of a few in U.S. July significantly able and can on you the United information. there, been out is that produce amount larger it area has is April website Eagles one -- that Mint to Mint's had in a It's May. the the States think public I

drop extra Eagles. have on little you of combination Silver little of had but So had supply demand, a a in a bit you've

we we've have market been intention well customer of testing the very we've new weeks, the And couple of platforms. the with amount significant with two a weeks we And the been a the been products. the number gauging results of have as few on two our that I we from Now, active just particular lower in lower the a -- weeks, have with premiums, lowered premiums in testing that prices last and have of say prices, slightly sold new lower customers positive very to last both over is. those will demand as that seen driven -- acquisitions, that ounces where DTC

all So, in demand all, information we've new and very -- in positive. the a customers to two up that we seeing theoretically at -- slightly balance, good way a what bit, I data bit slower for little been mean, of as that least been of news we're us. in for is a the it's us a environment a the but weeks pick testing is August very is little in have I

Lucas Pipes

I'll hear. to add question. a Good second

that us could vertical remind Is still wondered, I Mint, of where very domestic, you'd it priorities? it like And helpful. for your Is on integration? could strong. you on You the spend acquisition would be us mentioned looks energies on That example, side? very pipeline have the like update you your M&A internationally? to

Greg Roberts

we it trading we also in our have in trading our have on be business. at we're identified -- few areas. the DTC can or expansion. I that focused That a segment these in opportunities business, looking can think be we've international And before wholesale

where we're last deals, we over the it DTC looking on domestic our the think smaller those. businesses months have for as regularly and relates that opportunities six I some found segment to some

them Bull and as ownership also end year, us to. Gold opens disclosed contractual important to of have to the in that choose in towards it's that is we in window we've of our interest if December this we do think our option increase note Canada, out I stake Calgary, Silver with an that allows

just assurances will them. that business that noting -- we of would defining it's That be of do that. we have affect that not international there's I'm could our timing to there's more. bit So we -- I'm with no agreement no part if a the or the decide potentially that,

was So dividend at shareholders balancing a of group -- but And we're we looking point said we that we've was felt for even a that wanted now. think And I when right as think year. things, things reward shareholders. I out to really these still very what nice the the comfortable want I are when good we we to special good before, we the have have

Operator

Instructions] question proceed, comes Greg Gibas The Please Securities. from [Operator Northland Greg. with next

Greg Gibas

Good up on Great on see. results. minting investment operations. wanted your Kathleen. comments to Congrats I afternoon, your Greg, to regarding the continued follow in

expand intend elaborate 'XX. capabilities expanding on do on Just that, you -- your maybe did given wondering, fiscal considerably can you if you minting them you further? in Where

Greg Roberts

lot -- in a and products of can we that to that it Well, past. the make made use equipment equipment we and is haven't

believe I It's, that pizza have another very for And really is we bars. get silver a online time. this perfect So what at machine this it's to expanded We now us new quarter at turning it oven. call XXX-ounce fortunate out were we right again, is SilverTowne. in really,

months, has increased being machine another a structure for and producing and to to Mint significantly the in We were XX been They it's structure bars up to and ordered product paid up. our it XXX to A-Mark's process new ability time with on it that for for our very silver that from people. able able there. it add a that the about or to to had -- about testament get machine in we pass it. put quick that And pick pick and turn online ordered and turnaround, were and this our days a competitor is we And that new decided on been competitor SilverTowne in built up of a that for somebody able had it, were XXX-ounce

at they line from the of some striking which melt robotic what Mint invested Mint right invested I I Sunshine the is, look -- to On they some in. and addition in automated a side, see production that's continue Sunshine just machines, machines. running added when incredible that They've up new an to them now They've is second expand. line

just not to machines we we're as the capacity, we need add production add capacity that and we product from going think It's year to or of ahead although to it's now. right stay on need making we capacity. the as So, assets sure well like in curve two that a trying

Greg Gibas

dynamics July premium that is Perfect. relating the Very your I releases guess that lines, wondering you what recovery? you mentioning? And that maybe comments, see to the think low August bit kind drivers could you a helpful. more expect Is relative impact in future drove just maybe to the a said product maybe the activity are worth And if or on little seasonally along because did I are there any you point What or new of that maybe it -- those there? comment in foreseeable launches to slowest? if are maybe And demand purely for July.

