Last10K.com

Liquidity Services Inc (LQDT) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2016

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

Exhibit 99.1

 

LIQUIDITY SERVICES ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2016 FINANCIAL RESULTS

 

·                  Fourth Quarter GMV of $159.1 million — Revenue of $78.5 million — Net GAAP Loss of $53.8 million

·                  Non-GAAP Adjusted EBITDA of $(0.7) million

·                  Fiscal Year GMV of $642.1 million — Revenue of $316.5 million — Net GAAP Loss of $59.9 million

·                  Non-GAAP Adjusted EBITDA of $3.7 million

·                  Net GAAP Loss includes $19.0 million goodwill impairment and $35.8 million income tax valuation allowance charge

·                  IronDirect.com marketplace targeting construction vertical launched on new LiquidityOne e-commerce platform

 

WASHINGTON — November 17, 2016 -

Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), a global solution provider in the reverse supply chain with the world’s largest marketplace for business surplus, today announced financial results for the fourth quarter and fiscal year 2016 ended September 30, 2016. Q4-16 results were within the company’s guidance range for GMV and above the guidance range for Non-GAAP Adjusted EBITDA and Non-GAAP Adjusted Diluted EPS. As a result of a non-cash goodwill impairment and a valuation allowance on deferred tax assets, GAAP Net Income and GAAP Diluted EPS were below the guidance range.

 

“We delivered solid financial results during Q4-16 with better than expected bottom line results driven by improved pricing in our scrap and energy marketplaces and higher service revenues,” said Bill Angrick, Chairman and CEO of Liquidity Services. “Compared to the prior year, our energy marketplace (NetworkIntl.com) GMV was up 45%, our municipal government business (GovDeals.com) GMV was up 13%, and our retail (Liquidation.com) and industrial (Go-Dove.com) marketplaces experienced growth within key client accounts. Our DoD marketplace (GovLiquidation.com) GMV was down 12% reflecting lower volumes and a less favorable product mix. We expanded the scope of our e-commerce offerings by launching our new IronDirect marketplace in September which enables global fleet customers and end users to purchase new heavy equipment, attachments, undercarriage parts and accessories from proven suppliers in the global construction industry. With the deployment of our first marketplace on our new e-commerce platform in Q4-16, we have continued to advance our LiquidityOne transformation initiative and demonstrated the potential of our platform investments to capture new market opportunities. We expect to deploy our next marketplace in the spring of FY17 followed by phased rollouts thereafter,” continued Mr. Angrick.

 

“Our strategy remains focused on the long term growth of our commercial and municipal government marketplaces on a global scale. Our ongoing investment in top talent and the deployment of our new LiquidityOne platform will enable us to deliver more value to more customers and scale more efficiently.  We expect to resume organic top line growth in our commercial and municipal government marketplaces in FY17 fueled by growth in our buyer network, investments in our sales channels, expansion of our service offerings, and the phased release of our new e-commerce platform,” Mr. Angrick continued. “Our near term outlook reflects the normalization of our DoD programs under new contract pricing, investments to deploy our LiquidityOne platform, and new go-to-market programs for our commercial and municipal government businesses, including in new areas such as IronDirect. We expect these investments will drive long term growth and that our results will strengthen over the course of FY17 as we grow our business.”

 

Fourth Quarter Operating and Earnings Results

 

The company reported Q4-16 GMV, an operating measure of the total sales value of all merchandise sold through our marketplaces during the given period, of $159.1 million, a decrease of 6.8% from the prior year’s comparable period. Revenue for Q4-16 was $78.5 million, a decrease of 1.0% from the prior year’s comparable period. Net GAAP loss for Q4-16 was $53.8 million, which resulted in diluted loss per share of $1.75 based on a weighted average of 30.7 million diluted shares outstanding, representing a decrease of 23.0% and 20.2% respectively from the prior year’s comparable period. The net loss reflects a goodwill impairment charge of $19.0 million and a valuation allowance charge against the deferred tax assets of $35.8 million. The goodwill impairment was due to updated assumptions used in the fair value calculation. The valuation allowance is attributable to recent losses.

 

Non-GAAP adjusted net income decreased to $(0.6) million from $2.0 million in the prior year’s comparable period. Adjusted diluted earnings per share decreased to $(0.02) from $0.07 in the prior year’s comparable period. Non-GAAP adjusted EBITDA, which excludes stock-based compensation, acquisition costs, impairment of goodwill and long-lived assets, and gains or losses from business dispositions, decreased to $(0.7) million from $1.9 million in the prior year’s comparable period.

 

– more –

 


The following information was filed by Liquidity Services Inc (LQDT) on Thursday, November 17, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Liquidity Services Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

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 Liquidity Services Inc.

Continue

Assess how Liquidity Services Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Liquidity Services Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Expense
Cash Flow
Product
Shares
Income
Other
Inside Liquidity Services Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive (loss) Income
Consolidated Statements Of Operations
401(k) Benefit Plan
401(k) Benefit Plan (details)
Business Disposition
Business Disposition (details)
Business Disposition (tables)
Business Realignment Expenses
Business Realignment Expenses (details)
Business Realignment Expenses (tables)
Commitments
Commitments (details)
Commitments (tables)
Debt
Debt (details)
Defined Benefit Pension Plan
Defined Benefit Pension Plan (details)
Defined Benefit Pension Plan (tables)
Defined Benefit Pension Plan - Fair Value Estimates (details)
Equity Transactions
Equity Transactions (tables)
Equity Transactions - 2006 Plan (details)
Equity Transactions - Employee Options (details)
Equity Transactions - Fair Value (details)
Equity Transactions - Options (details)
Equity Transactions - Repurchase Program (details)
Equity Transactions - Restricted Shares (details)
Fair Value Measurement
Fair Value Measurement (details)
Goodwill
Goodwill (details)
Goodwill (tables)
Guarantees
Guarantees (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Carryforwards (details)
Income Taxes - Deferred Tax Assets (details)
Income Taxes - Provision (details)
Income Taxes - Reconciliation (details)
Intangible Assets
Intangible Assets (details)
Intangible Assets (tables)
Intangible Assets - Future Amortization (details)
Legal Proceedings
Legal Proceedings (details)
National Electronic Service Association (nesa) Acquisition
National Electronic Service Association (nesa) Acquisition (details)
Organization
Organization (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (details)
Quarterly Results (unaudited) (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Significant Contracts
Significant Contracts (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Advertising Costs And Aoci (details)
Summary Of Significant Accounting Policies - Concentration (details)
Summary Of Significant Accounting Policies - Earnings Per Share (details)
Summary Of Significant Accounting Policies - Income Taxes (details)
Summary Of Significant Accounting Policies - Intangible Assets (details)
Summary Of Significant Accounting Policies - Inventory (details)
Summary Of Significant Accounting Policies - Pp&e (details)
Summary Of Significant Accounting Policies - Weighted Average Shares (details)
Termination Of The Wal-mart Agreement
Termination Of Wal Mart Agreement (details)
Ticker: LQDT
CIK: 1235468
Form Type: 10-K Annual Report
Accession Number: 0001047469-16-016885
Submitted to the SEC: Mon Nov 21 2016 4:32:25 PM EST
Accepted by the SEC: Mon Nov 21 2016
Period: Friday, September 30, 2016
Industry: Business Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/lqdt/0001047469-16-016885.htm