Quarterly report pursuant to Section 13 or 15(d)

Customer and Supplier Concentrations

v3.19.3
Customer and Supplier Concentrations
 3 Months Ended
Sep. 30, 2019
Risks and Uncertainties [Abstract]  
Customer and Supplier Concentrations
CUSTOMER AND SUPPLIER CONCENTRATIONS
Customer Concentration
Customers providing 10 percent or more of the Company's revenues for the three months ended September 30, 2019 are presented on a comparative basis, with their corresponding balances for the three months ended September 30, 2018 in the table below:
in thousands
 
 
 
 
Three Months Ended September 30,
 
2019
 
2018
 
 
 
 
Amount
 
Percent
 
Amount
 
Percent
 
Total revenue
 
$
1,481,014

 
100.0
%
 
$
1,565,090

 
100.0
%
 
Customer concentrations
 
 
 
 
 
 
 
 
HSBC Bank USA(1)
 
$
272,199

 
18.4
%
 
$
380,122

 
24.3
%
 
TD Securities(1)
 
300,035

 
20.2
%
 
1,806

 
0.1
%
 
 
 
 
572,234

 
38.6
%
 
381,928

 
24.4
%
 
________________________________
 
(1)
Sales with these trading partners are primarily comprised of sales on forward contracts that are entered into for hedging purposes rather than sales characterized with the physical delivery of precious metal product.
 
Customers providing 10 percent or more of the Company's accounts receivable as of September 30, 2019 are presented on a comparative basis, with their corresponding balances as of June 30, 2019, in the table below:
in thousands
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
June 30, 2019
 
 
 
 
 
 
 
Amount
 
Percent
 
Amount
 
Percent
Total accounts receivable, net
 
$
23,643

 
100.0
%
 
$
26,895

 
100.0
%
Customer concentrations
 
 
 
 
 
 
 
 
Customer A
 
$
3,714

 
15.7
%
 
$
6,506

 
24.2
%
Customer B
 
4,645

 
19.7
%
 
—

 
—
%
 
 
$
8,359

 
35.4
%
 
$
6,506

 
24.2
%

The loss of any of the above listed customers could have a material adverse effect on the operations of the Company.
Supplier Concentration
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 or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms.