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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
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
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 October 28, 2021, the registrant had 11,352,110 shares of common stock outstanding, par value $0.01 per share.
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
For the Three Months Ended September 30, 2021
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Index to the Condensed Consolidated Financial Statements and Notes thereof
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except for share data)
|
|
September 30,
2021 |
|
|
|
June 30,
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash(1) |
|
$ |
29,609 |
|
|
|
$ |
101,405 |
|
Receivables, net |
|
|
104,522 |
|
|
|
|
89,000 |
|
Derivative assets |
|
|
69,785 |
|
|
|
|
44,536 |
|
Secured loans receivable(1) |
|
|
110,323 |
|
|
|
|
112,968 |
|
Precious metals held under financing arrangements(1) |
|
|
130,618 |
|
|
|
|
154,742 |
|
Inventories: |
|
|
|
|
|
|
|
|
|
Inventories(1) |
|
|
346,285 |
|
|
|
|
256,991 |
|
Restricted inventories |
|
|
219,420 |
|
|
|
|
201,028 |
|
|
|
|
565,705 |
|
|
|
|
458,019 |
|
Prepaid expenses and other assets(1) |
|
|
4,074 |
|
|
|
|
3,557 |
|
Total current assets |
|
|
1,014,636 |
|
|
|
|
964,227 |
|
Operating lease right of use assets |
|
|
7,346 |
|
|
|
|
5,702 |
|
Property, plant, and equipment, net |
|
|
8,913 |
|
|
|
|
8,609 |
|
Goodwill |
|
|
100,943 |
|
|
|
|
100,943 |
|
Intangibles, net |
|
|
85,761 |
|
|
|
|
93,633 |
|
Long-term investments |
|
|
29,683 |
|
|
|
|
18,467 |
|
Total assets |
|
$ |
1,247,282 |
|
|
|
$ |
1,191,581 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Lines of credit |
|
$ |
194,000 |
|
|
|
$ |
185,000 |
|
Liabilities on borrowed metals |
|
|
74,618 |
|
|
|
|
91,866 |
|
Product financing arrangements |
|
|
219,420 |
|
|
|
|
201,028 |
|
Accounts payable and other current liabilities |
|
|
178,798 |
|
|
|
|
200,351 |
|
Derivative liabilities |
|
|
70,348 |
|
|
|
|
7,539 |
|
Accrued liabilities(1) |
|
|
12,836 |
|
|
|
|
18,785 |
|
Income tax payable |
|
|
7,140 |
|
|
|
|
5,016 |
|
Total current liabilities |
|
|
757,160 |
|
|
|
|
709,585 |
|
Notes payable(1) |
|
|
93,446 |
|
|
|
|
93,249 |
|
Deferred tax liabilities |
|
|
18,091 |
|
|
|
|
19,514 |
|
Other liabilities |
|
|
6,958 |
|
|
|
|
5,291 |
|
Total liabilities |
|
|
875,655 |
|
|
|
|
827,639 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued
and outstanding: none as of September 30, 2021 and June 30, 2021 |
|
|
— |
|
|
|
|
— |
|
Common stock, par value $0.01; 40,000,000 shares authorized; 11,351,897
and 11,229,657 shares issued and outstanding as of September 30, 2021
and June 30, 2021, respectively |
|
|
114 |
|
|
|
|
113 |
|
Additional paid-in capital |
|
|
154,619 |
|
|
|
|
150,420 |
|
Retained earnings |
|
|
215,475 |
|
|
|
|
212,090 |
|
Total A-Mark Precious Metals, Inc. stockholders’ equity |
|
|
370,208 |
|
|
|
|
362,623 |
|
Noncontrolling interests |
|
|
1,419 |
|
|
|
|
1,319 |
|
Total stockholders’ equity |
|
|
371,627 |
|
|
|
|
363,942 |
|
Total liabilities, noncontrolling interests and stockholders’ equity |
|
$ |
1,247,282 |
|
|
|
$ |
1,191,581 |
|
(1) |
Includes amounts of the consolidated variable interest entity, which is presented separately in the table below. |
See accompanying Notes to Condensed Consolidated Financial Statements
2
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
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 "Notes"). The Class A Notes bear interest at a rate of 4.98% and the Class B Notes bear interest at a rate of 5.98%. The Notes have a maturity date of December 15, 2023.
The Company consolidates a variable interest entity ("VIE") if the Company is considered to be the primary beneficiary. AMCF is a VIE because its equity may be insufficient to maintain its on-going collateral requirements without additional financial support from the Company. The securitization is primarily secured by cash, bullion loans, and precious metals, and the Company is required to continuously hedge the value of certain collateral and make future contributions as necessary. 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) placed into the entity, has the right to receive (and has received) the proceeds from the securitization transaction, earns on-going 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. The holders of the Notes have a first priority security interest in the assets as shown in the table below, which are in excess of the Notes' aggregate principal amount. Additionally, the liabilities of the VIE include intercompany balances, which are eliminated in consolidation. (See Note 14.)
|
|
September 30,
2021 |
|
|
|
June 30,
2021 |
|
ASSETS OF THE CONSOLIDATED VIE |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
5,162 |
|
|
|
$ |
2,877 |
|
Secured loans receivable |
|
|
88,631 |
|
|
|
|
84,817 |
|
Precious metals held under financing arrangements |
|
|
17,848 |
|
|
|
|
23,976 |
|
Inventories |
|
|
2,675 |
|
|
|
|
2,532 |
|
Prepaid expenses and other assets |
|
|
69 |
|
|
|
|
23 |
|
Total assets of the consolidated variable interest entity |
|
$ |
114,385 |
|
|
|
$ |
114,225 |
|
LIABILITIES OF THE CONSOLIDATED VIE |
|
|
|
|
|
|
|
|
|
Deferred payment obligations(1) |
|
$ |
21,040 |
|
|
|
$ |
20,539 |
|
Accrued liabilities |
|
|
880 |
|
|
|
|
847 |
|
Notes payable(2) |
|
|
98,446 |
|
|
|
|
98,249 |
|
Total liabilities of the consolidated variable interest entity |
|
$ |
120,366 |
|
|
|
$ |
119,635 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
This is an intercompany balance, which is eliminated in consolidation and hence is not shown on the consolidated balance sheets. |
(2) |
$5.0 million of the Notes are held by the Company, which is eliminated in consolidation and hence is not shown on the consolidated balance sheets. |
See accompanying Notes to Condensed Consolidated Financial Statements
3
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share and per share data)
|
|
Three Months Ended |
|
|
|
September 30,
2021 |
|
|
|
September 30,
2020 |
|
Revenues |
|
$ |
2,013,971 |
|
|
|
$ |
1,866,116 |
|
Cost of sales |
|
|
1,957,962 |
|
|
|
|
1,829,971 |
|
Gross profit |
|
|
56,009 |
|
|
|
|
36,145 |
|
Selling, general, and administrative expenses |
|
|
(16,677 |
) |
|
|
|
(9,505 |
) |
Depreciation and amortization expense |
|
|
(8,271 |
) |
|
|
|
(501 |
) |
Interest income |
|
|
5,531 |
|
|
|
|
3,983 |
|
Interest expense |
|
|
(5,473 |
) |
|
|
|
(4,293 |
) |
Earnings from equity method investments |
|
|
1,489 |
|
|
|
|
4,126 |
|
Other income, net |
|
|
409 |
|
|
|
|
359 |
|
Unrealized losses on foreign exchange |
|
|
(224 |
) |
|
|
|
(97 |
) |
Net income before provision for income taxes |
|
|
32,793 |
|
|
|
|
30,217 |
|
Income tax expense |
|
|
(6,669 |
) |
|
|
|
(6,511 |
) |
Net income |
|
|
26,124 |
|
|
|
|
23,706 |
|
Net income attributable to noncontrolling interests |
|
|
100 |
|
|
|
|
623 |
|
Net income attributable to the Company |
|
$ |
26,024 |
|
|
|
$ |
23,083 |
|
Basic and diluted net income per share attributable
to A-Mark Precious Metals, Inc.: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.31 |
|
|
|
$ |
3.28 |
|
Diluted |
|
$ |
2.17 |
|
|
|
$ |
3.09 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,262,600 |
|
|
|
|
7,034,700 |
|
Diluted |
|
|
12,009,300 |
|
|
|
|
7,475,000 |
|
See accompanying Notes to Condensed Consolidated Financial Statements
4
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, except for share data)
|
|
Common
Stock
(Shares) |
|
|
Common
Stock |
|
|
Additional
Paid-in
Capital |
|
|
Retained
Earnings |
|
|
Total
A-Mark
Precious
Metals, Inc.
Stockholders'
Equity |
|
|
Non-
Controlling
Interests |
|
|
Total
Stockholders’
Equity |
|
Balance, June 30, 2020 |
|
|
7,031,500 |
|
|
$ |
71 |
|
|
$ |
27,289 |
|
|
$ |
73,644 |
|
|
$ |
101,004 |
|
|
$ |
3,890 |
|
|
$ |
104,894 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,083 |
|
|
|
23,083 |
|
|
|
623 |
|
|
|
23,706 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
|
|
178 |
|
Net settlement on issuance of common shares on exercise of options |
|
|
35,030 |
|
|
|
— |
|
|
|
416 |
|
|
|
— |
|
|
|
416 |
|
|
|
— |
|
|
|
416 |
|
Dividends declared ($1.50 per common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,553 |
) |
|
|
(10,553 |
) |
|
|
— |
|
|
|
(10,553 |
) |
Balance, September 30, 2020 |
|
|
7,066,530 |
|
|
|
71 |
|
|
$ |
27,883 |
|
|
$ |
86,174 |
|
|
$ |
114,128 |
|
|
$ |
4,513 |
|
|
$ |
118,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2021 |
|
|
11,229,657 |
|
|
$ |
113 |
|
|
$ |
150,420 |
|
|
$ |
212,090 |
|
|
$ |
362,623 |
|
|
$ |
1,319 |
|
|
$ |
363,942 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26,024 |
|
|
|
26,024 |
|
|
|
100 |
|
|
|
26,124 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
473 |
|
|
|
— |
|
|
|
473 |
|
|
|
— |
|
|
|
473 |
|
Net settlement on issuance of common shares on exercise of options |
|
|
60,650 |
|
|
|
— |
|
|
|
749 |
|
|
|
— |
|
|
|
749 |
|
|
|
— |
|
|
|
749 |
|
Common stock issued for increase in long term investment |
|
|
61,590 |
|
|
|
1 |
|
|
|
2,977 |
|
|
|
— |
|
|
|
2,978 |
|
|
|
— |
|
|
|
2,978 |
|
Dividends declared ($2.00 per common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,639 |
) |
|
|
(22,639 |
) |
|
|
— |
|
|
|
(22,639 |
) |
Balance, September 30, 2021 |
|
|
11,351,897 |
|
|
$ |
114 |
|
|
$ |
154,619 |
|
|
$ |
215,475 |
|
|
$ |
370,208 |
|
|
$ |
1,419 |
|
|
$ |
371,627 |
|
See accompanying Notes to Condensed Consolidated Financial Statements
5
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Three Months Ended September 30, |
|
2021 |
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
26,124 |
|
|
$ |
23,706 |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
8,271 |
|
|
|
501 |
|
Amortization of loan cost |
|
|
569 |
|
|
|
396 |
|
Deferred income taxes |
|
|
(1,423 |
) |
|
|
— |
|
Interest added to principal of secured loans |
|
|
(5 |
) |
|
|
(4 |
) |
Share-based compensation |
|
|
473 |
|
|
|
178 |
|
Earnings from equity method investments |
|
|
(1,489 |
) |
|
|
(4,126 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Receivables |
|
|
(15,522 |
) |
|
|
(26,526 |
) |
Secured loans receivable |
|
|
25 |
|
|
|
(358 |
) |
Secured loans made to affiliates |
|
|
3,032 |
|
|
|
4,642 |
|
Derivative assets |
|
|
(25,249 |
) |
|
|
(67,275 |
) |
Precious metals held under financing arrangements |
|
|
24,124 |
|
|
|
19,821 |
|
Inventories |
|
|
(107,686 |
) |
|
|
(91,900 |
) |
Prepaid expenses and other assets |
|
|
(689 |
) |
|
|
(292 |
) |
Accounts payable and other current liabilities |
|
|
(21,553 |
) |
|
|
69,992 |
|
Derivative liabilities |
|
|
62,809 |
|
|
|
(11,917 |
) |
Liabilities on borrowed metals |
|
|
(17,248 |
) |
|
|
(14,454 |
) |
Accrued liabilities |
|
|
(6,420 |
) |
|
|
(1,227 |
) |
Income tax payable |
|
|
2,124 |
|
|
|
771 |
|
Net cash used in operating activities |
|
|
(69,733 |
) |
|
|
(98,072 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures for property, plant, and equipment |
|
|
(709 |
) |
|
|
(476 |
) |
Purchase of long-term investments |
|
|
(6,250 |
) |
|
|
— |
|
Secured loans receivable, net |
|
|
(407 |
) |
|
|
(24,793 |
) |
Net cash used in investing activities |
|
|
(7,366 |
) |
|
|
(25,269 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Product financing arrangements, net |
|
|
18,392 |
|
|
|
26,921 |
|
Dividends paid |
|
|
(22,639 |
) |
|
|
(10,553 |
) |
Borrowings and repayments under lines of credit, net |
|
|
9,000 |
|
|
|
79,000 |
|
Debt funding issuance costs |
|
|
(199 |
) |
|
|
(398 |
) |
Net settlement on issuance of common shares on exercise of options |
|
|
749 |
|
|
|
416 |
|
Net cash provided by financing activities |
|
|
5,303 |
|
|
|
95,386 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
|
(71,796 |
) |
|
|
(27,955 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
101,405 |
|
|
|
52,325 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
29,609 |
|
|
$ |
24,370 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
5,839 |
|
|
$ |
3,737 |
|
Income taxes paid |
|
$ |
5,967 |
|
|
$ |
6,726 |
|
Income taxes refunded |
|
$ |
—< |