Q3 FY 2024 Diluted Earnings Per Share of
Repurchased 204,396 Common Shares for
Expanded into
Company Reaffirms Regular Quarterly Cash Dividend Policy of
Management Commentary
“Our third quarter results reflect the continued ability of our fully-integrated platform to deliver profitable results even in a difficult market environment,” said A-Mark CEO
“We advanced the logistics automation initiatives at our A-Mark Global Logistics (AMGL) facility in
“Our commitment to generating stockholder value remains firm, and we are confident in A-Mark’s diversified and proven business model.”
Fiscal Third Quarter 2024 Operational Highlights
- Gold ounces sold in the three months ended
March 31, 2024 decreased 32% to 446,000 ounces from 659,000 ounces for the three months endedMarch 31, 2023 , and decreased 1% from 450,000 ounces for the three months endedDecember 31, 2023 - Silver ounces sold in the three months ended
March 31, 2024 decreased 30% to 25.7 million ounces from 36.9 million ounces for the three months endedMarch 31, 2023 , and decreased 3% from 26.6 million ounces for the three months endedDecember 31, 2023 - As of
March 31, 2024 , the number of secured loans decreased 30% to 675 from 963 as ofMarch 31, 2023 , and decreased 6% from 715 as ofDecember 31, 2023 - As of
March 31, 2024 , secured loans receivable increased 19% to$115.6 million from$96.9 million as ofMarch 31, 2023 , and increased 9% from$106.6 million as ofDecember 31, 2023 - Direct-to-Consumer new customers for the three months ended
March 31, 2024 decreased 13% to 56,600 from 64,700 for the three months endedMarch 31, 2023 , and increased 8% from 52,500 for the three months endedDecember 31, 2023 - Direct-to-Consumer active customers for the three months ended
March 31, 2024 decreased 15% to 126,000 from 147,400 for the three months endedMarch 31, 2023 , and decreased 8% from 136,400 for the three months endedDecember 31, 2023 - Direct-to-Consumer average order value for the three months ended
March 31, 2024 decreased$319 , or 13% to$2,133 from$2,452 for the three months endedMarch 31, 2023 , and decreased$85 , or 4% from$2,218 for the three months endedDecember 31, 2023 - JM Bullion’s average order value for the three months ended
March 31, 2024 decreased$249 , or 11% to$2,003 from$2,252 for the three months endedMarch 31, 2023 , and decreased$58 , or 3% from$2,061 for the three months endedDecember 31, 2023
Three Months Ended | ||||||||||
2024 | 2023 | |||||||||
Selected Operating and Financial Metrics: | ||||||||||
Gold ounces sold (1) | 446,000 | 659,000 | ||||||||
Silver ounces sold (2) | 25,722,000 | 36,906,000 | ||||||||
Number of secured loans at period end (3) | 675 | 963 | ||||||||
Secured loans receivable at period end | $ | 115,645,000 | $ | 96,856,000 | ||||||
Direct-to-Consumer ("DTC") number of new customers (4) | 56,600 | 64,700 | ||||||||
Direct-to-Consumer number of active customers (5) | 126,000 | 147,400 | ||||||||
Direct-to-Consumer of total customers (6) | 2,496,500 | 2,257,900 | ||||||||
Direct-to-Consumer average number order value ("AOV") (7) | $ | 2,133 | $ | 2,452 | ||||||
$ | 2,003 | $ | 2,252 | |||||||
CyberMetals number of new customers (9) | 1,900 | 4,800 | ||||||||
CyberMetals number of active customers (10) | 1,900 | 1,500 | ||||||||
CyberMetals number of total customers (11) | 28,100 | 17,200 | ||||||||
CyberMetals customer assets under management at period end (12) | $ | 6,800,000 | $ | 6,500,000 | ||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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 | ||||||||||
Selected Operating and Financial Metrics: | ||||||||||
Gold ounces sold (1) | 446,000 | 450,000 | ||||||||
Silver ounces sold (2) | 25,722,000 | 26,575,000 | ||||||||
Number of secured loans at period end (3) | 675 | 715 | ||||||||
Secured loans receivable at period end | $ | 115,645,000 | $ | 106,565,000 | ||||||
Direct-to-Consumer ("DTC") number of new customers (4) | 56,600 | 52,500 | ||||||||
Direct-to-Consumer number of active customers (5) | 126,000 | 136,400 | ||||||||
Direct-to-Consumer number of total customers (6) | 2,496,500 | 2,439,900 | ||||||||
Direct-to-Consumer average order value ("AOV") (7) | $ | 2,133 | $ | 2,218 | ||||||
$ | 2,003 | $ | 2,061 | |||||||
CyberMetals number of new customers (9) | 1,900 | 1,400 | ||||||||
CyberMetals number of active customers (10) | 1,900 | 1,900 | ||||||||
CyberMetals number of total customers (11) | 28,100 | 26,200 | ||||||||
