Quarterly report pursuant to Section 13 or 15(d)

Segments and Geographic Information (Tables)

v3.20.2
Segments and Geographic Information (Tables)
3 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

Revenue

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

 

Revenue by segment(1)(2)

 

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services(3)

 

$

1,813,708

 

 

 

$

1,460,933

 

 

Direct Sales

 

 

52,408

 

(a)

 

 

20,081

 

(b)

 

 

$

1,866,116

 

 

 

$

1,481,014

 

 

 

(1)

Inter-segment 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 Secured Lending segment earns interest income from its lending activity and earns no revenue from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

(3)

The elimination of inter-segment sales is reflected in the Wholesale Trading & Ancillary Services segment.

(a)

Includes $4.7 million of inter-segment sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment.

(b)

Includes $8.6 million of inter-segment sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment.

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Revenue by geographic region (as determined by the shipping or billing address or where the services were performed):

 

 

 

 

 

 

 

 

 

United States

 

$

1,459,010

 

 

 

$

1,105,621

 

Europe

 

 

119,908

 

 

 

 

62,102

 

North America, excluding United States

 

 

257,245

 

 

 

 

300,397

 

Asia Pacific

 

 

15,132

 

 

 

 

6,113

 

Africa

 

 

 

 

 

 

31

 

Australia

 

 

14,821

 

 

 

 

6,750

 

 

 

$

1,866,116

 

 

 

$

1,481,014

 

 

Gross Profit and Gross Margin Percentage

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Gross profit by segment(1)

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

30,622

 

 

 

$

6,760

 

Direct Sales

 

 

5,523

 

 

 

 

1,580

 

Total gross profit

 

$

36,145

 

 

 

$

8,340

 

Gross margin percentage by segment(1)

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

 

1.688

%

 

 

 

0.463

%

Direct Sales

 

 

10.538

%

 

 

 

7.868

%

Weighted average gross margin percentage

 

 

1.937

%

 

 

 

0.563

%

 

(1)

The Secured Lending segment earns interest income from its lending activity and earns no gross profit from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

Operating income and (expenses)

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Operating income (expense) by segment

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

$

(7,607

)

 

 

$

(5,802

)

Interest income

 

$

2,438

 

 

 

$

2,262

 

Interest expense

 

$

(2,948

)

 

 

$

(2,826

)

Other income, net

 

$

4,126

 

 

 

$

12

 

Unrealized losses on foreign exchange

 

$

(97

)

 

 

$

(122

)

Secured Lending

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

$

(496

)

 

 

$

(348

)

Interest income

 

$

1,545

 

 

 

$

3,506

 

Interest expense

 

$

(1,345

)

 

 

$

(2,316

)

Other income, net

 

$

359

 

 

 

$

42

 

Direct Sales

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

$

(1,903

)

 

 

$

(2,120

)

Other expense, net

 

$

 

 

 

$

(220

)

 

Net income (loss) before provision for income taxes

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Net income (loss) before provision for income taxes by segment

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

26,534

 

 

 

$

284

 

Secured Lending

 

 

63

 

 

 

 

884

 

Direct Sales

 

 

3,620

 

 

 

 

(760

)

 

 

$

30,217

 

 

 

$

408

 

 

Depreciation and Amortization

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Depreciation and amortization by segment

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

(205

)

 

 

$

(397

)

Secured Lending

 

 

(88

)

 

 

 

(16

)

Direct Sales

 

 

(208

)

 

 

 

(255

)

 

 

$

(501

)

 

 

$

(668

)

 

Advertising expense

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Advertising expense by segment

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

(65

)

 

 

$

(56

)

Secured Lending

 

 

(25

)

 

 

 

(3

)

Direct Sales

 

 

(610

)

 

 

 

(404

)

 

 

$

(700

)

 

 

$

(463

)

 

Precious metals held under financing arrangements

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Precious metals held under financing arrangements by segment

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

138,797

 

 

$

157,609

 

Secured Lending

 

 

19,959

 

 

 

20,968

 

 

 

$

158,756

 

 

$

178,577

 

 

Inventories

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Inventories by segment

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

379,884

 

 

$

289,069

 

Secured Lending

 

 

24,360

 

 

 

24,057

 

Direct Sales

 

 

8,937

 

 

 

8,155

 

 

 

$

413,181

 

 

$

321,281

 

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Inventories by geographic region

 

 

 

 

 

 

 

 

United States

 

$

383,034

 

 

$

287,960

 

Europe

 

 

16,386

 

 

 

19,531

 

North America, excluding United States

 

 

13,497

 

 

 

13,735

 

Asia

 

 

264

 

 

 

55

 

 

 

$

413,181

 

 

$

321,281

 

 

Total Assets

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Assets by segment

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

757,234

 

 

$

599,032

 

Secured Lending

 

 

139,678

 

 

 

140,622

 

Direct Sales

 

 

23,838

 

 

 

18,381

 

 

 

$

920,750

 

 

$

758,035

 

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Assets by geographic region

 

 

 

 

 

 

 

 

United States

 

$

888,535

 

 

$

723,252

 

Europe

 

 

18,454

 

 

 

20,993

 

North America, excluding United States

 

 

13,497

 

 

 

13,735

 

Asia

 

 

264

 

 

 

55

 

 

 

$

920,750

 

 

$

758,035

 

 

Long-term Assets

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Long-term assets by segment

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

43,357

 

 

$

39,090

 

Secured Lending

 

 

1,232

 

 

 

1,319

 

Direct Sales

 

 

3,235

 

 

 

3,607

 

 

 

$

47,824

 

 

$

44,016

 

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Long-term assets by geographic region

 

 

 

 

 

 

 

 

United States

 

$

47,771

 

 

$

43,963

 

Europe

 

 

53

 

 

 

53

 

 

 

$

47,824

 

 

$

44,016

 

 

Capital Expenditures for Property, Plant, and Equipment

 

in thousands

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

2020

 

 

 

September 30,

2019

 

Capital expenditures on property, plant, and equipment by segment

 

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

473

 

 

 

$

97

 

Secured Lending

 

 

 

 

 

 

37

 

Direct Sales

 

 

3

 

 

 

 

3

 

 

 

$

476

 

 

 

$

137

 

 

Goodwill

 

in thousands

 

 

 

 

 

 

 

 

 

 

September 30,

2020

 

 

June 30,

2020

 

Goodwill by segment

 

 

 

 

 

 

 

 

Wholesale Trading & Ancillary Services

 

$

8,881

 

 

$

8,881

 

Direct Sales (1)

 

 

 

 

 

 

 

 

$

8,881

 

 

$

8,881