| Schedule of Segment Reporting Information, by Segment |
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Revenue by segment (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
2,637,921 |
|
|
|
$ |
1,961,494 |
|
|
|
$ |
5,185,919 |
|
|
|
$ |
4,348,817 |
|
|
Eliminations of inter-segment sales |
|
|
(464,581 |
) |
|
|
|
(253,310 |
) |
|
|
|
(785,590 |
) |
|
|
|
(481,561 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations (2) |
|
|
2,173,340 |
|
|
|
|
1,708,184 |
|
|
|
|
4,400,329 |
|
|
|
|
3,867,256 |
|
|
Direct-to-Consumer |
|
|
569,005 |
|
(a) |
|
|
370,631 |
|
(b) |
|
|
1,057,112 |
|
(c) |
|
|
696,177 |
|
(d) |
|
|
$ |
2,742,345 |
|
|
|
$ |
2,078,815 |
|
|
|
$ |
5,457,441 |
|
|
|
$ |
4,563,433 |
|
|
(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 $46.7 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $1.8 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(c)
Includes $67.1 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(d)
Includes $3.4 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Revenue by geographic region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
1,099,582 |
|
|
|
$ |
1,086,895 |
|
|
|
$ |
2,113,437 |
|
|
|
$ |
2,338,694 |
|
|
Europe |
|
|
1,047,545 |
|
|
|
|
849,355 |
|
|
|
|
2,371,228 |
|
|
|
|
1,936,061 |
|
|
North America, excluding United States |
|
|
547,292 |
|
|
|
|
127,430 |
|
|
|
|
872,964 |
|
|
|
|
263,796 |
|
|
Asia Pacific |
|
|
45,146 |
|
|
|
|
13,998 |
|
|
|
|
93,580 |
|
|
|
|
22,502 |
|
|
Africa |
|
|
3 |
|
|
|
|
— |
|
|
|
|
3 |
|
|
|
|
— |
|
|
Australia |
|
|
2,767 |
|
|
|
|
1,137 |
|
|
|
|
6,219 |
|
|
|
|
2,380 |
|
|
South America |
|
|
10 |
|
|
|
|
— |
|
|
|
|
10 |
|
|
|
|
— |
|
|
|
|
$ |
2,742,345 |
|
|
|
$ |
2,078,815 |
|
|
|
$ |
5,457,441 |
|
|
|
$ |
4,563,433 |
|
|
Gross Profit and Gross Margin Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Gross profit by segment(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
19,803 |
|
|
|
$ |
22,245 |
|
|
|
$ |
39,612 |
|
|
|
$ |
48,327 |
|
|
Eliminations and adjustments |
|
|
(69 |
) |
|
|
|
1,639 |
|
|
|
|
112 |
|
|
|
|
3,904 |
|
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
19,734 |
|
|
|
|
23,884 |
|
|
|
|
39,724 |
|
|
|
|
52,231 |
|
|
Direct-to-Consumer, net of eliminations |
|
|
25,033 |
|
|
|
|
22,157 |
|
|
|
|
48,486 |
|
|
|
|
43,215 |
|
|
|
|
$ |
44,767 |
|
|
|
$ |
46,041 |
|
|
|
$ |
88,210 |
|
|
|
$ |
95,446 |
|
|
Gross margin percentage by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
0.751 |
% |
|
|
|
1.134 |
% |
|
|
|
0.764 |
% |
|
|
|
1.111 |
% |
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
0.908 |
% |
|
|
|
1.398 |
% |
|
|
|
0.903 |
% |
|
|
|
1.351 |
% |
|
Direct-to-Consumer |
|
|
4.399 |
% |
|
|
|
5.978 |
% |
|
|
|
4.587 |
% |
|
|
|
6.207 |
% |
|
Consolidated gross margin percentage |
|
|
1.632 |
% |
|
|
|
2.215 |
% |
|
|
|
1.616 |
% |
|
|
|
2.092 |
% |
|
(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 December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Operating income (expenses) by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(18,439 |
) |
|
|
$ |
(13,112 |
) |
|
|
$ |
(34,888 |
) |
|
|
$ |
(24,649 |
) |
|
Eliminations |
|
|
(45 |
) |
|
|
|
(23 |
) |
|
|
|
(92 |
) |
|
|
|
(68 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
$ |
(18,484 |
) |
|
|
$ |
(13,135 |
) |
|
|
$ |
(34,980 |
) |
|
|
$ |
(24,717 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
(11,408 |
) |
|
|
$ |
(10,577 |
) |
|
|
$ |
(24,142 |
) |
|
|
$ |
(21,164 |
) |
|
Depreciation and amortization expense |
|
|
(806 |
) |
|
|
|
(313 |
) |
|
|
|
(1,608 |
) |
|
|
|
(610 |
) |
|
Interest income |
|
|
4,124 |
|
|
|
|
3,573 |
|
|
|
|
8,139 |
|
|
|
|
6,981 |
|
|
Interest expense |
|
|
(8,075 |
) |
|
|
|
(6,960 |
) |
|
|
|
(15,555 |
) |
|
|
|
(13,723 |
) |
|
Earnings (losses) from equity method investments |
|
|
(2,459 |
) |
|
|
|
777 |
|
|
|
|
(1,908 |
) |
|
|
|
3,492 |
|
|
Other (expense) income, net |
|
|
(70 |
) |
|
|
|
260 |
|
|
|
|
(65 |
) |
|
|
|
296 |
|
|
Unrealized gains on foreign exchange |
|
|
210 |
|
|
|
|
105 |
|
|
|
|
159 |
|
|
|
|
11 |
|
|
|
|
$ |
(18,484 |
) |
|
|
$ |
(13,135 |
) |
|
|
$ |
(34,980 |
) |
|
|
$ |
(24,717 |
) |
|
Direct-to-Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
(14,058 |
) |
|
|
$ |
(11,444 |
) |
|
|
$ |
(27,649 |
) |
|
|
$ |
(22,310 |
) |
|
Depreciation and amortization expense |
|
|
(3,832 |
) |
|
|
|
(2,410 |
) |
|
|
|
(7,736 |
) |
|
|
|
(4,817 |
) |
|
Interest income |
|
|
44 |
|
|
|
|
— |
|
|
|
|
96 |
|
|
|
|
— |
|
|
Interest expense |
|
|
(697 |
) |
|
|
|
(793 |
) |
|
|
|
(1,181 |
) |
|
|
|
(1,895 |
) |
|
Unrealized losses on foreign exchange |
|
|
(1,050 |
) |
|
|
|
— |
|
|
|
|
(821 |
) |
|
|
|
— |
|
|
|
|
$ |
(19,593 |
) |
|
|
$ |
(14,647 |
) |
|
|
$ |
(37,291 |
) |
|
|
$ |
(29,022 |
) |
|
Secured Lending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
(288 |
) |
|
|
$ |
(375 |
) |
|
|
$ |
(580 |
) |
|
|
$ |
(767 |
) |
|
Depreciation and amortization expense |
|
|
(1 |
) |
|
|
|
(88 |
) |
|
|
|
(4 |
) |
|
|
|
(176 |
) |
|
Interest income |
|
|
2,626 |
|
|
|
|
2,738 |
|
|
|
|
5,646 |
|
|
|
|
5,432 |
|
|
Interest expense |
|
|
(1,591 |
) |
|
|
|
(2,415 |
) |
|
|
|
(3,614 |
) |
|
|
|
(4,373 |
) |
|
Earnings (losses) from equity method investments |
|
|
49 |
|
|
|
|
— |
|
|
|
|
76 |
|
|
|
|
(6 |
) |
|
Other income, net |
|
|
531 |
|
|
|
|
309 |
|
|
|
|
726 |
|
|
|
|
546 |
|
|
|
|
$ |
1,326 |
|
|
|
$ |
169 |
|
|
|
$ |
2,250 |
|
|
|
$ |
656 |
|
|
Net Income Before Provision for Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Net income before provision for income taxes by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
1,250 |
|
|
|
$ |
10,749 |
|
|
|
$ |
4,744 |
|
|
|
$ |
27,514 |
|
|
Direct-to-Consumer |
|
|
5,440 |
|
|
|
|
7,510 |
|
|
|
|
11,195 |
|
|
|
|
14,193 |
|
|
Secured Lending |
|
|
1,326 |
|
|
|
|
169 |
|
|
|
|
2,250 |
|
|
|
|
656 |
|
|
|
|
$ |
8,016 |
|
|
|
$ |
18,428 |
|
|
|
$ |
18,189 |
|
|
|
$ |
42,363 |
|
|
Advertising Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Advertising expense by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(526 |
) |
|
|
$ |
(674 |
) |
|
|
$ |
(1,146 |
) |
|
|
$ |
(1,285 |
) |
|
Direct-to-Consumer |
|
|
(4,165 |
) |
|
|
|
(3,082 |
) |
|
|
|
(8,121 |
) |
|
|
|
(6,372 |
) |
|
Secured Lending |
|
|
(55 |
) |
|
|
|
(59 |
) |
|
|
|
(125 |
) |
|
|
|
(111 |
) |
|
|
|
$ |
(4,746 |
) |
|
|
$ |
(3,815 |
) |
|
|
$ |
(9,392 |
) |
|
|
$ |
(7,768 |
) |
|
Capital Expenditures for Long-Lived Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
|
|
2023 |
|
|
Capital expenditures for long-lived assets by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
(3,607 |
) |
|
|
$ |
(1,629 |
) |
|
|
$ |
(4,112 |
) |
|
|
$ |
(3,145 |
) |
|
Direct-to-Consumer |
|
|
(194 |
) |
|
|
|
(309 |
) |
|
|
|
(296 |
) |
|
|
|
(679 |
) |
|
|
|
$ |
(3,801 |
) |
|
|
$ |
(1,938 |
) |
|
|
$ |
(4,408 |
) |
|
|
$ |
(3,824 |
) |
|
Inventories
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Inventories by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
974,729 |
|
|
|
$ |
924,804 |
|
Direct-to-Consumer |
|
|
219,467 |
|
|
|
|
172,340 |
|
|
|
$ |
1,194,196 |
|
|
|
$ |
1,097,144 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Inventories by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
1,053,397 |
|
|
|
$ |
989,272 |
|
North America, excluding United States |
|
|
78,701 |
|
|
|
|
53,648 |
|
Europe |
|
|
20,943 |
|
|
|
|
18,519 |
|
Asia |
|
|
41,155 |
|
|
|
|
35,705 |
|
|
|
$ |
1,194,196 |
|
|
|
$ |
1,097,144 |
|
Total Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Total assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services (1) |
|
$ |
1,251,167 |
|
|
|
$ |
1,262,385 |
|
Eliminations |
|
|
(207,334 |
) |
|
|
|
(240,380 |
) |
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
1,043,833 |
|
|
|
|
1,022,005 |
|
Direct-to-Consumer |
|
|
724,776 |
|
|
|
|
690,547 |
|
Secured Lending |
|
|
100,693 |
|
|
|
|
115,268 |
|
|
|
$ |
1,869,302 |
|
|
|
$ |
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 |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Total assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
1,560,374 |
|
|
|
$ |
1,539,395 |
|
North America, excluding United States |
|
|
205,355 |
|
|
|
|
188,100 |
|
Europe |
|
|
22,841 |
|
|
|
|
20,512 |
|
Asia |
|
|
80,732 |
|
|
|
|
79,813 |
|
|
|
$ |
1,869,302 |
|
|
|
$ |
1,827,820 |
|
Long-term Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Long-term assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
111,561 |
|
|
|
$ |
109,643 |
|
Direct-to-Consumer |
|
|
265,931 |
|
|
|
|
273,933 |
|
Secured Lending |
|
|
2,113 |
|
|
|
|
2,041 |
|
|
|
$ |
379,605 |
|
|
|
$ |
385,617 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Long-term assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
237,413 |
|
|
|
$ |
238,169 |
|
North America, excluding United States |
|
|
110,277 |
|
|
|
$ |
114,475 |
|
Europe |
|
|
2 |
|
|
|
|
2 |
|
Asia |
|
|
31,913 |
|
|
|
|
32,971 |
|
|
|
$ |
379,605 |
|
|
|
$ |
385,617 |
|
Goodwill
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Goodwill by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
29,915 |
|
|
|
$ |
29,915 |
|
Direct-to-Consumer(1) |
|
|
170,022 |
|
|
|
|
170,022 |
|
|
|
$ |
199,937 |
|
|
|
$ |
199,937 |
|
(1)
Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses.
Intangible assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
June 30, 2024 |
|
Intangible assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
12,042 |
|
|
|
$ |
12,586 |
|
Direct-to-Consumer(1) |
|
|
82,034 |
|
|
|
|
89,077 |
|
|
|
$ |
94,076 |
|
|
|
$ |
101,663 |
|
(1)
Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses.
|