CyberMetals customer assets under management at period end (12) | $ | 6,800,000 | $ | 6,500,000 | ||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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 Nine Months 2024 Operational Highlights
- Gold ounces sold in the nine months ended
March 31, 2024 decreased 25% to 1.4 million ounces from 1.9 million ounces for the nine months endedMarch 31, 2023 - Silver ounces sold in the nine months ended
March 31, 2024 decreased 26% to 82.7 million ounces from 111.0 million ounces for the nine months endedMarch 31, 2023 - Direct-to-Consumer new customers for the nine months ended
March 31, 2024 decreased 40% to 148,200 from 244,900 for the nine months endedMarch 31, 2023 . For the nine-month period endedMarch 31, 2023 , approximately 30% of the new customers were attributable to the acquired customer list of BGASC inOctober 2022 - Direct-to-Consumer active customers for the nine months ended
March 31, 2024 increased 8% to 368,800 from 342,500 for the nine months endedMarch 31, 2023 - Direct-to-Consumer average order value for the nine months ended
March 31, 2024 decreased$141 , or 6% to$2,253 from$2,394 for the nine months endedMarch 31, 2023 - JM Bullion’s average order value for the nine months ended
March 31, 2024 decreased$123 , or 6% to$2,093 from$2,216 for the nine months endedMarch 31, 2023
Nine Months Ended | ||||||||||
2024 | 2023 | |||||||||
Selected Operating and Financial Metrics: | ||||||||||
Gold ounces sold (1) | 1,391,000 | 1,853,000 | ||||||||
Silver ounces sold (2) | 82,675,000 | 110,960,000 | ||||||||
Number of secured loans at period end (3) | 675 | 963 | ||||||||
Secured loans receivable at period end | $ | 115,645,000 | $ | 96,856,000 | ||||||
Direct-to-Consumer ("DTC") number of new customers (4) | 148,200 | 244,900 | ||||||||
Direct-to-Consumer number of active customers (5) | 368,800 | 342,500 | ||||||||
Direct-to-Consumer number of total customers (6) | 2,496,500 | 2,257,900 | ||||||||
Direct-to-Consumer average order value ("AOV") (7) | $ | 2,253 | $ | 2,394 | ||||||
$ | 2,093 | $ | 2,216 | |||||||
CyberMetals number of new customers (9) | 5,700 | 11,300 | ||||||||
CyberMetals number of active customers (10) | 6,300 | 3,100 | ||||||||
CyberMetals number of total customers (11) | 28,100 | 17,200 | ||||||||
CyberMetals customer assets under management at period end (12) | $ | 6,800,000 | $ | 6,500,000 | ||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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. | ||||||||||
(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 Third Quarter 2024 Financial Highlights
- Revenues for the three months ended
March 31, 2024 increased 13% to$2.611 billion from$2.317 billion for the three months endedMarch 31, 2023 and increased 26% from$2.079 billion for the three months endedDecember 31, 2023 - Gross profit for the three months ended
March 31, 2024 decreased 54% to$34.8 million from$75.5 million for the three months endedMarch 31, 2023 and decreased 24% from$46.0 million for the three months endedDecember 31, 2023 - Gross profit margin for the three months ended
March 31, 2024 decreased to 1.33% of revenue, from 3.26% of revenue for the three months endedMarch 31, 2023 , and decreased from 2.21% of revenue in the three months endedDecember 31, 2023 - Net income attributable to the Company for the three months ended
March 31, 2024 decreased 86% to$5.0 million from$35.9 million for the three months endedMarch 31, 2023 , and decreased 64% from$13.8 million for the three months endedDecember 31, 2023 - Diluted earnings per share totaled
$0.21 for the three months endedMarch 31, 2024 , an 86% decrease compared to$1.46 for the three months endedMarch 31, 2023 , and decreased 63% from$0.57 for the three months endedDecember 31, 2023 - Adjusted net income before provision for income taxes, depreciation, amortization, and acquisition costs (“Adjusted net income before provision for income taxes” or “Adjusted net income”), a non-GAAP financial performance measure, for the three months ended
March 31, 2024 decreased 76% to$11.6 million from$49.2 million for the three months endedMarch 31, 2023 , and decreased 47% from$21.7 million for the three months endedDecember 31, 2023 - Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended
March 31, 2024 decreased 76% to$12.6 million from$52.3 million for the three months endedMarch 31, 2023 , and decreased 50% from$25.1 million for the three months endedDecember 31, 2023
Three Months Ended | ||||||||||
2024 | 2023 | |||||||||
(in thousands, except Earnings per Share) | ||||||||||
Selected Key Financial Statement Metrics: | ||||||||||
Revenues | $ | 2,610,651 | $ | 2,317,150 | ||||||
Gross profit | $ | 34,838 | $ | 75,498 | ||||||
Depreciation and amortization expense | $ | (2,949 | ) | $ | (3,340 | ) | ||||
Net income attributable to the Company | $ | 5,013 | $ | 35,920 | ||||||
Earnings per Share: | ||||||||||
Basic | $ | 0.22 | $ | 1.53 | ||||||
Diluted | $ | 0.21 | $ | 1.46 | ||||||
Non-GAAP Measures (1): | ||||||||||
Adjusted net income before provision for income taxes | $ | 11,611 | $ | 49,151 | ||||||
EBITDA | $ | 12,614 | $ | 52,263 | ||||||
(1) See Reconciliation of | ||||||||||
Three Months Ended | ||||||||||
(in thousands, except Earnings per Share) | ||||||||||
Selected Key Financial Statement Metrics: | ||||||||||
Revenues | $ | 2,610,651 | $ | 2,078,815 | ||||||
Gross profit | $ | 34,838 | $ | 46,041 | ||||||
Depreciation and amortization expense | $ | (2,949 | ) | $ | (2,811 | ) | ||||
Net income attributable to the Company | $ | 5,013 | $ | 13,766 | ||||||
Earnings per Share: | ||||||||||
Basic | $ | 0.22 | $ | 0.60 | ||||||
Diluted | $ | 0.21 | $ | 0.57 | ||||||
Non-GAAP Measures (1): | ||||||||||
Adjusted net income before provision for income taxes | $ | 11,611 | $ | 21,728 | ||||||
EBITDA | $ | 12,614 | $ | 25,096 | ||||||
(1) See Reconciliation of | ||||||||||
Fiscal Nine Months 2024 Financial Highlights
- Revenues for the nine months ended
March 31, 2024 increased 16% to$7.174 billion from$6.167 billion for the nine months endedMarch 31, 2023 - Gross profit for the nine months ended
March 31, 2024 decreased 40% to$130.3 million from$216.1 million for the nine months endedMarch 31, 2023 - Gross profit margin for the nine months ended
March 31, 2024 decreased to 1.82% of revenue, from 3.50% of revenue for the nine months endedMarch 31, 2023 - Net income attributable to the Company for the nine months ended
March 31, 2024 decreased 67% to$37.6 million from$114.5 million for the nine months endedMarch 31, 2023 - Diluted earnings per share totaled
$1.56 for the nine months endedMarch 31, 2024 , a 66% decrease compared to$4.64 for the nine months endedMarch 31, 2023 - Adjusted net income for the nine months ended
March 31, 2024 decreased 62% to$60.1 million from$156.9 million for the nine months endedMarch 31, 2023 - EBITDA for the nine months ended
March 31, 2024 decreased 58% to$68.2 million from$163.1 million for the nine months endedMarch 31, 2023
Nine Months Ended | ||||||||||
2024 | 2023 | |||||||||
(in thousands, except Earnings per Share) | ||||||||||
Selected Key Financial Statement Metrics: | ||||||||||
Revenues | $ | 7,174,084 | $ | 6,167,206 | ||||||
Gross profit | $ | 130,284 | $ | 216,059 | ||||||
Depreciation and amortization expense | $ | (8,552 | ) | $ | (9,784 | ) | ||||
Net income attributable to the Company | $ | 37,606 | $ | 114,526 | ||||||
Earnings per Share: | ||||||||||
Basic | $ | 1.63 | $ | 4.89 | ||||||
Diluted | $ | 1.56 | $ | 4.64 | ||||||
Non-GAAP Measures (1): | ||||||||||
Adjusted net income before provision for income taxes | $ | 60,118 | $ | 156,896 | ||||||
EBITDA | $ | 68,158 | $ | 163,148 | ||||||
(1) See Reconciliation of | ||||||||||
Fiscal Third Quarter 2024 Financial Summary
Revenues increased 13% to
Gross profit decreased 54% to
Selling, general and administrative expenses decreased 4% to
Depreciation and amortization expense decreased 12% to
Interest income increased 10% to
Interest expense increased 7% to
Losses from equity method investments increased 194% to
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the three months ended
EBITDA for the three months ended
Fiscal Nine Months 2024 Financial Summary
Revenues increased 16% to
Gross profit decreased 40% to
Selling, general and administrative expenses increased 8% to
Depreciation and amortization expense decreased 13% to
Interest income increased 18% to
Interest expense increased 32% to
Earnings from equity method investments decreased 55% to
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the nine months ended
EBITDA for the nine months ended
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 (
Webcast: https://www.webcaster4.com/Webcast/Page/2867/50365
International number: 1-973-528-0011
