Hello everyone. My name is Jack Greenberg with the East Coast IDEAS Investor Conference, produced by Three Part Advisors. Thank you all for joining us this morning. Our next session will begin momentarily with A-Mark Precious Metals, traded on the Nasdaq under the symbol AMRK. Presenting on their behalf is Steve Reiner, EVP of Capital Markets and IR. And with that, I'll hand it off to Steve. Thank you. Good morning. So A-Mark Precious Metals is a Los Angeles-based, vertically integrated retailer of precious metals. And when I talk about precious metals, I'm really focused on physical precious metals. We're talking about minted coins and bars that are sold to institutions, family offices, and of course, individuals. The company was formed in 1965, and as we're going to talk about this morning, has transformed radically over the last number of years. Today, we operate a vertically integrated portfolio of brands, including JM Bullion, who's the largest precious metal retailer in the U.S., with sales of somewhere between $1.5 billion-$2.5 billion annually, depending upon the market. LPM, who we just acquired from Hong Kong, which is both a wholesaler and retailer of precious metals, and Silver Gold Bull, who's the largest retailer of precious metals in Canada, that A-Mark owns 47% of, with an option to increase our position to 75%. I mentioned integrated platform, so we've talked a bit, a moment about our retail distribution. We also are the largest wholesaler of precious metals in North America. By wholesaler of precious metals, I mean that we sit between mints and those dealers that then sell to individuals. A-Mark is both the largest partner to the U.S. Mint, the Royal Canadian Mint, the Royal Mint, and really every major consumer-facing mint around the world. And today we actually and we also own either outright or significant minority position in the largest private mints in North America. We'll talk this morning about that—about the dynamic between government or sovereign and individual mints. We also offer a wide range of services to the market to support that wholesale and retail distribution, including a logistics capability that today ships out somewhere between 50 and 100,000 packages a month from Las Vegas to individuals across North America, a storage capability, and a lending capability. We're fortunate to have a wide number of growth opportunities, including expanding our footprint in Asia. I mentioned that we just acquired LPM in Hong Kong. We closed on that transaction at the beginning of March, and as we've talked about publicly, we're going to expand dramatically, including into Singapore fairly soon. We've been able to grow our customer base notably. We've added over 700,000 customers over the last several years. We've demonstrated a global M&A footprint, including expansion into Canada, the U.K., and now Asia, and we have a new and robust digital offering to complement what we are doing in the physical world. We have an aligned management team, which owns approximately a quarter—together with the board, which owns approximately a quarter of the company. Let's talk a little bit about the evolution of A-Mark and what's really happened in the last couple of years. As I mentioned, A-Mark was founded in 1965. It was acquired by our current CEO, Greg Roberts, in 2005 through another public company, and in 2014, spun out and became an independent, publicly traded company. The years you're looking at are fiscal years. A-Mark has a June 30 fiscal year end, so our first fully reporting year was fiscal 2015. Let me draw your attention, if I could, to the bottom of the page, specifically to gross profit margin. We tend to encourage investors to focus on our gross profit. As I mentioned, we have both wholesale and retail operations. We are fully hedged at all times, so that creates a little bit of noise in our revenue line, so we tend to focus on gross profit. If you take a look at the gross profit margin, you'll see that traditionally, in the first five or six years that A-Mark was fully publicly traded, we existed somewhere between 40 and kind of 70 bps of margin. And then that began to change dramatically in 2020 and 2021. Well, in March of 2021, we bought JM Bullion. JM Bullion, as I mentioned, is the largest retailer of precious metals in the country. At the time, we owned 22% of the company, so we bought the 78% we did not own. And from that point forward, and we've been acquisitive in acquiring retailers both in the US and elsewhere around the world. So March of 2021 is really the pivot point when A-Mark went from a wholesaler to a vertically integrated retailer. What that means is we went from capturing wholesale margin in every product that we sold to capturing full margin or 100% margin on the vast majority of products that we sell. Today, depending upon demand in the marketplace, somewhere between 60% and 80% of what A-Mark Wholesale sells moves through A-Mark Retail or direct-to-consumer, ultimately to the consumer. So you can see the significant expansion in gross margin starting about 2021, moving all the way through.... We've also, at the top of the page, highlighted a number of different events