Quarterly report pursuant to Section 13 or 15(d)

Segments and Geographic Information (Tables)

v3.24.1.u1
Segments and Geographic Information (Tables)
9 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

Revenue

in thousands

 

Three Months Ended March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Revenue by segment (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

2,517,536

 

 

 

$

2,204,422

 

 

 

$

6,866,354

 

 

 

$

5,819,421

 

 

Eliminations of inter-segment sales

 

 

(242,559

)

 

 

 

(409,282

)

 

 

 

(724,121

)

 

 

 

(1,052,440

)

 

Wholesale Sales & Ancillary Services, net of eliminations (2)

 

 

2,274,977

 

 

 

 

1,795,140

 

 

 

 

6,142,233

 

 

 

 

4,766,981

 

 

Direct-to-Consumer

 

 

335,674

 

 (a)

 

 

522,010

 

 (b)

 

 

1,031,851

 

 (c)

 

 

1,400,225

 

 (d)

 

$

2,610,651

 

 

 

$

2,317,150

 

 

 

$

7,174,084

 

 

 

$

6,167,206

 

 

 

(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 $2.9 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $2.1 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(c)
Includes $6.2 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(d)
Includes $2.7 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

 

in thousands

 

Three Months Ended March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Revenue by geographic region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,130,113

 

 

 

$

1,365,078

 

 

 

$

3,468,807

 

 

 

$

3,686,828

 

 

Europe

 

 

1,340,189

 

 

 

 

719,519

 

 

 

 

3,276,250

 

 

 

 

1,836,949

 

 

North America, excluding United States

 

 

127,189

 

 

 

 

218,810

 

 

 

 

390,985

 

 

 

 

613,454

 

 

Asia Pacific

 

 

12,329

 

 

 

 

13,065

 

 

 

 

34,831

 

 

 

 

22,846

 

 

Africa

 

 

12

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

Australia

 

 

819

 

 

 

 

678

 

 

 

 

3,199

 

 

 

 

7,129

 

 

 

$

2,610,651

 

 

 

$

2,317,150

 

 

 

$

7,174,084

 

 

 

$

6,167,206

 

 

Gross Profit and Gross Margin Percentage

in thousands

 

Three Months Ended March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Gross profit by segment(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

16,323

 

 

 

$

25,943

 

 

 

$

64,650

 

 

 

$

93,236

 

 

Eliminations and adjustments

 

 

511

 

 

 

 

6,343

 

 

 

 

4,415

 

 

 

 

972

 

 

Wholesale Sales & Ancillary Services, net of eliminations and adjustments

 

 

16,834

 

 

 

 

32,286

 

 

 

 

69,065

 

 

 

 

94,208

 

 

Direct-to-Consumer, net of eliminations

 

 

18,004

 

 

 

 

43,212

 

 

 

 

61,219

 

 

 

 

121,851

 

 

 

$

34,838

 

 

 

$

75,498

 

 

 

$

130,284

 

 

 

$

216,059

 

 

Gross margin percentage by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

 

0.648

%

 

 

 

1.177

%

 

 

 

0.942

%

 

 

 

1.602

%

 

Wholesale Sales & Ancillary Services, net of eliminations and adjustments

 

 

0.740

%

 

 

 

1.799

%

 

 

 

1.124

%

 

 

 

1.976

%

 

Direct-to-Consumer

 

 

5.364

%

 

 

 

8.278

%

 

 

 

5.933

%

 

 

 

8.702

%

 

Consolidated gross margin percentage

 

 

1.334

%

 

 

 

3.258

%

 

 

 

1.816

%

 

 

 

3.503

%

 

 

(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 March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Operating income (expenses) by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

(15,954

)

 

 

$

(14,990

)

 

 

$

(40,603

)

 

 

$

(26,889

)

 

Eliminations

 

 

(22

)

 

 

 

(64

)

 

 

 

(90

)

 

 

 

(178

)

 

Wholesale Sales & Ancillary Services, net of eliminations

 

$

(15,976

)

