| Schedule of segment reporting information, by segment |
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in thousands |
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Year Ended |
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Three Months Ended September 30, |
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June 30, 2018 |
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June 30, 2017 |
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Revenue by segment |
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Wholesale Trading & Ancillary Services |
|
$ |
7,538,856 |
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|
$ |
6,989,624 |
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Direct Sales |
|
67,392 |
|
(1) |
N/A |
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|
Total revenue |
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$ |
7,606,248 |
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$ |
6,989,624 |
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_________________________________ |
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(1) Includes $22.5 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment. The elimination of these intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment. |
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in thousands |
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Year Ended |
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Three Months Ended September 30, |
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June 30, 2018 |
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June 30, 2017 |
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Revenue by geographic region
(as determined by the shipping address or where the services were performed):
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United States |
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$ |
7,081,161 |
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$ |
6,537,863 |
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Europe |
|
303,514 |
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|
260,489 |
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North America, excluding United States |
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214,895 |
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|
177,734 |
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Asia Pacific |
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3,554 |
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|
7,706 |
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Africa |
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1 |
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— |
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Australia |
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3,123 |
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|
5,832 |
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Total revenue |
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$ |
7,606,248 |
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$ |
6,989,624 |
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in thousands |
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Year Ended |
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Three Months Ended September 30, |
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June 30, 2018 |
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June 30, 2017 |
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Gross profit by segment |
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Wholesale Trading & Ancillary Services |
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$ |
24,109 |
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$ |
31,334 |
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Direct Sales |
|
5,334 |
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N/A |
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Total gross profit |
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$ |
29,443 |
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$ |
31,334 |
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Gross margin percentage by segment |
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Wholesale Trading & Ancillary Services |
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0.320 |
% |
|
0.448 |
% |
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Direct Sales |
|
7.915 |
% |
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N/A |
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|
Weighted average gross margin percentage |
|
0.387 |
% |
|
0.448 |
% |
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Operating Income and Expenses
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in thousands |
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Years Ended June 30, |
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2018 |
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2017 |
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Operating income and expenses by segment |
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Wholesale Trading & Ancillary Services |
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Selling, general and administrative expenses |
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$ |
(21,096 |
) |
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$ |
(21,529 |
) |
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Interest income |
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$ |
6,473 |
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$ |
4,814 |
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Interest expense |
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$ |
(7,778 |
) |
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$ |
(6,176 |
) |
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Other income, net |
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$ |
984 |
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$ |
358 |
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Secured Lending |
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Selling, general and administrative expenses |
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$ |
(1,689 |
) |
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$ |
(1,814 |
) |
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Interest income |
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$ |
9,632 |
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$ |
7,739 |
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Interest expense |
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$ |
(5,465 |
) |
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$ |
(3,941 |
) |
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Direct Sales |
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Selling, general and administrative expenses |
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$ |
(10,613 |
) |
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N/A |
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Goodwill and intangible asset impairment |
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$ |
(2,654 |
) |
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N/A |
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Interest expense |
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$ |
(648 |
) |
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N/A |
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Net (loss) income before provision for income taxes
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in thousands |
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Years Ended June 30, |
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2018 |
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2017 |
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Net (loss) income before provision for income taxes by segment |
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Wholesale Trading & Ancillary Services |
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$ |
2,692 |
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$ |
8,801 |
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Secured Lending |
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2,478 |
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|
1,984 |
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Direct Sales |
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(8,581 |
) |
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N/A |
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Total net (loss) income before provision for income taxes
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$ |
(3,411 |
) |
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$ |
10,785 |
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Depreciation and Amortization
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in thousands |
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Years Ended June 30, |
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2018 |
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2017 |
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Depreciation and amortization by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(1,560 |
) |
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$ |
(1,511 |
) |
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Secured Lending |
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(3 |
) |
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(10 |
