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CFO Erica Wei explained that the Noble House SKU rationalization is ahead of schedule, with 1,200 new SKUs introduced and 3,800 retired, leading to better-than-expected margin performance. She noted the process should stabilize by the next peak season in Q2 2026. Regarding sourcing, Wei emphasized that the company's key strategy is maintaining flexibility through its large and dynamic network of suppliers to adapt to policy changes.

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CFO Erica Wei explained that the marketplace empowers international expansion by offering sellers flexible, pay-as-you-go logistics, reducing capital risk. On tariffs, she clarified that they apply only to the value of goods, not total costs, so price hikes are not 1-to-1. She confirmed the platform already supports diverse non-furniture categories like auto parts and fitness equipment. For M&A, she stated GigaCloud is actively interested in assets that support European growth and enhance its service capabilities for brick-and-mortar retailers.

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CFO Erica Wei acknowledged that frequent sales events reflect increased consumer price sensitivity and positioned GigaCloud's platform as a solution for retailers to enhance supply chain efficiency and diversify sourcing. Regarding M&A, Wei confirmed the company is actively seeking opportunities, with a focus on targets that either strengthen its European infrastructure and relationships or expand its reach into new market segments, particularly brick-and-mortar retail, similar to the Wondersign acquisition.

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Executive Iman Schrock and CFO Erica Wei responded. Schrock addressed category growth, emphasizing the vast runway within the $60 billion furniture TAM, which remains the core focus, though other bulky categories are naturally entering the platform. Wei explained that rapid European growth is driven by starting from a small base, having established infrastructure, and the fragmented nature of the market. She noted that recent October retail sales felt 'a little softer' across the board. For M&A, Wei outlined three target areas: complementary product businesses, technology enhancers, and European accelerators. Regarding pricing power, she stated that while GigaCloud has the ability to pass on costs, the current soft market makes cost management a more prudent strategy.

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Executive Randall Fields stated that tariffs add uncertainty but have not negatively impacted their accelerating business. Executive John Merrill clarified that the contribution margin on incremental revenue is currently 50%, with a goal of 70-80% as marketing and onboarding costs flatten. Both executives highlighted the growing success of cross-selling, driven by their single technology platform and strong customer relationships. Regarding capital allocation, management prioritizes organic growth and shareholder returns (dividends, buybacks) over M&A, given their platform's strength, but remains open to acquiring domain knowledge or customers.

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CEO Randall Fields and executive John Merrill addressed the questions. Fields explained that the 'Wizard' onboarding tool is progressing well, with a goal for 60-70% of users to onboard without assistance within a year. Merrill detailed the company's ~$12 million fixed cash cost base, noting that incremental revenue has very low variable costs, primarily commissions. He confirmed that all three business lines have similar contribution margins. Regarding industry issues, Fields stated they could not help with the avian flu-driven egg shortage but could assist with tariff mitigation through supply chain forecasting. He viewed a potential government-mandated slowdown in traceability enforcement as a net positive, allowing for more orderly growth. Fields confirmed the capital allocation strategy remains unchanged, balancing cash accumulation with dividends and buybacks. He noted that AI is already integrated into their operations without significant CapEx and that the restaurant sector is a lower priority due to its less lucrative supplier structure compared to grocery.

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Randall Fields (executive) confirmed that large retailers are establishing a new market standard, making traceability a competitive necessity. He projected traceability could represent 50% of revenue within three years as the company doubles in size. Fields emphasized that the immediate focus is on perfecting the core retail food offering, stating that their proprietary automation process is superior to what M&A could offer and that an acquisition would be a distraction. John Merrill (executive) added that growth in the legacy business is split evenly between Compliance and Supply Chain. He reiterated the capital allocation plan to first redeem all preferred shares before resuming common stock buybacks or increasing dividends, all while maintaining a stable operating cost base.

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Executive Randall Fields explained that while the customer portfolio adjustment is largely done, they retain the option for more if needed. He stated the primary focus is on US execution and add-on products for the current traceability network, deferring major international and M&A efforts to avoid distraction. Executive John Merrill noted that a special dividend isn't off the table but he prefers a predictable, increasing quarterly dividend. Merrill also reiterated the base cost to run the business is around $12 million, though it can flex with investments. Fields attributed their confidence to having firm contracts in place for thousands of suppliers, shifting the traceability initiative from 'hope to real.'

