A-Mark Precious Metals, Inc. Files 10-Q for Period Ending December 31, 2023
Ticker: GOLD · Form: 10-Q · Filed: Feb 8, 2024 · CIK: 1591588
Complexity: simple
Sentiment: neutral
Topics: 10-Q, A-Mark Precious Metals, Financial Report, Precious Metals, SEC Filing
TL;DR
<b>A-Mark Precious Metals, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>
AI Summary
A-Mark Precious Metals, Inc. (GOLD) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. A-Mark Precious Metals, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter ending December 31, 2023. The company's fiscal year ends on June 30. The filing was made on February 8, 2024. The company's principal business address is in El Segundo, California.
Why It Matters
For investors and stakeholders tracking A-Mark Precious Metals, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the most recent fiscal quarter. Key financial details and operational updates within this report are crucial for understanding the company's current business trajectory and potential risks.
Risk Assessment
Risk Level: medium — A-Mark Precious Metals, Inc. shows moderate risk based on this filing. The company operates in the precious metals wholesale industry, which is subject to price volatility and market demand fluctuations, as indicated by references to commodity contracts and fair value measurements.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to assess the company's performance and outlook in the precious metals market.
Key Numbers
- 2023-12-31 — Reporting Period End Date (Conformed period of report)
- 2024-02-08 — Filing Date (Filed as of date)
- 0630 — Fiscal Year End (Fiscal year end)
- 118 — Public Document Count (Number of documents in the filing)
Key Players & Entities
- A-Mark Precious Metals, Inc. (company) — Filer name
- 2023-12-31 (date) — Conformed period of report
- 2024-02-08 (date) — Filed as of date
- El Segundo, CA (location) — Business address city and state
- 310-587-1414 (phone) — Business phone
- us-gaap:CommodityContractMember (other) — Accounting standard for commodity contracts
- us-gaap:FairValueMeasurementsRecurringMember (other) — Accounting standard for recurring fair value measurements
- amrk:WholesaleSalesMember (other) — Company-specific segment for wholesale sales
Forward-Looking Statements
- A-Mark Precious Metals will likely face continued pressure on sales volumes if precious metal demand remains subdued. (A-Mark Precious Metals, Inc.) — medium confidence, target: 2024-06-30
FAQ
When did A-Mark Precious Metals, Inc. file this 10-Q?
A-Mark Precious Metals, Inc. filed this Quarterly Report (10-Q) with the SEC on February 8, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by A-Mark Precious Metals, Inc. (GOLD).
Where can I read the original 10-Q filing from A-Mark Precious Metals, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by A-Mark Precious Metals, Inc..
What are the key takeaways from A-Mark Precious Metals, Inc.'s 10-Q?
A-Mark Precious Metals, Inc. filed this 10-Q on February 8, 2024. Key takeaways: A-Mark Precious Metals, Inc. filed a 10-Q report for the period ending December 31, 2023.. The filing covers the fiscal quarter ending December 31, 2023.. The company's fiscal year ends on June 30..
Is A-Mark Precious Metals, Inc. a risky investment based on this filing?
Based on this 10-Q, A-Mark Precious Metals, Inc. presents a moderate-risk profile. The company operates in the precious metals wholesale industry, which is subject to price volatility and market demand fluctuations, as indicated by references to commodity contracts and fair value measurements.
What should investors do after reading A-Mark Precious Metals, Inc.'s 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to assess the company's performance and outlook in the precious metals market. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [medium — market]: The company faces risks related to customer concentration, with significant receivables from entities like Bank of America and Morgan Stanley.
- Commodity Contract Risks [medium — financial]: Risks associated with commodity contracts, including forward contracts and futures, are present, impacting fair value measurements.
- Financing Arrangements [medium — financial]: The company utilizes various financing arrangements, including credit facilities and term notes, which carry inherent financial risks.
Key Dates
- 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-02-08: Filing Date — Date the 10-Q was officially filed with the SEC.
- 2023-06-30: Fiscal Year End — Indicates the end of the company's annual fiscal cycle.
Filing Stats: 4,368 words · 17 min read · ~15 pages · Grade level 13.5 · Accepted 2024-02-08 17:31:21
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value AMRK NASDAQ Global Select
Filing Documents
- amrk-20231231.htm (10-Q) — 7043KB
- amrk-ex10_1.htm (EX-10.1) — 325KB
- amrk-ex31_1.htm (EX-31.1) — 16KB
- amrk-ex31_2.htm (EX-31.2) — 16KB
- amrk-ex32_1.htm (EX-32.1) — 9KB
- amrk-ex32_2.htm (EX-32.2) — 9KB
- img205007654_0.jpg (GRAPHIC) — 150KB
- 0000950170-24-012899.txt ( ) — 23752KB
- amrk-20231231.xsd (EX-101.SCH) — 2139KB
- amrk-20231231_htm.xml (XML) — 5146KB
Financial Statements
Financial Statements 3 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 78 Item 4.
Controls and Procedures
Controls and Procedures 79 PART II OTHER INFORMATION 80 Item 1.
Legal Proceedings
Legal Proceedings 80 Item 1A.
Risk Factors
Risk Factors 80 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 94 Item 3. Defaults Upon Senior Securities 95 Item 4. Mine Safety Disclosures 95 Item 5. Other Information 95 Item 6. Exhibits 96
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Index to the Condensed Consolidated Financial Statements and Notes thereof Page Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 4 Condensed Consolidated Statements of Income for the Three and Six Months Ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended December 31, 2023 and 2022 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 8 Notes to the Condensed Consolidated Financial Statements 9 Note 1. Description of Business 9 Note 2. Summary of Significant Accounting Policies 10 Note 3. Assets and Liabilities, at Fair Value 21 Note 4. Receivables, Net 23 Note 5. Secured Loans Receivable 24 Note 6. Inventories 25 Note 7. Leases 26 Note 8. Property, Plant, and Equipment 27 Note 9. Goodwill and Intangible Assets 27 Note 10. Long-Term Investments 29 Note 11. Accounts Payable and Other Current Liabilities 29 Note 12. Derivative Instruments and Hedging Transactions 29 Note 13. Income Taxes 32 Note 14. Related Party Transactions 33 Note 15. Financing Agreements 34 Note 16. Commitments and Contingencies 36 Note 17. Stockholders' Equity 37 Note 18. Customer and Supplier Concentrations 40 Note 19. Segments and Geographic Information 40 Note 20. Subsequent Events 43 3 A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED B ALANCE SHEETS (in thousands, except for share data) December 31, 2023 June 30, 2023 (unaudited) ASSETS Current assets Cash (1) $ 28,495 $ 39,318 Receivables, net 42,720 35,243 Derivative assets 25,745 77,881 Secured loans receivable (1) 106,565 100,620 Precious metals held under financing arrangements (1) 19,520 25,530 Inventories: Inventories (1) 591,737 645,812 Restricted inventories 518,613