| Segments and Geographic Information |
19. SEGMENTS AND GEOGRAPHIC INFORMATION
The Company evaluates segment reporting in accordance with Segment Reporting Topic 280 of the ASC (“ASC 280”), each reporting period, including evaluating the organizational structure and the reporting package that is reviewed by the chief operating decision makers. The Company's operations are organized under three business segments (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments. See Note 1 for a description of the types of products and services from which each reportable segment derives its revenues.
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Revenue by segment (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
2,800,749 |
|
|
|
$ |
2,517,536 |
|
|
|
$ |
7,986,668 |
|
|
|
$ |
6,866,354 |
|
|
Eliminations of inter-segment sales |
|
|
(365,713 |
) |
|
|
|
(242,559 |
) |
|
|
|
(1,151,303 |
) |
|
|
|
(724,121 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations (2) |
|
|
2,435,036 |
|
|
|
|
2,274,977 |
|
|
|
|
6,835,365 |
|
|
|
|
6,142,233 |
|
|
Direct-to-Consumer |
|
|
574,089 |
|
(a) |
|
|
335,674 |
|
(b) |
|
|
1,631,201 |
|
(c) |
|
|
1,031,851 |
|
(d) |
|
|
$ |
3,009,125 |
|
|
|
$ |
2,610,651 |
|
|
|
$ |
8,466,566 |
|
|
|
$ |
7,174,084 |
|
|
(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 $55.1 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $2.9 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(c)
Includes $122.2 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(d)
Includes $6.2 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, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Revenue by geographic region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
874,305 |
|
|
|
$ |
1,130,113 |
|
|
|
$ |
2,987,742 |
|
|
|
$ |
3,468,807 |
|
|
Europe |
|
|
1,571,513 |
|
|
|
|
1,340,189 |
|
|
|
|
3,942,741 |
|
|
|
|
3,276,250 |
|
|
North America, excluding United States |
|
|
510,116 |
|
|
|
|
127,189 |
|
|
|
|
1,383,080 |
|
|
|
|
390,985 |
|
|
Asia Pacific |
|
|
48,945 |
|
|
|
|
12,329 |
|
|
|
|
142,525 |
|
|
|
|
34,831 |
|
|
Africa |
|
|
125 |
|
|
|
|
12 |
|
|
|
|
128 |
|
|
|
|
12 |
|
|
Australia |
|
|
4,119 |
|
|
|
|
819 |
|
|
|
|
10,338 |
|
|
|
|
3,199 |
|
|
South America |
|
|
2 |
|
|
|
|
— |
|
|
|
|
12 |
|
|
|
|
— |
|
|
|
|
$ |
3,009,125 |
|
|
|
$ |
2,610,651 |
|
|
|
$ |
8,466,566 |
|
|
|
$ |
7,174,084 |
|
|
Gross Profit and Gross Margin Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Gross profit by segment(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
16,938 |
|
|
|
$ |
16,323 |
|
|
|
$ |
56,550 |
|
|
|
$ |
64,650 |
|
|
Eliminations and adjustments |
|
|
(1,086 |
) |
|
|
|
511 |
|
|
|
|
(974 |
) |
|
|
|
4,415 |
|
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
15,852 |
|
|
|
|
16,834 |
|
|
|
|
55,576 |
|
|
|
|
69,065 |
|
|
Direct-to-Consumer, net of eliminations |
|
|
25,165 |
|
|
|
|
18,004 |
|
|
|
|
73,651 |
|
|
|
|
61,219 |
|
|
|
|
$ |
41,017 |
|
|
|
$ |
34,838 |
|
|
|
$ |
129,227 |
|
|
|
$ |
130,284 |
|
|
Gross margin percentage by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
0.605 |
% |
|
|
|
0.648 |
% |
|
|
|
0.708 |
% |
|
|
|
0.942 |
% |
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
0.651 |
% |
|
|
|
0.740 |
% |
|
|
|
0.813 |
% |
|
|
|
1.124 |
% |
|
Direct-to-Consumer |
|
|
4.383 |
% |
|
|
|
5.364 |
% |
|
|
|
4.515 |
% |
|
|
|
5.933 |
% |
|
Consolidated gross margin percentage |
|
|
1.363 |
% |
|
|
|
1.334 |
% |
|
|
|
1.526 |
% |
|
|
|
1.816 |
% |
|
(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, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Operating income (expenses) by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(31,713 |
) |
|
|
$ |
(15,954 |
) |
|
|
$ |
(66,601 |
) |
|
|
$ |
(40,603 |
) |
|
Eliminations |
|
|
(195 |
) |
|
|
|
(22 |
) |
|
|
|
(287 |
) |
|
|
|
(90 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
$ |
(31,908 |
) |
|
|
$ |
(15,976 |
) |
|
|
$ |
(66,888 |
) |
|
|
$ |
(40,693 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
(17,425 |
) |
|
|
$ |
(12,202 |
) |
|
|
$ |
(41,567 |
) |
|
|
$ |
(33,366 |
) |
|
Depreciation and amortization expense |
|
|
(1,084 |
) |
|
|
|
(474 |
) |
|
|
|
(2,692 |
) |
|
|
|
(1,084 |
) |
|
Interest income |
|
|
4,081 |
|
|
|
|
3,676 |
|
|
|
|
12,220 |
|
|
|
|
10,657 |
|
|
Interest expense |
|
|
(11,041 |
) |
|
|
|
(7,266 |
) |
|
|
|
(26,596 |
) |
|
|
|
(20,989 |
) |
|
Earnings (losses) from equity method investments |
|
|
(264 |
) |
|
|
|
(223 |
) |
|
|
|
(2,172 |
) |
|
|
|
3,269 |
|
|
Other income, net |
|
|
1,137 |
|
|
|
|
440 |
|
|
|
|
1,072 |
|
|
|
|
736 |
|
|
Remeasurement loss on pre-existing equity interest |
|
|
(7,043 |
) |
|
|
|
— |
|
|
|
|
(7,043 |
) |
|
|
|
— |
|
|
Unrealized (losses) gains on foreign exchange |
|
|
(269 |
) |
|
|
|
73 |
|
|
|
|
(110 |
) |
|
|
|
84 |
|
|
|
|
$ |
(31,908 |
) |
|
|
$ |
(15,976 |
) |
|
|
$ |
(66,888 |
) |
|
|
$ |
(40,693 |
) |
|
Direct-to-Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
(15,717 |
) |
|
|
$ |
(10,259 |
) |
|
|
$ |
(43,366 |
) |
|
|
$ |
(32,569 |
) |
|
Depreciation and amortization expense |
|
|
(3,912 |
) |
|
|
|
(2,392 |
) |
|
|
|
(11,648 |
) |
|
|
|
(7,209 |
) |
|
Interest income |
|
|
27 |
|
|
|
|
— |
|
|
|
|
123 |
|
|
|
|
— |
|
|
Interest expense |
|
|
(532 |
) |
|
|
|
(580 |
) |
|
|
|
(1,713 |
) |
|
|
|
(2,475 |
) |
|
Other income (expense), net |
|
|
— |
|
|
|
|
5 |
|
|
|
|
— |
|
|
|
|
5 |
|
|
Unrealized gains (losses) on foreign exchange |
|
|
36 |
|
|
|
|
— |
|
|
|
|
(785 |
) |
|
|
|
— |
|
|
|
|
$ |
(20,098 |
) |
|
|
$ |
(13,226 |
) |
|
|
$ |
(57,389 |
) |
|
|
$ |
(42,248 |
) |
|
Secured Lending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
(262 |
) |
|
|
$ |
(393 |
) |
|
|
$ |
(842 |
) |
|
|
$ |
(1,160 |
) |
|
Depreciation and amortization expense |
|
|
— |
|
|
|
|
(83 |
) |
|
|
|
(4 |
) |
|
|
|
(259 |
) |
|
Interest income |
|
|
2,614 |
|
|
|
|
3,006 |
|
|
|
|
8,260 |
|
|
|
|
8,438 |
|
|
Interest expense |
|
|
(1,378 |
) |
|
|
|
(2,061 |
) |
|
|
|
(4,992 |
) |
|
|
|
(6,434 |
) |
|
Earnings (losses) from equity method investments |
|
|
42 |
|
|
|
|
17 |
|
|
|
|
118 |
|
|
|
|
11 |
|
|
Other income, net |
|
|
34 |
|
|
|
|
318 |
|
|
|
|
760 |
|
|
|
|
864 |
|
|
|
|
$ |
1,050 |
|
|
|
$ |
804 |
|
|
|
$ |
3,300 |
|
|
|
$ |
1,460 |
|
|
Net Income (Loss) Before Provision for Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Net income (loss) before provision for income taxes by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(16,056 |
) |
|
|
$ |
858 |
|
|
|
$ |
(11,312 |
) |
|
|
$ |
28,372 |
|
|
Direct-to-Consumer |
|
|
5,067 |
|
|
|
|
4,778 |
|
|
|
|
16,262 |
|
|
|
|
18,971 |
|
|
Secured Lending |
|
|
1,050 |
|
|
|
|
804 |
|
|
|
|
3,300 |
|
|
|
|
1,460 |
|
|
|
|
$ |
(9,939 |
) |
|
|
$ |
6,440 |
|
|
|
$ |
8,250 |
|
|
|
$ |
48,803 |
|
|
Advertising Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Advertising expense by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(1,434 |
) |
|
|
$ |
(585 |
) |
|
|
$ |
(2,580 |
) |
|
|
$ |
(1,870 |
) |
|
Direct-to-Consumer |
|
|
(3,571 |
) |
|
|
|
(2,889 |
) |
|
|
|
(11,692 |
) |
|