that have occurred over the last 6 or 7 years, notably a wide range of acquisitions. And while the key here is simply just the scale and scope of transactions. A-Mark, generally, for the last 3 or 4 years, has executed 2 or 3 notable acquisitions or growth investments a year. Okay, so where does A-Mark sit in the precious metals continuum? This chart really is to focus upon where we are in the value chain. To your left is basically the upstream market. That is the extraction and refining market. That is the mining side of the world. That is a world by itself. That is not the market that A-Mark is in. A-Mark deals with minted products. We are in the downstream market. So the way you think about the continuum of gold and silver product is, product comes out of the ground and/or it's refined at a refiner, and that refinery produces, typically here in the U.S., 400-ounce gold bars, 1,000-ounce silver bars. Think about kind of Fort Knox or Goldfinger or just, you know, big bars. That's where A-Mark gets involved. Those bars are then taken to mints, whether government mints like the U.S. Mint or private mints, and they are melted down and finished product is created. That product is, again, coins and small bars. We'll walk through several examples of that in a minute, but to think about JM Bullion, again, the largest retailer in the country that we own, JM Bullion today sells over 1,000 different SKUs. So there's a wide range of product produced when I'm talking about coins and small bars. But product is minted down, it is then wholesaled to dealers. A-Mark is also the largest wholesaler in the marketplace, so we sell to a broad continuum of dealers, and then is ultimately sold to individuals and direct to consumer. So A-Mark is unique in that we are the only company that operates in all channels of the downstream market, and while we have competitors in each of the businesses that we operate in, we're not only the only player across the spectrum, we're the largest company in each of the sectors that we operate in. We're also the only public company in that space, and we have the benefit of scale and size, basically, the balance sheet. Give you a little bit of an overview of A-Mark financially. Take a look onto your left. You'll see our nine months ended March 31 of 2023, nine months ended 2024. I'm going to focus on gross profit, $216 million in 2023, $130 million in the year we're currently in, ended March 30. I'll talk about 2024 and the dynamics of the current market in a couple of minutes, but just trying to get a sense of scale here. EBITDA, $160+ million, $68 million currently. If you look down the page, towards the fiscal year end of June 30, you'll see for the year end of 2022, $193 million. For the year end of 2023, $225 million of EBITDA. So a fairly notable business. We have three reporting segments, which are highlighted on the right side of the page. We have our direct-to-consumer segment. Again, that is a series of, of dotcom or online retailers, complemented by one additional retailer, which operates a phone-based business that's called Goldline. That business, broadly defined, I'm just going to look at the 2024 numbers, added close to 150,000 customers over the last nine months. It has about 370,000 active customers, meaning they've bought from us within the last 12 months. It has an average order value of north of $2,200. The point here, again, is these and this business is really an e-commerce business, and these are e-commerce type of metrics. Wholesale business, relative scale, A-Mark, in the last 9 months, selling over 1 million ounces of gold and over 70 million ounces of silver. This is a sizable business. And we report number of tickets, to basically number of trades that we've done as a wholesale business, so north of 70,000 trades over the last 9 months. And then we have, as a third business, a secured lending business, actually run that business. And that business basically provides liquidity to owners and dealers of precious metals, really three asset classes: bullion, gold, silver, platinum, and palladium; numismatics, meaning rare coins, so coins where the asset is worth significantly more than metallic value; and then most recently, we've begun to lend against sports cars, which, like numismatics, are generally graded. And in that business, we have a little bit over $100 million outstanding and generated, in the last nine months, a little bit over $8 million of interest income. Okay, so let's talk a little bit more about the dotcom business. I'm gonna focus on JM Bullion. So just stepping back a bit, a little bit of history here. A-Mark, again, founded in 1965, it grows significantly over the years. In 1986, Congress decides that the US Mint should start to produce investable-grade precious metals. So the US Mint has been producing gold, silver, platinum for for going on 25+ years. Congress did that for a wide range of reasons, but including the fact that other countries had begun to produce investable-grade bullion that were in demand, not only in the US, but around the world. So Congress certainly wanted in on that, didn't like the fact that Americans were buying currency from a wide range of other countries. So while we still can buy currency from a wide range of countries, the US Mint moved into that marketplace in in 1986. A-Mark, today, again, is the largest wholesaler in the marketplace. If you think about the market from our perspective, if I look back about 15 or so years, A-Mark probably sold to 500-600 different dealers across the country. The way I think about that is kind of every downtown had a local retailer, which sold precious metals. Every regional mall had a local retailer. Well, JM Bullion today is about 12 years old, and while JM Bullion wasn't the first retail—the first online retailer in the market, it's not—it wasn't that far behind in being founded. So the online market began to develop somewhere around 2010. If you fast forward to today, the online market really dominates the space, and A-Mark itself, which again, is the largest wholesaler, in addition to being the largest retailer, probably outside the online space, probably services 30-40 other retailers. My point is simply the market has consolidated rapidly over the last 10-15 years, from physical retail to basically online retail. E-commerce works in precious metals for the same reason it works in a wide range of other consumer-facing products. The ability to buy 24/7, the ability to have a very broad selection. As I mentioned, JM, it has over 1,000 SKUs, far more than any local or individual retailer can have. Complete price transparency. You can shop products and do a quick Google search and make sure you're paying a attractive price. The ability to have secure storage, so you can have items moved directly from where you buy them to a vault if you want, or a depository, as we call it, or you can have them delivered to your doorstep. As I know that today, A-Mark, on behalf of JM Bullion and our other brands, depending upon the demand in the marketplace, ships somewhere between 50 and 100,000+ packages a month to individual consumers. We do that from a facility that we have in Las Vegas, located at the airport. It's a pick, pack, and ship facility. For those of you that have spent time inside distribution centers, it looks very much like any other distribution center in terms of items are picked, they are packaged, and they are shipped by UPS, by FedEx, by USPS, by DHL, and others, to individual consumers. So, again, JM, for the last nine months, about $950 million of revenue, $50+ million of gross profit and gross profit margin of about 5.5%, an average order value of a little bit over 2%. We give you here just some breakdown of some of our consumer metrics, including number of new customers, number of active customers. So about 360,000 customers, you know, active at the moment, having served today over the last kind of, in the over north of, of, you know, 2.5 million customers. I'm going to skip past CyberMetals. I'm going to talk about another dealer real quick, then we'll talk a little bit about the products that we sell. In 2018, A-Mark also acquired Goldline. Goldline is a 40+-year-old full-service dealer. This is a telephone-based dealer, so Goldline is someone that you or I, as a consumer, would call into. You have an individual phone representative you may work with. Its average order value is $15,000+, and it complements the online business. So the point here is that there's a variety of different ways to buy, just like in terms of maybe the brokerage model. There's a couple different ways to trade. You. This is the more the full-service model, where you have someone to work with, that you can work with consistently over the years, if you choose. That's the Goldline model. JM and our other models represent perhaps businesses which operate at a little bit tighter spread for you or I, as a consumer, have a broader selection of product, but have less kind of direct guidance. Okay, so let's go back and talk a little bit about the marketplace and about the reach that A-Mark has. We've talked about the brands. I'm going to focus on the specialty brands in the middle of the page, just to make the point that we own a wide variety of other brands that complement what we do, including JM. Those range from Provident to BGASC, to BullionMax, Texas Precious Metals, and others. We also own both Silver.com and about six or seven weeks ago, we acquired old.com, which is a great URL to have, and which I think you will see us bring out into the market in a commercial way in the next couple of months. Today, it's simply a redirect to JM Bullion. Okay, let's talk about the products that we have and how we create and what we do. So, I mentioned that A-Mark is a partner to sovereign mints, so we're the leading partner to the US Mint, for example. We take probably about a third of the silver product that they produce, about 25% of the gold product they produce. We have the similar relationship with other leading global mints, and then we own the largest private mints in North America. So today we own a mint called SilverTowne, which produces somewhere between 1 million and 1.2 million ounces of finished product a week. We also own 45% of the Sunshine Mint, which is a two-facility company, produces about 2 million ounces of gold and silver a week. For relative scale, the US Mint produces about 500,000 ounces of product a week. So A-Mark's in a fairly unique position in the marketplace, in that it is, again, both the largest partner to the government or sovereign mints, and the owner of the largest private mints. We work with those mints to produce product. We also have the ability to do custom product. At the end of the day, it's important to understand that when you sell minted precious metals, you're really dealing with a consumer product. So while there's a wide range of product out there, the ability to create product allows you to develop items which have broad consumer appeal. It also allows you to create product which can perhaps attract greater margin in the marketplace. A-Mark, as I said, is the largest wholesaler in the market. What that means is, in addition to selling product that's produced by mints, we provide a wide range of financial services in the marketplace. We, for example, finance dealers. So the way I think about this is if you're a dealer and you're buying products from mints, you, odds are you need inventory financing. The analogy I like to think of is your local car dealer. You might go down to your local Ford dealer. There might be 100 F-150s sitting on that parking lot. Odds are that dealer doesn't own those 100 F-150s. Ford Motor Credit owns them, Bank of America owns them, Wells Fargo owns them. Dealers gain floor financing. That's what A-Mark does on the wholesale side. That is the primary reason that mints rely upon authorized purchasers or partners like A-Mark to put that product out there. A-Mark also hedges the product for a dealer. So it's important to, of course, realize we're dealing with a product in terms of gold, silver, platinum, and palladium, which is dynamic in terms of trading and pricing, and hedging is a key part of what we do. We service, as I mentioned, dealers. We also service industrial customers, and we even service the U.S. Mint. So when the US Mint gets ready to produce, investable-grade bullion, and it needs gold, for example, it doesn't call Fort Knox to have bars sent. It actually goes into the market and tenders for bars. A-Mark is a producer or supplier to the mint of those bars. We then melt that, mint that product on behalf of the US Mint, and we sell that product on behalf of the Mint. Okay, logistics. So I mentioned that A-Mark has a facility in Las Vegas that's complemented by a second facility in Dallas. These are logistics centers that do several things. First, they hold our inventory, which is critical on behalf of our bank group, and I'll get to that when we talk about financials, but basically, A-Mark is a secured borrower, so our credit lines are supported by inventory that we have in our facility. Those facilities also offer storage, long-term storage to individuals and institutions, and they offer distribution. So a 3PL, in the case of the Las Vegas facility, that's a 17,000 sq ft facility located at the airport. It's complemented by a 25,000 sq ft facility in Dallas. I mentioned secured lending as our third business line. Again, this is a business line that provides liquidity in the marketplace, lends against, again, three primary asset classes: bullion, gold, silver, platinum, and palladium; numismatics, rare coins; and basically, high-end, investable-grade trading cards, baseball, football, basketball cards. We started this business in 2005. The key here is the keys here are twofold. First, this is a business that has never lost a dollar of principal. The reason is because we ultimately take physical control of the asset, so we hold the assets, whether they're, whether that's bullion, whether it's coins, or whether it's cards. We physically have the asset, and the assets are marginable. So should the market move against them, we can trade out of that position instantaneously, no different than a brokerage firm offering margin on an equity. And two, we operate at about 350-400 basis point spread, meaning the average loan rate versus our cost of capital. So it's a very nice business, one that we are in the process of scaling up, and is one that's really complemented by everything we do in terms of being a wholesaler and a retailer of metal. Okay, growth initiatives. So, just a couple, three core areas of focus. One is basically expanding our DTC footprint. We continue to engage new customers and bring new customers into the tent. Depending upon demand in the marketplace, we add somewhere between 10 and 25,000 customers a month organically. We do that primarily through SEO or search engine optimization, basically search, so Google. And increasingly, we're moving to expand that footprint with key influencers and other drivers, but really just growing the customer base. Two is to focus on acquisitions. As I mentioned, we've been extremely acquisitive, both domestically and internationally over the last, 3+ years. We have probably executed, north of 10+ significant transactions. Today, A-Mark probably has about a third of the retail footprint in North America, and now we've expanded our footprint internationally, Canada, the U.K., and now Asia. I would point out that, not only is the U.S. market quite sizable in terms of dollars, but the global market is really incredibly attractive. Precious metals, as a share of wallet in North America, is still relatively modest, far lower than it is in many other significant, economies around the world. So the A-Mark model of integrated wholesale and retail distribution is really applicable on a global basis, and we've begun to, over the last number of years, to execute that. Second is CyberMetals. CyberMetals is a digital product that we have been rolling out over the last 2 years. It's a little bit of a hybrid between the physical model and the ETF market. To give you a sense of relative scale, the ETF market is probably 8-10 times as large as the physical market, but the ETF market has a couple of challenges. One, depending upon the ETF you're looking at, it's fairly expensive. GLD, for example, which is the largest gold fund, operates at 40 bps a year of management fee. That's a pretty high number. It creates an opportunity for us to slip in under that. But two, there's a question in the marketplace that a number of consumers have about whether or not they have allocated metal. In other words, if you own an ETF, do you actually own, at the end of the day, gold and silver? What's sitting behind that? There's just a sense by some that uncertainty. So what CyberMetals offers is basically the best of both the digital world and the physical world. It offers the ability to acquire digital precious metals at very low cost, significantly under the 40 bps that GLD charges. That metal is secured by A-Mark. It's held in one of A-Mark's 2 depositories, either Las Vegas or Dallas, primarily Dallas, in this case. But then, what really sets it apart, it offers convertibility or exchangeability. So should you want to basically have your digital metal converted to physical and have it delivered to you, you can do that through JM Bullion. So to be more specific, you own $100,000 of CyberMetals, of digital gold, and you wake up one day and you're uncomfortable with what's going on in the world, and you want $25,000 of physical gold in your possession, you can basically go online and convert $25,000 of your digital credit to physical and have that delivered to you a day or two later. So that convertibility is a key feature of, of the product. We also, of course, have the ability to cross-sell our products, including minting and design and lending. So the ability to expand that footprint. Okay, a little bit about the financial metrics of the business. But before we get there, let me step back for a moment. We talked at the beginning about the significant transition of A-Mark, from A-Mark as a wholesale business for about our first 53- or 54-year history, to in fiscal 2021, in, again, focused on March 2021, acquiring JM Bullion and then being acquisitive since then and becoming a vertically integrated retailer. That has dramatically changed the financial performance of the company. The other key element of the company, though, to talk about before we get here, is really volatility. At the end of the day, volatility is to our benefit. And when I'm talking about volatility, I'm not talking about commodity pricing. Again, we operate a fully hedged book at any, at all times, so we have no direct exposure to commodity prices going up or down, though they do impact our business at the margin. What we're really talking about is volatility driving retail demand of product. So volatility, as we talk about it, really means risk on or risk off in the marketplace. When the consumer has a sense of risk, risk on in the marketplace, precious metals fill in that gap, and precious metals fall into higher demand. And the key to, in our world, is what we call premium. So for any of you who have bought precious metals online, you might be familiar with the concept of premium, which is essentially what you pay as a consumer over spot price. So to be more specific, today, silver, as we speak, is somewhere around $30 an ounce. There's a wide range of product out there, and it's a pyramid of product, just like any other consumer product, but the very top of that pyramid is, are products produced by the US Mint. If you want to buy a one-ounce silver eagle coin, that's a one-ounce coin produced by the US Mint. Again, that's kind of the product most in demand in the marketplace. Today's pricing, you'll pay somewhere around $38 for that one coin. That's $8 premium over spot, so 38 minus 30, $8 premium. A-Mark itself pays the Mint somewhere around $2.75-$3 for that item. So $2.75-$3 is basically the production cost of that item. What that means is, as a vertically integrated retailer, we capture about $5 of profit when you buy that coin, assuming you buy it from one of our websites. If we wholesale that product into the marketplace, and it's sold to a different retailer, we capture several dollars, but significantly less than the $5. That concept of premium moves around dramatically in the marketplace. And the reason is we're dealing with a manufactured or minted product. And when demand kicks in, demand tends to kick in very quickly, and production is unable to keep up with