Quarterly report pursuant to Section 13 or 15(d)

Customer and Supplier Concentrations

v3.23.3
Customer and Supplier Concentrations
 3 Months Ended
Sep. 30, 2023
Risks and Uncertainties [Abstract]  
Customer and Supplier Concentrations

18. CUSTOMER AND SUPPLIER CONCENTRATIONS

Customer Concentrations

The following customers provided 10 percent or more of the Company's revenues (in thousands):

 

 

 

Three Months Ended September 30,

 

 

 

 

2023

 

 

2022

 

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Total revenue

 

$

2,484,618

 

 

 

100.0

%

 

$

1,900,351

 

 

 

100.0

%

 

Customer concentrations

 

 

 

 

 

 

 

 

 

 

 

 

 

Morgan Stanley(1)

 

$

259,161

 

 

 

10.4

%

 

$

208,992

 

 

 

11.0

%

 

HSBC Bank (1)

 

$

599,048

 

 

 

24.1

%

 

$

134,524

 

 

 

7.1

%

 

 

(1) Sales with this trading partner include sales on forward contracts that are entered into for hedging purposes rather than sales characterized with the physical delivery of precious metal product. This sales activity has been reported within the Wholesale Sales and Ancillary Services segment.

The following customer provided 10 percent or more of the Company's accounts receivable balances (in thousands):

 

 

September 30, 2023

 

 

June 30, 2023

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Total accounts receivable

 

$

34,315

 

 

 

100.0

%

 

$

35,243

 

 

 

100.0

%

Customer concentrations

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Mint

 

$

11,087

 

 

 

32.3

%

 

$

—

 

 

 

—

%

The following customers accounted for 10 percent or more of the Company's secured loans receivable (in thousands):

 

 

 

September 30, 2023

 

 

June 30, 2023

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Total secured loans

 

$

99,167

 

 

 

100.0

%

 

$

100,620

 

 

 

100.0

%

Customer concentrations

 

 

 

 

 

 

 

 

 

 

 

 

Customer A

 

$

11,500

 

 

 

11.6

%

 

$

11,500

 

 

 

11.4

%

Customer B

 

$

13,500

 

 

 

13.6

%

 

$

13,500

 

 

 

13.4

%

Supplier Concentrations

The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private mints, from refiners and directly from customers. The Company believes that no one supplier or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms.