A-Mark Precious Metals Reports Fiscal First Quarter 2025 Results
A-Mark Precious Metals (NASDAQ: AMRK) reported fiscal Q1 2025 results with diluted earnings per share of $0.37, down from $0.77 year-over-year. Revenue increased 9% to $2.72 billion, while gross profit decreased 12% to $43.4 million. The company extended its $422.5 million credit facility to September 2026 and reaffirmed its quarterly dividend of $0.20 per share. Net income decreased 52% to $9.0 million, impacted by slower market conditions and elevated precious metals prices. Silver Towne Mint acquired Regency Mint Manufacturing assets, expanding minting capacity and customer base.
A-Mark Precious Metals (NASDAQ: AMRK) ha riportato i risultati del primo trimestre fiscale 2025 con utili per azione diluiti di 0,37 dollari, in calo rispetto a 0,77 dollari dell'anno precedente. I ricavi sono aumentati del 9% raggiungendo 2,72 miliardi di dollari, mentre il profitto lordo è diminuito del 12% a 43,4 milioni di dollari. L'azienda ha esteso il suo prestito di 422,5 milioni di dollari fino a settembre 2026 e ha confermato il suo dividendo trimestrale di 0,20 dollari per azione. L'utile netto è diminuito del 52%, attestandosi a 9,0 milioni di dollari, influenzato dalle condizioni di mercato più lente e dai prezzi elevati dei metalli preziosi. La Silver Towne Mint ha acquisito le attività della Regency Mint Manufacturing, ampliando la capacità di conio e la base clienti.
A-Mark Precious Metals (NASDAQ: AMRK) informó los resultados del primer trimestre fiscal de 2025 con ganancias por acción diluidas de $0.37, una disminución con respecto a $0.77 del año anterior. Los ingresos aumentaron un 9%, alcanzando $2.72 mil millones, mientras que el beneficio bruto disminuyó un 12% a $43.4 millones. La compañía amplió su línea de crédito de $422.5 millones hasta septiembre de 2026 y reafirmó su dividendo trimestral de $0.20 por acción. La ganancia neta disminuyó un 52% a $9.0 millones, afectada por condiciones de mercado más lentas y precios elevados de metales preciosos. Silver Towne Mint adquirió los activos de Regency Mint Manufacturing, ampliando su capacidad de acuñación y base de clientes.
A-Mark Precious Metals (NASDAQ: AMRK)는 2025 회계 연도 1분기 결과를 발표하며, 희석 주당순이익이 $0.37으로, 전년 동기 $0.77에서 감소했다고 밝혔습니다. 수익은 9% 증가하여 $2.72 billion에 도달했고, 총 이익은 12% 감소하여 $43.4 million에 이르렀습니다. 회사는 $422.5 million의 신용 한도를 2026년 9월까지 연장하고, 주당 $0.20의 분기 배당금을 재확인했습니다. 순이익은 52% 감소한 $9.0 million으로, 느린 시장 상황과 높은 귀금속 가격의 영향을 받았습니다. Silver Towne Mint는 Regency Mint Manufacturing의 자산을 인수하여 주조 능력과 고객 기반을 확장했습니다.
A-Mark Precious Metals (NASDAQ: AMRK) a annoncé les résultats du premier trimestre fiscal 2025 avec un bénéfice net par action dilué de 0,37 $, en baisse par rapport à 0,77 $ l'année précédente. Le chiffre d'affaires a augmenté de 9 % pour atteindre 2,72 milliards de $, tandis que le bénéfice brut a diminué de 12 % pour s'établir à 43,4 millions de $. La société a prolongé sa ligne de crédit de 422,5 millions de $ jusqu'en septembre 2026 et a confirmé son dividende trimestriel de 0,20 $ par action. Le bénéfice net a diminué de 52 % à 9,0 millions de $, impacté par des conditions de marché plus lentes et des prix élevés des métaux précieux. Silver Towne Mint a acquis les actifs de Regency Mint Manufacturing, élargissant ainsi la capacité de frappe et la base de clients.
A-Mark Precious Metals (NASDAQ: AMRK) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht, mit einem verwässerten Gewinn pro Aktie von 0,37 $, was einem Rückgang von 0,77 $ im Vorjahr entspricht. Der Umsatz stieg um 9% auf 2,72 Milliarden $, während der Bruttogewinn um 12% auf 43,4 Millionen $ zurückging. Das Unternehmen hat seine Kreditlinie in Höhe von 422,5 Millionen $ bis September 2026 verlängert und die vierteljährliche Dividende von 0,20 $ pro Aktie bestätigt. Der Nettogewinn sank um 52% auf 9,0 Millionen $, beeinträchtigt durch schwächere Marktbedingungen und hohe Edelmetallpreise. Silver Towne Mint erwarb die Vermögenswerte von Regency Mint Manufacturing und erweiterte damit die Prägekapazität und die Kundenbasis.
- Revenue increased 9% YoY to $2.72 billion
- Credit facility of $422.5 million extended to September 2026
- Direct-to-Consumer active customers increased 22% YoY to 129,900
- Direct-to-Consumer average order value increased 22% YoY to $2,967
- Interest income increased 16% YoY to $7.1 million
- Net income decreased 52% YoY to $9.0 million
- Diluted EPS decreased 52% YoY to $0.37
- Gross profit decreased 12% YoY to $43.4 million
- Gold ounces sold decreased 20% YoY to 398,000 ounces
- Silver ounces sold decreased 33% YoY to 20.4 million ounces
- Gross profit margin declined to 1.60% from 1.99% YoY
Insights
A-Mark's Q1 FY2025 results show significant headwinds, with
Notable positives include Direct-to-Consumer segment growth, with active customers up
The precious metals market dynamics are creating challenging conditions for A-Mark. The company's DTC segment shows resilience with increased customer engagement, but wholesale operations face pressure. The acquisition of Regency Mint assets and expansion into Singapore indicate strategic diversification efforts to offset market headwinds.
Key metrics reveal changing consumer behavior: while total DTC customers grew to 3.12 million, new customer acquisition slowed significantly quarter-over-quarter. The higher average order value suggests customers are making larger but less frequent purchases, likely due to price sensitivity in the current market environment. The decline in secured loans to 562 from 803 year-over-year indicates reduced leverage in the precious metals market.
Diluted Earnings per Share of $0.37
Company Reaffirms Regular Quarterly Cash Dividend of
EL SEGUNDO, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading fully integrated precious metals platform, reported results for the fiscal first quarter ended September 30, 2024.
Management Commentary
“Our first quarter results reflect the continued strength of our fully-integrated platform,” said A-Mark CEO Greg Roberts. “Despite slower market conditions marked by elevated precious metals prices and subdued demand, we delivered
"We also took significant steps this quarter to continue to position the business for long-term success. We amended our
“As noted in our recent press release, during October, Silver Towne Mint acquired all of the assets of Regency Mint Manufacturing, LLC, including its minting equipment and its customer list, further enhancing our minting capacity and expanding our customer base. We are pleased with our recent accomplishments and remain optimistic that our proven integrated business model will allow us to sustain profitability. We remain committed to exploring opportunities that enhance our market reach and deliver value to our shareholders over the long term.”
Three Months Ended September 30, | |||||||||
2024 | 2023 | ||||||||
(in thousands, except Earnings per Share) | |||||||||
Selected Key Financial Statement Metrics: | |||||||||
Revenues | $ | 2,715,096 | $ | 2,484,618 | |||||
Gross profit | $ | 43,443 | $ | 49,405 | |||||
Depreciation and amortization expense | $ | (4,709 | ) | $ | (2,792 | ) | |||
Net income attributable to the Company | $ | 8,984 | $ | 18,827 | |||||
Earnings per Share: | |||||||||
Basic | $ | 0.39 | $ | 0.81 | |||||
Diluted | $ | 0.37 | $ | 0.77 | |||||
Non-GAAP Measures (1): | |||||||||
Adjusted net income before provision for income taxes | $ | 14,784 | $ | 26,779 | |||||
EBITDA | $ | 17,782 | $ | 30,448 | |||||
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 17-18 | |||||||||
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and 2023 follows (in thousands): | |||||||||
Three Months Ended September 30, | |||||||||
2024 | 2023 | ||||||||
Net income before provision for income taxes | $ | 10,173 | $ | 23,935 | |||||
Adjustments: | |||||||||
Contingent consideration fair value adjustments | (150 | ) | — | ||||||
Acquisition costs | 52 | 52 | |||||||
Amortization of acquired intangibles | 3,864 | 2,165 | |||||||
Depreciation expense | 845 | 627 | |||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 14,784 | $ | 26,779 | |||||
Three Months Ended | |||||||||
September 30, 2024 | June 30, 2024 | ||||||||
(in thousands, except Earnings per Share) | |||||||||
Selected Key Financial Statement Metrics: | |||||||||
Revenues | $ | 2,715,096 | $ | 2,524,955 | |||||
Gross profit | $ | 43,443 | $ | 42,971 | |||||
Depreciation and amortization expense | $ | (4,709 | ) | $ | (2,845 | ) | |||
Net income attributable to the Company | $ | 8,984 | $ | 30,940 | |||||
Earnings per Share: | |||||||||
Basic | $ | 0.39 | $ | 1.35 | |||||
Diluted | $ | 0.37 | $ | 1.29 | |||||
Non-GAAP Measures (1): | |||||||||
Adjusted net income before provision for income taxes | $ | 14,784 | $ | 20,144 | |||||
EBITDA | $ | 17,782 | $ | 38,380 | |||||
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 17-18 | |||||||||
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and June 30, 2024 follows (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, 2024 | June 30, 2024 | ||||||||
Net income before provision for income taxes | $ | 10,173 | $ | 33,975 | |||||
Adjustments: | |||||||||
Remeasurement gain on pre-existing equity interest | — | (16,669 | ) | ||||||
Contingent consideration fair value adjustments | (150 | ) | (370 | ) | |||||
Acquisition costs | 52 | 363 | |||||||
Amortization of acquired intangibles | 3,864 | 2,066 | |||||||
Depreciation expense | 845 | 779 | |||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 14,784 | $ | 20,144 | |||||
Fiscal First Quarter 2025 Financial Highlights
- Revenues for the three months ended September 30, 2024 increased
9% to$2.72 billion from$2.48 billion for the three months ended September 30, 2023 and increased8% from$2.52 billion for the three months ended June 30, 2024. Excluding an increase of$217.4 million of forward sales, our revenues increased$13.1 million , or0.9% , compared to the prior year fiscal first quarter. Excluding an increase of$335.0 million of forward sales, our revenues decreased$144.8 million , or9.0% , compared to the prior quarter - Gross profit for the three months ended September 30, 2024 decreased
12% to$43.4 million from$49.4 million for the three months ended September 30, 2023 and increased1% from$43.0 million for the three months ended June 30, 2024 - Gross profit margin for the three months ended September 30, 2024 decreased to
1.60% of revenue, from1.99% of revenue for the three months ended September 30, 2023, and declined from1.70% of revenue in the three months ended June 30, 2024 - Net income attributable to the Company for the three months ended September 30, 2024 decreased
52% to$9.0 million from$18.8 million for the three months ended September 30, 2023, and decreased71% from$30.9 million for the three months ended June 30, 2024 - Diluted earnings per share totaled
$0.37 for the three months ended September 30, 2024, a52% decrease compared to$0.77 for the three months ended September 30, 2023, and decreased71% from$1.29 for the three months ended June 30, 2024. Excluding the impact of the$16.7 million one-time remeasurement gain recorded during the three months ended June 30, 2024 related to the Silver Gold Bull incremental investment, diluted earnings per share decreased37% from$0.59 for the three months ended June 30, 2024 - Adjusted net income before provision for income taxes, depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments (“Adjusted net income before provision for income taxes” or “Adjusted net income”), a non-GAAP financial performance measure, for the three months ended September 30, 2024 decreased
45% to$14.8 million from$26.8 million for the three months ended September 30, 2023, and decreased27% from$20.1 million for the three months ended June 30, 2024 - Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended September 30, 2024 decreased
42% to$17.8 million from$30.4 million for the three months ended September 30, 2023, and decreased54% from$38.4 million for the three months ended June 30, 2024
Three Months Ended September 30, | |||||||||
2024 | 2023 | ||||||||
Selected Operating and Financial Metrics: | |||||||||
Gold ounces sold (1) | 398,000 | 495,000 | |||||||
Silver ounces sold (2) | 20,449,000 | 30,378,000 | |||||||
Number of secured loans at period end (3) | 562 | 803 | |||||||
Secured loans receivable at period end | $ | 101,887,000 | $ | 99,167,000 | |||||
Direct-to-Consumer ("DTC") number of new customers (4) | 55,300 | 39,100 | |||||||
Direct-to-Consumer number of active customers (5) | 129,900 | 106,400 | |||||||
Direct-to-Consumer number of total customers (6) | 3,122,100 | 2,387,400 | |||||||
Direct-to-Consumer average order value ("AOV") (7) | $ | 2,967 | $ | 2,440 | |||||
JM Bullion ("JMB") average order value (8) | $ | 2,198 | $ | 2,239 | |||||
CyberMetals number of new customers (9) | 1,500 | 2,400 | |||||||
CyberMetals number of active customers (10) | 1,700 | 2,500 | |||||||
CyberMetals number of total customers (11) | 31,100 | 24,800 | |||||||
CyberMetals customer assets under management at period end (12) | $ | 8,300,000 | $ | 6,000,000 | |||||
(1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | |||||||||
(4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | |||||||||
(9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | |||||||||
(10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | |||||||||
(11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | |||||||||
(12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | |||||||||
Three Months Ended | |||||||||
September 30, 2024 | June 30, 2024 | ||||||||
Selected Operating and Financial Metrics: | |||||||||
Gold ounces sold (1) | 398,000 | 448,000 | |||||||
Silver ounces sold (2) | 20,449,000 | 25,421,000 | |||||||
Number of secured loans at period end (3) | 562 | 588 | |||||||
Secured loans receivable at period end | $ | 101,887,000 | $ | 113,067,000 | |||||
Direct-to-Consumer ("DTC") number of new customers (4) | 55,300 | 570,300 | |||||||
Direct-to-Consumer number of active customers (5) | 129,900 | 114,600 | |||||||
Direct-to-Consumer number of total customers (6) | 3,122,100 | 3,066,800 | |||||||
Direct-to-Consumer average order value ("AOV") (7) | $ | 2,967 | $ | 2,890 | |||||
JM Bullion ("JMB") average order value (8) | $ | 2,198 | $ | 2,639 | |||||
CyberMetals number of new customers (9) | 1,500 | 1,500 | |||||||
CyberMetals number of active customers (10) | 1,700 | 1,900 | |||||||
CyberMetals number of total customers (11) | 31,100 | 29,600 | |||||||
CyberMetals customer assets under management at period end (12) | $ | 8,300,000 | $ | 7,300,000 | |||||
(1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | |||||||||
(4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. | |||||||||
(8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | |||||||||
(9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | |||||||||
(10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | |||||||||
(11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | |||||||||
(12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | |||||||||
Fiscal First Quarter 2025 Operational Highlights
- Gold ounces sold in the three months ended September 30, 2024 decreased
20% to 398,000 ounces from 495,000 ounces for the three months ended September 30, 2023, and decreased11% from 448,000 ounces for the three months ended June 30, 2024 - Silver ounces sold in the three months ended September 30, 2024 decreased
33% to 20.4 million ounces from 30.4 million ounces for the three months ended September 30, 2023, and decreased20% from 25.4 million ounces for the three months ended June 30, 2024 - As of September 30, 2024, the number of secured loans decreased
30% to 562 from 803 as of September 30, 2023, and decreased4% from 588 as of June 30, 2024 - Direct-to-Consumer new customers for the three months ended September 30, 2024 increased
41% to 55,300 from 39,100 for the three months ended September 30, 2023, and decreased90% from 570,300 for the three months ended June 30, 2024. For the three months ended June 30, 2024, approximately92% of the new customers were attributable to the acquisition of a controlling interest in SGB - Direct-to-Consumer active customers for the three months ended September 30, 2024 increased
22% to 129,900 from 106,400 for the three months ended September 30, 2023, and increased13% from 114,600 for the three months ended June 30, 2024. The increase in the number of active customers was primarily due to the Company acquiring a controlling interest in SGB in June 2024 - Direct-to-Consumer average order value for the three months ended September 30, 2024 increased
$527 , or22% to$2,967 from$2,440 for the three months ended September 30, 2023, and increased$77 , or3% from$2,890 for the three months ended June 30, 2024 - JM Bullion’s average order value for the three months ended September 30, 2024 decreased
$41 , or2% to$2,198 from$2,239 for the three months ended September 30, 2023, and decreased$441 , or17% from$2,639 for the three months ended June 30, 2024. The decrease in the average order value is partially driven by a higher mix of silver vs. gold orders during the three months ended September 30, 2024 compared with the previous periods noted
Fiscal First Quarter 2025 Financial Summary
Revenues increased
The Direct-to-Consumer segment contributed
Gross profit decreased
Selling, general and administrative expenses increased
Depreciation and amortization expense increased
Interest income increased
Interest expense increased
Earnings from equity method investments decreased
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the three months ended September 30, 2024 totaled
EBITDA for the three months ended September 30, 2024 totaled
Quarterly Cash Dividend Policy
A-Mark’s Board of Directors has re-affirmed its previously announced regular quarterly cash dividend policy of
Conference Call
A-Mark will hold a conference call today (November 6, 2024) to discuss these financial results. A-Mark management will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) followed by a question-and-answer period. To participate, please call the conference telephone number 10 minutes before the start time and ask for the A-Mark Precious Metals conference call.