Participant Access Code: 607245
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
Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 50365
About
Founded in 1965,
A-Mark’s Wholesale Sales & Ancillary Services segment distributes and purchases precious metal products from sovereign and private mints. As a
Located in the heart of Hong Kong’s
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
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,
The company operates its Secured Lending segment through its wholly owned subsidiary,
A-Mark is headquartered in
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
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, dividend declarations, the amount or timing of any future dividends, future macroeconomic conditions and demand for precious metal products, and the Company’s ability to effectively respond to changing economic conditions. 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; 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 poses 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
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
In the Company’s reconciliation from its reported
Company Contact:
1-310-587-1410
sreiner@amark.com
Investor Relations Contact:
1-949-574-3860
AMRK@gateway-grp.com
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share data) | ||||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 35,167 | $ | 39,318 | ||||
Receivables, net | 53,229 | 35,243 | ||||||
Derivative assets | 30,875 | 77,881 | ||||||
Secured loans receivable | 115,645 | 100,620 | ||||||
Precious metals held under financing arrangements | 12,772 | 25,530 | ||||||
Inventories: | ||||||||
Inventories | 579,398 | 645,812 | ||||||
Restricted inventories | 510,237 | 335,831 | ||||||
1,089,635 | 981,643 | |||||||
Income tax receivable | 4,332 | — | ||||||
Prepaid expenses and other assets | 7,536 | 6,956 | ||||||
Total current assets | 1,349,191 | 1,267,191 | ||||||
Operating lease right of use assets | 5,130 | 5,119 | ||||||
Property, plant, and equipment, net | 16,234 | 12,513 | ||||||
120,956 | 100,943 | |||||||
Intangibles, net | 74,917 | 62,630 | ||||||
Long-term investments | 93,735 | 88,535 | ||||||
Other long-term assets | 9,324 | 8,640 | ||||||
Total assets | $ | 1,669,487 | $ | 1,545,571 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Lines of credit | $ | — | $ | 235,000 | ||||
Liabilities on borrowed metals | 26,167 | 21,642 | ||||||
Product financing arrangements | 510,237 | 335,831 | ||||||
Accounts payable and other payables | 9,598 | 25,465 | ||||||
Deferred revenue and other advances | 150,875 | 181,363 | ||||||
Derivative liabilities | 51,146 | 8,076 | ||||||
Accrued liabilities | 16,786 | 20,418 | ||||||
Income tax payable | — | 958 | ||||||
Notes payable | — | 95,308 | ||||||
Total current liabilities | 764,809 | 924,061 | ||||||
Lines of credit | 290,000 | — | ||||||
Notes payable | 3,994 | — | ||||||
Deferred tax liabilities | 16,717 | 16,677 | ||||||
Other liabilities | 6,967 | 4,440 | ||||||
Total liabilities | 1,082,487 | 945,178 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, par value | 239 | 237 | ||||||
(28,277 | ) | (9,762 | ) | |||||
Additional paid-in capital | 171,612 | 169,034 | ||||||
Accumulated other comprehensive loss | (898 | ) | (1,025 | ) | ||||
Retained earnings | 440,490 | 440,639 | ||||||
583,166 | 599,123 | |||||||
Noncontrolling interest | 3,834 | 1,270 | ||||||
Total stockholders’ equity | 587,000 | 600,393 | ||||||
Total liabilities, noncontrolling interest and stockholders’ equity | $ | 1,669,487 | $ | 1,545,571 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data; unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 2,610,651 | $ | 2,317,150 | $ | 7,174,084 | $ | 6,167,206 | ||||||||
Cost of sales | 2,575,813 | 2,241,652 | 7,043,800 | 5,951,147 | ||||||||||||
Gross profit | 34,838 | 75,498 | 130,284 | 216,059 | ||||||||||||
Selling, general, and administrative expenses | (22,854 | ) | (23,841 | ) | (67,095 | ) | (62,438 | ) | ||||||||
Depreciation and amortization expense | (2,949 | ) | (3,340 | ) | (8,552 | ) | (9,784 | ) | ||||||||
Interest income | 6,682 | 6,087 | 19,095 | 16,167 | ||||||||||||
Interest expense | (9,907 | ) | (9,237 | ) | (29,898 | ) | (22,603 | ) | ||||||||
Earnings (losses) from equity method investments | (206 | ) | (70 | ) | 3,280 | 7,276 | ||||||||||
Other income, net | 763 | 641 | 1,605 | 2,001 | ||||||||||||
Unrealized gains on foreign exchange | 73 | 35 | 84 | 250 | ||||||||||||
Net income before provision for income taxes | 6,440 | 45,773 | 48,803 | 146,928 | ||||||||||||
Income tax expense | (1,286 | ) | (9,775 | ) | (10,705 | ) | (32,096 | ) | ||||||||
Net income | 5,154 | 35,998 | 38,098 | 114,832 | ||||||||||||
Net income attributable to noncontrolling interest | 141 | 78 | 492 | 306 | ||||||||||||
Net income attributable to the Company | $ | 5,013 | $ | 35,920 | $ | 37,606 | $ | 114,526 | ||||||||
Basic and diluted net income per share attributable to | ||||||||||||||||
Basic | $ | 0.22 | $ | 1.53 | $ | 1.63 | $ | 4.89 | ||||||||
Diluted | $ | 0.21 | $ | 1.46 | $ | 1.56 | $ | 4.64 | ||||||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 22,847,200 | 23,421,300 | 23,098,000 | 23,435,700 | ||||||||||||
Diluted | 23,822,800 | 24,655,400 | 24,140,500 | 24,690,900 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) | ||||||||
Nine Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 38,098 | $ | 114,832 | ||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||
Depreciation and amortization | 8,552 | 9,784 | ||||||
Amortization of loan cost | 1,828 | 1,628 | ||||||
Share-based compensation | 1,602 | 1,607 | ||||||
Earnings from equity method investments | (3,280 | ) | (7,276 | ) | ||||
Dividends and distributions received from equity method investees | 361 | 551 | ||||||
Other | (74 | ) | (249 | ) | ||||
Changes in assets and liabilities: | ||||||||
Receivables, net | (8,503 | ) | 6,964 | |||||
Secured loans receivable | — | 1,012 | ||||||
Secured loans made to affiliates | (2,731 | ) | — | |||||
Derivative assets | 47,048 | 33,287 | ||||||
Income tax receivable | (4,332 | ) | (861 | ) | ||||
Precious metals held under financing arrangements | 12,758 | 55,752 | ||||||
Inventories | (91,185 | ) | (226,500 | ) | ||||
Prepaid expenses and other assets | (1,443 | ) | (1,488 | ) | ||||
Accounts payable and other payables | (16,325 | ) | 4,037 | |||||
Deferred revenue and other advances | (42,049 | ) | 78,143 | |||||
Derivative liabilities | 42,951 | 7,550 | ||||||
Liabilities on borrowed metals | 4,525 | (33,687 | ) | |||||
Accrued liabilities | (6,066 | ) | (1,455 | ) | ||||
Income tax payable | (1,358 | ) | (382 | ) | ||||
Net cash (used in) provided by operating activities | (19,623 | ) | 43,249 | |||||
Cash flows from investing activities: | ||||||||
Capital expenditures for property, plant, and equipment | (4,518 | ) | (3,227 | ) | ||||
Acquisition of a business, net of cash acquired | (32,888 | ) | — | |||||
Purchase of long-term investments | (2,113 | ) | (5,540 | ) | ||||
Purchase of intangible assets | (8,515 | ) | (4,500 | ) | ||||
Secured loans receivable, net | (12,280 | ) | 28,359 | |||||
Other | (487 | ) | — | |||||
Net cash (used in) provided by investing activities | (60,801 | ) | 15,092 | |||||
Cash flows from financing activities: | ||||||||
Product financing arrangements, net | 174,406 | 9,433 | ||||||
Dividends paid | (37,265 | ) | (32,794 | ) | ||||
Distributions paid to noncontrolling interest | — | (1,001 | ) | |||||
Net borrowings and repayments under lines of credit | 55,000 | 15,000 | ||||||
Repayment of notes | (95,000 | ) | — | |||||
Proceeds from notes payable to related party | 3,448 | 3,887 | ||||||
Repayments on notes payable to related party | — | (2,135 | ) | |||||
Repurchases of common stock | (22,307 | ) | (9,762 | ) | ||||
Debt funding issuance costs | (2,975 | ) | (471 | ) | ||||
Proceeds from the exercise of share-based awards | 1,298 | 1,425 | ||||||
Payments for tax withholding related to net settlement of share-based awards | (332 | ) | (1,605 | ) | ||||
Net cash provided by (used in) financing activities | 76,273 | (18,023 | ) | |||||
Net (decrease) increase in cash | (4,151 | ) | 40,318 | |||||
Cash, beginning of period | 39,318 | 37,783 | ||||||
Cash, end of period | $ | 35,167 | $ | 78,101 | ||||
Overview of Results of Operations for the Three Months Ended
Consolidated Results of Operations
The operating results for the three months ended
Three Months Ended | 2024 | 2023 | Change | |||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||
Revenues | $ | 2,610,651 | 100.000 | % | $ | 2,317,150 | 100.000 | % | $ | 293,501 | 12.7 | % | ||||||||||
Gross profit | 34,838 | 1.334 | % | 75,498 | 3.258 | % | $ | (40,660 | ) | (53.9 | %) | |||||||||||