Greg Roberts

a bit a I the I has mean do with and as mentioned more ability little I Yes. think think coins. deliver I Mint to what before, to U.S. their few -- it this

sure have Now that I'm production exactly not whether much. all numbers changed their

little it's the think coins. some But coins decided some and a more back a kind see as bit to have if either Silver a to supply-demand available. to in change become to just relates the follow-on positive a may some Eagles held it effects, you to of have a as bit have U.S. Mint, dynamics I it Mint negative the can release intentionally of it premiums very going whenever product relates as U.S. they or

Eagle I in choice lot be one-ounce coin. most of the the high, the some silver important I if the versa, drive product too to customers products choice candidate of for Silver that get Eagle our some to that Vice or of lower, to just they going other private products. are to U.S. note if a can't Silver it's decide drives Silver And purchase continues premiums it's Eagles and If up Eagle that's think Eagle likely the for the Silver premiums enough because And the of is on products. Silver become what the sovereigns dominated buy. mint worldwide premiums in and a popular the think

And So few to I to the any in maybe weeks, -- of Silver of able are have demand the last I market those will bit we've it have really throughout right the ability positive year overall have end the of Silver very in effect change up a we're to Eagles. test on described. I coins some supply/demand a on take little the we and mentioned relates been going very reasons market, our outlook is in this as our Eagles the think say pick as to specifically and that dynamics on for those the market now. that

it's us. So been for good

of share But I I have say it's very month, it's not And handled we're market like very, year. this our not will we gain weeks I market some said, a have that believe have. quarter, that we share, I think dynamics And change keeping the last in couple I and a that to seemingly believe well. we continued the of of August, not it's a

you it positives my in my general discussion think The gave how But market more specifics of an is are general response on in these dynamics There's for what hear. need have a the and hour works, can a a that lot I fairly could that. So mind. to that, answer. go I we into you

Greg Gibas

helpful, Very Great. Greg. Yes.

Operator

[Operator Advisors. Instructions] Capital The proceed, Bastian David Kingdom question Please David. from next with comes

David Bastian

things. quick question. Two your for Thanks

little on buybacks. thoughts around I hear bit a more to First, your curious was

used you're $XXX the market I in You trading the time guys February back million cap. around March. do had and right now authorization hear stock your

You million about year. just for this posted $XXX EBITDA of

Xx under that. a trading bit you're little So

don't So, but we've to it buybacks softer, valuation very the seems the think little like will in gotten this of environment, be I Company. accretive a

a bit do towards a bit little putting allocation So I little buybacks, valuation. some decision to little earlier. curious that more, capital you just here that But about the a of money just more addressed of bit special know a instead

Greg Roberts

were seen time, that we we last bit the And think we again. mean equation not back range I and that that Since I allocation price stock that management clear target. did, open the we're through level capital The a that stock approach the moving we very always of the changing bought to think Yes. go have a I at. from buyback we a perspective. it's on the that here

have think said relates we have before reward as we year, that the I that believe we with dividend. a good But dividend, special special to it should we when a

to allocate moving and the just we As that going depend it I discussed. targets relates all circumstances and to to the that, it's buyback how strategy on the

It a do situation best we close we all are, shareholders' in finance in with opportunity in a never and has said, my an interest. deals, is opportunity be big a of lot though lot M&A there, and as is don't of we where an can't efficiently where one even we pipeline. And of to at look -- rules I the the

conservative that horizon we and So I a here. believe -- money. that's and will to on just and I have, our for historically, indicates I a bit and will as discuss more be regularly that the bit -- Thor a I Kathleen, relates it if opportunity that's I something capital kind and there's of allocations buybacks careful dividends more better the And

looking a and and think to of way the can and the deal all of change are can We it we're get the have any deals XX-yard we them. to and Or we're close down three score don't can touchdown looking deals we we can at, close trying we three that we at have may But close line all quickly. great, them.

case, dividend out And little weeks believe we where So discussion I ago. difficulty] if And bit felt we two just we Board everything our I about meeting it's But in and month-to-month. talked long we -- about think a mentioned, it's special week-to-week, really I've this the it. good at a of had came [Technical

Hello?