 

 

$

(15,054

)

 

 

$

(40,693

)

 

 

$

(27,067

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services, net of eliminations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

$

(12,202

)

 

 

$

(12,428

)

 

 

$

(33,366

)

 

 

$

(29,377

)

 

Depreciation and amortization expense

 

 

(474

)

 

 

 

(247

)

 

 

 

(1,084

)

 

 

 

(703

)

 

Interest income

 

 

3,676

 

 

 

 

3,601

 

 

 

 

10,657

 

 

 

 

9,081

 

 

Interest expense

 

 

(7,266

)

 

 

 

(5,979

)

 

 

 

(20,989

)

 

 

 

(13,696

)

 

Earnings (losses) from equity method investments

 

 

(223

)

 

 

 

(72

)

 

 

 

3,269

 

 

 

 

7,272

 

 

Other income, net

 

 

440

 

 

 

 

36

 

 

 

 

736

 

 

 

 

106

 

 

Unrealized gains on foreign exchange

 

 

73

 

 

 

 

35

 

 

 

 

84

 

 

 

 

250

 

 

 

$

(15,976

)

 

 

$

(15,054

)

 

 

$

(40,693

)

 

 

$

(27,067

)

 

Direct-to-Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

$

(10,259

)

 

 

$

(10,900

)

 

 

$

(32,569

)

 

 

$

(31,625

)

 

Depreciation and amortization expense

 

 

(2,392

)

 

 

 

(3,005

)

 

 

 

(7,209

)

 

 

 

(8,817

)

 

Interest expense

 

 

(580

)

 

 

 

(1,287

)

 

 

 

(2,475

)

 

 

 

(3,020

)

 

Other income (expense), net

 

 

5

 

 

 

 

 

 

 

 

5

 

 

 

 

(12

)

 

 

$

(13,226

)

 

 

$

(15,192

)

 

 

$

(42,248

)

 

 

$

(43,474

)

 

Secured Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

$

(393

)

 

 

$

(513

)

 

 

$

(1,160

)

 

 

$

(1,436

)

 

Depreciation and amortization expense

 

 

(83

)

 

 

 

(88

)

 

 

 

(259

)

 

 

 

(264

)

 

Interest income

 

 

3,006

 

 

 

 

2,486

 

 

 

 

8,438

 

 

 

 

7,086

 

 

Interest expense

 

 

(2,061

)

 

 

 

(1,971

)

 

 

 

(6,434

)

 

 

 

(5,887

)

 

Earnings from equity method investments

 

 

17

 

 

 

 

2

 

 

 

 

11

 

 

 

 

4

 

 

Other income, net

 

 

318

 

 

 

 

605

 

 

 

 

864

 

 

 

 

1,907

 

 

 

$

804

 

 

 

$

521

 

 

 

$

1,460

 

 

 

$

1,410

 

 

Net Income Before Provision for Income Taxes

in thousands

 

Three Months Ended March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Net income before provision for income taxes by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

858

 

 

 

$

17,232

 

 

 

$

28,372

 

 

 

$

67,141

 

 

Direct-to-Consumer

 

 

4,778

 

 

 

 

28,020

 

 

 

 

18,971

 

 

 

 

78,377

 

 

Secured Lending

 

 

804

 

 

 

 

521

 

 

 

 

1,460

 

 

 

 

1,410

 

 

 

$

6,440

 

 

 

$

45,773

 

 

 

$

48,803

 

 

 

$

146,928

 

 

Advertising Expense

in thousands

 

Three Months Ended March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Advertising expense by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

(585

)

 

 

$

(384

)

 

 

$

(1,870

)

 

 

$

(975

)

 

Direct-to-Consumer

 

 

(2,889

)

 

 

 

(3,424

)

 

 

 

(9,261

)

 

 

 

(10,455

)

 

Secured Lending

 

 

(59

)

 

 

 

(56

)

 

 

 

(170

)

 

 

 

(184

)

 

 

$

(3,533

)

 

 

$

(3,864

)

