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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

Commission File Number: 001-36347

img205007654_0.jpg 

 

A-MARK PRECIOUS METALS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State of Incorporation)

 

11-2464169

(IRS Employer I.D. No.)

 

2121 Rosecrans Ave., Suite 6300, El Segundo, CA 90245

(Address of principal executive offices) (Zip code)

(310) 587-1477

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

AMRK

NASDAQ Global Select Market

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes. ☑ No. ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes. ☑ No. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes. No. ☑

As of February 2, 2024, the registrant had 22,854,540 shares of common stock, par value $0.01 per share outstanding.

 

1


 

 

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

For the Quarterly Period Ended December 31, 2023

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I

FINANCIAL INFORMATION

 

3

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

44

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

78

 

Item 4.

Controls and Procedures

 

79

 

 

 

 

 

PART II

OTHER INFORMATION

 

80

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

80

 

Item 1A.

Risk Factors

 

80

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

94

 

Item 3.

Defaults Upon Senior Securities

 

95

 

Item 4.

Mine Safety Disclosures

 

95

 

Item 5.

Other Information

 

95

 

Item 6.

Exhibits

 

96

 

 

 

 

 

Signatures

 

 

97

 

 

 

 

 

 

 

 

 

2


 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to the Condensed Consolidated Financial Statements and Notes thereof

 

Page

Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023

4

Condensed Consolidated Statements of Income for the Three and Six Months Ended December 31, 2023 and 2022

6

Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended December 31, 2023 and 2022

7

Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022

8

Notes to the Condensed Consolidated Financial Statements

9

Note 1. Description of Business

9

Note 2. Summary of Significant Accounting Policies

10

Note 3. Assets and Liabilities, at Fair Value

21

Note 4. Receivables, Net

23

Note 5. Secured Loans Receivable

24

Note 6. Inventories

25

Note 7. Leases

26

Note 8. Property, Plant, and Equipment

27

Note 9. Goodwill and Intangible Assets

27

Note 10. Long-Term Investments

29

Note 11. Accounts Payable and Other Current Liabilities

29

Note 12. Derivative Instruments and Hedging Transactions

29

Note 13. Income Taxes

32

Note 14. Related Party Transactions

33

Note 15. Financing Agreements

34

Note 16. Commitments and Contingencies

36

Note 17. Stockholders' Equity

37

Note 18. Customer and Supplier Concentrations

40

Note 19. Segments and Geographic Information

40

Note 20. Subsequent Events

43

 

3


 

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except for share data)

 

 

 

December 31, 2023

 

 

June 30, 2023

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash(1)

 

$

28,495

 

 

$

39,318

 

Receivables, net

 

 

42,720

 

 

 

35,243

 

Derivative assets

 

 

25,745

 

 

 

77,881

 

Secured loans receivable(1)

 

 

106,565

 

 

 

100,620

 

Precious metals held under financing arrangements(1)

 

 

19,520

 

 

 

25,530

 

Inventories:

 

 

 

 

 

 

Inventories(1)

 

 

591,737

 

 

 

645,812

 

Restricted inventories

 

 

518,613

 

 

 

335,831

 

 

 

1,110,350

 

 

 

981,643

 

Income tax receivable

 

 

1,022

 

 

 

 

Prepaid expenses and other assets(1)

 

 

5,864

 

 

 

6,956

 

Total current assets

 

 

1,340,281

 

 

 

1,267,191

 

Operating lease right of use assets

 

 

4,524

 

 

 

5,119

 

Property, plant, and equipment, net

 

 

14,987

 

 

 

12,513

 

Goodwill

 

 

100,943

 

 

 

100,943

 

Intangibles, net

 

 

58,299

 

 

 

62,630

 

Long-term investments

 

 

91,886

 

 

 

88,535

 

Other long-term assets

 

 

12,938

 

 

 

8,640

 

Total assets

 

$

1,623,858

 

 

$

1,545,571

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Lines of credit

 

$

 

 

$

235,000

 

Liabilities on borrowed metals

 

 

24,215

 

 

 

21,642

 

Product financing arrangements

 

 

518,613

 

 

 

335,831

 

Accounts payable and other payables

 

