| Schedule of Segment Reporting Information, by Segment |
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
Revenue by segment(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
1,966,897 |
|
|
|
$ |
2,017,120 |
|
|
|
$ |
5,732,207 |
|
|
|
$ |
5,347,951 |
|
|
Eliminations of inter-segment sales |
|
|
(447,857 |
) |
|
|
|
(93,857 |
) |
|
|
|
(1,306,411 |
) |
|
|
|
(133,491 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations (2) |
|
|
1,519,040 |
|
|
|
|
1,923,263 |
|
|
|
|
4,425,796 |
|
|
|
|
5,214,460 |
|
|
Direct-to-Consumer |
|
|
590,075 |
|
(a) |
|
|
126,226 |
|
(b) |
|
|
1,643,654 |
|
(c) |
|
|
219,889 |
|
(d) |
|
|
$ |
2,109,115 |
|
|
|
$ |
2,049,489 |
|
|
|
$ |
6,069,450 |
|
|
|
$ |
5,434,349 |
|
|
(1)
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.
(2)The eliminations of inter-segment sales are reflected in the Wholesale Sales & Ancillary Services segment.
(a)
Includes $0.4 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $0.9 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(c)
Includes $2.0 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(d)
Includes $7.8 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
Revenue by geographic region(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
1,256,092 |
|
|
|
$ |
1,320,129 |
|
|
|
$ |
3,631,974 |
|
|
|
$ |
3,407,484 |
|
Europe |
|
|
495,293 |
|
|
|
|
285,843 |
|
|
|
|
1,542,293 |
|
|
|
|
1,067,325 |
|
North America, excluding United States |
|
|
342,392 |
|
|
|
|
394,562 |
|
|
|
|
850,681 |
|
|
|
|
867,437 |
|
Asia Pacific |
|
|
9,592 |
|
|
|
|
17,514 |
|
|
|
|
34,586 |
|
|
|
|
43,649 |
|
Africa |
|
|
— |
|
|
|
|
— |
|
|
|
|
17 |
|
|
|
|
— |
|
Australia |
|
|
5,746 |
|
|
|
|
31,441 |
|
|
|
|
9,899 |
|
|
|
|
48,454 |
|
|
|
$ |
2,109,115 |
|
|
|
$ |
2,049,489 |
|
|
|
$ |
6,069,450 |
|
|
|
$ |
5,434,349 |
|
(1)Presentation of amounts realigned based on current accounting policy that defines geographic area based on the delivery or settlement location. The presentation change had no impact on the segments' operations or the Company's condensed consolidated results.
Gross Profit and Gross Margin Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
Gross profit by segment(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
32,002 |
|
|
|
$ |
51,529 |
|
|
|
$ |
85,474 |
|
|
|
$ |
95,327 |
|
Eliminations and adjustments |
|
|
(1,463 |
) |
|
|
|
34 |
|
|
|
|
(445 |
) |
|
|
|
103 |
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
30,539 |
|
|
|
|
51,563 |
|
|
|
|
85,029 |
|
|
|
|
95,430 |
|
Direct-to-Consumer, net of eliminations |
|
|
41,544 |
|
|
|
|
16,608 |
|
|
|
|
108,986 |
|
|
|
|
27,637 |
|
|
|
$ |
72,083 |
|
|
|
$ |
68,171 |
|
|
|
$ |
194,015 |
|
|
|
$ |
123,067 |
|
Gross margin percentage by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
1.627 |
% |
|
|
|
2.555 |
% |
|
|
|
1.491 |
% |
|
|
|
1.782 |
% |
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
2.010 |
% |
|
|
|
2.681 |
% |
|
|
|
1.921 |
% |
|
|
|
1.830 |
% |
Direct-to-Consumer |
|
|
7.040 |
% |
|
|
|
13.157 |
% |
|
|
|
6.631 |
% |
|
|
|
12.569 |
% |
Weighted average gross margin percentage |
|
|
3.418 |
% |
|
|
|
3.326 |
% |
|
|
|
3.197 |
% |
|
|
|
2.265 |
% |
(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 |
|
|
|
Nine Months Ended |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
Operating income (expense) by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(9,963 |
) |
|
|
$ |
22,916 |
|
|
|
$ |
(24,485 |
) |
|
|
$ |
14,176 |
|
Eliminations |
|
|
(60 |
) |
|
|
|
(45 |
) |
|
|
|
(191 |
) |
|
|
|
(114 |
) |
Wholesale Sales & Ancillary Services, net of eliminations |
|
$ |
(10,023 |
) |
|
|
$ |
22,871 |
|
|
|
$ |
(24,676 |
) |
|
|
$ |
14,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$ |
(11,203 |
) |
|
|
$ |
(9,859 |
) |
|
|
$ |
(28,748 |
) |
|
|
$ |
(23,727 |
) |
Depreciation and amortization expense |
|
|
(214 |
) |
|
|
|
(213 |
) |
|
|
|
(673 |
) |
|
|
|
(637 |
) |
Interest income |
|
|
2,300 |
|
|
|
|
2,554 |
|
|
|
|
7,952 |
|
|
|
|
7,490 |
|
Interest expense |
|
|
(2,379 |
) |
|
|
|
(3,274 |
) |
|
|
|
(7,396 |
) |
|
|
|
(9,137 |
) |
Earnings from equity method investments |
|
|
1,608 |
|
|
|
|
7,410 |
|
|
|
|
4,317 |
|
|
|
|
13,898 |
|
Remeasurement gain on pre-existing equity interest |
|
|
— |
|
|
|
|
26,306 |
|
|
|
|
— |
|
|
|
|
26,306 |
|
Unrealized losses on foreign exchange |
|
|
(135 |
) |
|
|
|
(53 |
) |
|
|
|
(128 |
) |
|
|
|
(131 |
) |
|
|
$ |
(10,023 |
) |
|
|
$ |
22,871 |
|
|
|
$ |
(24,676 |
) |
|
|
$ |
14,062 |
|
Direct-to-Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$ |
(8,913 |
) |
|
|
$ |
(2,644 |
) |
|
|
$ |
(25,906 |
) |
|
|
$ |
(5,982 |
) |
Depreciation and amortization expense |
|
|
(7,245 |
) |
|
|
|
(1,187 |
) |
|
|
|
(23,140 |
) |
|
|
|
(1,593 |
) |
Interest expense |
|
|
(703 |
) |
|
|
|
(45 |
) |
|
|
|
(2,062 |
) |
|
|
|
(45 |
) |
Other expense, net |
|
|
(50 |
) |
|
|
|
— |
|
|
|
|
(50 |
) |
|
|
|
— |
|
|
|
$ |
(16,911 |
) |
|
|
$ |
(3,876 |
) |
|
|
$ |
(51,158 |
) |
|
|
$ |
(7,620 |
) |
Secured Lending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$ |
(379 |
) |
|
|
$ |
(792 |
) |
|
|
$ |
(1,230 |
) |
|
|
$ |
(1,619 |
) |
Depreciation and amortization expense |
|
|
(88 |
) |
|
|
|
(88 |
) |
|
|
|
(264 |
) |
|
|
|
(264 |
) |
Interest income |
|
|
3,043 |
|
|
|
|
2,170 |
|
|
|
|
8,173 |
|
|
|
|
5,750 |
|
Interest expense |
|
|
(2,347 |
) |
|
|
|
(2,016 |
) |
|
|
|
(6,839 |
) |
|
|
|
(5,483 |
) |
Other income, net |
|
|
543 |
|
|
|
|
340 |
|
|
|
|
1,385 |
|
|
|
|
904 |
|
|
|
$ |
772 |
|
|
|
$ |
(386 |
) |
|
|
$ |
1,225 |
|
|
|
$ |
(712 |
) |
Net income before provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
Net income before provision for income taxes by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
20,516 |
|
|
|
$ |
74,434 |
|
|
|
$ |
60,353 |
|
|
|
$ |
109,492 |
|
Direct-to-Consumer |
|
|
24,633 |
|
|
|
|
12,732 |
|
|
|
|
57,828 |
|
|
|
|
20,017 |
|
Secured Lending |
|
|
772 |
|
|
|
|
(386 |
) |
|
|
|
1,225 |
|
|
|
|
(712 |
) |
|
|
$ |
45,921 |
|
|
|
$ |
86,780 |
|
|
|
$ |
119,406 |
|
|
|
$ |
128,797 |
|
Advertising expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
Advertising expense by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(190 |
) |
|
|
$ |
(74 |
) |
|
|
$ |
(433 |
) |
|
|
$ |
(217 |
) |
Direct-to-Consumer |
|
|
(3,077 |
) |
|
|
|
(821 |
) |
|
|
|
(8,493 |
) |
|
|
|
(1,932 |
) |
Secured Lending |
|
|
(52 |
) |
|
|
|
(63 |
) |
|
|
|
(154 |
) |
|
|
|
(131 |
) |
|
|
$ |
(3,319 |
) |
|
|
$ |
(958 |
) |
|
|
$ |
(9,080 |
) |
|
|
$ |
(2,280 |
) |
Precious metals held under financing arrangements
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Precious metals held under financing arrangements by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
87,450 |
|
|
|
$ |
130,766 |
|
Secured Lending |
|
|
— |
|
|
|
|
23,976 |
|
|
|
$ |
87,450 |
|
|
|
$ |
154,742 |
|
Inventories
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Inventories by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
623,188 |
|
|
|
$ |
402,418 |
|
Direct-to-Consumer |
|
|
141,075 |
|
|
|
|
53,069 |
|
Secured Lending |
|
|
— |
|
|
|
|
2,532 |
|
|
|
$ |
764,263 |
|
|
|
$ |
458,019 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Inventories by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
706,249 |
|
|
|
$ |
431,732 |
|
North America, excluding United States |
|
|
35,329 |
|
|
|
|
16,633 |
|
Europe |
|
|
22,098 |
|
|
|
|
9,451 |
|
Asia |
|
|
405 |
|
|
|
|
203 |
|
Australia |
|
|
182 |
|
|
|
|
— |
|
|
|
$ |
764,263 |
|
|
|
$ |
458,019 |
|
Total Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
968,591 |
|
|
|
$ |
874,152 |
|
Eliminations |
|
|
(143,462 |
) |
|
|
|
(163,850 |
) |
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
825,129 |
|
|
|
|
710,302 |
|
Direct-to-Consumer |
|
|
368,768 |
|
|
|
|
335,829 |
|
Secured Lending |
|
|
152,686 |
|
|
|
|
145,450 |
|
|
|
$ |
1,346,583 |
|
|
|
$ |
1,191,581 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
1,285,377 |
|
|
|
$ |
1,162,195 |
|
North America, excluding United States |
|
|
35,329 |
|
|
|
|
16,633 |
|
Europe |
|
|
25,290 |
|
|
|
|
12,550 |
|
Asia |
|
|
405 |
|
|
|
|
203 |
|
Australia |
|
|
182 |
|
|
|
|
— |
|
|
|
$ |
1,346,583 |
|
|
|
$ |
1,191,581 |
|
Long-term Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Long-term assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
49,946 |
|
|
|
$ |
36,174 |
|
Direct-to-Consumer |
|
|
168,031 |
|
|
|
|
188,208 |
|
Secured Lending |
|
|
2,710 |
|
|
|
|
2,972 |
|
|
|
$ |
220,687 |
|
|
|
$ |
227,354 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Long-term assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
220,685 |
|
|
|
$ |
227,352 |
|
Europe |
|
|
2 |
|
|
|
|
2 |
|
|
|
$ |
220,687 |
|
|
|
$ |
227,354 |
|
Capital Expenditures for Property, Plant, and Equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
|
|
March 31,
2022 |
|
|
|
March 31,
2021 |
|
Capital expenditures on property, plant, and equipment by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
183 |
|
|
|
$ |
411 |
|
|
|
$ |
812 |
|
|
|
$ |
1,335 |
|
Direct-to-Consumer |
|
|
296 |
|
|
|
|
3 |
|
|
|
|
1,294 |
|
|
|
|
12 |
|
Secured Lending |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
4 |
|
|
|
$ |
479 |
|
|
|
$ |
414 |
|
|
|
$ |
2,106 |
|
|
|
$ |
1,351 |
|
Goodwill and Intangible Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Goodwill by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
8,881 |
|
|
|
$ |
8,881 |
|
Direct-to-Consumer(1) |
|
|
92,062 |
|
|
|
|
92,062 |
|
|
|
$ |
100,943 |
|
|
|
$ |
100,943 |
|
(1)
Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses.
Intangible assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31,
2022 |
|
|
|
June 30,
2021 |
|
Intangibles by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
2,774 |
|
|
|
$ |
2,831 |
|
Direct-to-Consumer(1) |
|
|
67,942 |
|
|
|
|
90,802 |
|
|
|
$ |
70,716 |
|
|
|
$ |
93,633 |
|
(1)
Direct-to-Consumer segment’s intangibles balance is net of $1.3 million accumulated impairment losses.
|