) |
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Direct Sales |
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(1,063 |
) |
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N/A |
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Total depreciation and amortization |
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$ |
(2,626 |
) |
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$ |
(1,521 |
) |
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Advertising expense
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in thousands |
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Years Ended June 30, |
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2018 |
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2017 |
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Advertising expense by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(553 |
) |
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$ |
(646 |
) |
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Secured Lending |
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(28 |
) |
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(27 |
) |
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Direct Sales |
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(2,653 |
) |
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N/A |
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Total advertising expense |
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$ |
(3,234 |
) |
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$ |
(673 |
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Precious metals held under financing arrangements
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Precious metals held under financing arrangements by segment |
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Wholesale Trading & Ancillary Services |
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$ |
262,566 |
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$ |
— |
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Total precious metals held under financing arrangements |
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$ |
262,566 |
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$ |
— |
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Inventories by segment |
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Wholesale Trading & Ancillary Services |
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$ |
272,034 |
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$ |
284,659 |
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Direct Sales |
|
8,082 |
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N/A |
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Total inventories |
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$ |
280,116 |
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$ |
284,659 |
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Inventories by geographic region |
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United States |
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$ |
273,008 |
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$ |
276,809 |
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Europe |
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1,965 |
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|
3,154 |
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North America, excluding United States |
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4,976 |
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|
4,310 |
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Asia |
|
167 |
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|
386 |
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Total inventories |
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$ |
280,116 |
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$ |
284,659 |
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Assets by segment |
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Wholesale Trading & Ancillary Services |
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$ |
616,522 |
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$ |
478,500 |
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Secured Lending |
|
111,304 |
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— |
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Direct Sales |
|
15,175 |
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N/A |
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Total assets |
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$ |
743,001 |
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$ |
478,500 |
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Assets by geographic region |
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United States |
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$ |
733,131 |
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$ |
469,114 |
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Europe |
|
4,727 |
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|
4,690 |
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North America, excluding United States |
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4,976 |
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|
4,310 |
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Asia |
|
167 |
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|
386 |
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Total assets |
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$ |
743,001 |
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$ |
478,500 |
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Long-term Assets
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Long-term assets by segment |
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Wholesale Trading & Ancillary Services |
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$ |
31,328 |
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$ |
31,479 |
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Secured Lending |
|
102 |
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— |
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Direct Sales |
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4,588 |
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N/A |
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Total long-term assets |
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$ |
36,018 |
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$ |
31,479 |
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in thousands |
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June 30, 2018 |
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June 30, 2017 |
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Long-term assets by geographic region |
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United States |
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$ |
35,965 |
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$ |
31,423 |
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Europe |
|
53 |
|
|
56 |
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Total long-term assets |
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$ |
36,018 |
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$ |
31,479 |
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Capital Expenditures for Property and Equipment
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in thousands |
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Years Ended June 30, |
|
2018 |
|
2017 |
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Capital expenditures on plant, property and equipment by segment |
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Wholesale Trading & Ancillary Services |
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$ |
1,104 |
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$ |
2,265 |
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(2) |
Secured Lending |
|
102 |
|
|
— |
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Direct Sales |
|
111 |
|
(1) |
N/A |
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Total capital expenditures on property and equipment |
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$ |
1,317 |
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$ |
2,265 |
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_________________________________ |
(1) Excludes $1.8 million of plant, property and equipment that was part of the net assets acquired from Goldline LLC. |
(2) Excludes $2.1 million of plant, property and equipment that were part of the net assets acquired from SilverTowne LP. |
Goodwill and Intangible Assets
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in thousands |
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June 30, 2018 |
|
June 30, 2017 |
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Goodwill and Intangibles by segment |
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Wholesale Trading & Ancillary Services |
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$ |
12,516 |
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$ |
12,946 |
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Direct Sales |
|
3,226 |
|
|
N/A |
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Total goodwill and intangible assets |
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$ |
15,742 |
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|
$ |
12,946 |
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|