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Executive Gregory Roberts explained that backwardation, caused by tariff fears, negatively impacted trading revenue by making it costly to hold the company's large short hedge position, a situation last seen materially post-COVID. He noted that while A-Mark historically performs best in active silver markets, it has performed well in the current gold-dominated market. Roberts also addressed follow-ups, stating that customer sell-backs increase secondary supply, impacting demand for new products. He projected the Las Vegas facility automation could boost package processing by 50-75% without more staff, creating efficiencies. On capital allocation, he reiterated that buybacks are considered alongside acquisitions, dividends, and inventory reduction, with a current focus on integrating recent M&A.

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Gregory Roberts, an executive, explained that the current market, with its high percentage of customer buybacks, is unprecedented since 1980. He detailed that the SGI acquisition, particularly Stack's Bowers, offers complementary higher-margin business in a period of low bullion premiums. Roberts affirmed the company's strategy of balancing M&A with shareholder returns, noting that active M&A pursuits can temporarily pause share repurchases, but all are key components of their capital allocation strategy.

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Executive Gregory Roberts explained that the company can increase marketing to attract new customers and is positioned to capitalize on brief spikes in demand. He noted that the M&A pipeline is very active, highlighting the recent strategic acquisition by Silver Towne Mint and expressing optimism about closing more favorable deals within the next 90 days.

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Executive Gregory Roberts agreed, highlighting the nearly $90 million in EBITDA for the year as a strong performance given market headwinds and low volatility. He noted that the company successfully grew its DTC customer base to over 3 million and is well-prepared for future opportunities. Regarding M&A, Roberts stated the pipeline is "busier than ever" with both large and small opportunities, and A-Mark is well-positioned with liquidity to pursue acquisitions, which remain a top priority for capital allocation.

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CFO Larry Fey detailed that at an industry level, concerts have been volatile but slightly up, sports are down due to tough comps, and theater has been strong. He noted Vivid Seats' performance was broadly similar. Regarding capital allocation, Fey stated that with lower GOV and EBITDA, cash generation will be limited. Consequently, the bar for M&A is high, and the company will continue to evaluate share repurchases based on valuation.

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CEO Stan Chia declined to comment on 'unsubstantiated rumors or speculation' regarding a potential sale. CFO Larry Fey stated that 2025 free cash flow conversion should revert to historical levels if growth returns, and noted that the company is 'pretty cautious about M&A in the near term,' as it's difficult to find targets at multiples lower than where Vivid Seats itself has been trading.

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CEO Stanley Chia confirmed the company is seeing strength and growth from emerging sports, citing women's NCAA basketball and the WNBA as new contributors. CFO Lawrence Fey reiterated that capital allocation priorities remain focused on accretive M&A and share buybacks, noting that buybacks become more compelling when the company's stock is attractively priced.

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CEO Christopher Pavlovski explained that a new 'Rumble lineup' feature successfully transitioned Dan Bongino's audience to other creators, mitigating the impact. He positioned the Bitcoin treasury strategy as an alignment with the crypto community and a long-term investment. Pavlovski attributed recent content success to a fully operational monetization suite (RAC, sponsorships, premium) and a new creator program. He stated his heightened confidence stems from the strategic investment by Tether, the significant upside in brand advertising, and a shared vision to compete directly with Google's ecosystem.

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Christopher Pavlovski, Founder, Chairman and CEO, addressed all questions. He stated that product improvements and the Rumble Premium offering, which now includes exclusive content like Steven Crowder's MugClub, are driving higher engagement and stickiness than in the past. He confirmed that the Rumble Advertising Center (RAC) is in its best shape ever, with the introduction of mid-roll ads creating a positive flywheel for both ad revenue and premium subscriptions. Regarding the cloud, he acknowledged long sales cycles but noted that conversations with large enterprise and government clients are progressing well.

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CEO Stephen Berman confirmed that JAKKS is gaining more shelf space globally due to its multi-tier development process that creates distinct product lines for mass, specialty, and value channels. He noted that major e-commerce sales events are a clear opportunity the company capitalizes on. CFO John Kimble addressed currency, explaining that with over 75% of business denominated in U.S. dollars, FX exposure is minimal. Finally, Berman stated that while the box office is an enhancement, the company's diversified portfolio of evergreen and private label brands reduces its dependency on theatrical success for 2025.

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Executive Stephen Berman explained that while theatrical IP is important, many successful lines like the Princess Style Collection are evergreen and perform well without new film support. He stated that JAKKS gains shelf space when competitors falter, leveraging its quick-to-market capabilities. He also highlighted the use of exclusive products and out-of-aisle placements to expand retail footprint beyond traditional toy aisles.

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