Operator

You've you Greg. hear been reconnected, us? Can

Greg Roberts

Okay. had a little I'm back. is disconnect. This Greg. We

David Bastian

Well, thank you That was that. for helpful.

Greg Roberts

Okay.

Next question?

David Bastian

were looks was down what healthily. pretty gross bit that? quarter margin, you it volumes talk The was even up though versus seem a about third little they the driving little a Direct-to-Consumer Could it like that

Greg Roberts

quarters. two in environment don't Yes. mean overall change significant just the I -- I a the see between in

we where side, products see products periods trying move mix I what is. what margin do depending out we're just in go the slight and the think some DTC to of you'll at the on through change

can bars coins even kilo bit dollar a One numbers big bars gold thing gold throw a we make than less one-ounce perspective that we do the on is on pure off or or from money silver.

So it had show it a bit can so anomalies. gold silver, we of that could higher be little and mix some

like little to silver have Just standpoint. going sell of higher we're percentage margin percentage higher a than a we from a bit gold, if

can So those change. I think things

as talking of our not And August. deal and did I of at that and significant July in anything time end spent relates between a we've about a don't change QX the see overall then the it our QX, in environment I good June, think to margin. obviously, QX

I think know you period. about so what And that

I So there's in, it -- noise to -- but some we just on as side. things a that get relates go DTC of can the quarter-over-quarter lot can and

Operator

Okay.

session. the question-and-answer our time. call at over this We have concludes back to further questions for queue This turn remarks. like Roberts I'd to his now closing Mr. no in

Greg Roberts

our for time call We just employees thank the anybody to up and you taking I'd Thanks, success. John. shareholders. today learn you Thank and listens of the like your support. Thank Once to all later. for for dedication A-Mark. to joining appreciate call their and thank and also follows to again, the that A-Mark's about about A-Mark commitment to hear the around our to world you

you for to of talking QX. again in an to our a months forward couple on Looking update

much. very you Thank

Operator

A-Mark's like made call. regarding call. provide this cautions includes I during Harbor forward-looking that to today's conclude statements Safe We important would statement

conditions. of precious dividend today's the Private of were relate and respond declarations, forward-looking statements and the that include events, Securities XXXX. conditions regarding meaning future future and effectively dividends, Litigation timing demand plans, A-Mark's products economic Securities for Act events Act future the and of expectations, to performance, expectations to the like These with amount or within the ability macroeconomic regarding statements of call, changing are respect objectives, forward-looking any Reform statements future the statements During to metals XXXX made Company's the there Exchange

political doing not consumer in precious commodity investee filings to customer of the demand that failure statements. to events, markets; may which greater-than-anticipated to the strategic international potential market other to bases; changes effects address business, climate, the services, inability business update incurred inability global the to The generally or could of in or SilverTowne the to risks actual changes negative the could results following: in the pressure favorably opportunities; to for and execute could publicly are metals no implied in competition chains; capacity failure the the the of and Company's cause depress Mint; public costs and changes current these Company's results acquisition and or Company Commission. in failure at statements. model the the governmental those strategy; the precious risks reliance differ in Company's have or including and the to materially of risks aggregate, pricing; the the inflationary business; supply forward-looking to Securities Listeners maintain undue any expressed to forward-looking individually Future financial, factors as the strategy, for the contributed the our increased Company growth revise include described from has higher-margin business volatility investment metal to in current suitable the obligation preferences and undertakes the with actual their of in economic, identify of cautioned effects political and available which national on Factors uncertainties, to on preferences or our that respond Exchange execute products demand environment potential companies the adverse problems expand statements. anticipated; cause Company's differ place these or risk markets; general and in

section that today's today would A-Mark's for for I link available us to a Investors website. in the call will like call. of recording you replay remind earnings Finally, of via everyone for Thank be the Company's joining

may disconnect. You now

A-Mark Precious Metals (AMRK) 31 Aug 232023 Q4 Earnings call transcript