FY 2023 Diluted Earnings Per Share of
Record FY 2023 Non-GAAP EBITDA of
46% Year-over-Year Increase in Direct-to-Consumer New Customers
Company Declares Non-recurring Special Dividend of
Management Commentary
“Fiscal year 2023 marked another year of strong financial and operational performance, underscoring the strength of our industry-leading fully integrated precious metals platform,” said A-Mark CEO
“Our fourth quarter results contributed to a strong finish to the fiscal year with net income of
“Reflecting on the full year, I am very proud of our many accomplishments and the execution of our growth strategy. During the year we added minority interests in
“Looking ahead to fiscal 2024, we continue to evaluate opportunities to further expand our geographic presence and market reach to create stockholder value. We also continue to invest in our minting and logistics operations to further increase capacity and enhance our fully integrated platform. We remain optimistic that our diversified and proven business model will allow us to sustain profitability and realize growth over the long term.”
Fiscal Fourth Quarter 2023 Operational Highlights
- Gold ounces sold in the three months ended
June 30, 2023 increased 27% to 814,000 ounces from 641,000 ounces for the three months endedJune 30, 2022 , and increased 24% from 659,000 ounces for the three months endedMarch 31, 2023 - Silver ounces sold in the three months ended
June 30, 2023 increased 20% to 45.3 million ounces from 37.6 million ounces for the three months endedJune 30, 2022 , and increased 23% from 36.9 million ounces for the three months endedMarch 31, 2023 - As of
June 30, 2023 , the number of secured loans decreased 61% to 882 from 2,271 as ofJune 30, 2022 , and decreased 8% from 963 as ofMarch 31, 2023 - Direct-to-Consumer new customers for the three months ended
June 30, 2023 increased 85% to 90,400 from 48,800 for the three months endedJune 30, 2022 , and increased 40% from 64,700 for the three months endedMarch 31, 2023 . For the three-month period endedJune 30, 2023 , approximately 32% of the new customers were attributable to the acquired customer list of BullionMax inJune 2023 - Direct-to-Consumer active customers for the three months ended
June 30, 2023 increased 1% to 133,800 from 133,100 for the three months endedJune 30, 2022 , and decreased 9% from 147,400 for the three months endedMarch 31, 2023 - Direct-to-Consumer average order value for the three months ended
June 30, 2023 increased$546 , or 20% to$3,288 from$2,742 for the three months endedJune 30, 2022 , and increased$836 , or 34% from$2,452 for the three months endedMarch 31, 2023 - JM Bullion’s average order value for the three months ended
June 30, 2023 increased$458 , or 18% to$2,955 from$2,497 for the three months endedJune 30, 2022 , and increased$703 , or 31% from$2,252 for the three months endedMarch 31, 2023
Three Months Ended | ||||||||||
2023 | 2022 | |||||||||
Selected Operating Metrics: | ||||||||||
Gold ounces sold(1) | 814,000 | 641,000 | ||||||||
Silver ounces sold(2) | 45,273,000 | 37,597,000 | ||||||||
Number of secured loans at period end(3) | 882 | 2,271 | ||||||||
Direct-to-Consumer ("DTC") number of new customers(4) | 90,400 | 48,800 | ||||||||
Direct-to-Consumer number of active customers(5) | 133,800 | 133,100 | ||||||||
Direct-to-Consumer number of total customers(6) | 2,348,300 | 2,013,000 | ||||||||
Direct-to-Consumer average order value ("AOV")(7) | $ | 3,288 | $ | 2,742 | ||||||
$ | 2,955 | $ | 2,497 | |||||||
CyberMetals number of new customers(9) | 5,200 | 5,200 | ||||||||
CyberMetals number of active customers(10) | 1,700 | 2,800 | ||||||||
CyberMetals number of total customers(11) | 22,400 | 5,900 | ||||||||
CyberMetals customer assets under management(12) | $ | 6,500,000 | $ | 3,700,000 | ||||||
(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 Metrics: | ||||||||||
Gold ounces sold(1) | 814,000 | 659,000 | ||||||||
Silver ounces sold(2) | 45,273,000 | 36,906,000 | ||||||||
Number of secured loans at period end(3) | 882 | 963 | ||||||||
Direct-to-Consumer ("DTC") number of new customers(4) | 90,400 | 64,700 | ||||||||
Direct-to-Consumer number of active customers(5) | 133,800 | 147,400 | ||||||||
Direct-to-Consumer number of total customers(6) | 2,348,300 | 2,257,900 | ||||||||
Direct-to-Consumer average order value ("AOV")(7) | $ | 3,288 | $ | 2,452 | ||||||
$ | 2,955 | $ | 2,252 | |||||||
CyberMetals number of new customers(9) | 5,200 | 4,800 | ||||||||
CyberMetals number of active customers(10) | 1,700 | 1,500 | ||||||||
CyberMetals number of total customers(11) | 22,400 | 17,200 | ||||||||
CyberMetals customer assets under management(12) | $ | 6,500,000 | $ | 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. |
Full Year 2023 Operational Highlights
- Gold ounces sold in the fiscal year ended
June 30, 2023 remained relatively unchanged at 2,667,000 ounces compared to 2,668,000 in the fiscal year endedJune 30, 2022 - Silver ounces sold in the fiscal year ended
June 30, 2023 increased 18% to 156.2 million ounces from 132.2 million ounces in the fiscal year endedJune 30, 2022 - Direct-to-Consumer new customers for the fiscal year ended
June 30, 2023 increased 46% to 335,300 from 230,400 for the fiscal year endedJune 30, 2022 . Approximately 31% of the new customers in fiscal year 2023 were attributable to the acquired customer lists of BGASC and BullionMax inOctober 2022 andJune 2023 , respectively - Direct-to-Consumer active customers for the fiscal year ended
June 30, 2023 decreased 24% to 476,300 from 623,700 for the fiscal year endedJune 30, 2022 - Direct-to-Consumer average order value for the fiscal year ended
June 30, 2023 increased$86 , or 3% to$2,606 from$2,520 for the fiscal year endedJune 30, 2022 - JM Bullion’s average order value for the fiscal year ended
June 30, 2023 increased$62 , or 3% to$2,390 from$2,328 for the fiscal year endedJune 30, 2022
Year Ended | ||||||||||
2023 | 2022 | |||||||||
Selected Operating Metrics: | ||||||||||
Gold ounces sold(1) | 2,667,000 | 2,668,000 | ||||||||
Silver ounces sold(2) | 156,233,000 | 132,209,000 | ||||||||
Number of secured loans at period end(3) | 882 | 2,271 | ||||||||
Direct-to-Consumer ("DTC") number of new customers(4) | 335,300 | 230,400 | ||||||||
Direct-to-Consumer number of active customers(5) | 476,300 | 623,700 | ||||||||
Direct-to-Consumer number of total customers(6) | 2,348,300 | 2,013,000 | ||||||||
Direct-to-Consumer average order value ("AOV")(7) | $ | 2,606 | $ | 2,520 | ||||||
$ | 2,390 | $ | 2,328 | |||||||
CyberMetals number of new customers(9) | 16,500 | 5,900 | ||||||||
CyberMetals number of active customers(10) | 4,800 | 3,000 | ||||||||
CyberMetals number of total customers(11) | 22,400 | 5,900 | ||||||||
CyberMetals customer assets under management(12) | $ | 6,500,000 | $ | 3,700,000 | ||||||
(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 Fourth Quarter 2023 Financial Highlights
- Revenues for the three months ended
June 30, 2023 increased 51% to$3.16 billion from$2.09 billion for the three months endedJune 30, 2022 and increased 36% from$2.32 billion for the three months endedMarch 31, 2023 - Gross profit for the three months ended
June 30, 2023 increased 16% to$78.6 million from$67.8 million for the three months endedJune 30, 2022 and increased 4% from$75.5 million for the three months endedMarch 31, 2023 - Gross profit margin for the three months ended
June 30, 2023 decreased to 2.49% of revenue from 3.24% of revenue for the three months endedJune 30, 2022 , and decreased from 3.26% of revenue in the three months endedMarch 31, 2023 - Net income attributable to the Company for the three months ended
June 30, 2023 increased 12% to$41.8 million from$37.3 million for the three months endedJune 30, 2022 , and increased 16% from$35.9 million for the three months endedMarch 31, 2023 - Diluted earnings per share totaled
$1.71 for the three months endedJune 30, 2023 , a 12% increase compared to$1.52 for the three months endedJune 30, 2022 , and increased 17% from$1.46 for the three months endedMarch 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
June 30, 2023 increased 17% to$59.1 million from$50.6 million for the three months endedJune 30, 2022 , and increased 20% from$49.2 million for the three months endedMarch 31, 2023 - Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended
June 30, 2023 increased 23% to$61.8 million from$50.3 million for the three months endedJune 30, 2022 , and increased 18% from$52.3 million for the three months endedMarch 31, 2023
Three Months Ended | ||||||||||
2023 | 2022 | |||||||||
(in thousands, except Earnings per Share) | ||||||||||
Selected Key Financial Statement Metrics: | ||||||||||
Revenues | $ | 3,155,201 | $ | 2,089,804 | ||||||
Gross profit | $ | 78,610 | $ | 67,750 | ||||||
Depreciation and amortization expense | $ | (2,741 | ) | $ | (3,223 | ) | ||||
Net income attributable to the Company | $ | 41,834 | $ | 37,336 | ||||||
Earnings per Share: | ||||||||||
Basic | $ | 1.80 | $ | 1.62 | ||||||
Diluted | $ | 1.71 | $ | 1.52 | ||||||
Non-GAAP Measures(1): | ||||||||||
Adjusted net income before provision for income taxes | $ | 59,084 | $ | 50,628 | ||||||
EBITDA | $ | 61,844 | $ | 50,254 | ||||||
(1) See Reconciliation of | ||||||||||
Three Months Ended | ||||||||||
(in thousands, except Earnings per Share) | ||||||||||
Selected Key Financial Statement Metrics: | ||||||||||
Revenues | $ | 3,155,201 | $ | 2,317,150 | ||||||
Gross profit | $ | 78,610 | $ | 75,498 | ||||||
Depreciation and amortization expense | $ | (2,741 | ) | $ | (3,340 | ) | ||||
Net income attributable to the Company | $ | 41,834 | $ | 35,920 | ||||||
Earnings per Share: | ||||||||||
Basic | $ | 1.80 | $ | 1.53 | ||||||
Diluted | $ | 1.71 | $ | 1.46 | ||||||
Non-GAAP Measures(1): | ||||||||||
Adjusted net income before provision for income taxes | $ | 59,084 | $ | 49,151 | ||||||
EBITDA | $ | 61,844 | $ | 52,263 | ||||||
(1) See Reconciliation of | ||||||||||
Full Year 2023 Financial Highlights
- Revenues for the fiscal year ended
June 30, 2023 increased 14% to$9.32 billion from$8.16 billion for the fiscal year endedJune 30, 2022 - Gross profit for the fiscal year ended
June 30, 2023 increased 13% to$294.7 million from$261.8 million for the fiscal year endedJune 30, 2022 - Gross profit margin for the fiscal year ended
June 30, 2023 decreased to 3.16% of revenue from 3.21% of revenue for the fiscal year endedJune 30, 2022 - Net income attributable to the Company for the fiscal year ended
June 30, 2023 increased 18% to$156.4 million from$132.5 million for the fiscal year endedJune 30, 2022 - Diluted earnings per share totaled
$6.34 for the fiscal year endedJune 30, 2023 , a 16% increase compared to$5.45 for the fiscal year endedJune 30, 2022 - Adjusted net income for the fiscal year ended
June 30, 2023 increased 11% to$216.0 million from$195.0 million for the fiscal year endedJune 30, 2022 - EBITDA for the fiscal year ended
June 30, 2023 increased 16% to$225.0 million from$193.9 million for the fiscal year endedJune 30, 2022
Year Ended | ||||||||||
2023 | 2022 | |||||||||
(in thousands, except Earnings per Share) | ||||||||||
Selected Key Financial Statement Metrics: | ||||||||||
Revenues | $ | 9,322,407 | $ | 8,159,254 | ||||||
Gross profit | $ | 294,669 | $ | 261,765 | ||||||
Depreciation and amortization expense | $ | (12,525 | ) | $ | (27,300 | ) | ||||
Net income attributable to the Company | $ | 156,360 | $ | 132,536 | ||||||
Earnings per Share: | ||||||||||
Basic | $ | 6.68 | $ | 5.81 | ||||||
Diluted | $ | 6.34 | $ | 5.45 | ||||||
Non-GAAP Measures(1): | ||||||||||
Adjusted net income before provision for income taxes | $ | 215,980 | $ | 195,000 | ||||||
EBITDA | $ | 224,992 | $ | 193,909 | ||||||
(1) See Reconciliation of | ||||||||||
Fiscal Fourth Quarter 2023 Financial Summary
Revenues increased 51% to
The Direct-to-Consumer segment contributed 19% and 23% of the consolidated revenue in the fiscal fourth quarters of 2023 and 2022, respectively. JMB’s revenue represented 17% of the consolidated revenues for the fiscal fourth quarter of 2023 compared with 21% for the prior year fiscal fourth quarter.
Gross profit increased 16% to
Selling, general, and administrative expenses increased 10% to
Depreciation and amortization expense decreased 15% to
Interest income increased 7% to
Interest expense increased 57% to
Earnings from equity method investments increased 105% to
Net income attributable to the Company totaled
Adjusted net income for the three months ended
EBITDA for the three months ended
Full Year 2023 Financial Summary
Revenues increased 14% to
The Direct-to-Consumer segment contributed 21% and 26% of the consolidated revenue in the fiscal year ended
Gross profit increased 13% to
Selling, general and administrative expenses increased 11% to
Depreciation and amortization expense decreased 54% to
Interest income increased 2% to
Interest expense increased 43% to
Earnings from equity method investments increased 82% to
Net income attributable to the Company totaled
Adjusted net income for the fiscal year ended
EBITDA for fiscal year 2023 totaled
Dividends
Special Dividend
A-Mark’s Board of Directors has declared a non-recurring special cash dividend of
Regular Quarterly Cash Dividend
A-Mark’s Board of Directors has declared a quarterly cash dividend of
Conference Call
A-Mark will hold a conference call today (
To participate, please call the conference telephone number 10 minutes before the start time and ask for the
Webcast: https://www.webcaster4.com/Webcast/Page/2867/48656
International number: 1-973-528-0011
Access Code: 250722
The conference call will be webcast simultaneously and available for replay via the Investor Relations section of A-Mark’s website at www.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
Replay Passcode: 48656
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
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 subsidiaries,
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 the 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; changes in the current international political climate, which has favorably contributed to demand and volatility in the precious metals markets; 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
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
CONSOLIDATED BALANCE SHEETS (amounts in thousands, except for share data) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 39,318 | $ | 37,783 | ||||
Receivables, net | 35,243 | 97,040 | ||||||
Derivative assets | 77,881 | 91,743 | ||||||
Secured loans receivable | 100,620 | 126,217 | ||||||
Precious metals held under financing arrangements | 25,530 | 79,766 | ||||||
Inventories: | ||||||||
Inventories | 645,812 | 458,347 | ||||||
Restricted inventories | 335,831 | 282,671 | ||||||
981,643 | 741,018 | |||||||
Prepaid expenses and other assets | 6,956 | 7,558 | ||||||
Total current assets | 1,267,191 | 1,181,125 | ||||||
Operating lease right of use assets | 5,119 | 6,482 | ||||||
Property, plant, and equipment, net | 12,513 | 9,845 | ||||||
100,943 | 100,943 | |||||||
Intangibles, net | 62,630 | 67,965 | ||||||
Long-term investments | 88,535 | 70,828 | ||||||
Other long-term assets | 8,640 | 5,471 | ||||||
Total assets | $ | 1,545,571 | $ | 1,442,659 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Lines of credit | $ | 235,000 | $ | 215,000 | ||||
Liabilities on borrowed metals | 21,642 | 59,417 | ||||||
Product financing arrangements | 335,831 | 282,671 | ||||||
Accounts payable and other payables | 25,465 | 6,127 | ||||||
Deferred revenue and other advances | 181,363 | 175,545 | ||||||
Derivative liabilities | 8,076 | 75,780 | ||||||
Accrued liabilities | 20,418 | 21,813 | ||||||
Income tax payable | 958 | 382 | ||||||
Notes payable | 95,308 | — | ||||||
Total current liabilities | 924,061 | 836,735 | ||||||
Notes payable | — | 94,073 | ||||||
Deferred tax liabilities | 16,677 | 15,408 | ||||||
Other liabilities | 4,440 | 5,972 | ||||||
Total liabilities | 945,178 | 952,188 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, par value | 237 | 234 | ||||||
(9,762 | ) | — | ||||||
Additional paid-in capital | 169,034 | 166,526 | ||||||
Accumulated other comprehensive loss | (1,025 | ) | — | |||||
Retained earnings | 440,639 | 321,849 | ||||||
599,123 | 488,609 | |||||||
Noncontrolling interest | 1,270 | 1,862 | ||||||
Total stockholders’ equity | 600,393 | 490,471 | ||||||
Total liabilities, noncontrolling interest and stockholders’ equity | $ | 1,545,571 | $ | 1,442,659 |
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data) | ||||||||||||
Year Ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Revenues | $ | 9,322,407 | $ | 8,159,254 | $ | 7,613,015 | ||||||
Cost of sales | 9,027,738 | 7,897,489 | 7,402,817 | |||||||||
Gross profit | 294,669 | 261,765 | 210,198 | |||||||||
Selling, general, and administrative expenses | (85,282 | ) | (76,618 | ) | (48,020 | ) | ||||||
Depreciation and amortization expense | (12,525 | ) | (27,300 | ) | (10,789 | ) | ||||||
Interest income | 22,231 | 21,800 | 18,474 | |||||||||
Interest expense | (31,528 | ) | (21,992 | ) | (19,865 | ) | ||||||
Earnings from equity method investments | 12,576 | 6,907 | 15,547 | |||||||||
Other income, net | 2,663 | 1,953 | 1,079 | |||||||||
Remeasurement gain on pre-existing equity interest | — | — | 26,306 | |||||||||
Unrealized gains (losses) on foreign exchange | 366 | (98 | ) | (129 | ) | |||||||
Net income before provision for income taxes | 203,170 | 166,417 | 192,801 | |||||||||
Income tax expense | (46,401 | ) | (33,338 | ) | (31,877 | ) | ||||||
Net income | 156,769 | 133,079 | 160,924 | |||||||||
Net income attributable to noncontrolling interest | 409 | 543 | 1,287 | |||||||||
Net income attributable to the Company | $ | 156,360 | $ | 132,536 | $ | 159,637 | ||||||
Basic and diluted net income per share attributable to | ||||||||||||
Basic | $ | 6.68 | $ | 5.81 | $ | 9.57 | ||||||
Diluted | $ | 6.34 | $ | 5.45 | $ | 8.90 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 23,400,300 | 22,805,600 | 16,686,600 | |||||||||
Diluted | 24,648,600 | 24,329,500 | 17,944,600 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) | ||||||||||||
Year Ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 156,769 | $ | 133,079 | $ | 160,924 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 12,525 | 27,300 | 10,789 | |||||||||
Amortization of loan cost | 2,113 | 2,651 | 2,162 | |||||||||
Deferred income taxes | 1,585 | (4,106 | ) | (2,034 | ) | |||||||
Share-based compensation | 2,176 | 2,140 | 1,173 | |||||||||
Remeasurement gain on pre-existing equity method investment | — | — | (26,306 | ) | ||||||||
Earnings from equity method investments | (12,576 | ) | (6,907 | ) | (15,547 | ) | ||||||
Dividends and distributions received from equity method investees | 978 | 1,678 | 343 | |||||||||
Other | (155 | ) | 215 | (13 | ) | |||||||
Changes in assets and liabilities: | ||||||||||||
Receivables, net | 61,797 | (8,040 | ) | (20,880 | ) | |||||||
Secured loans receivable | 1,012 | 757 | 1,932 | |||||||||
Secured loans made to affiliates | — | 3,042 | 5,755 | |||||||||
Derivative assets | 13,862 | (47,207 | ) | 7,447 | ||||||||
Precious metals held under financing arrangements | 54,236 | 74,976 | 23,835 | |||||||||
Inventories | (240,625 | ) | (282,999 | ) | (79,031 | ) | ||||||
Prepaid expenses and other assets | (3,336 | ) | (649 | ) | (7 | ) | ||||||
Accounts payable and other payables | 19,338 | 192 | (86,097 | ) | ||||||||
Deferred revenue and other advances | 5,818 | (18,871 | ) | 58,651 | ||||||||
Derivative liabilities | (67,704 | ) | 68,241 | (20,194 | ) | |||||||
Liabilities on borrowed metals | (37,775 | ) | (32,449 | ) | (76,340 | ) | ||||||
Accrued liabilities | (937 | ) | 2,425 | 5,686 | ||||||||
Income tax payable | 576 | (4,634 | ) | (4,902 | ) | |||||||
Net cash used in operating activities | (30,323 | ) | (89,166 | ) | (52,654 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures for property, plant, and equipment | (4,783 | ) | (2,879 | ) | (2,113 | ) | ||||||
Purchase of long-term investments | (7,950 | ) | (34,950 | ) | (7,996 | ) | ||||||
Purchase of an option to acquire long-term investments | (340 | ) | (5,300 | ) | — | |||||||
Purchase of intangible assets | (5,000 | ) | — | — | ||||||||
Secured loans receivable, net | 24,599 | (17,034 | ) | (56,932 | ) | |||||||
Acquisition of remaining noncontrolling equity interest in joint venture | — | — | (1,950 | ) | ||||||||
Purchase of digital assets | — | (400 | ) | — | ||||||||
Proceeds from the sale of digital assets | 313 | — | — | |||||||||
Redemption associated with acquisition of pre-existing equity method investment | — | — | 17,457 | |||||||||
Incremental acquisition of pre-existing equity method investment, net of cash | — | — | (78,859 | ) | ||||||||
Net cash provided by (used in) investing activities | 6,839 | (60,563 | ) | (130,393 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Product financing arrangements, net | 53,160 | 81,643 | 126,350 | |||||||||
Dividends paid | (37,468 | ) | (22,645 | ) | (21,191 | ) | ||||||
Distributions paid to noncontrolling interest | (1,001 | ) | — | — | ||||||||
Net borrowings and repayments under lines of credit | 20,000 | 30,000 | 50,000 | |||||||||
Repayments on notes payable to related party | (2,955 | ) | — | — | ||||||||
Repurchases of common stock | (9,762 | ) | — | — | ||||||||
Proceeds from issuance of related party note | 3,500 | — | — | |||||||||
Debt funding issuance costs | (485 | ) | (5,179 | ) | (1,861 | ) | ||||||
Net proceeds from the issuance of common stock | — | — | 75,344 | |||||||||
Proceeds from the exercise of share-based awards | 1,884 | 2,323 | 3,523 | |||||||||
Payments for tax withholding related to net settlement of share-based awards | (1,854 | ) | (35 | ) | (38 | ) | ||||||
Net cash provided by financing activities | 25,019 | 86,107 | 232,127 | |||||||||
Net increase (decrease) in cash | 1,535 | (63,622 | ) | 49,080 | ||||||||
Cash, beginning of period | 37,783 | 101,405 | 52,325 | |||||||||
Cash, end of period | $ | 39,318 | $ | 37,783 | $ | 101,405 |
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 | 2023 | 2022 | Change | ||||||||||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | ||||||||||||||||||||||||
Revenues | $ | 3,155,201 | 100.000 | % | $ | 2,089,804 | 100.000 | % | $ | 1,065,397 | 51.0 | % | |||||||||||||||||
Gross profit | 78,610 | 2.491 | % | 67,750 | 3.242 | % | $ | 10,860 | 16.0 | % | |||||||||||||||||||
Selling, general, and administrative expenses | (22,844 | ) | (0.724 | %) | (20,734 | ) | (0.992 | %) | $ | 2,110 | 10.2 | % | |||||||||||||||||
Depreciation and amortization expense | (2,741 | ) | (0.087 | %) | (3,223 | ) | (0.154 | %) | $ | (482 | ) | (15.0 | %) | ||||||||||||||||
Interest income | 6,064 | 0.192 | % | 5,675 | 0.272 | % | $ | 389 | 6.9 | % | |||||||||||||||||||
Interest expense | (8,925 | ) | (0.283 | %) | (5,695 | ) | (0.273 | %) | $ | 3,230 | 56.7 | % | |||||||||||||||||
Earnings from equity method investments | 5,300 | 0.168 | % | 2,590 | 0.124 | % | $ | 2,710 | 104.6 | % | |||||||||||||||||||
Other income, net | 662 | 0.021 | % | 618 | 0.030 | % | $ | 44 | 7.1 | % | |||||||||||||||||||
Unrealized gains on foreign exchange | 116 | 0.004 | % | 30 | 0.001 | % | $ | 86 | 286.7 | % | |||||||||||||||||||
Net income before provision for income taxes | 56,242 | 1.783 | % | 47,011 | 2.250 | % | $ | 9,231 | 19.6 | % | |||||||||||||||||||
Income tax expense | (14,305 | ) | (0.453 | %) | (9,541 | ) | (0.457 | %) | $ | 4,764 | 49.9 | % | |||||||||||||||||
Net income | 41,937 | 1.329 | % | 37,470 | 1.793 | % | $ | 4,467 | 11.9 | % | |||||||||||||||||||
Net income attributable to noncontrolling interest | 103 | 0.003 | % | 134 | 0.006 | % | $ | (31 | ) | (23.1 | %) | ||||||||||||||||||
Net income attributable to the Company | $ | 41,834 | 1.326 | % | $ | 37,336 | 1.787 | % | $ | 4,498 | 12.0 | % | |||||||||||||||||
Basic and diluted net income per share attributable to | |||||||||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||
Basic | $ | 1.80 | $ | 1.62 | $ | 0.18 | 11.1 | % | |||||||||||||||||||||
Diluted | $ | 1.71 | $ | 1.52 | $ | 0.19 | 12.5 | % |
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 | $ | 3,155,201 | 100.000 | % | $ | 2,317,150 | 100.000 | % | $ | 838,051 | 36.2 | % | ||||||||||||||||||||
Gross profit | 78,610 | 2.491 | % | 75,498 | 3.258 | % | $ | 3,112 | 4.1 | % | ||||||||||||||||||||||
Selling, general, and administrative expenses | (22,844 | ) | (0.724 | %) | (23,841 | ) | (1.029 | %) | $ | (997 | ) | (4.2 | %) | |||||||||||||||||||
Depreciation and amortization expense | (2,741 | ) | (0.087 | %) | (3,340 | ) | (0.144 | %) | $ | (599 | ) | (17.9 | %) | |||||||||||||||||||
Interest income | 6,064 | 0.192 | % | 6,087 | 0.263 | % | $ | (23 | ) | (0.4 | %) | |||||||||||||||||||||
Interest expense | (8,925 | ) | (0.283 | %) | (9,237 | ) | (0.399 | %) | $ | (312 | ) | (3.4 | %) | |||||||||||||||||||
Earnings (losses) from equity method investments | 5,300 | 0.168 | % | (70 | ) | (0.003 | %) | $ | 5,370 | 7671.4 | % | |||||||||||||||||||||
Other income, net | 662 | 0.021 | % | 641 | 0.028 | % | $ | 21 | 3.3 | % | ||||||||||||||||||||||
Unrealized gains on foreign exchange | 116 | 0.004 | % | 35 | 0.002 | % | $ | 81 | 231.4 | % | ||||||||||||||||||||||
Net income before provision for income taxes | 56,242 | 1.783 | % | 45,773 | 1.975 | % | $ | 10,469 | 22.9 | % | ||||||||||||||||||||||
Income tax expense | (14,305 | ) | (0.453 | %) | (9,775 | ) | (0.422 | %) | $ | 4,530 | 46.3 | % | ||||||||||||||||||||
Net income | 41,937 | 1.329 | % | 35,998 | 1.554 | % | $ | 5,939 | 16.5 | % | ||||||||||||||||||||||
Net income attributable to noncontrolling interest | 103 | 0.003 | % | 78 | 0.003 | % | $ | 25 | 32.1 | % | ||||||||||||||||||||||
Net income attributable to the Company | $ | 41,834 | 1.326 | % | $ | 35,920 | 1.550 | % | $ | 5,914 | 16.5 | % | ||||||||||||||||||||
Basic and diluted net income per share attributable to | ||||||||||||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic | $ | 1.80 | $ | 1.53 | $ | 0.27 | 17.6 | % | ||||||||||||||||||||||||
Diluted | $ | 1.71 | $ | 1.46 | $ | 0.25 | 17.1 | % |
Overview of Results of Operations for the Fiscal Years Ended
Consolidated Results of Operations
The operating results for the fiscal years ended
Year Ended | 2023 | 2022 | Change | ||||||||||||||||||||||||||
$ | % of revenue | $ | % of revenue | $ | % | ||||||||||||||||||||||||
Revenues | $ | 9,322,407 | 100.000 | % | $ | 8,159,254 | 100.000 | % | $ | 1,163,153 | 14.3 | % | |||||||||||||||||
Gross profit | 294,669 | 3.161 | % | 261,765 | 3.208 | % | $ | 32,904 | 12.6 | % | |||||||||||||||||||
Selling, general, and administrative expenses | (85,282 | ) | (0.915 | %) | (76,618 | ) | (0.939 | %) | $ | 8,664 | 11.3 | % | |||||||||||||||||
Depreciation and amortization expense | (12,525 | ) | (0.134 | %) | (27,300 | ) | (0.335 | %) | $ | (14,775 | ) | (54.1 | %) | ||||||||||||||||
Interest income | 22,231 | 0.238 | % | 21,800 | 0.267 | % | $ | 431 | 2.0 | % | |||||||||||||||||||
Interest expense | (31,528 | ) | (0.338 | %) | (21,992 | ) | (0.270 | %) | $ | 9,536 | 43.4 | % | |||||||||||||||||
Earnings from equity method investments | 12,576 | 0.135 | % | 6,907 | 0.085 | % | $ | 5,669 | 82.1 | % | |||||||||||||||||||
Other income, net | 2,663 | 0.029 | % | 1,953 | 0.024 | % | $ | 710 | 36.4 | % | |||||||||||||||||||
Unrealized gains (losses) on foreign exchange | 366 | 0.004 | % | (98 | ) | (0.001 | %) | $ | 464 | 473.5 | % | ||||||||||||||||||
Net income before provision for income taxes | 203,170 | 2.179 | % | 166,417 | 2.040 | % | $ | 36,753 | 22.1 | % | |||||||||||||||||||
Income tax expense | (46,401 | ) | (0.498 | %) | (33,338 | ) | (0.409 | %) | $ | 13,063 | 39.2 | % | |||||||||||||||||
Net income | 156,769 | 1.682 | % | 133,079 | 1.631 | % | $ | 23,690 | 17.8 | % | |||||||||||||||||||
Net income attributable to noncontrolling interest | 409 | 0.004 | % | 543 | 0.007 | % | $ | (134 | ) | (24.7 | %) | ||||||||||||||||||
Net income attributable to the Company | $ | 156,360 | 1.677 | % | $ | 132,536 | 1.624 | % | $ | 23,824 | 18.0 | % | |||||||||||||||||
Basic and diluted net income per share attributable to | |||||||||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||
Basic | $ | 6.68 | $ | 5.81 | $ | 0.87 | 15.0 | % | |||||||||||||||||||||
Diluted | $ | 6.34 | $ | 5.45 | $ | 0.89 | 16.3 | % |
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 | 2023 | 2022 | Change | ||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income before provision for income taxes | $ | 56,242 | $ | 47,011 | $ | 9,231 | 19.6 | % | |||||||||
Adjustments: | |||||||||||||||||
Acquisition costs | 101 | 394 | $ | (293 | ) | (74.4 | %) | ||||||||||
Amortization of acquired intangibles | 2,150 | 2,736 | $ | (586 | ) | (21.4 | %) | ||||||||||
Depreciation expense | 591 | 487 | $ | 104 | 21.4 | % | |||||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 59,084 | $ | 50,628 | $ | 8,456 | 16.7 | % |
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
Three Months Ended | 2023 | 2022 | Change | ||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income | $ | 41,937 | $ | 37,470 | $ | 4,467 | 11.9 | % | |||||||||
Adjustments: | |||||||||||||||||
Interest income | (6,064 | ) | (5,675 | ) | $ | 389 | 6.9 | % | |||||||||
Interest expense | 8,925 | 5,695 | $ | 3,230 | 56.7 | % | |||||||||||
Amortization of acquired intangibles | 2,150 | 2,736 | $ | (586 | ) | (21.4 | %) | ||||||||||
Depreciation expense | 591 | 487 | $ | 104 | 21.4 | % | |||||||||||
Income tax expense | 14,305 | 9,541 | $ | 4,764 | 49.9 | % | |||||||||||
19,907 | 12,784 | $ | 7,123 | 55.7 | % | ||||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 61,844 | $ | 50,254 | $ | 11,590 | 23.1 | % | |||||||||
Reconciliation of Operating Cash Flows to EBITDA: | |||||||||||||||||
Net cash used in operating activities | $ | (73,572 | ) | $ | (13,464 | ) | $ | 60,108 | 446.4 | % | |||||||
Changes in operating working capital | 116,110 | 54,954 | $ | 61,156 | 111.3 | % | |||||||||||
Interest expense | 8,925 | 5,695 | $ | 3,230 | 56.7 | % | |||||||||||
Interest income | (6,064 | ) | (5,675 | ) | $ | 389 | 6.9 | % | |||||||||
Income tax expense | 14,305 | 9,541 | $ | 4,764 | 49.9 | % | |||||||||||
Dividends and distributions received from equity method investees | (427 | ) | (1,678 | ) | $ | (1,251 | ) | (74.6 | %) | ||||||||
Earnings from equity method investments | 5,300 | 2,590 | $ | 2,710 | 104.6 | % | |||||||||||
Share-based compensation | (569 | ) | (512 | ) | $ | 57 | 11.1 | % | |||||||||
Deferred income taxes | (1,836 | ) | (457 | ) | $ | 1,379 | 301.8 | % | |||||||||
Amortization of loan cost | (485 | ) | (562 | ) | $ | (77 | ) | (13.7 | %) | ||||||||
Other | 157 | (178 | ) | $ | 335 | 188.2 | % | ||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 61,844 | $ | 50,254 | $ | 11,590 | 23.1 | % | |||||||||
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 | $ | 56,242 | 45,773 | $ | 10,469 | 22.9 | % | ||||||||||
Adjustments: | |||||||||||||||||
Acquisition costs | 101 | 38 | $ | 63 | 165.8 | % | |||||||||||
Amortization of acquired intangibles | 2,150 | 2,719 | $ | (569 | ) | (20.9 | %) | ||||||||||
Depreciation expense | 591 | 621 | $ | (30 | ) | (4.8 | %) | ||||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 59,084 | $ | 49,151 | $ | 9,933 | 20.2 | % |
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
Change | |||||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income | $ | 41,937 | $ | 35,998 | $ | 5,939 | 16.5 | % | |||||||||
Adjustments: | |||||||||||||||||
Interest income | (6,064 | ) | (6,087 | ) | $ | (23 | ) | (0.4 | %) | ||||||||
Interest expense | 8,925 | 9,237 | $ | (312 | ) | (3.4 | %) | ||||||||||
Amortization of acquired intangibles | 2,150 | 2,719 | $ | (569 | ) | (20.9 | %) | ||||||||||
Depreciation expense | 591 | 621 | $ | (30 | ) | (4.8 | %) | ||||||||||
Income tax expense | 14,305 | 9,775 | $ | 4,530 | 46.3 | % | |||||||||||
19,907 | 16,265 | $ | 3,642 | 22.4 | % | ||||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 61,844 | $ | 52,263 | $ | 9,581 | 18.3 | % | |||||||||
Reconciliation of Operating Cash Flows to EBITDA: | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (73,572 | ) | $ | 91,767 | $ | (165,339 | ) | (180.2 | %) | |||||||
Changes in operating working capital | 116,110 | (52,003 | ) | $ | 168,113 | 323.3 | % | ||||||||||
Interest expense | 8,925 | 9,237 | $ | (312 | ) | (3.4 | %) | ||||||||||
Interest income | (6,064 | ) | (6,087 | ) | $ | (23 | ) | (0.4 | %) | ||||||||
Income tax expense | 14,305 | 9,775 | $ | 4,530 | 46.3 | % | |||||||||||
Dividends received from equity method investees | (427 | ) | — | $ | (427 | ) | — | % | |||||||||
Earnings (losses) from equity method investments | 5,300 | (70 | ) | $ | 5,370 | 7671.4 | % | ||||||||||
Share-based compensation | (569 | ) | (538 | ) | $ | 31 | 5.8 | % | |||||||||
Deferred income taxes | (1,836 | ) | 666 | $ | (2,502 | ) | (375.7 | %) | |||||||||
Amortization of loan cost | (485 | ) | (488 | ) | $ | (3 | ) | (0.6 | %) | ||||||||
Other | 157 | 4 | $ | 153 | 3825.0 | % | |||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 61,844 | $ | 52,263 | $ | 9,581 | 18.3 | % |
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the fiscal years ended
Year Ended | 2023 | 2022 | Change | ||||||||||||||
$ | $ | $ | % | ||||||||||||||
Net income before provision for income taxes | $ | 203,170 | $ | 166,417 | $ | 36,753 | 22.1 | % | |||||||||
Adjustments: | |||||||||||||||||
Acquisition costs | 285 | 1,283 | $ | (998 | ) | (77.8 | %) | ||||||||||
Amortization of acquired intangibles | 10,343 | 25,668 | $ | (15,325 | ) | (59.7 | %) | ||||||||||
Depreciation expense | 2,182 | 1,632 | $ | 550 | 33.7 | % | |||||||||||
Adjusted net income before provision for income taxes (non-GAAP) | $ | 215,980 | $ | 195,000 | $ | 20,980 | 10.8 | % |
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the fiscal years ended
Year Ended | 2023 | 2022 | Change | |||||||||||||||
$ | $ | $ | % | |||||||||||||||
Net income | $ | 156,769 | $ | 133,079 | $ | 23,690 | 17.8 | % | ||||||||||
Adjustments: | ||||||||||||||||||
Interest income | (22,231 | ) | (21,800 | ) | $ | 431 | 2.0 | % | ||||||||||
Interest expense | 31,528 | 21,992 | $ | 9,536 | 43.4 | % | ||||||||||||
Amortization of acquired intangibles | 10,343 | 25,668 | $ | (15,325 | ) | (59.7 | %) | |||||||||||
Depreciation expense | 2,182 | 1,632 | $ | 550 | 33.7 | % | ||||||||||||
Income tax expense | 46,401 | 33,338 | $ | 13,063 | 39.2 | % | ||||||||||||
68,223 | 60,830 | $ | 7,393 | 12.2 | % | |||||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 224,992 | $ | 193,909 | $ | 31,083 | 16.0 | % | ||||||||||
Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||||
Net cash used in operating activities | $ | (30,323 | ) | $ | (89,166 | ) | $ | (58,843 | ) | (66.0 | %) | |||||||
Changes in operating working capital | 193,738 | 245,216 | $ | (51,478 | ) | (21.0 | %) | |||||||||||
Interest expense | 31,528 | 21,992 | $ | 9,536 | 43.4 | % | ||||||||||||
Interest income | (22,231 | ) | (21,800 | ) | $ | 431 | 2.0 | % | ||||||||||
Income tax expense | 46,401 | 33,338 | $ | 13,063 | 39.2 | % | ||||||||||||
Dividends and distributions received from equity method investees | (978 | ) | (1,678 | ) | $ | (700 | ) | (41.7 | %) | |||||||||
Earnings from equity method investments | 12,576 | 6,907 | $ | 5,669 | 82.1 | % | ||||||||||||
Share-based compensation | (2,176 | ) | (2,140 | ) | $ | 36 | 1.7 | % | ||||||||||
Deferred income taxes | (1,585 | ) | 4,106 | $ | (5,691 | ) | (138.6 | %) | ||||||||||
Amortization of loan cost | (2,113 | ) | (2,651 | ) | $ | (538 | ) | (20.3 | %) | |||||||||
Other | 155 | (215 | ) | $ | 370 | 172.1 | % | |||||||||||
Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 224,992 | $ | 193,909 | $ | 31,083 | 16.0 | % | ||||||||||
Source:
2023 GlobeNewswire, Inc., source