A-Mark Precious Metals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

9 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

7. LEASES

Components of operating lease expense were as follows (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
Operating lease costs	$	401	$	366	$	1,133	$	1,094
Variable lease costs		155		148		366		367
Short term lease costs		10		29		63		78
	$	566	$	543	$	1,562	$	1,539

For the nine months ended March 31, 2024, we made cash payments of $1.2 million for operating lease obligations. These payments are included in operating cash flows. As of March 31, 2024, the weighted-average remaining lease term under our capitalized operating leases was 3.8 years, while the weighted-average discount rate for our operating leases was approximately 4.9%.

The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of March 31, 2024 for our operating leases were as follows (in thousands):


Year ending June 30,	Operating Leases
2024 (remainder of year)	$	556
2025		2,045
2026		1,534
2027		823
2028		700
Thereafter		626
Total lease payments		6,284
Imputed interest		(588	)
Total operating lease liability	$	5,696		(1)
Operating lease liability - current	$	1,749		(2)
Operating lease liability - long-term		3,947		(3)
	$	5,696		(1)

(1)

Represents the present value of the operating lease liabilities as of March 31, 2024.

(2)

Current operating lease liabilities are presented within accrued liabilities on our condensed consolidated balance sheets.

(3)

Long-term operating lease liabilities are presented within other liabilities on our condensed consolidated balance sheets.

The Company has one related party lease; for information on this lease refer to Note 14.