Selling, general, and administrative expenses | (22,854 | ) | (0.875 | %) | (23,841 | ) | (1.029 | %) | $ | (987 | ) | (4.1 | %) | |||||||||
Depreciation and amortization expense | (2,949 | ) | (0.113 | %) | (3,340 | ) | (0.144 | %) | $ | (391 | ) | (11.7 | %) | |||||||||
Interest income | 6,682 | 0.256 | % | 6,087 | 0.263 | % | $ | 595 | 9.8 | % | ||||||||||||
Interest expense | (9,907 | ) | (0.379 | %) | (9,237 | ) | (0.399 | %) | $ | 670 | 7.3 | % | ||||||||||
Losses from equity method investments | (206 | ) | (0.008 | %) | (70 | ) | (0.003 | %) | $ | 136 | 194.3 | % | ||||||||||
Other income, net | 763 | 0.029 | % | 641 | 0.028 | % | $ | 122 | 19.0 | % | ||||||||||||
Unrealized gains on foreign exchange | 73 | 0.003 | % | 35 | 0.002 | % | $ | 38 | 108.6 | % | ||||||||||||
Net income before provision for income taxes | 6,440 | 0.247 | % | 45,773 | 1.975 | % | $ | (39,333 | ) | (85.9 | %) | |||||||||||
Income tax expense | (1,286 | ) | (0.049 | %) | (9,775 | ) | (0.422 | %) | $ | (8,489 | ) | (86.8 | %) | |||||||||
Net income | 5,154 | 0.197 | % | 35,998 | 1.554 | % | $ | (30,844 | ) | (85.7 | %) | |||||||||||
Net income attributable to noncontrolling interest | 141 | 0.005 | % | 78 | 0.003 | % | $ | 63 | 80.8 | % | ||||||||||||
Net income attributable to the Company | $ | 5,013 | 0.192 | % | $ | 35,920 | 1.550 | % | $ | (30,907 | ) | (86.0 | %) | |||||||||
Basic and diluted net income per share attributable to | ||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||
Basic | $ | 0.22 | $ | 1.53 | $ | (1.31 | ) | (85.6 | %) | |||||||||||||
Diluted | $ | 0.21 | $ | 1.46 | $ | (1.25 | ) | (85.6 | %) | |||||||||||||
Overview of Results of Operations for the Three Months Ended
Consolidated Results of Operations
The operating results for the three months ended
Three Months Ended | Change | ||||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | ||||||||||||||||
Revenues | $ | 2,610,651 | 100.000 | % | $ | 2,078,815 | 100.000 | % | $ | 531,836 | 25.6 | % | |||||||||
Gross profit | 34,838 | 1.334 | % | 46,041 | 2.215 | % | $ | (11,203 | ) | (24.3 | %) | ||||||||||
Selling, general, and administrative expenses | (22,854 | ) | (0.875 | %) | (22,396 | ) | (1.077 | %) | $ | 458 | 2.0 | % | |||||||||
Depreciation and amortization expense | (2,949 | ) | (0.113 | %) | (2,811 | ) | (0.135 | %) | $ | 138 | 4.9 | % | |||||||||
Interest income | 6,682 | 0.256 | % | 6,311 | 0.304 | % | $ | 371 | 5.9 | % | |||||||||||
Interest expense | (9,907 | ) | (0.379 | %) | (10,168 | ) | (0.489 | %) | $ | (261 | ) | (2.6 | %) | ||||||||
Earnings (losses) from equity method investments | (206 | ) | (0.008 | %) | 777 | 0.037 | % | $ | (983 | ) | (126.5 | %) | |||||||||
Other income, net | 763 | 0.029 | % | 569 | 0.027 | % | $ | 194 | 34.1 | % | |||||||||||
Unrealized gains on foreign exchange | 73 | 0.003 | % | 105 | 0.005 | % | $ | (32 | ) | (30.5 | %) | ||||||||||
Net income before provision for income taxes | 6,440 | 0.247 | % | 18,428 | 0.886 | % | $ | (11,988 | ) | (65.1 | %) | ||||||||||
Income tax expense | (1,286 | ) | (0.049 | %) | (4,467 | ) | (0.215 | %) | $ | (3,181 | ) | (71.2 | %) | ||||||||
Net income | 5,154 | 0.197 | % | 13,961 | 0.672 | % | $ | (8,807 | ) | (63.1 | %) | ||||||||||
Net income attributable to noncontrolling interest | 141 | 0.005 | % | 195 | 0.009 | % | $ | (54 | ) | (27.7 | %) | ||||||||||
Net income attributable to the Company | $ | 5,013 | 0.192 | % | $ | 13,766 | 0.662 | % | $ | (8,753 | ) | (63.6 | %) | ||||||||
Basic and diluted net income per share attributable to | |||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.60 | $ | (0.38 | ) | (63.3 | %) | ||||||||||||
Diluted | $ | 0.21 | $ | 0.57 | $ | (0.36 | ) | (63.2 | %) | ||||||||||||
Overview of Results of Operations for the Nine Months Ended
Consolidated Results of Operations
The operating results for the nine months ended
Nine Months Ended | 2024 | 2023 | Change | ||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | ||||||||||||||||
Revenues | $ | 7,174,084 | 100.000 | % | $ | 6,167,206 | 100.000 | % | $ | 1,006,878 | 16.3 | % | |||||||||
Gross profit | 130,284 | 1.816 | % | 216,059 | 3.503 | % | $ | (85,775 | ) | (39.7 | %) | ||||||||||
Selling, general, and administrative expenses | (67,095 | ) | (0.935 | %) | (62,438 | ) | (1.012 | %) | $ | 4,657 | 7.5 | % | |||||||||
Depreciation and amortization expense | (8,552 | ) | (0.119 | %) | (9,784 | ) | (0.159 | %) | $ | (1,232 | ) | (12.6 | %) | ||||||||
Interest income | 19,095 | 0.266 | % | 16,167 | 0.262 | % | $ | 2,928 | 18.1 | % | |||||||||||
Interest expense | (29,898 | ) | (0.417 | %) | (22,603 | ) | (0.367 | %) | $ | 7,295 | 32.3 | % | |||||||||
Earnings from equity method investments | 3,280 | 0.046 | % | 7,276 | 0.118 | % | $ | (3,996 | ) | (54.9 | %) | ||||||||||
Other income, net | 1,605 | 0.022 | % | 2,001 | 0.032 | % | $ | (396 | ) | (19.8 | %) | ||||||||||
Unrealized gains on foreign exchange | 84 | 0.001 | % | 250 | 0.004 | % | $ | (166 | ) | (66.4 | %) | ||||||||||
Net income before provision for income taxes | 48,803 | 0.680 | % | 146,928 | 2.382 | % | $ | (98,125 | ) | (66.8 | %) | ||||||||||
Income tax expense | (10,705 | ) | (0.149 | %) | (32,096 | ) | (0.520 | %) | $ | (21,391 | ) | (66.6 | %) | ||||||||
Net income | 38,098 | 0.531 | % | 114,832 | 1.862 | % | $ | (76,734 | ) | (66.8 | %) | ||||||||||
Net income attributable to noncontrolling interest | 492 | 0.007 | % | 306 | 0.005 | % | $ | 186 | 60.8 | % | |||||||||||
Net income attributable to the Company | $ | 37,606 | 0.524 | % | $ | 114,526 | 1.857 | % | $ | (76,920 | ) | (67.2 | %) | ||||||||
Basic and diluted net income per share attributable to | |||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||
Basic | $ | 1.63 | $ | 4.89 | $ | (3.26 | ) | (66.7 | %) | ||||||||||||
Diluted | $ | 1.56 | $ | 4.64 | $ | (3.08 | ) | (66.4 | %) | ||||||||||||
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended
Three Months Ended | 2024 | 2023 | Change | ||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income before provision for income taxes | $ | 6,440 | $ | 45,773 | $ | (39,333 | ) | (85.9 | %) | ||||||||
Adjustments: | |||||||||||||||||
Acquisition costs | 2,222 | 38 | $ | 2,184 | 5,747.4 | % | |||||||||||
Amortization of acquired intangibles | 2,198 | 2,719 | $ | (521 | ) | (19.2 | %) | ||||||||||
Depreciation expense | 751 | 621 | $ | 130 | 20.9 | % | |||||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 11,611 | $ | 49,151 | $ | (37,540 | ) | (76.4 | %) | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
Three Months Ended | 2024 | 2023 | Change | |||||||||||||
$ | $ | $ | % | |||||||||||||
Net income | $ | 5,154 | $ | 35,998 | $ | (30,844 | ) | (85.7 | %) | |||||||
Adjustments: | ||||||||||||||||
Interest income | (6,682 | ) | (6,087 | ) | $ | 595 | 9.8 | % | ||||||||
Interest expense | 9,907 | 9,237 | $ | 670 | 7.3 | % | ||||||||||
Amortization of acquired intangibles | 2,198 | 2,719 | $ | (521 | ) | (19.2 | %) | |||||||||
Depreciation expense | 751 | 621 | $ | 130 | 20.9 | % | ||||||||||
Income tax expense | 1,286 | 9,775 | $ | (8,489 | ) | (86.8 | %) | |||||||||
7,460 | 16,265 | $ | (8,805 | ) | (54.1 | %) | ||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 12,614 | $ | 52,263 | $ | (39,649 | ) | (75.9 | %) | |||||||
Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
Net cash provided by operating activities | $ | 82,044 | $ | 91,767 | $ | (9,723 | ) | (10.6 | %) | |||||||
Changes in operating working capital | (72,804 | ) | (52,003 | ) | $ | 20,801 | 40.0 | % | ||||||||
Interest expense | 9,907 | 9,237 | $ | 670 | 7.3 | % | ||||||||||
Interest income | (6,682 | ) | (6,087 | ) | $ | 595 | 9.8 | % | ||||||||
Income tax expense | 1,286 | 9,775 | $ | (8,489 | ) | (86.8 | %) | |||||||||
Dividends and distributions received from equity method investees | (92 | ) | — | $ | 92 | — | % | |||||||||
Losses from equity method investments | (206 | ) | (70 | ) | $ | 136 | 194.3 | % | ||||||||
Share-based compensation | (456 | ) | (538 | ) | $ | (82 | ) | (15.2 | %) | |||||||
Amortization of loan cost | (614 | ) | (488 | ) | $ | 126 | 25.8 | % | ||||||||
Other | 231 | 670 | $ | (439 | ) | (65.5 | %) | |||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 12,614 | $ | 52,263 | $ | (39,649 | ) | (75.9 | %) | |||||||
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended
Three Months Ended | Change | |||||||||||||||||
$ | $ | $ | % | |||||||||||||||
Net income before provision for income taxes | $ | 6,440 | 18,428 | $ | (11,988 | ) | (65.1 | %) | ||||||||||
Adjustments: | ||||||||||||||||||
Acquisition costs | 2,222 | 489 | $ | 1,733 | 354.4 | % | ||||||||||||
Amortization of acquired intangibles | 2,198 | 2,165 | $ | 33 | 1.5 | % | ||||||||||||
Depreciation expense | 751 | 646 | $ | 105 | 16.3 | % | ||||||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 11,611 | $ | 21,728 | $ | (10,117 | ) | (46.6 | %) | |||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
