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November 2022
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Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
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Jun. 30, 2022 | Aug. 23, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | A-Mark Precious Metals, Inc. | ||
Entity Central Index Key | 0001591588 | ||
Entity Tax Identification Number | 11-2464169 | ||
Entity File Number | 001-36347 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 2121 Rosecrans Ave | ||
Entity Address, Address Line Two | Suite 6300 | ||
Entity Address, City or Town | El Segundo | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90245 | ||
City Area Code | 310 | ||
Local Phone Number | 587-1477 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | AMRK | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 23,383,221 | ||
Entity Public Float | $ 522,917,978 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated By Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the 2022 Annual Meeting of Shareholders, scheduled to be held on October 27, 2022, are incorporated into Part III. | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Newport Beach, California |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Amark Precious Metals, Inc..
Amark Precious Metals, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Excluding an increase of $664.5 million of forward sales that had a negligible impact to the amount of gross profit, this segment's gross margin percentage for the year ended June 30, 2022 increased by 13.5 basis points to 2.394% from 2.259%.
The increase in cash used was primarily driven by changes in the balances of inventories, deferred revenue and other advances, and derivative assets, partially offset by increased net income adjusted for noncash items and changes in working capital, which includes the balances of derivative liabilities, accounts payable, liabilities on borrowed metals, and precious metals held under financing arrangements.
The decrease in the gross profit margin percentage was mainly driven by the addition of JMB which has lower Direct-to-Consumer margins than Goldline and PMPP, partially offset by improved gross profit percentages at Goldline and PMPP.
The precious metal component of the inventory may be hedged through the use of precious metal commodity positions, while the premium component of our inventory is not a commodity that may be hedged.
On August 27, 2021, the Company increased its ownership of Pinehurst Coin Exchange, Inc. ("Pinehurst") from 10.0% to 49.0% for a purchase price of $9.8 million, consisting of $6.8 million in cash and 123,180 shares of the Companys common stock.
The Company recognizes interest and...Read more
Earnings from equity method investments?...Read more
Excluding the impact of inter-segment...Read more
Also, the Company recognizes its...Read more
On June 27, 2022, the...Read more
As compared to the prior...Read more
Factors that could cause or...Read more
We intend to continue to...Read more
Product supply constraints during extended...Read more
When these contracts are net...Read more
The increase was due to...Read more
The overall gross profit decrease...Read more
The aggregate increase in interest...Read more
The increase in interest income...Read more
The increase in interest income...Read more
The increase in interest expense...Read more
For the year ended June...Read more
In periods of higher volatility,...Read more
Earnings from equity method investments...Read more
Our strategy continues to focus...Read more
Forward sales increase revenues, but...Read more
For contracts that are net...Read more
This segment?s profit margin percentage...Read more
The Company?s overall gross margin...Read more
If the Company concludes that...Read more
Remeasurement gain on pre-existing equity...Read more
The increase in gross margin...Read more
This period over period decrease...Read more
Greater volatility typically causes the...Read more
The decrease was mainly driven...Read more
Excluding an increase in forward...Read more
The Company records commodity forward...Read more
The Company operates in a...Read more
Since we quote prices based...Read more
The fair market value of...Read more
The Wholesale Sales & Ancillary...Read more
In periods of higher volatility,...Read more
Remeasurement gain on pre-existing equity...Read more
The new credit facility became...Read more
Lines of Credit Effective December...Read more
For the year ended June...Read more
Excluding an increase of $664.5...Read more
We have an effective universal...Read more
Inventory includes amounts borrowed from...Read more
The change was primarily due...Read more
The Company also continually monitors...Read more
The Company?s gains (losses) on...Read more
The decrease in gross margin...Read more
However, the gains and losses...Read more
Unallocated or pool metal represents...Read more
OFF-BALANCE SHEET ARRANGEMENTS As of...Read more
The change was primarily due...Read more
Interest Expense ? Secured Lending...Read more
The change was primarily due...Read more
The Company uses the following...Read more
Excluding inter-segment sales from the...Read more
If the Company concludes that...Read more
This period over period decrease...Read more
The overall gross profit increase...Read more
Our open sale and purchase...Read more
Interest Income ? Wholesale Sales...Read more
Our working capital requirements fluctuated...Read more
JMB?s depreciation and amortization expense...Read more
For the year ended June...Read more
Interest Expense Interest expense for...Read more
Interest expense ? Direct-to-Consumer Interest...Read more
We are focused on attracting...Read more
The increase in gross profit...Read more
For this reason, the Company...Read more
The Company has also announced...Read more
The following table summarizes the...Read more
When the market price of...Read more
Unlike our bullion coins, the...Read more
Depreciation and Amortization Expense Depreciation...Read more
Depreciation and amortization expense ?...Read more
The change was primarily due...Read more
Selling, General and Administrative Expense...Read more
Selling, General and Administrative Expense...Read more
Our policy is to substantially...Read more
The decrease in the ticket...Read more
These net gains and losses...Read more
Our effective tax rate was...Read more
All subsequent written and oral...Read more
Selling, General and Administrative Expenses...Read more
The Company also performs impairment...Read more
If through a quantitative analysis...Read more
The Company also uses other...Read more
For the year ended June...Read more
For the year ended June...Read more
The obligation is stated at...Read more
The obligation is stated at...Read more
The Wholesale Sales ticket volume...Read more
Gross Profit Gross profit for...Read more
Gross Profit ? Direct-to-Consumer Gross...Read more
Revenues for the year ended...Read more
Our inventory consists of, and...Read more
This step requires us to...Read more
The Company's wholly-owned subsidiary AMGL...Read more
We believe "adjusted net income...Read more
As of June 30, 2022,...Read more
Revenues Revenues for the year...Read more
Reconciliation We calculate EBITDA by...Read more
Amortization of purchased intangible assets...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Amark Precious Metals, Inc. provided additional information to their SEC Filing as exhibits
Ticker: AMRK
CIK: 1591588
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-018068
Submitted to the SEC: Fri Sep 02 2022 4:18:51 PM EST
Accepted by the SEC: Fri Sep 02 2022
Period: Thursday, June 30, 2022
Industry: Wholesale Jewelry Watches Precious Stones And Metals