 

 

$

(11,301

)

 

 

$

(11,614

)

 

Capital Expenditures for Property, Plant, and Equipment

in thousands

 

Three Months Ended March 31,

 

Nine Months Ended March 31,

 

 

2024

 

2023

 

2024

 

 

 

2023

 

 

Capital expenditures for property, plant, and equipment by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

(676

)

 

 

$

(313

)

 

 

$

(3,821

)

 

 

$

(1,827

)

 

Direct-to-Consumer

 

 

(18

)

 

 

 

(252

)

 

 

 

(697

)

 

 

 

(1,400

)

 

 

$

(694

)

 

 

$

(565

)

 

 

$

(4,518

)

 

 

$

(3,227

)

 

 

Precious Metals Held Under Financing Arrangements

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Precious metals held under financing arrangements by segment

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

12,772

 

 

 

$

10,580

 

Secured Lending

 

 

 

 

 

 

14,950

 

 

 

$

12,772

 

 

 

$

25,530

 

Inventories

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Inventories by segment

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

965,595

 

 

 

$

815,576

 

Direct-to-Consumer

 

 

124,040

 

 

 

 

109,226

 

Secured Lending

 

 

 

 

 

 

56,841

 

 

$

1,089,635

 

 

 

$

981,643

 

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Inventories by geographic region

 

 

 

 

 

 

 

United States

 

$

1,010,237

 

 

 

$

938,177

 

North America, excluding United States

 

 

18,470

 

 

 

 

20,787

 

Europe

 

 

22,621

 

 

 

 

18,454

 

Asia

 

 

38,307

 

 

 

 

4,139

 

Australia

 

 

 

 

 

 

86

 

 

 

$

1,089,635

 

 

 

$

981,643

 

Total Assets

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Total assets by segment

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

1,254,692

 

 

 

$

1,110,615

 

Eliminations

 

 

(208,839

)

 

 

 

(214,009

)

Wholesale Sales & Ancillary Services, net of eliminations

 

 

1,045,853

 

 

 

 

896,606

 

Direct-to-Consumer

 

 

505,200

 

 

 

 

471,796

 

Secured Lending

 

 

118,434

 

 

 

 

177,169

 

 

$

1,669,487

 

 

 

$

1,545,571

 

 

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Total assets by geographic region

 

 

 

 

 

 

 

United States

 

$

1,540,939

 

 

 

$

1,500,555

 

North America, excluding United States

 

 

18,470

 

 

 

 

20,787

 

Europe

 

 

28,509

 

 

 

 

20,004

 

Asia

 

 

81,569

 

 

 

 

4,139

 

Australia

 

 

 

 

 

 

86

 

 

$

1,669,487

 

 

 

$

1,545,571

 

Long-term Assets

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Long-term assets by segment

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

156,810

 

 

 

$

116,189

 

Direct-to-Consumer

 

 

161,461

 

 

 

 

159,918

 

Secured Lending

 

 

2,025

 

 

 

 

2,273

 

 

$

320,296

 

 

 

$

278,380

 

 

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Long-term assets by geographic region

 

 

 

 

 

 

 

United States

 

$

287,905

 

 

 

$

278,378

 

Europe

 

 

2

 

 

 

 

2

 

Asia

 

 

32,389

 

 

 

 

 

 

$

320,296

 

 

 

$

278,380

 

 

Goodwill

in thousands

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

June 30, 2023

 

Goodwill by segment

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

28,894

 

 

 

$

8,881

 

Direct-to-Consumer(1)

 

 

92,062

 

 

 

 

92,062

 

 

 

$

120,956

 

 

 

$

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, 2024

 

 

 

June 30, 2023

 

Intangible assets by segment

 

 

 

 

 

 

 

Wholesale Sales & Ancillary Services

 

$

12,853

 

 

 

$

2,687

 

Direct-to-Consumer(1)

 

 

62,064

 

 

 

 

59,943

 

 

 

$

74,917

 

 

 

$

62,630

 

 

(1)
Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses.