Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information (Tables)

v3.10.0.1
Segment and Geographic Information (Tables)
6 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
Revenue
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Revenue by segment (1)
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services (2)
 
$
1,088,188

 
$
1,651,442

 
$
2,642,501

 
$
3,804,862

 
Direct Sales
 
12,724

(a) 
29,296

(b) 
23,501

(c) 
39,666

(d) 
Total revenue
 
$
1,100,912

 
$
1,680,738

 
$
2,666,002

 
$
3,844,528

 
 
 
 
 
 
 
 
 
 
 
_________________________________
 
 
 
 
 
 
 
 
 
(1) Intercompany purchases from and sales to the Direct Sales segment are transacted at Wholesale Trading & Ancillary Services segment's prices, which is consistent with arms-length transactions with third-parties.
 
 
 
(2) The elimination of intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment.
 
(a) Includes $0.1 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment.
 
 
 
(b) Includes $10.8 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment.
 
 
 
 
 
 
 
 
 
 
 
(c) Includes $0.3 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment.
 
 
 
 
 
 
 
 
 
 
 
(d) Includes $17.7 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment.
 
 
 
 
 
 
 
 
 
 
 

in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Revenue by geographic region
(as determined by the shipping address or where the services were performed):
 
United States
 
$
968,883

 
$
1,579,893

 
$
2,344,519

 
$
3,631,814

 
Europe
 
48,609

 
73,022

 
138,761

 
127,380

 
North America, excluding United States
 
82,285

 
26,896

 
178,669

 
81,774

 
Asia Pacific
 
614

 
374

 
2,957

 
1,726

 
Africa
 

 
1

 
1

 
1

 
Australia
 
521

 
552

 
1,095

 
1,833

 
Total revenue
 
$
1,100,912

 
$
1,680,738

 
$
2,666,002

 
$
3,844,528

 
 
 
 
 
 
 
 
 
 
 
Gross Profit and Gross Margin Percentage
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Gross profit by segment
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
6,804

 
$
7,168

 
$
14,216

 
$
12,813

 
Direct Sales
 
1,513

 
1,748

 
2,576

 
3,409

 
Total gross profit
 
$
8,317

 
$
8,916

 
$
16,792

 
$
16,222

 
Gross margin percentage by segment
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
0.625
%
 
0.434
%
 
0.538
%
 
0.337
%
 
Direct Sales
 
11.891
%
 
5.967
%
 
10.961
%
 
8.594
%
 
Weighted average gross margin percentage
 
0.755
%
 
0.530
%
 
0.630
%
 
0.422
%
 
 
 
 
 
 
 
 
 
 
 
Operating income and (expenses)
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Operating income and (expenses) by segment
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
$
(5,649
)
 
$
(5,376
)
 
$
(10,907
)
 
$
(10,786
)
 
Interest income
 
$
2,354

 
$
998

 
$
4,406

 
$
2,056

 
Interest expense
 
$
(2,974
)
 
$
(1,873
)
 
$
(4,854
)
 
$
(3,392
)
 
Other income, net
 
$
867

 
$
790

 
$
1,045

 
$
750

 
Secured Lending
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
$
(344
)
 
$
(348
)
 
$
(689
)
 
$
(731
)
 
Interest income
 
$
2,298

 
$
2,270

 
$
4,797

 
$
4,373

 
Interest expense
 
$
(1,535
)
 
$
(1,286
)
 
$
(3,012
)
 
$
(2,421
)
 
Other income, net
 
$
24

 
$

 
$
24

 
$

 
Direct Sales
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
$
(2,110
)
 
$
(3,625
)
 
$
(4,226
)
 
$
(4,808
)
 
Interest expense
 
$
(147
)
 
$
(200
)
 
$
(342
)
 
$
(279
)
 
Other expense, net
 
(157
)
 

 
$
(157
)
 
