GROW - Earnings call transcript Q2 2020 | U.S. Global Investors, Inc.

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Holly Schoenfeldt

Good morning and thank you for joining us today for our webcast announcing U.S. Global Investors Results for the Second Quarter of Fiscal Year 2020. I'm Holly Schoenfeldt.

If you have any questions during the webcast, you can enter them in the questions area of the control panel side bar, which is normally to the right of your screen. Also, you may download a PDF of today's slides by clicking on the red handout button. program Holmes, today's for presenters are U.S. Frank The Investment Callicotte, Schoenfeldt, Chief Investors’ and CEO Officer; Lisa Chief and Holly Global Financial Officer; and Relations Manager. Public Marketing myself,

we filing XX-Q actual and cause all today, Form statements that risks corresponding future. statements more differ detail our our from no could webcast, During and pertain statements release as today and that such this that and factors results. for Investors may other to the make are to accepts statements. obligation press Any actual statements materially outlook. uncertainties of historical made on about Global are facts this Please made Any to to forward-looking results U.S. in refer in relative may webcast update any described business affect don't during forward-looking materially forward-looking to them subject

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Frank E. Holmes

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to But So in what's wanted investors. our funds have that important sheet. strengthen we most debt overall and something no balance for that's wrestle we with is our continuously that and

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what in have Global, earnings just call certain a quarter and up long-term lots U.S. pronouncements that mark-to-market volatility was is Lisa come on experienced earnings. made Lisa can can took of walk greater on this you to go detail. created into year if of investments place new you we've you're going So per many listener, basically through that and a easily every times. that's originally share to And last our we greater the in then go volatility, more and

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volatility create a to those they major sort And is so hold and of had have their investments is earnings. this rebound position, overall then going we that in in continuously something

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sideways. average assets themselves to have going seemed maintained have that overall the So

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is taking world. understand visual to net or the most total there ETFs from another of continues away it sort, to assets And is continues So or mutual grow. the its exchanges growth to fund money

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over the that has that's gold XX time been the years, up. So the visual of you past XX% showing

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our And it so creates greater and volatility Ethereum. to is very important GROW. [indiscernible] was today And listeners understand investment for cue the with how that

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cryptocurrencies, investors interesting a XX% ICOs from year other could maybe gone public companies countries. also were or XX% when that is that have you sentiment that Bitcoin, a major events Bitcoin were me interesting not I AI it at dealing And week so model business of getting hacked I crypto disruptive XX%. cases it's second Bitcoin have Harvard on here digital and really how all Ethereum, AI. the that moves a because what So happened. the and try they crypto XX to with ago, months the lasted up it companies, of fill group it. case, these was and thought just in lot to for I And are to for Bitcoin highlight wanted winter that of CEOs spent in of biggest through important I year, they cases And thought most And has and your with on these walk about particularly call and on is errors to different and be all the And the had the this the a digital of you're through winter. then coins how to and biggest digital a Bitcoin. XX

application. keep of pricing what AML we're say, an of cloud fact class. that that interesting when drop on of XX% as mapping is by has Bitcoin this dynamics I by growth. can what is at but sort a different impact that's the which work and is the at for and AI the seeing different understand the [indiscernible] doing go AI concerns than AI winter their found here over me was but and buzzword, cost amount, but see it to is laundering And so was the And presenting dropped money that concerns. launch what understanding big a is, Fidelity The conferences, process, to it AAI. you was And ETF, over we're really whole totally off was a out costs Fidelity an important asset is hasn't it why looking factor, XX any is But They taken Fidelity, has happened at for all sudden decade. trying just quickly for not due great that during that here was to and for the laws, a the SEC no out a very keeps

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Facebook, bad this season. recently for success to was anti having of recognize JP and banks February it much Morgan for too around Bitcoin visual JP stopped seeing stable to Libra, also itself other off. And launched that is it because world, pricing negative then to high And all but Bitcoin to and And sell articles concern and it, JP Libra. stopped a then coin they're working had with have was important they growth what's great then and out surged own you're on what the a concern. Bitcoin looks ago on naturally great that going And Facebook could be that it's then whole it important, came and blockchain their winter improved coming Libra, had are fell against that this story highlight and would we we in would is the along And was prices. saw Facebook then decentralized during that over and big I'll when incredible going own try stable and which we too and this advertising. in Ethereum their with coin and And $XX,XXX people because Bitcoin because Bitcoin become Bitcoin many central completely had announced of Morgan you year they it power prices currency up Morgan surged came Ethereum and then bottom their information the Facebook

important from off date that to with regulators the to sentiment and coin announced politicians, SEC it's news or there. the so sells and seems it with meetings that rally having the of So of Congress officials that of government that being recognize meeting the then the

And pension news allocated positive tethered to also coin. by seeing backed gold, get the a time in gold that And first cash, but what There's it [indiscernible] of we're version every coin. coin, should you And please. that coin. institutional we are this reports like launches and they some you coin coin, the validate high the is But asset why is alternative in funds stable Genesis were Bitcoin. as continues known, you get U.S. a miner want is blockchain Next holding transaction, a are not we class. be paid the seeing paid

you're what's validating in Bitcoin. a you transaction Bitcoin called Genesis if So or paid virgin a a get

doing it every for Ethereum, transactions. new time validate then coins Ethereum get you're you you If those

a coins you nowhere, coins. no coins premium slight hive of particularly for for these that Ethereum and out been So have gets so concerns have their AML and unchanged a or request paying

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ago the CEO, in rented XX on around basically reposition. responsibilities. my allowed So I U.S. months as the Interim time you company, Global, the to know company became turn to the took me go and and help

I industrial the the and facilities that aware we and am it we we proxy and largest of governance signed issues company. planet peace taking please, and Ethereum and the with in prosperity and over mining visual a Next was Tragically because Genesis agreement Sweden clarity transparency the of we it and an first into through was largest start public incredible pile, mining test the of Mining. scale on prevailed getting corporate shareholder a went and journey a went costs

they big we've cost of -- the sold been took say and computer decision. which and happy they by every a for a volume reason, control see the try the structures down redemptions, it to done grappling down seller. That $X.XX institutional Canada, not turnaround. really a in trade knocking just arrange was that witnessing didn't sure particularly into you is And for like there's [indiscernible] but changed and year the is, to right they January. digital price, finally to day, as taken got volume we're were cloud big I'm of sudden that of dramatically. I'm coming valuations large of was all a that me, had selling, all spike. numbers. change sort what surprised dramatically. got away, the that that a the to as soon And The high this And started all that you client see as And whatever changed And end. And can They the so reason can just

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our So a made looks but they did it like position year, last hurt overall chart. we big

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the not news company billion did an as as open those attracted XXXX. public seen, that up went $X truly XX,XXX to the [indiscernible] performed the the first space a traders became Blockchain became to blockchain we've HIVE in year. It what in investors candidates we want it crypto the negative opened but our went proxy. because when imagination accounts public for we in first and the mining that's account companies, to copy what So HIVE was, HIVE over all darling, exchange it model other captured We I think And and at of proxy, it business used did. gold that that's the some our what

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start the of rebound. you stock a sudden seeing All

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your electricity one mining costs, you're costs. you try lock of when So biggest the to in

that cost weather unlock So, to as a our the be been that lot money code and competition competing people have network extreme new unusual kilowatt, cheaper advantageous that is and the you in U.S. a to have the and Canada more crypto how that in, the cash come hedged And is it part of was than to other are release Europe. $X.XX rate is. in the we blockchain it's we made been press cash these this Well, so recent -- opposed is to as many rate costs of do very more And called because get there you electricity with process. network that try big people costs which week coins, But the the a electricity warm, is your stable.

mine So energy from for can it's the from remained to the have were us cash stable. two, mining algorithm coins. we've -- has network And been rate They you to us. a had been prices A-X the year it us fallen so chips because has stopped Ethereum and we've -- there ago a focus, call three, windfall changes gave to able GPU been very beneficial that more being chips free basically Ethereum. for

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Now, this turnaround. a very This is big significant. is

As see, million yesterday. XX HIVE year-to-date Friday last from to you can shares. has week traded taking gone it $X.XX $X.XX

I XX broke XX XX mid the above out. moving place Ethereum it think January when Ethereum took million its day or shares and and went average breakout yesterday was million big In at HIVE went sudden average. to above its investors Ethereum greater a of Ethereum. XX day a all coming HIVE scale are in as a proxy moving use back as for using And

costs our we making every are over where probably so we is buy. coin like Ethereum so $XXX are XXX XXX now And and for

gross that high business very up showing in that is reflected margin a and So becomes stock. the

please. Next

share So in last last it that HIVE have big a but quarter this and in and I'm is comeback to with hurt months. what we the us us that hurt mark-to-market HIVEs year over above. we're three performance you made is happy did rules

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a XXth of we announced ensures in get and blockchain this shareholders resolutions November coins XX%. increase HIVE mined December meeting. of Xth January XX% so latest of on base transition Blockchain XXth improved announces completion So daily broad updates bump we in

energy say over get I drop a of in we would Now costs. XX% almost

the also we margin is expanding and So coin rallied. have profit

of HIVE. in year we're are for sort Thank So stars from last where the you. that reverse scenario perfect aligned

please. Next

to the through turn Now to Lisa I of over operation to walk mutual that funds. want financial it

everything we And in earlier last that we're As streamline we'll tune most recap I important let's doing strategies to have our structure which and as some later mutual fund strategy. for this Lisa. quarter. the is we talked quarter cost doing fine announce world that

Lisa Callicotte

morning. you, Thank Frank. Good

Galileo USGI operations the Letter results Pursuant the XX% entered our for all to closing by on of USGI that quarter The Advisors. restructuring purchase of shares pending to of Canadian Galileo. owned operations of regulatory March Before of Intent the transaction other Galileo like Canadian discontinued about or consolidated the binding with and On to million I in December into Global result operations. subsidiary X to XXXX for anticipated is sale capital the Equity a XX, discuss common its subject I'd Galileo as a conditions statement discuss XXXX. and approval of close is are X, The transaction it dollars. reflected will agreed

XXXX. Now reported the benefits compared quarter XXX,XXX from see quarter X.X increase operations improvement to on reason; quarter an XXX,XXX XX,XXX of to for for which of higher current XX% an Slide in XXX,XXX compensation and The equity decreases the the decreased XX due is fees mainly operating XX, XX% as we but expenses. the decreases a to or decreases this of the loss the in discuss million, for primarily year. Beginning or total and XX, for same of the XXXX. primarily under period December in due for fiscal loss quarter a fund. results and revenues performance or same ending fund in the waivers, of I'll decreased ending XX% lower administrative from December employee general quarter the for last management Operating expenses our is XXX,XXX operating bonuses primarily increase XXXX paid XXX,XXX assets fee decrease is due to expenses XXX,XXX, We USGI out, XXX,XXX were of XX% or following the year

on this Frank per has a $X to On of loss ended is XXXX. loss related operations of the X.X December $X.XX loss for discontinuing Slide attributable million was the loss and USGI can XX, was operations an investments XXX,XXX which slide a continuing Loss share. was million Losses quarter Net see quarter we for you XXX,XXX loss of is discussed. taxes from the was after other unrealized XX and is income from a this XX of XXX,XXX quarter. and from losses see the to as mainly that quarter as improvement for

still XX balance strong high Moving level cash we our make that we unrestricted total securities XX% have of includes marketable and to up a a combined of Slide to assets. see sheet which

long-term company working can on we the of still have As million net XX one. liabilities a debt, to obligations, has it only current page to and With ratio eight our over capital see long-term lease XX.X I'll you are and that turn Holly. no of

Holly Schoenfeldt

you can majority on Lisa. and more retail you Thank fixed as Alright, mutual resources investors Slide quarters XX then income natural a our and from for institutional than assets fund see equities coming of while as in from are XX% in with domestic markets come emerging are distribution of and XX% investors. assets three

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over investors Talk blog. have investment to subscribe the our base continues grow serious organically we to and XXXXX newsletter Our currently and Frank subscriber

to Investors alert award join across at as Talk. as a these We following subscribers usfunds.com Frank well also all social investor the large media e-newsletter see and can sign platform. continue up receive our of to winning

we today's up as emailing we days. screen we open to directly us questions and in anytime within the do And those up following questions to questions reminder by also will it a for can presentation as panel and control just info@usfunds.com. you all a up questions enter And want wrap be briefly few on with can to your you submit

Unidentified Analyst

And I a with. begin to few questions have do

investments and funds airline of some ETF? Coronavirus it is impacting how global the you The your Frank for first one says your or in is

Frank E. Holmes

Yes, bigger on as it of in which doing is out so to as -- disease probably to we the move sell did the now airlines it's find positive solution that Well but the when see continue say say still above We It's to economy. Jets canceled sentiment Asia undervalued. corner it is very Airlines. this it had China is it. U.S. that off probably the horrible see airlines canceled but if I it now the they extremely in when off a the flights airline recently because Coronavirus most would the the solution and have were numbers constructive. Asia and significant will on think the upside was impact the Coronavirus we very PMIs XX a that it. on would a is came has to the recent coming just they forecasted. and numbers, hold impact strong their tragic particular ETF more And on U.S. flights positive massive don't a control had out SARS as and I grow negative is and than Asia this for of turned the have turns industry remains I that And Employment everything

I so think And it'll itself. resolve

Unidentified Analyst

you question that transaction will Galileo Lisa Great. also the financials? that. a for said affect Thank the how USGI have for I

Lisa Callicotte

the or transaction and sheet USGI Galileo that statement. the after be in longer assets no is we So loss will balance won't including XX% income consolidate liabilities of income our complete and Galileo's on our

sheet date. So income it assets will the listed when statements there only balance on and include the of XXXX the be the loss nine of in for liabilities our or discontinued any portion won't three the XX, and we're transaction looking at financials through or operations months March

income be will So longer statement. after of that recognizing portion no gain any our in or Galileo's loss date we

Unidentified Analyst

Okay, thank you. have you Frank I Lisa. for question another

Frank E. Holmes

ago to approximately… nine ago, Lisa, many like just about we million years a know that put up dollars, it would how I was years add you

[Multiple Speakers]

Frank E. Holmes

really have government them buying mean that largest good bonds. so funds from and changed started of disadvantages of business really are us have we've five in best etcetera mutual do it don't and performance can I and I and experiencing the structure printing they going a zeros, They a and seeing that That took we is buying and ago would and money are and When see shareholders as pension fund that the we stocks any so why pension about the attractive sort was like the cost these But pension ideas they're assets revenue you're floating but Yeah and redeemed for into think direction. Japan costs into year Apple years talking for more the someone put more I regulatory shocked money company and that themselves $XXX nine fund just the bonds. idea government and just would top million much stocks company of the funds that had that the the -- turn our viruses expensive XX funds. the tax virus do ETFs it. fund and governments it And that. the this I'm around helped money are sorry. Switzerland are America. just funds and mutual same of you buy

in, I coming So look at a going that a money that because take Is money it we we was it move, good net when a look back. when at think correct almost it's trades Lisa.

Lisa Callicotte

yes. Approximately

Frank E. Holmes

are that Franklin funds the Yeah. Whereas during big from redemptions. or period funds public mutual whatever most also that experience

mining because I we finance and how that reassess want is we'll in Canada. certainly a able in is be XX% all So we be to of think exited Toronto. It important world way the to in in timely

be Bloomberg. get important read or time here, late you information too it's that's by So the to the newspaper to

please. Next

Unidentified Analyst

Frank. for you is this HIVE question GROW the you year? Okay, that Frank there you another says in do so impacting resurgence Yes, how see thank recent

Frank E. Holmes

it's think simple. pretty I Well

believe XX I have we luckily So million Lisa. shares, it's

Lisa Callicotte

Yes.

Frank E. Holmes

that That the GROW has. advice

mark-to-market million quarter. go sort difficulty shares of And So to is every going so just from think was that have that that's the that that have million that $X I gone those we reality XX is far valuation but class the to quarter. asset million $X.X valuation this

up. will so And show that

So the that determination. for to anyone make them easy doing calculation it's

Unidentified Analyst

have what you global see more Okay, overall potentially in catalysts great. And Frank. one GROW do moving It says for here time XXXX? we

Frank E. Holmes

from is that. are business GOAU it gold $X that the ETF and me asset, profitable surprises it's think and just an $X.X of billion just the $X.X throw think profitable, and investment well just would fund, be funds I I from of smarter our it doing we off as not would advisory revenue the and it Well, million operating billion very business

gold goal that get that if ETF. is go ETF, to strategic they're gold to equity so And going that recommend asset to people class into the

it's first the intelligent because [ph] it's more choice how So operates. just it

so positions to a of back catalyst. to I big and sort Gold's think wakeup would And XXXX. platforms running call a be that's

asset spot that try In lower AI, we like then printed gold's initiatives policy. crypto do at going it gold the gold of fiscal because economic have of part able also There's when inevitable, done spot just well. around And job is have of scientist like spot, those a alternative growth, to look we remarkable cheap to There's the And to money, [indiscernible] -- behind and been to decision money gold But companies monetary a approach because classes. of assets be announced U.S. could the that fracking and to And use has when AI done real could so and discoveries stimulate makes think the happen approach. AI industry. just constraint what I world regulations space top then to for the gold add of mining on be really the gold industry. it's policy to that of no think helpful this their I I oil is taxation. their makers think no fiscal policy.

back X% they look or us I'm world's the this of a that up leader, happy those coins, both But So sacrifice about and a when production. it own talk year of it's with backbone is Ethereum. company blockchain other and the about these Ethereum they to in be investments, talk I of All is about money. big at their the a years coming been countries, strategic could next two has very very time HIVE two

I -- they coins use sudden ICOs. what having security, that's going to So it it a be the they're and is are to of new so call digital be going of so of they currency the going STOs, call it's stocks are digital other principal going have the think we think They're backbone often to ICOs types with that All or These something in and platform Ethereum. etc. Ethereum launching all do Ethereum. to players

regulations regarding an HIVE more see So as catalyst to around the stable that could are process. be just a adoption going world think big we're out for come I in when that growth to think digital money continue I then

I So see that growth is the [ph]. you. defined Thank where

Holly Schoenfeldt

Global participation Frank. second usfunds.com. Investors XXXX. U.S. the today. will presentation available your Thanks This on of Webcast thank questions all you be quarter concludes for you And This Thank year our today. for website all your fiscal for Wonderful.

Holly Schoenfeldt	Marketing and PR Manager
Frank E. Holmes	CEO and Chief Investment Officer
Lisa Callicotte	CFO
Unidentified Analyst -

U.S. Global Investors (GROW) 12 Feb 202020 Q2 Earnings call transcript