|
|
(9,261 |
) |
|
Secured Lending |
|
|
(55 |
) |
|
|
|
(59 |
) |
|
|
|
(180 |
) |
|
|
|
(170 |
) |
|
|
|
$ |
(5,060 |
) |
|
|
$ |
(3,533 |
) |
|
|
$ |
(14,452 |
) |
|
|
$ |
(11,301 |
) |
|
Capital Expenditures for Long-Lived Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
2024 |
|
|
Capital expenditures for long-lived assets by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(2,363 |
) |
|
|
$ |
(676 |
) |
|
|
$ |
(6,475 |
) |
|
|
$ |
(3,821 |
) |
|
Direct-to-Consumer |
|
|
(109 |
) |
|
|
|
(8,533 |
) |
|
|
|
(405 |
) |
|
|
|
(9,212 |
) |
|
|
|
$ |
(2,472 |
) |
|
|
$ |
(9,209 |
) |
|
|
$ |
(6,880 |
) |
|
|
$ |
(13,033 |
) |
|
Inventories
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Inventories by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
1,064,769 |
|
|
|
$ |
924,804 |
|
Direct-to-Consumer |
|
|
251,640 |
|
|
|
|
172,340 |
|
|
|
$ |
1,316,409 |
|
|
|
$ |
1,097,144 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Inventories by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
1,201,179 |
|
|
|
$ |
989,272 |
|
North America, excluding United States |
|
|
48,377 |
|
|
|
|
53,648 |
|
Europe |
|
|
27,937 |
|
|
|
|
18,519 |
|
Asia |
|
|
38,916 |
|
|
|
|
35,705 |
|
|
|
$ |
1,316,409 |
|
|
|
$ |
1,097,144 |
|
Total Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Total assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services (1) |
|
$ |
1,488,514 |
|
|
|
$ |
1,262,385 |
|
Eliminations |
|
|
(204,935 |
) |
|
|
|
(240,380 |
) |
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
1,283,579 |
|
|
|
|
1,022,005 |
|
Direct-to-Consumer |
|
|
808,675 |
|
|
|
|
690,547 |
|
Secured Lending |
|
|
91,294 |
|
|
|
|
115,268 |
|
|
|
$ |
2,183,548 |
|
|
|
$ |
1,827,820 |
|
(1)Our equity method investments and precious metals held under financing arrangements are primarily recorded within our Wholesale Sales & Ancillary Services segment.
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Total assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
1,892,669 |
|
|
|
$ |
1,539,395 |
|
North America, excluding United States |
|
|
173,668 |
|
|
|
|
188,100 |
|
Europe |
|
|
31,848 |
|
|
|
|
20,512 |
|
Asia |
|
|
85,363 |
|
|
|
|
79,813 |
|
|
|
$ |
2,183,548 |
|
|
|
$ |
1,827,820 |
|
Long-term Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Long-term assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
124,720 |
|
|
|
$ |
109,643 |
|
Direct-to-Consumer |
|
|
298,799 |
|
|
|
|
273,933 |
|
Secured Lending |
|
|
2,154 |
|
|
|
|
2,041 |
|
|
|
$ |
425,673 |
|
|
|
$ |
385,617 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Long-term assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
286,070 |
|
|
|
$ |
238,169 |
|
North America, excluding United States |
|
|
108,198 |
|
|
|
|
114,475 |
|
Europe |
|
|
2 |
|
|
|
|
2 |
|
Asia |
|
|
31,403 |
|
|
|
|
32,971 |
|
|
|
$ |
425,673 |
|
|
|
$ |
385,617 |
|
Goodwill
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Goodwill by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
38,405 |
|
|
|
$ |
29,915 |
|
Direct-to-Consumer(1) |
|
|
178,512 |
|
|
|
|
170,022 |
|
|
|
$ |
216,917 |
|
|
|
$ |
199,937 |
|
(1)
Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses.
Intangible assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
June 30, 2024 |
|
Intangible assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
19,214 |
|
|
|
$ |
12,586 |
|
Direct-to-Consumer(1) |
|
|
91,771 |
|
|
|
|
89,077 |
|
|
|
$ |
110,985 |
|
|
|
$ |
101,663 |
|
(1)
Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses.
|