 

10,689

 

 

 

25,465

 

Deferred revenue and other advances

 

 

121,648

 

 

 

181,363

 

Derivative liabilities

 

 

28,908

 

 

 

8,076

 

Accrued liabilities(1)

 

 

12,353

 

 

 

20,418

 

Income tax payable

 

 

 

 

 

958

 

Notes payable (1)

 

 

3,234

 

 

 

95,308

 

Total current liabilities

 

 

719,660

 

 

 

924,061

 

Lines of credit

 

 

298,000

 

 

 

 

Deferred tax liabilities

 

 

16,697

 

 

 

16,677

 

Other liabilities

 

 

4,121

 

 

 

4,440

 

Total liabilities

 

 

1,038,478

 

 

 

945,178

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of December 31, 2023 or June 30, 2023

 

 

 

 

 

 

Common stock, par value $0.01; 40,000,000 shares authorized; 23,848,248 and 23,672,122 shares issued and 22,901,153 and 23,336,387 shares outstanding as of December 31, 2023 and June 30, 2023, respectively

 

 

239

 

 

 

237

 

Treasury stock, 947,095 and 335,735 shares at cost as of December 31, 2023 and June 30, 2023, respectively

 

 

(26,780

)

 

 

(9,762

)

Additional paid-in capital

 

 

170,816

 

 

 

169,034

 

Accumulated other comprehensive loss

 

 

(961

)

 

 

(1,025

)

Retained earnings

 

 

440,445

 

 

 

440,639

 

Total A-Mark Precious Metals, Inc. stockholders’ equity

 

 

583,759

 

 

 

599,123

 

Noncontrolling interest

 

 

1,621

 

 

 

1,270

 

Total stockholders’ equity

 

 

585,380

 

 

 

600,393

 

Total liabilities, noncontrolling interest and stockholders’ equity

 

$

1,623,858

 

 

$

1,545,571

 

 

(1)
Includes amounts of the consolidated variable interest entity as of June 30, 2023, which are presented separately in the table below.

 

See accompanying Notes to the Condensed Consolidated Financial Statements

4


 

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands; unaudited)

In September 2018, AM Capital Funding, LLC (“AMCF”), a wholly-owned subsidiary of Collateral Finance Corporation ("CFC”), completed an issuance of Secured Senior Term Notes, Series 2018-1, Class A in the aggregate principal amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B in the aggregate principal amount of $28.0 million (collectively, the "AMCF Notes"). In December 2023, the AMCF Notes were repaid in full, and AMCF became inactive.

The Company consolidates a variable interest entity ("VIE") if the Company is considered to be the primary beneficiary. AMCF is a VIE because its initial equity investment may be insufficient to maintain its ongoing collateral requirements without additional financial support from the Company. The Company is the primary beneficiary of this VIE because the Company has the right to determine the type of collateral (i.e., cash, secured loans, or precious metals), has the right to receive (and has received) the proceeds from the securitization transaction, earn ongoing interest income from the secured loans (subject to collateral requirements), and has the obligation to absorb losses should AMCF's interest expense and other costs exceed its interest income.

The following table presents the assets and liabilities of this VIE, which are included in the condensed consolidated balance sheets above. Due to the repayment of the AMCF Notes in December 2023, the VIE did not have assets or liabilities as of December 31, 2023. When outstanding, the holders of the AMCF Notes had a first priority security interest in the assets as shown in the table below, which were in excess of the AMCF Notes' aggregate principal amount. Additionally, the liabilities of the VIE included intercompany balances, which were eliminated in consolidation. (See Note 15.)

 

 

 

December 31, 2023

 

 

June 30, 2023

 

ASSETS OF THE CONSOLIDATED VIE

 

 

 

 

 

 

Cash

 

$

 

 

$

1,915

 

Secured loans receivable

 

 

 

 

 

46,368

 

Precious metals held under financing arrangements

 

 

 

 

 

14,950

 

Inventories

 

 

 

 

 

56,841

 

Prepaid expenses and other assets

 

 

 

 

 

7

 

Total assets of the consolidated variable interest entity

 

$

 

 

$

120,081

 

LIABILITIES OF THE CONSOLIDATED VIE

 

 

 

 

 

 

Deferred payment obligations(1)

 

$

 

 

$

30,083

 

Accrued liabilities

 

 

 

 

 

551

 

Notes payable(2)

 

 

 

 

 

99,762

 

Total liabilities of the consolidated variable interest entity

 

$

 

 

$

130,396

 

 

(1)
This is an intercompany balance which is eliminated in consolidation and not shown on the condensed consolidated balance sheets.
(2)
As of June 30, 2023, $5.0 million of the AMCF Notes were held by the Company which were eliminated in consolidation and not shown on the condensed consolidated balance sheets.

 

See accompanying Notes to the Condensed Consolidated Financial Statements

5


 

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except for share and per share data; unaudited)

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

$

2,078,815

 

 

$

1,949,705

 

 

$

4,563,433

 

 

$

3,850,056

 

Cost of sales

 

 

2,032,774

 

 

 

1,885,736

 

 

 

4,467,987

 

 

 

3,709,495

 

Gross profit

 

 

46,041

 

 

 

63,969

 

 

 

95,446

 

 

 

140,561

 

Selling, general, and administrative expenses

 

 

(22,396

)

 

 

(20,813

)

 

 

(44,241

)

 

 

(38,597

)

Depreciation and amortization expense

 

 

(2,811

)

 

 

(3,260

)

 

 

(5,603

)

 

 

(6,444

)

Interest income

 

 

6,311

 

 

 

4,984

 

 

 

12,413

 

 

 

10,080

 

Interest expense

 

 

(10,168

)

 

 

(7,236

)

 

 

(19,991

)

 

 

(13,366

)

Earnings from equity method investments

 

 

777

 

 

 

4,669

 

 

 

3,486

 

 

 

7,346

 

Other income, net

 

 

569

 

 

 

833

 

 

 

842

 

 

 

1,360

 

Unrealized gains on foreign exchange

 

 

105

 

 

 

1

 

 

 

11

 

 

 

215

 

Net income before provision for income taxes

 

 

18,428

 

 

 

43,147

 

 

 

42,363

 

 

 

101,155

 

Income tax expense

 

 

(4,467

)

 

 

(9,550

)

 

 

(9,419

)

 

 

(22,321

)

Net income

 

 

13,961

 

 

 

33,597

 

 

 

32,944

 

 

 

78,834

 

Net income attributable to noncontrolling interest

 

 

195

 

 

 

116

 

 

 

351

 

 

 

228

 

Net income attributable to the Company

 

$

13,766

 

 

$

33,481

 

 

$

32,593

 

 

$

78,606

 

Basic and diluted net income per share attributable
   to A-Mark Precious Metals, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

 

$

1.43

 

 

$

1.40

 

 

$

3.35

 

Diluted

 

$

0.57

 

 

$

1.35

 

 

$

1.34

 

 

$

3.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,079,500

 

 

 

23,489,000

 

 

 

23,222,100

 

 

 

23,442,700

 

Diluted

 

 

24,063,500

 

 

 

24,731,600

 

 

 

24,298,100

 

 

 

24,708,400

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements

6


 

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, except for share data; unaudited)

 

Common Stock

 

 

Additional Paid-in

 

 

Retained

 

 

Accumulated other comprehensive

 

 

Treasury Stock

 

 

Total A-Mark Precious Metals, Inc. Stockholders'

 

 

Non-controlling

 

 

Total Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

income (loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance, June 30, 2022

 

23,379,888

 

 

$

234

 

 

$

166,526

 

 

$

321,849

 

 

$

 

 

 

 

 

$

 

 

$

488,609

 

 

$

1,862

 

 

$

490,471

 

Net income

 

 

 

 

 

 

 

 

 

 

45,125

 

 

 

 

 

 

 

 

 

 

 

 

45,125

 

 

 

112

 

 

 

45,237

 

Share-based compensation

 

 

 

 

 

 

 

535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

535

 

 

 

 

 

 

535

 

Earnings distribution paid to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,001

)

 

 

(1,001

)

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

52

 

 

 

 

 

 

52

 

Common stock issued as employee compensation

 

10,500

 

 

 

 

 

 

293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293

 

 

 

 

 

 

293

 

Exercise of share-based awards

 

3,333

 

 

 

 

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

 

 

 

63

 

Net settlement of share-based awards

 

59,618

 

 

 

1

 

 

 

(1,606

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,605

)

 

 

 

 

 

(1,605

)

Dividends declared ($1.00 per common share)

 

 

 

 

 

 

 

3

 

 

 

(23,468

)

 

 

 

 

 

 

 

 

 

 

 

(23,465

)

 

 

 

 

 

(23,465

)

Dividends declared ($0.20 per common share)

 

 

 

 

 

 

 

 

 

 

(4,690

)

 

 

 

 

 

 

 

 

 

 

 

(4,690

)

 

 

 

 

 

(4,690

)

Balance, September 30, 2022

 

23,453,339

 

 

 

235

 

 

 

165,814

 

 

 

338,816

 

 

 

52

 

 

 

 

 

 

 

 

 

504,917

 

 

 

973

 

 

 

505,890

 

Net income

 

 

 

 

 

 

 

 

 

 

33,481

 

 

 

 

 

 

 

 

 

 

 

 

33,481

 

 

 

116

 

 

 

33,597

 

Share-based compensation

 

 

 

 

 

 

 

534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

534

 

 

 

 

 

 

534

 

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,103

)

 

 

 

 

 

 

 

 

(1,103

)

 

 

 

 

 

(1,103

)

Exercise of share-based awards

 

73,336

 

 

 

1

 

 

 

661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

662

 

 

 

 

 

 

662

 

Net settlement of share-based awards

 

3,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2022

 

23,529,971

 

 

$

236

 

 

$

167,009

 

 

$

372,297

 

 

$

(1,051

)

 

 

 

 

$

 

 

$

538,491

 

 

$

1,089

 

 

$

539,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2023

 

23,672,122

 

 

$

237

 

 

$

169,034

 

 

$

440,639

 

 

$

(1,025

)

 

 

(335,735

)

 

$

(9,762

)

 

$

599,123

 

 

$

1,270

 

 

$

600,393

 

Net income

 

 

 

 

 

 

 

 

 

 

18,827

 

 

 

 

 

 

 

 

 

 

 

 

18,827

 

 

 

156

 

 

 

18,983

 

Share-based compensation

 

 

 

 

 

 

 

664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

664

 

 

 

 

 

 

664

 

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

187

 

 

 

 

 

 

 

 

 

187

 

 

 

 

 

 

187

 

Exercise of share-based awards

 

159,999

 

 

 

2

 

 

 

958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

960

 

 

 

 

 

 

960

 

Net settlement of share-based awards

 

10,556

 

 

 

 

 

 

(307

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(307

)

 

 

 

 

 

(307

)

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(171,268

)

 

 

(5,016

)

 

 

(5,016

)

 

 

 

 

 

(5,016

)

Dividends declared ($1.00 per common share)

 

 

 

 

 

 

 

7

 

 

 

(23,441

)

 

 

 

 

 

 

 

 

 

 

 

(23,434

)

 

 

 

 

 

(23,434

)

Dividends declared ($0.20 per common share)

 

 

 

 

 

 

 

1

 

 

 

(9,346

)

 

 

 

 

 

 

 

 

 

 

 

(9,345

)

 

 

 

 

 

(9,345

)

Balance, September 30, 2023

 

23,842,677

 

 

 

239

 

 

 

170,357

 

 

 

426,679

 

 

 

(838

)

 

 

(507,003

)

 

 

(14,778

)

 

 

581,659

 

 

 

1,426

 

 

 

583,085

 

Net income

 

 

 

 

 

 

 

 

 

 

13,766

 

 

 

 

 

 

 

 

 

 

 

 

13,766

 

 

 

195

 

 

 

13,961

 

Share-based compensation

 

 

 

 

 

 

 

482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

482

 

 

 

 

 

 

482

 

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(123

)

 

 

 

 

 

 

 

 

(123

)

 

 

 

 

 

(123

)

Net settlement of share-based awards

 

5,571

 

 

 

 

 

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23

)

 

 

 

 

 

(23

)

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(