demand, so premiums spike. If we go back a year ago, little, give or take, kind of March of 2023, Silicon Valley Bank happened, and for several months-... Collectively, we were in the bank. I don't know if price is the right word, but we were in the—we certainly had an issue with banks. That very much helped the precious metals market. That caused significant expansion in demand. So if you go back to about a year ago, give or take, if you wanted to buy a 1-ounce silver eagle from, from A-Mark or, or any other site, you paid about $37 or $38, just like you would pay today. The difference is, the underlying commodity at the time was somewhere around $20 versus $30 today. So about a year ago, the premium for one silver ounce coin was somewhere around $15-$18, depending upon when you looked at it. Again, in comparison to $7 or $8 to where we are today, though the retail price comparable because the underlying commodity prices move with you. A-Mark, at the end of the day, captures the vast majority of that premium. Obviously, we capture most of that premium if we sell it through our own retail channels, we capture less if we sell it exclusively at wholesale. So A-Mark lives in the world of volatility, risk on, risk off, and we are direct beneficiaries of risk in the marketplace. If I just go back over the last several years and think about what's happened since we bought JM Bullion in 2021, we've had a number of events drive demand in the marketplace. In no particular order, we've had COVID, we've had inflation, we've had the Reddit silver squeeze that occurred in early 2021. We've had the 2020 presidential election, everything that came with that, including January 6, Russia, Ukraine, China's been a big driver, and obviously, Silicon Valley Bank and a number of other issues. All of those events significantly drove demand and caused premiums to expand very quickly, reflecting a large increase in demand and a relatively fixed production base, controlled at the very top of the pyramid by government mints, and government mints, which again, produce a relatively steady flow of product regardless of what the demand is in the marketplace. That's a key concept. Anyway, to briefly highlight the company's profitability, revenue and profitability over the last couple of years, on the lower right-hand corner, again, just taking a quick look at EBITDA, $194 million for fiscal 2022, that's June of 2022, $225 million fiscal 2023, and then on the nine-month basis, $160 million compared to the $68 million. And last week, let me wrap up by just taking a look at our balance sheet. Happy to go through this with anyone if they like offline, but the key point here on A-Mark's balance sheet is that basically all of our liabilities are secured by underlying precious metals, so we're basically a secured borrower. Said differently, if A-Mark had to, we could monetize or liquidate the entire balance sheet within a couple of trading days and pay off all the debt, essentially break even, make a little money, lose a little money. But basically, at the end of the day, we have metallic cash sitting in a depository that secures all of this debt. So the balance sheet, which can look a little bit complex at first glance, is actually fairly straightforward. We have a minute or two left. Happy to take any questions. Please. As far as volatility point? Well, normal or base is tough to define. And again, we've moved into retail starting in March of 2021. Market's been extremely dynamic since then. It has been relatively quiet since about the summer of 2024. I think as we've just said publicly, the quarter that we just reported, that's the quarter ended March 31, was about as challenging as we could remember. So we've been in this business as a wholesaler for 55+ years. So, it's hard to say what base is. It's just to say that, we've come through a pretty challenging period. We've said publicly that April and May certainly felt better than the early part of the year, but the market, there's not been an underlying event to dramatically change the dynamic recently, but ultimately, the business is moving in the right direction. Do we have time for maybe one more question? Okay. Please. Why support? Oh, sure. Two reasons. One, at the end of the day, CFC is really an alternative asset lender. Precious metals, coins are really alternative assets. Cards are another alternative asset. Two, like coins, cards are graded. So the big grading agencies, led by Collectors Universe, the company that Steve Cohen acquired, which has basically two sides to it. PCGS, which is the coin grading side, we're essentially the one of the largest customers. The other side of that is PSA, the card side. So we're already the largest. We're already a very large customer. We understand grading, and it just kinda made sense to us. Very large, dynamic market, one which is becoming institutionalized. There's the news every day about that market, most recently, Fanatics and Sotheby's. It just makes sense to be a supplier of capital to that market, and the key, again, for us is we're secured because we physically have the, the asset, and we can monetize it on 24 hours notice. Okay, thank you.