$

 
Net (loss) income before provision for income taxes
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Net (loss) income before provision for income taxes by segment
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
1,402

 
$
1,707

 
$
3,906

 
$
1,441

 
Secured Lending
 
443

 
636

 
1,120

 
1,221

 
Direct Sales
 
(901
)
 
(2,077
)
 
(2,149
)
 
(1,678
)
 
Total net income before provision for income taxes
 
$
944

 
$
266

 
$
2,877

 
$
984

 
Depreciation and Amortization
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Depreciation and amortization by segment
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
(395
)
 
$
(427
)
 
$
(791
)
 
$
(758
)
 
Secured Lending
 

 
(1
)
 

 
(2
)
 
Direct Sales
 
(306
)
 
(355
)
 
(607
)
 
(552
)
 
Total depreciation and amortization
 
$
(701
)
 
$
(783
)
 
$
(1,398
)
 
$
(1,312
)
 
Advertising expense
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Advertising expense by segment
 
 
 
 
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
(161
)
 
$
(183
)
 
$
(268
)
 
$
(284
)
 
Secured Lending
 
(1
)
 
(7
)
 
(4
)
 
(18
)
 
Direct Sales
 
(486
)
 
(869
)
 
(966
)
 
(1,274
)
 
Total advertising expense
 
$
(648
)
 
$
(1,059
)
 
$
(1,238
)
 
$
(1,576
)
 
Precious metals held under financing arrangements
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Precious metals held under financing arrangements by segment
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
226,905

 
$
262,566

 
Total precious metals held under financing arrangements
 
$
226,905

 
$
262,566

 
 
 
 
 
 
 
Inventory
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Inventories by segment
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
268,527

 
$
272,034

 
Direct Sales
 
7,758

 
8,082

 
Total inventories
 
$
276,285

 
$
280,116

 
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Inventories by geographic region
 
 
 
 
 
United States
 
$
265,214

 
$
273,008

 
Europe
 
2,005

 
1,965

 
North America, excluding United States
 
8,279

 
4,976

 
Asia
 
787

 
167

 
Total inventories
 
$
276,285

 
$
280,116

 
 
 
 
 
 
 
Assets
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Assets by segment
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
558,953

 
$
616,522

 
Secured Lending
 
110,678

 
111,304

 
Direct Sales
 
14,460

 
15,175

 
Total assets
 
$
684,091

 
$
743,001

 
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Assets by geographic region
 
 
 
 
 
United States
 
$
672,153

 
$
733,131

 
Europe
 
2,872

 
4,727

 
North America, excluding United States
 
8,279

 
4,976

 
Asia
 
787

 
167

 
Total assets
 
$
684,091

 
$
743,001

 
Long-term Assets
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Long-term assets by segment
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
32,097

 
$
31,328

 
Secured Lending
 
103

 
102

 
Direct Sales
 
3,957

 
4,588

 
Total long-term assets
 
$
36,157

 
$
36,018

 
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Long-term assets by geographic region
 
 
 
 
 
United States
 
$
36,104

 
$
35,965

 
     Europe
 
53

 
53

 
Total long-term assets
 
$
36,157

 
$
36,018

 

Capital Expenditures for Property and Equipment
in thousands
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
 
Capital expenditures on plant, property and equipment by segment
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
16

 
$
75

 
$
138

 
$
269

 
Direct Sales
 

 
24

 

 
148

 
Total capital expenditures on property and equipment
 
$
16

 
$
99

 
$
138

 
$
417

 
 
 
 
 
 
 
 
 
 
 
Goodwill and Intangible Assets
in thousands
 
 
 
 
 
 
 
December 31, 2018
 
June 30, 2018
 
Goodwill and Intangibles by segment
 
 
 
 
 
Wholesale Trading & Ancillary Services
 
$
12,302

 
$
12,516

 
Direct Sales
 
2,936

 
3,226

 
Total goodwill and intangible assets
 
$
15,238

 
$
15,742