Webcast: https://www.webcaster4.com/Webcast/Page/2867/51425
U.S. dial-in number: 1-888-506-0062
International number: 1-973-528-0011
Participant Access Code: 577563
The call will also be broadcast live and available for replay on the Investor Relations section of A-Mark’s website at ir.amark.com. If you have any difficulty connecting with the conference call or webcast, please contact A-Mark’s investor relations team at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern time through November 20, 2024.
Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 51425
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. is a leading fully integrated precious metals platform that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers via a portfolio of channels. The company conducts its operations through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The company’s global customer base spans sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, e-commerce customers, and other retail customers.
A-Mark’s Wholesale Sales & Ancillary Services segment distributes and purchases precious metal products from sovereign and private mints. As a U.S. Mint-authorized purchaser of gold, silver, and platinum coins since 1986, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has longstanding distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom. The company sells more than 200 different products to e-commerce retailers, coin and bullion dealers, financial institutions, brokerages, and collectors. In addition, A-Mark sells precious metal products to industrial users, including metal refiners, manufacturers, and electronic fabricators.
A-Mark’s consolidated subsidiary, LPM Group Limited (LPM), is one of Asia’s largest precious metals dealers. LPM operates a consumer-facing showroom in Hong Kong’s Central Financial District, and offers a wide selection of products to its wholesale customers through its 24/7 online trading platform, including recently released silver coins, gold bullion, certified coins, and the latest collectible numismatic issues.
Through its A-M Global Logistics subsidiary, A-Mark provides its customers with a range of complementary services, including managed storage options for precious metals as well as receiving, handling, inventorying, processing, packaging, and shipping of precious metals and coins on a secure basis. A-Mark’s mint operations, which are conducted through its wholly owned subsidiary Silver Towne Mint, enable the company to offer customers a wide range of proprietary coin and bar offerings and, during periods of market volatility when the availability of silver bullion from sovereign mints is often product constrained, preferred product access.
A-Mark’s Direct-to-Consumer segment operates as an omni-channel retailer of precious metals, providing access to a multitude of products through its wholly owned subsidiaries, JM Bullion and Goldline. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com. Goldline markets precious metals directly to the investor community through various channels, including television, radio, and telephonic sales efforts. A-Mark is the majority owner of Silver Gold Bull, a leading online precious metals retailer in Canada, and also holds minority ownership interests in three additional direct-to-consumer brands.
The company operates its Secured Lending segment through its wholly owned subsidiary, Collateral Finance Corporation (CFC). Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors, and collectors.
A-Mark is headquartered in El Segundo, CA and has additional offices and facilities in the neighboring Los Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester, IN, Vienna, Austria, and Hong Kong. For more information, visit www.amark.com.
A-Mark periodically provides information for investors on its corporate website, www.amark.com, and its investor relations website, ir.amark.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and investor presentations.
Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements, and the amount or timing of any future dividends. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute the Company’s growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater than anticipated costs incurred to execute this strategy; government regulations that might impede growth, particularly in Asia; the inability to successfully integrate recently acquired businesses; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets but also has posed certain risks and uncertainties for the Company, particularly in recent periods; potential adverse effects of the current problems in the national and global supply chains; increased competition for the Company’s higher margin services, which could depress pricing; the failure of the Company’s business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metal products generally; potential negative effects that inflationary pressure may have on our business; the inability of the Company to expand capacity at Silver Towne Mint; the failure of our investee companies to maintain, or address the preferences of, their customer bases; general risks of doing business in the commodity markets; and the strategic, business, economic, financial, political and governmental risks and other Risk Factors described in in the Company’s public filings with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Use and Reconciliation of Non-GAAP Measures
In addition to presenting the Company’s financial results determined in accordance with U.S. GAAP, management believes the following non-GAAP measures are useful in evaluating the Company’s operating performance: “adjusted net income before provision for income taxes” and “earnings before interest, taxes, depreciation and amortization” (“EBITDA”). Management believes the “adjusted net income before provision for income taxes” non-GAAP financial performance measure assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. The items excluded from this financial measure may have a material impact on the Company’s financial results. Certain of those items are non-recurring, while others are non-cash in nature. Management believes the EBITDA non-GAAP liquidity measure assists investors and analysts by facilitating comparison of our business operations before investing activities, interest, and income taxes with other publicly traded companies. Non-GAAP measures do not have standardized definitions and should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP, and should be read in conjunction with the financial statements included in the Company’s Quarterly Report on Form 10-Q to be filed with the SEC. Management encourages investors and others to review the Company’s financial information in its entirety and not to rely on any single financial or liquidity measure.
In the Company’s reconciliation from its reported U.S. GAAP “net income before provision for income taxes” to its non-GAAP “adjusted net income before provision for income taxes”, the Company eliminates the impact of the following five amounts: acquisition expenses; amortization expenses related to intangible assets acquired; depreciation expense; remeasurement gains or losses; and contingent consideration fair value adjustments. The Company’s reconciliations from its reported U.S. GAAP “net income before provision for income taxes” to its non-GAAP “adjusted net income before provision for income taxes”, and “net income” and “net cash provided by (used in) operating activities” to its non-GAAP “EBITDA” are provided below and are also included in the Company’s Quarterly Report on Form 10-Q to be filed with the SEC for the quarterly period ended September 30, 2024.
Company Contact:
Steve Reiner, Executive Vice President, Capital Markets & Investor Relations
A-Mark Precious Metals, Inc.
1-310-587-1410
sreiner@amark.com
Investor Relations Contact:
Matt Glover or Greg Bradbury
Gateway Group, Inc.
1-949-574-3860
AMRK@gateway-grp.com
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except for share data) | |||||||
September 30, 2024 | June 30, 2024 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash | $ | 46,924 | $ | 48,636 | |||
Receivables, net | 71,831 | 36,596 | |||||
Derivative assets | 108,721 | 114,720 | |||||
Secured loans receivable | 101,887 | 113,067 | |||||
Precious metals held under financing arrangements | 27,354 | 22,066 | |||||
Inventories: | |||||||
Inventories | 735,555 | 579,400 | |||||
Restricted inventories | 541,744 | 517,744 | |||||
1,277,299 | 1,097,144 | ||||||
Income tax receivable | 2,338 | 1,562 | |||||
Prepaid expenses and other assets | 9,188 | 8,412 | |||||
Total current assets | 1,645,542 | 1,442,203 | |||||
Operating lease right of use assets | 8,990 | 9,543 | |||||
Property, plant, and equipment, net | 20,008 | 20,263 | |||||
Goodwill | 199,937 | 199,937 | |||||
Intangibles, net | 97,807 | 101,663 | |||||
Long-term investments | 51,005 | 50,458 | |||||
Other long-term assets | 5,728 | 3,753 | |||||
Total assets | $ | 2,029,017 | $ | 1,827,820 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Liabilities on borrowed metals | 39,487 | 31,993 | |||||
Product financing arrangements | 541,744 | 517,744 | |||||
Accounts payable and other payables | 10,712 | 18,831 | |||||
Deferred revenue and other advances | 327,556 | 263,286 | |||||
Derivative liabilities | 46,045 | 26,751 | |||||
Accrued liabilities | 17,378 | 16,798 | |||||
Notes payable | 6,694 | 8,367 | |||||
Total current liabilities | 989,616 | 883,770 | |||||
Lines of credit | 337,000 | 245,000 | |||||
Notes payable | 3,994 | 3,994 | |||||
Deferred tax liabilities | 22,293 | 22,187 | |||||
Other liabilities | 11,397 | 11,013 | |||||
Total liabilities | 1,364,300 | 1,165,964 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Preferred stock, | — | — | |||||
Common stock, par value | 242 | 240 | |||||
Treasury stock, 1,012,036 and 1,012,036 shares at cost as of September 30, 2024 and June 30, 2024, respectively | (28,277 | ) | (28,277 | ) | |||
Additional paid-in capital | 172,372 | 168,771 | |||||
Accumulated other comprehensive income | 167 | 61 | |||||
Retained earnings | 466,556 | 466,838 | |||||
Total A-Mark Precious Metals, Inc. stockholders’ equity | 611,060 | 607,633 | |||||
Noncontrolling interests | 53,657 | 54,223 | |||||
Total stockholders’ equity | 664,717 | 661,856 | |||||
Total liabilities and stockholders’ equity | $ | 2,029,017 | $ | 1,827,820 | |||
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(in thousands, except for share and per share data; unaudited) | |||||||
Three Months Ended September 30, | |||||||
2024 | 2023 | ||||||
Revenues | $ | 2,715,096 | $ | 2,484,618 | |||
Cost of sales | 2,671,653 | 2,435,213 | |||||
Gross profit | 43,443 | 49,405 | |||||
Selling, general, and administrative expenses | (26,617 | ) | (21,845 | ) | |||
Depreciation and amortization expense | (4,709 | ) | (2,792 | ) | |||
Interest income | 7,087 | 6,102 | |||||
Interest expense | (9,987 | ) | (9,823 | ) | |||
Earnings from equity method investments | 578 | 2,709 | |||||
Other income, net | 200 | 273 | |||||
Unrealized gains (losses) on foreign exchange | 178 | (94 | ) | ||||
Net income before provision for income taxes | 10,173 | 23,935 | |||||
Income tax expense | (1,755 | ) | (4,952 | ) | |||
Net income | 8,418 | 18,983 | |||||
Net (loss) income attributable to noncontrolling interests | (566 | ) | 156 | ||||
Net income attributable to the Company | $ | 8,984 | $ | 18,827 | |||
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: | |||||||
Basic | $ | 0.39 | $ | 0.81 | |||
Diluted | $ | 0.37 | $ | 0.77 | |||
Weighted-average shares outstanding: | |||||||
Basic | 23,028,600 | 23,364,700 | |||||
Diluted | 23,979,500 | 24,532,600 | |||||
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands; unaudited) | |||||||
Three Months Ended September 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 8,418 | $ | 18,983 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 4,709 | 2,792 | |||||
Amortization of loan cost | 665 | 522 | |||||
Share-based compensation | 320 | 664 | |||||
Earnings from equity method investments | (578 | ) | (2,709 | ) | |||
Dividends and distributions received from equity method investees | 169 | 269 | |||||
Other | 1,085 | 344 | |||||
Changes in assets and liabilities: | |||||||
Receivables, net | (35,235 | ) | 928 | ||||
Secured loans made to affiliates | (4,816 | ) | — | ||||
Derivative assets | 5,999 | (9,692 | ) | ||||
Income tax receivable | (776 | ) | — | ||||
Precious metals held under financing arrangements | (5,288 | ) | 6,251 | ||||
Inventories | (180,155 | ) | (19,166 | ) | |||
Prepaid expenses and other assets | (987 | ) | (878 | ) | |||
Accounts payable and other payables | (8,119 | ) | (16,665 | ) | |||
Deferred revenue and other advances | 64,270 | (30,194 | ) | ||||
Derivative liabilities | 19,294 | 12,341 | |||||
Liabilities on borrowed metals | 7,494 | 85 | |||||
Accrued liabilities | (3,998 | ) | (10,686 | ) | |||
Income tax payable | — | 2,549 | |||||
Net cash used in operating activities | (127,529 | ) | (44,262 | ) | |||
Cash flows from investing activities: | |||||||
Capital expenditures for property, plant, and equipment | (607 | ) | (1,886 | ) | |||
Secured loans receivable, net | 16,001 | 1,458 | |||||
Other | 87 | — | |||||
Net cash provided by (used in) investing activities | 15,481 | (428 | ) | ||||
Cash flows from financing activities: | |||||||
Product financing arrangements, net | 24,000 | 53,784 | |||||
Dividends paid | (4,633 | ) | (28,034 | ) | |||
Borrowings under lines of credit | 542,000 | 584,000 | |||||
Repayments under lines of credit | (450,000 | ) | (549,000 | ) | |||
Repayments on notes payable to related party | (1,672 | ) | (257 | ) | |||
Repurchases of common stock | — | (4,904 | ) | ||||
Debt funding issuance costs | (2,640 | ) | (2,625 | ) | |||
Proceeds from the exercise of share-based awards | 3,281 | 960 | |||||
Payments for tax withholding related to net settlement of share-based awards | — | (307 | ) | ||||
Net cash provided by financing activities | 110,336 | 53,617 | |||||
Net (decrease) increase in cash | (1,712 | ) | 8,927 | ||||
Cash, beginning of period | 48,636 | 39,318 | |||||
Cash, end of period | $ | 46,924 | $ | 48,245 | |||
Overview of Results of Operations for the Three Months Ended September 30, 2024 and 2023
Consolidated Results of Operations
The operating results for the three months ended September 30, 2024 and 2023 were as follows (in thousands, except per share data):
Three Months Ended September 30, | 2024 | 2023 | Change | |||||||||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||||||
Revenues | $ | 2,715,096 | 100.000 | % | $ | 2,484,618 | 100.000 | % | $ | 230,478 | 9.3 | % | ||||||||||||||||
Gross profit | 43,443 | 1.600 | % | 49,405 | 1.988 | % | $ | (5,962 | ) | (12.1 | %) | |||||||||||||||||
Selling, general, and administrative expenses | (26,617 | ) | (0.980 | %) | (21,845 | ) | (0.879 | %) | $ | 4,772 | 21.8 | % | ||||||||||||||||
Depreciation and amortization expense | (4,709 | ) | (0.173 | %) | (2,792 | ) | (0.112 | %) | $ | 1,917 | 68.7 | % | ||||||||||||||||
Interest income | 7,087 | 0.261 | % | 6,102 | 0.246 | % | $ | 985 | 16.1 | % | ||||||||||||||||||
Interest expense | (9,987 | ) | (0.368 | %) | (9,823 | ) | (0.395 | %) | $ | 164 | 1.7 | % | ||||||||||||||||
Earnings from equity method investments | 578 | 0.021 | % | 2,709 | 0.109 | % | $ | (2,131 | ) | (78.7 | %) | |||||||||||||||||
Other income, net | 200 | 0.007 | % | 273 | 0.011 | % | $ | (73 | ) | (26.7 | %) | |||||||||||||||||
Unrealized gains (losses) on foreign exchange | 178 | 0.007 | % | (94 | ) | (0.004 | %) | $ | 272 | 289.4 | % | |||||||||||||||||
Net income before provision for income taxes | 10,173 | 0.375 | % | 23,935 | 0.963 | % | $ | (13,762 | ) | (57.5 | %) | |||||||||||||||||
Income tax expense | (1,755 | ) | (0.065 | %) | (4,952 | ) | (0.199 | %) | $ | (3,197 | ) | (64.6 | %) | |||||||||||||||
Net income | 8,418 | 0.310 | % | 18,983 | 0.764 | % | $ | (10,565 | ) | (55.7 | %) | |||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (566 | ) | (0.021 | %) | 156 | 0.006 | % | $ | (722 | ) | (462.8 | %) | ||||||||||||||||
Net income attributable to the Company | $ | 8,984 | 0.331 | % | $ | 18,827 | 0.758 | % | $ | (9,843 | ) | (52.3 | %) | |||||||||||||||
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: | ||||||||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.81 | $ | (0.42 | ) | (51.9 | %) | |||||||||||||||||||
Diluted | $ | 0.37 | $ | 0.77 | $ | (0.40 | ) | (51.9 | %) | |||||||||||||||||||
Overview of Results of Operations for the Three Months Ended September 30, 2024 and June 30, 2024
Consolidated Results of Operations
The operating results for the three months ended September 30, 2024 and June 30, 2024 were as follows (in thousands, except per share data):
Three Months Ended | September 30, 2024 | June 30, 2024 | Change | ||||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | ||||||||||||||||||
Revenues | $ | 2,715,096 | 100.000 | % | $ | 2,524,955 | 100.000 | % | $ | 190,141 | 7.5 | % | |||||||||||
Gross profit | 43,443 | 1.600 | % | 42,971 | 1.702 | % | $ | 472 | 1.1 | % | |||||||||||||
Selling, general, and administrative expenses | (26,617 | ) | (0.980 | %) | (22,705 | ) | (0.899 | %) | $ | 3,912 | 17.2 | % | |||||||||||
Depreciation and amortization expense | (4,709 | ) | (0.173 | %) | (2,845 | ) | (0.113 | %) | $ | 1,864 | 65.5 | % | |||||||||||
Interest income | 7,087 | 0.261 | % | 8,073 | 0.320 | % | $ | (986 | ) | (12.2 | %) | ||||||||||||
Interest expense | (9,987 | ) | (0.368 | %) | (9,633 | ) | (0.382 | %) | $ | 354 | 3.7 | % | |||||||||||
Earnings from equity method investments | 578 | 0.021 | % | 764 | 0.030 | % | $ | (186 | ) | (24.3 | %) | ||||||||||||
Other income, net | 200 | 0.007 | % | 466 | 0.018 | % | $ | (266 | ) | (57.1 | %) | ||||||||||||
Remeasurement gain on pre-existing equity interest | — | — | % | 16,669 | 0.660 | % | $ | (16,669 | ) | (100.0 | %) | ||||||||||||
Unrealized gains on foreign exchange | 178 | 0.007 | % | 215 | 0.009 | % | $ | (37 | ) | (17.2 | %) | ||||||||||||
Net income before provision for income taxes | 10,173 | 0.375 | % | 33,975 | 1.346 | % | $ | (23,802 | ) | (70.1 | %) | ||||||||||||
Income tax expense | (1,755 | ) | (0.065 | %) | (3,040 | ) | (0.120 | %) | $ | (1,285 | ) | (42.3 | %) | ||||||||||
Net income | 8,418 | 0.310 | % | 30,935 | 1.225 | % | $ | (22,517 | ) | (72.8 | %) | ||||||||||||
Net loss attributable to noncontrolling interests | (566 | ) | (0.021 | %) | (5 | ) | (0.000 | %) | $ | 561 | 11,220.0 | % | |||||||||||
Net income attributable to the Company | $ | 8,984 | 0.331 | % | $ | 30,940 | 1.225 | % | $ | (21,956 | ) | (71.0 | %) | ||||||||||
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: | |||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||
Basic | $ | 0.39 | $ | 1.35 | $ | (0.96 | ) | (71.1 | %) | ||||||||||||||
Diluted | $ | 0.37 | $ | 1.29 | $ | (0.92 | ) | (71.3 | %) | ||||||||||||||
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended September 30, 2024 and 2023
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and 2023 follows (in thousands):
Three Months Ended September 30, | 2024 | 2023 | Change | |||||||||||
$ | $ | $ | % | |||||||||||
Net income before provision for income taxes | $ | 10,173 | $ | 23,935 | $ | (13,762 | ) | (57.5 | %) | |||||
Adjustments: | ||||||||||||||
Contingent consideration fair value adjustment | (150 | ) | — | $ | 150 | — | % | |||||||
Acquisition costs | 52 | 52 | $ | — | — | % | ||||||||
Amortization of acquired intangibles | 3,864 | 2,165 | $ | 1,699 | 78.5 | % | ||||||||
Depreciation expense | 845 | 627 | $ | 218 | 34.8 | % | ||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 14,784 | $ | 26,779 | $ | (11,995 | ) | (44.8 | %) | |||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended September 30, 2024 and 2023 follows (in thousands):
Three Months Ended September 30, | 2024 | 2023 | Change | |||||||||||
$ | $ | $ | % | |||||||||||
Net income | $ | 8,418 | $ | 18,983 | $ | (10,565 | ) | (55.7 | %) | |||||
Adjustments: | ||||||||||||||
Interest income | (7,087 | ) | (6,102 | ) | $ | 985 | 16.1 | % | ||||||
Interest expense | 9,987 | 9,823 | $ | 164 | 1.7 | % | ||||||||
Amortization of acquired intangibles | 3,864 | 2,165 | $ | 1,699 | 78.5 | % | ||||||||
Depreciation expense | 845 | 627 | $ | 218 | 34.8 | % | ||||||||
Income tax expense | 1,755 | 4,952 | $ | (3,197 | ) | (64.6 | %) | |||||||
9,364 | 11,465 | $ | (2,101 | ) | (18.3 | %) | ||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 17,782 | $ | 30,448 | $ | (12,666 | ) | (41.6 | %) | |||||
Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||
Net cash used in operating activities | $ | (127,529 | ) | $ | (44,262 | ) | $ | 83,267 | 188.1 | % | ||||
Changes in operating working capital | 142,317 | 65,127 | $ | 77,190 | 118.5 | % | ||||||||
Interest expense | 9,987 | 9,823 | $ | 164 | 1.7 | % | ||||||||
Interest income | (7,087 | ) | (6,102 | ) | $ | 985 | 16.1 | % | ||||||
Income tax expense | 1,755 | 4,952 | $ | (3,197 | ) | (64.6 | %) | |||||||
Dividends and distributions received from equity method investees | (169 | ) | (269 | ) | $ | (100 | ) | (37.2 | %) | |||||
Earnings from equity method investments | 578 | 2,709 | $ | (2,131 | ) | (78.7 | %) | |||||||
Share-based compensation | (320 | ) | (664 | ) | $ | (344 | ) | (51.8 | %) | |||||
Amortization of loan cost | (665 | ) | (522 | ) | $ | 143 | 27.4 | % | ||||||
Other | (1,085 | ) | (344 | ) | $ | 741 | 215.4 | % | ||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 17,782 | $ | 30,448 | $ | (12,666 | ) | (41.6 | %) | |||||
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended September 30, 2024 and June 30, 2024
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and June 30, 2024 follows (in thousands):
Three Months Ended | September 30, 2024 | June 30, 2024 | Change | |||||||||||
$ | $ | $ | % | |||||||||||
Net income before provision for income taxes | $ | 10,173 | 33,975 | $ | (23,802 | ) | (70.1 | %) | ||||||
Adjustments: | ||||||||||||||
Remeasurement gain on pre-existing equity interest | — | (16,669 | ) | $ | 16,669 | 100.0 | % | |||||||
Contingent consideration fair value adjustments | (150 | ) | (370 | ) | $ | (220 | ) | (59.5 | %) | |||||
Acquisition costs | 52 | 363 | $ | (311 | ) | (85.7 | %) | |||||||
Amortization of acquired intangibles | 3,864 | 2,066 | $ | 1,798 | 87.0 | % | ||||||||
Depreciation expense | 845 | 779 | $ | 66 | 8.5 | % | ||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 14,784 | $ | 20,144 | $ | (5,360 | ) | (26.6 | %) | |||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended September 30, 2024 and June 30, 2024 follows (in thousands):
Three Months Ended | September 30, 2024 | June 30, 2024 | Change | |||||||||||
$ | $ | $ | % | |||||||||||
Net income | $ | 8,418 | $ | 30,935 | $ | (22,517 | ) | (72.8 | %) | |||||
Adjustments: | ||||||||||||||
Interest income | (7,087 | ) | (8,073 | ) | $ | (986 | ) | (12.2 | %) | |||||
Interest expense | 9,987 | 9,633 | $ | 354 | 3.7 | % | ||||||||
Amortization of acquired intangibles | 3,864 | 2,066 | $ | 1,798 | 87.0 | % | ||||||||
Depreciation expense | 845 | 779 | $ | 66 | 8.5 | % | ||||||||
Income tax expense | 1,755 | 3,040 | $ | (1,285 | ) | (42.3 | %) | |||||||
9,364 | 7,445 | $ | 1,919 | 25.8 | % | |||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 17,782 | $ | 38,380 | $ | (20,598 | ) | (53.7 | %) | |||||
Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||
Net cash (used in) provided by operating activities | $ | (127,529 | ) | $ | 82,850 | $ | (210,379 | ) | (253.9 | %) | ||||
Changes in operating working capital | 142,317 | (68,064 | ) | $ | 210,381 | 309.1 | % | |||||||
Interest expense | 9,987 | 9,633 | $ | 354 | 3.7 | % | ||||||||
Interest income | (7,087 | ) | (8,073 | ) | $ | (986 | ) | (12.2 | %) | |||||
Income tax expense | 1,755 | 3,040 | $ | (1,285 | ) | (42.3 | %) | |||||||
Dividends received from equity method investees | (169 | ) | (281 | ) | $ | (112 | ) | (39.9 | %) | |||||
Earnings from equity method investments | 578 | 764 | $ | (186 | ) | (24.3 | %) | |||||||
Remeasurement gain on pre-existing equity interest | — | 16,669 | $ | (16,669 | ) | (100.0 | %) | |||||||
Share-based compensation | (320 | ) | (321 | ) | $ | (1 | ) | (0.3 | %) | |||||
Deferred income taxes | — | 2,690 | $ | (2,690 | ) | (100.0 | %) | |||||||
Amortization of loan cost | (665 | ) | (619 | ) | $ | 46 | 7.4 | % | ||||||
Other | (1,085 | ) | 92 | $ | (1,177 | ) | (1,279.3 | %) | ||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 17,782 | $ | 38,380 | $ | (20,598 | ) | (53.7 | %) |
FAQ
What was A-Mark Precious Metals (AMRK) earnings per share in Q1 2025?
How much revenue did AMRK generate in Q1 2025?
What was AMRK's net income for Q1 2025?