GROW - Earnings call 2 2022 | U.S. Global Investors, Inc.

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Holly Schoenfeldt

Good morning, everyone, and thank you for joining us today for our webcast announcing U.S. Global Investors' results for the quarter ended December 31, 2021. I'm Holly Schoenfeldt. .

As seen on Slide #2, the presenters for today's program are Frank Holmes, U.S. Chief Holly Lisa Schoenfeldt, and Officer; Chief CEO myself, and Director Investors' Investment Callicotte, Officer; Financial Global of Marketing.

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Frank Holmes

important that of every volatility, an over because Thank class can unique a of DNA is because major visual asset events. and DNA has Yes, change this you, Holly. time

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S&P the the and minus Xx it's XX plus So or XX%. days,

global of me really a basis, that volatility index DNA over this look most slightly volatility. our as what's XX interesting see, at GROW can I So greater do but have days on daily we a you is when to is less,

with So -- And be investors I'm trying largest asset gold is today however, that? class but used why now predominantly share of It gold that's airlines. changed. our off was to stocks. is and what is stocks that to rate It

Exchange, a X% basis And on days. a down goes XX over or the Airlines York Arca New X%. It's so to up Stock daily go nonevent

days. XX% minus S&P. is period, or greater S&P. plus Bitcoin over be the of known it it X% became leader much greater a is And to minus fact, until X%, is XXX. plus as you greater Tesla XX innovation used over than and for the Xx S&P the XX-day volatility it Xx can And in technology But daily, than or see, part

that impacts one is Ethereum day in when days. investments, However, and or over XX than Blockchain And our come Ethereum, much over Bitcoin HIVE X is the you technology. this to big volatile more of

So a a up have on crypto frustrating we must or an in very that because anyone both as go daily investors can opportunity I classes, and a have basis have asset down GROW and X% it's be that also in you there understand can XX% And period. the walk in that XX-day for a it and we space. that's said -- through, mining airlines you over have classes, but always asset you gold for to nonevent collateral investment a see invest that's is can we in GROW an

and as you volatility as Ethereum look like twice crypto daily gold X%, approximately. stocks as volatile themselves, mining at Bullion, therefore, stock is X% is and If volatile twice Bitcoins, is as gold are as but Bitcoin

does So appreciate important show you crypto. by get on really I'm a in to us, look you respect our a investors to it's that the walk airlines, that basis when you at by and and volatility chart gold daily it through just does impacted does impacted going impacted by this get get that it

hedge. $XX particular, that particular, is assets, interesting then price realized average selling an gold us, is on line What's their fact, year, now was in just up the really an in ETF surging It an last Gold miners share ETF. inflation It's the of And ounce. driving in business. gold. up by the over gold was,

it the off However, last for was X%. and beginning day day,

this he trading. a big Bullion has thing gold in always to a And is its but well, that it talked the was year, been performer. XX year, most one that's years, down in Gold has investment. about last his funds has Dalio of only price beat I'm for not the fact, the that, past helped you parity But gold's Ray exposure for done believer for stellar average So the in about was his spectacular because

airlines recovery, And We've technology. then this have and Omicron. impacts you seen in the walk through we through big in we to we go volatility. surge the come going I'm a Delta have HIVE the then have then how Blockchain

they and Perritt thank indexing. Heartland to innovation changes Funds also predominantly, news the and when those and of and Perritt Royce, asset shareholders, managers want But landscape Heartland, to institutional it and it in in portfolio comes they're Vanguard understand and Capital X and some an class Funds world capital later I the how particular, as the our particular also other BlackRock are gold top markets. and Royce the

So being close Those X XX%. names Myself, substantial shareholders. XX% long-term thank and I own you for company. approximately to the of own

reviewed been looks quarterly. a GROW's $X.XXXX. XXXX. yield dividends, than The now XXXX. bond, these the of monthly less a paid a by has but government them share is government dividend since increased It's price by of at better last yield, we year, company XXXX. which XXX% Board than bond, X-year The a through March $XXX, in X.X% we've It's current monthly paying like dividends slightly XX-year approved a

the can industry. because live you a a cash I numbers, crypto very our as we feel long the healthy in in through winter will gold flow continue Lisa bear presentation, our cash And articulate we did and cycle good replace position a cash as feel see in airlines to we and

particular so this surge we've those in And assets. had recently, incredible

repurchase it regulatory with to process, give a renewal to to share time, more turn of very important the have over you color around of through but implementation regulatory -- to program. repurchase do there's lots a we've a program I this period And long it's Now rules little so has our and it. Lisa we had for and to that have that issues go stock to want I recognize think on

Lisa Callicotte

would Yes, Frank. like you, our briefly buyback Thank to process. discuss I stock

some have had be I would And that inquiries We shareholder that. thought this about helpful.

the we certain during those stock. purchasing be complying Frank nonpublic the And assist one considered material are year, related of disclosed they sell selling the with of financials, And maybe companies company has said, information trading there but are be haven't the around to policy. nonpublic information. the regulations have And to rules and its information, regulations. and to the not and Like place a may times stock in these several have ends those in our at own quarter purchase window especially public. been having to to if is help material for public company where policies Companies permitted us

filing X maybe weeks, weeks trading a X to last after to before the X X been Therefore, quarter typically until few has days and end policies window then close filed.

do closed about stock. and typically And buying selling our is make Our we during like decisions policy this. windows, not

We because we're window also that up set then an any that window closed we trade making harbor trading have open the decisions would plan safe allow not during during during a time. new us to that

our a But XX-Q sometimes of Typically, and remind window couple file open XX-K. weeks our days people couple have an then a opens before at of and our want trading might we that after we not window. to end also I closes quarter our

the of September XXth. XX-K is quarter which due is year-end, September. couple XX our of is days of example, after within that weeks a And around For end our typically

have the next we an for we we And if on that that our if delays closed filings. date, not open So because window have with would file lately had -- that already would noted with been our we quarter.

mid-June an since won't We week. haven't open had until of last it open year, window next and

decisions us on So repurchases. making affect this does

that that helpful some shareholders hope was of I have. and answered our questions the

Frank Holmes

So have million plus quarterly and year-over-year; operating $X.X in billion XX% we as assets, revenue year-over-year; quarter-over-quarter. million you $X.X quarterly can XX% income, $X.XX see up net here, average XX% up

of coming earnings from in and how losses our blockchain it's the we bear from us gold also and I our time much that them our over. the in they that we important HIVE get the profits to asset that cost cycle were recognize the over to rolling then in think business do average, classes and what's is the during on experienced operating taking in make most from happening composition came That losses operating. from money world,

totally put inquiry. as because at the relate them to Now shareholder of like look And I context in I'd major frustration. to we've in had lots things to a visual shareholders this

explain As do have that window. can't buybacks open you Lisa trying an was to unless stock you

period whole over that place roll in things. quite can't is delayed. discussion with taking And that's BDO You this

us many open back windows, impacted and ability stock. in buy having that has in So delays our to

an shareholders very I about time. while, think and in assets much. should But But be GROW a I being complaining next But them And I remember that around some been week, growing we back believe thank that's important. that for with in open opportunity December and what's we JETS during them in I called was we undervalued thawed. evident Ethereum. action was sudden big seeing in XXXX. collection year. we winter ETF, a trading the that JETS Bitcoin in of were both undervalued. in started volumes we crypto asset started deeply epic And very this And and seeing It all move of price It had an have

And we undervalued. were so

year, for Average we day. That's almost month. traded float. day. XXX,XXX that was But XX year, last daily the our what's we XXX,XXX of shares traded is April interesting shares that volume a during about XXXX in shares And XXXX, a million overall

people not came of for financials or disappointments undervalued. issue worried this But the we to in and wanted to time, thereafter incredible this in valuation of time our of delays of get were had that we out always was auditors believe So get And lots volatility. assets. being there from with And was move. sort the and coming able or I with the out resolution that

and the it's revenue crypto. that that, place that and move HIVE, then stock HIVE it cool to sheet -- you basically now, I Bitcoin, volume all has wasn't to and about stock the relative all of that's It achieve. I price balance with off. the able do us of $XX, predominant its also But And So spectacular and It to for gold, media a that's had sudden, was grow as move and growth and It revenue interesting, hope dominating that our positive to took constructive year it. shareholders this continued think been in was and in this started last during that It when behind take HIVE exploded trading to and been in not sentiment but gold a huge at it and was what's gold. those investment to period sideways was most this of an Ethereum lots sorry. has look not JETS. earnings investment

that's thing another is really important. this Now

during that sort quiet I losing of that positions cash and and were during time to biblical had being through like When is cash that chewed Pharaoh low. like many you It's the season. dreams. JETS our the and we same during always said, Pharaoh. your gold Joseph that lot quarters can dreams, Joseph period. that of crypto bad And And almost As see during winter had a call assets, we weathering through the good man the them, story of

of you you years So X that have for years the feast make X famine. of sure save

make these to winters sure as a And gold that's call we always a launch that a of something and winter. have like market able any to cash as product type crypto winters done of they be whether we've to or or strategy lots stock them to

thrilled that's the And that very it different HIVE in look as and very, I'm release. of this debenture. big I one last so explained last and to shares end the crystallized at, we And minute, and HIVE into press was options year reason selling many had last up think we rolling

both that it's this the income, went getting doing for more particular, hoped interesting operating down that and operating you And But unexpected is and increased in but this, basically our HIVE in here the balance U.S. been the of cash Global volatility, company we HIVE in in business a visual valuations what's for the doing But in our has financials us investment nicely. earnings running peers, is And in doing whole process and so. is exceptionally is well. then created it's well. underneath sheet also investments had the an companies, And Investors' today, in from that investment exceptionally cash the earning investments, greater volatility has have well. highly yield

assets points. look And our XX this see make by can I basis visual average our another you on we charging that at take also and want a money remember, that to --

average come fear. the And off of big June and So there over Omicron Omicron a fears then surge and of was end we Delta until the then the XXXX, came the into it had fears.

assets. negative up about $XX in we ran and seeing then -- started of then sentiment, JETS' up. in range back popping second did it $XX, fell by quarter and place now there's and every So $XX governments, take the are lockdowns a They back wave go impacts to to of the time XXXX under from XXXX

over the million is month as remarkable in shares, December XXX discussed press of really of was in what's our volume we But the trading XXXX release.

revenue, It's mathematical our it calculate. operating as you easy here. model So can see to impact does that's a simple

to $X have in you XX do $X If basis billion assets charge going you're you and in million a year. points, revenue

do that revenue enough this. what and know Bloomberg have and off fund smart many that. take seems doing be, total can You assets that calculate people I could of There's the your it managers, are to

So the down, operating fears were JETS. Omicron assets that's impacted our and revenue. JETS' what impacted

basically see to And from did is X notch the higher investments to up visual see, on as to a level our of the investments, based and from on operations. can understand think income XX%. and of operating important managers probably operating What's important We coming profits are day-out an that asset gains this day-in, realize I stability I is today you ours. for This most months our crystallize. some is what as income that will

are especially like I study share So volatility. analysts this not DNA that case of are to is the shares. who the always with shareholders, the like GROW out that those own there

million average $XXX,XXX. the expense million. assets for years million you're XX is we is making takes $XX about revenue to see $X it any you're XX means make And more $X interesting basis in that that $XXX to this to million But and money, it any million, take points, X that goes billion, advisor's seen it million I've dollars. money for and here can what not ratio points, when really, product $XXX off. to And on $XXX and And marketing have takes is really if basis it's you that if X what's what have you if is our than to spending $X a

and be to have the and power. You cash spending have committed

part. going your not to It's $XX compliance And your compliance your cover and get costs. -- it that's cover costs. basis to points million educational to accounting it's up want additional legal You because of and internal and going XX to marketing the

So gravity you the the away of money pull fuel space. off like a It huge, taking of same from have here create to has branding. a get spend thing huge the rocket to to to tanks and lot

blog before, became this information after that other And and was lot of captured millennials, go-to basically and we to a smart to that's making mentioned a along beta accurate. of the everywhere only the I've falling is it stocks and JETS. theme lot with It as industry. fears And this really that approach product COVID, during the to and were fifth investors presentations, quarter-after-quarter, people weekly math saw that beta smart the industry also RIAs, year what aware and after a a later, very a COVID talking these came double suggested year so much as a of those would the

important just and up are you what our to be. assets going the sheet calculate today, them it's revenue can add is So what simple

And to appreciate. so this is the simple methodology

cash to this slide. of going a here's Lisa turn back it So flow. summary the for I'm to

flow in about sort comment cash a provided operating and Just of net summary the used cash by activities.

Lisa Callicotte

other a by that operating that But operating activities is growing. payout Tenneco's is can Yes, see provided kind as There that that. revenue have bit to related you this our how on what's besides see, you -- was of and But revenues, mirrors, and and as in slide cash growing. operating flow. is some really this been we things had can about little cash cash like talking actual that the our our helping timing having that, has being we

Frank Holmes

you, Lisa. Thank

I we're volatility. So that factors looking you on of and Jones Index, we the Asset at showed Dow DNA are Global types of analysis undervalued many and Management different

this great you we GARP you visual, that when see they the ratio, are the Bloomberg when and whatever the visual at, a to that likes ratio, stock. the EBITDA to And to P/E you cash at can average factors flow, that you publish give so look look us compare

great We on play are gold. a

blockchain awareness a And brand incredible the play we phenomena, doing JETS We that what seconds. an enhance crypto on have and to comment on been are in also to a going I'm great on few brand ETF. we've

a of a and take higher can we're company, return we at to a of people Invesco's if assets see, size basic as this on realize trades the And QQQ, is can as lean are X.XXx slightly XXX% NASDAQ. trade ETFs. And capturing less asset But lot X.X%. WisdomTree, look are sales, on the comparison. assets, are you you don't assets, and you phenomenal is XX% versus our is return which than X.X% a at we but price which see, that XX% Invesco And Invesco a

up So we're be for as based those gains, real beating the they is on think, that beat as the go return lean, managers is shareholders pay to our I there's it that whenever on has bonuses we bonuses realized frugal index shows Otherwise, to realized the fund trying as assets. performance for up, remain possible, performance and that. index very against, fund and a

Return is on This important equity. our factor. another

done an higher have you much than As outstanding see, WisdomTree. it's our return job Invesco than of invested can capital we it's and and higher on much

So shows where roughly deeply around yes, could at. One the argue is P/E undervalued. we're average That's up Invesco that manager so the that average. WisdomTree. WisdomTree trades and global on a is in ratio basis our asset

get that tell story behind our were at manager. asset are average, our audit took out drama simplicity place, trade as in that them that undervalued then be a able we financial all with then able unique disclosures be So to and we're clarity And higher. us, place class now that we've investment GROW and we're that all would we -- think I boutique better earnings, I got is much we'll an faster, to make and to substantially systems if the think XXx

you on assets Global, And U.S. another market is or at to Invesco to another way we're to look when way WisdomTree undervalued compare assets cap. cap deeply if market to they can

the and and of GROW JETS able and We're those outlook it's lists I high-net-worth expanded footprint. and way get the the so to is the a Exchange. you, their customers Mexico, staying expanded JETS have the you listed This The one, So other in think, in one is Peru, rebound the the when power is be in Stock interesting Europe ETF. the secular and next into on big the for play. assets profits JETS U.S. is Chile ways to We've allows ETF pensions dollars, London play for to into see. global great global the is it. U.K., their -- to go economy to We've

all rollouts with reopening, for fourth are expected travel and the vaccine and teens, improve to there's upside that airlines ancillary JETS restrictions XXs, and to I the end continuing investors business was XXs, borders that rising bounced year the think opportunity has are industry, quarter the dropped XXs. and more at out greatly for start restrictions, to England to like by the the much to low of low up realize easing travel fees be fell in lower travel And this to of the it's

XX% back So to up it were to to get the has before capacity appreciate to XX% the COVID. stocks where

and was Then So out different it's the like because bottom Buffett GARP off. When a that saying It's opinions. driven. kept investor. fell listen I them you with and Warren with He'll have when talking he them. the headwind. love that didn't the he's do financially fell during JETS, many COVID, Buffett share had launched of was he Then Warren with this big What them. like sentiment-driven, basically I to everyone to took airlines, love airlines first has in a I I is people

think, activity So millennials Warren is took place I JETS different that igniting very old. that important Buffett has were His in ETF. a years XX rationale view, in very very huge being coming different in than the

billion is half and they and plans just million What in fifth of M&A is recently airline create activity Spirit airline have second merger, did its The year. the The the the in expected merger $X.X of U.S. a is and close industry. synergies Spirit the results and projected Frontier see Frontier the XXXX Group to a merger. to largest we the $XXX Airlines,

supposed this this variants to negative be that the going of coming still, had backdrop expect. new and we What have is to which happening are we're all COVID where really to passing out, is is

we slide that get COVID, south. the in into to wants to And start states so this northern going winter to what this that of the end to during pent-up of everyone the you out out south demand of Nordic is and have going is remember get did XXXX countries, the there

Thailand. they want Japan get to Asia, be to They not for to winter. did In want in cold the

So you a in cycle like creation the IPOs, negativity, new see of Breeze. started to bear creation of market airlines the new

And Europe. so saw in you them

saw in You India. them

You of next innovative air even at saw -- saying looking the all and industry over something valley this the mountain past of sort drought the lockdowns, with peak. doubt and capital looking out of this was travel in Warren Buffett getting formation in this looking

with regarding some And here going get to still work. are, a we we're big COVID, M&A and doubts

seeing leader you new in is these out So the the -- of IPOs leader you do in and what M&A U.S. the work big are the

So cargo. [indiscernible] is the stellar air

that airlines other no COVID You transferring passengers. started did during see the

to cleared from went being million a down by to XX,XXX. of they If XXXX people TSA, recall, you April day X.X

and above $X over back it's million. Now robust

I But think power. that airlines an only cargo, they're they've you've some the just surviving. for part important seen now had that cargo carry the is cargo incredible unique pricing airlines that of the

shipping shipping anything. very launching that's look know over they've happening that HIVE rates the change of bankruptcies. the by just I after tremendous to DHL Asia me to to JETS cost explosion the valley the boat, airlines noticed in this I Europe matter gone And is industry is next the doesn't And mountain in this technology we in the as during it's moving through from exploded. for peak. usually to opportunity technology, and from seen similar air have many Canada or it's And it if And an by equipment for

going think to dime on demand see is with supply them the shut with done, we've ETF there be this that going And launched very we it research SEA down all at just to to going pent-up and see is turn ships. cargo ability and an I difficult. and to we're constrictions SEA, $XXX a called on previously basically million We're line restrictions. and And for was bottom. in was history the based and the SEA very airline And assets

Asia when load there its the to and across to move other ships play robots America, a ability They and really they country and economy. no -- SEA see but is has unlocks, up complete is And country predominantly locked we're money. And been to the And shift of turning locked that for when way use to down different the so a companies down. and make paradigm cargo to cargo their unlock. these lot ship airlines going things China going in is basically to

SEA we're ETF. very launching about excited So

it's laser-focused. so And

assets. We are laser-focused on capturing new

aside it's particular more to I important then to the $XX branding. and but As its And expenses, grow. set to said make earlier, to got because this marketing get cash able direct on million spend we product have capital out-of-pocket starts be covering basically, it we've still internally money the and the

investment an HIVE is U.S. important for still Global.

a proxy. to industry. becoming Operating and Chief there the before, do the I've Chair to Officer, Canada our around. grown. has we've and that that company We the As President in as during COVID participate ETF grow buy investment. first to I that and and helped come and out We're winter it's company is Bitcoin turn The a business. make Executive before crypto mentioned -- make proxy I been went directly. This in no on you Chairman able series was not during allows our the acquisitions hired

to to We business. We've have the the able comes expand. in this been margins highest it gross of when world, some

quarter its is ability. for past revenue a record company, look just fourth the its wonderful so financials -- And as this and is if at you just

at And equipment It XXX converting produce more to Bitcoin. produced X,XXX update. Bitcoin, production It's January Ethereum been its its its Bitcoin. provided over is production is capacity equivalent the coins. HIVE the you then that equivalent to expanding if look

substantial that's figure to it's out what very So revenue in day $XXX,XXX about talking doing company Ethereum easy a is it's pricing, about on we're a and today's today. based Bitcoin

SEA fashion, but I with the to SEA done it time SEA basically so I and able able it's and able a awareness on branding brand company the of XX you And to in orderly the very with forward going X of to now on that Like X and think take that creation dollars be uniqueness a the we've that, be of is this a I focus requires like want to of growth to marketplace. competitive before, grow to And millions my and now years to capital, very is commitment build also it's of offers. employees, said a with to JETS.

in those and are an could shares You inexpensive Korea not for in that buy those lot also a South Taiwan assets, ratio. of

very So in a where I are remain bullish we on position.

to want over I past CFO turn done navigating a who's now job as through of this And Lisa phenomenal Callicotte, to it year.

Lisa Callicotte

And this shareholders. would to to Frank really you, our filings. I Thank appreciate on been has catch up the Frank. we've patience had. said, have trying I it Like you time, during all challenging our thank been that like where

and we are way, have We but committed information and still all possible. to getting worked to diligence either we diligently, out team, we still a would ensure the information accurate small need our they as we're soon out. as But do getting shareholders that to required, that

So thank your patience. for you

financial was December our year quarter. And where the was some million. income slide, management year, a quarter assets next increase to over approximately same for another and the the from revenues an increased September billion XX% up compared to quarter was These we under net have we just same this quarter. of last the quarterly highlights. did XXXX, XX% $X.X ago. strong Average go Operating can show $X.X We that XX% XX, are

operating is I'll in in from or Now bonuses somewhat due $X.X decrease due revenues XX, compensation for of XX%, of gains XX% mainly on or JETS $X.X increase or to million quarter million, the the of $X the sale to amortization a increase in realized The the following financials higher HIVE $X.X detail. Slide for million decreased for by increase our year. million on in $X.X was Beginning Operating the and million we benefits recorded million last in under that the ETF. quarter stock to $X.X which in primarily more year, offset is employee prior same employee reasons: and total XX%, was quarter, assets in management, due of especially primarily an the review an expenses options. of increases our decreases

XXXX. over stock of period. June General $XXX,XXX and and completed issue those was excuse administrative to The that to expenses stock increased -- options me, the company amortized options. amortization And professional X XX%, XXXX, for did XXX% fees fees, vesting in the consulting higher higher mainly was due the -- and again, of in at December and director options primarily or of months cost due

share. income for operating XX, is XX, we quarter. compared $X.XX -- the we and Slide Net In $XXX $XX on in that's million other related gains ending investments. quarter see prior was per and in related But to million unrealized decreased the transaction million. the income And realized the mainly realized taxes unrealized HIVE did higher of XXXX, for million On prior December $XX or to current our the that XX% approximately the $X.X after quarter, income have $X.X gains again, and quarter our year. gains to million

strong sheet have Slide to XX. balance level high We includes a still we of cash and securities. on a Moving and see

of million, still XX, net working The a XXXX, debt. XX% and Page we has company On a million $XX.X of June see ratio increase an of X.X:X. we or since current $X.X no which capital XX, was have long-term

capital would I've I Now to summarize like discussed strategy. that. that our

little that's to hours As noted on we profitable. XX, if to that a products. a And that takes takes those to in we're want it our be good launch able have in Frank take of it this that ensure time that products they become bit work that talked want smart to hundreds had even on for to resources Slide And ensure profitable. and we products. beta thousands design place we and earlier grow so to time to about not and done, them are product manage and once create experience,

opportunities. growth want we the to any capital take Likewise, we advantage to ensure have future that of

come opportunities we able to know that of be be We when our open be take prepared way advantage they those. to to and if can to short-lived, and want and they are

We for winter the in or reason, is Frank aware there this and through corrections discussed of are also. also the to we fluctuations bear resources asset know have market, turn weathered a some market If classes we have market able are past. to in to a need those get to that, end going the up in be but being we times. that's through around, keenly

buyback an rather stock to for a back strategically do like of continue to prudent using shares. a at this strategic time, offer on days. than plan kind program formula tender We our And algorithm on down feel buy it's we that

of outlook strategies, Now change at time. have reviewed these This discussed are are they Board and with may we circumstances regularly, change. kind as is the and this that the and long-term

turn Now it Holly distribution. like to our of discuss I'd to over marketing and more to

Holly Schoenfeldt

Lisa. you, Thank

emerging assets on investors XX% is again, than and assets of see as just institutional can our resources from XX% fund at Slide a in for with you funds. majority equities X/X and markets fixed As from more XX, coming investors. domestic distribution, income. in And this our mutual are And retail natural come with of mutual looking

trends launched Frank mentioned SEA are with and we excited webcast hosting invite of ETF we I successfully to about upcoming around already an cargo we conjunction that ETF. very a ETF the slide, January our this that about. like to our in On SEA which be GROW industry shipping the will shareholders XXth, discussion with would all on

registration at an you at by So you can e-mail March or this choose X:XX and you I up happening will etftrends.com be get Central can sign Time, the can Xth link. p.m. visiting and info@usfunds.com

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Frank Holmes

Thank we we're you, understanding is our And everyone, flow operating and invest for importantly most our cash thank and revenue Holly, in and you, focused in. year. growing past investments companies

very on of invested model just discipline are cash smart the focused flow a matter running We on capital and and the our different U.S. for funds beta return of Global.

you So all. thank

Holly Schoenfeldt

Thanks, Frank, today's concludes for participation This today. and thank your everyone, you, webcast.

U.S. Global Investors (GROW) 18 Feb 222022 Q2 Earnings call transcript