Three Months Ended | Change | ||||||||||||||||||
$ | $ | $ | % | ||||||||||||||||
Net income | $ | 5,154 | $ | 13,961 | $ | (8,807 | ) | (63.1 | %) | ||||||||||
Adjustments: | |||||||||||||||||||
Interest income | (6,682 | ) | (6,311 | ) | $ | 371 | 5.9 | % | |||||||||||
Interest expense | 9,907 | 10,168 | $ | (261 | ) | (2.6 | %) | ||||||||||||
Amortization of acquired intangibles | 2,198 | 2,165 | $ | 33 | 1.5 | % | |||||||||||||
Depreciation expense | 751 | 646 | $ | 105 | 16.3 | % | |||||||||||||
Income tax expense | 1,286 | 4,467 | $ | (3,181 | ) | (71.2 | %) | ||||||||||||
7,460 | 11,135 | $ | (3,675 | ) | (33.0 | %) | |||||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 12,614 | $ | 25,096 | $ | (12,482 | ) | (49.7 | %) | ||||||||||
Reconciliation of Operating Cash Flows to EBITDA: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 82,044 | $ | (57,405 | ) | $ | 139,449 | 242.9 | % | ||||||||||
Changes in operating working capital | (72,804 | ) | 74,387 | $ | (147,191 | ) | (197.9 | %) | |||||||||||
Interest expense | 9,907 | 10,168 | $ | (261 | ) | (2.6 | %) | ||||||||||||
Interest income | (6,682 | ) | (6,311 | ) | $ | 371 | 5.9 | % | |||||||||||
Income tax expense | 1,286 | 4,467 | $ | (3,181 | ) | (71.2 | %) | ||||||||||||
Dividends received from equity method investees | (92 | ) | — | $ | 92 | — | % | ||||||||||||
Earnings (losses) from equity method investments | (206 | ) | 777 | $ | (983 | ) | (126.5 | %) | |||||||||||
Share-based compensation | (456 | ) | (482 | ) | $ | (26 | ) | (5.4 | %) | ||||||||||
Amortization of loan cost | (614 | ) | (692 | ) | $ | (78 | ) | (11.3 | %) | ||||||||||
Other | 231 | 187 | $ | 44 | 23.5 | % | |||||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 12,614 | $ | 25,096 | $ | (12,482 | ) | (49.7 | %) | ||||||||||
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the nine months ended
Nine Months Ended | 2024 | 2023 | Change | ||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income before provision for income taxes | $ | 48,803 | $ | 146,928 | $ | (98,125 | ) | (66.8 | %) | ||||||||
Adjustments: | |||||||||||||||||
Acquisition costs | 2,763 | 184 | $ | 2,579 | 1,401.6 | % | |||||||||||
Amortization of acquired intangibles | 6,528 | 8,193 | $ | (1,665 | ) | (20.3 | %) | ||||||||||
Depreciation expense | 2,024 | 1,591 | $ | 433 | 27.2 | % | |||||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 60,118 | $ | 156,896 | $ | (96,778 | ) | (61.7 | %) | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the nine months ended
Nine Months Ended | 2024 | 2023 | Change | ||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income | $ | 38,098 | $ | 114,832 | $ | (76,734 | ) | (66.8 | %) | ||||||||
Adjustments: | |||||||||||||||||
Interest income | (19,095 | ) | (16,167 | ) | $ | 2,928 | 18.1 | % | |||||||||
Interest expense | 29,898 | 22,603 | $ | 7,295 | 32.3 | % | |||||||||||
Amortization of acquired intangibles | 6,528 | 8,193 | $ | (1,665 | ) | (20.3 | %) | ||||||||||
Depreciation expense | 2,024 | 1,591 | $ | 433 | 27.2 | % | |||||||||||
Income tax expense | 10,705 | 32,096 | $ | (21,391 | ) | (66.6 | %) | ||||||||||
30,060 | 48,316 | $ | (18,256 | ) | (37.8 | %) | |||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 68,158 | $ | 163,148 | $ | (94,990 | ) | (58.2 | %) | ||||||||
Reconciliation of Operating Cash Flows to EBITDA: | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (19,623 | ) | $ | 43,249 | $ | (62,872 | ) | (145.4 | %) | |||||||
Changes in operating working capital | 66,710 | 77,628 | $ | (10,918 | ) | (14.1 | %) | ||||||||||
Interest expense | 29,898 | 22,603 | $ | 7,295 | 32.3 | % | |||||||||||
Interest income | (19,095 | ) | (16,167 | ) | $ | 2,928 | 18.1 | % | |||||||||
Income tax expense | 10,705 | 32,096 | $ | (21,391 | ) | (66.6 | %) | ||||||||||
Dividends and distributions received from equity method investees | (361 | ) | (551 | ) | $ | (190 | ) | (34.5 | %) | ||||||||
Earnings from equity method investments | 3,280 | 7,276 | $ | (3,996 | ) | (54.9 | %) | ||||||||||
Share-based compensation | (1,602 | ) | (1,607 | ) | $ | (5 | ) | (0.3 | %) | ||||||||
Amortization of loan cost | (1,828 | ) | (1,628 | ) | $ | 200 | 12.3 | % | |||||||||
Other | 74 | 249 | $ | (175 | ) | (70.3 | %) | ||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 68,158 | $ | 163,148 | $ | (94,990 | ) | (58.2 | %) |
Source:
2024 GlobeNewswire, Inc., source