Liquidity Services Inc (LQDT) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

GMV of $155.4 million -- GAAP Revenue of $56.8 million -- GAAP Net Loss of $(4.4) million
Non-GAAP Adjusted EBITDA of $0.9 million
Execution of growth strategy drives 23% improvement in GAAP Net Loss and 143% improvement in consolidated Non-GAAP Adjusted EBITDA growth
Double-digit organic GMV and GAAP Revenue growth year-over-year, excluding completed DoD Surplus Contract, reflects continued execution of our RISE strategy for core business

Bethesda, MD - May 8, 2019 -
Liquidity Services (NASDAQ: LQDT;, a global solution provider in the reverse supply chain with the world’s largest marketplace for business surplus, today announced financial results for the second quarter fiscal year 2019 ended March 31, 2019. The Company's Q2-FY19 performance exceeded our guidance range for GAAP Net Loss, Non-GAAP Adjusted EBITDA, GAAP EPS, and Non-GAAP Adjusted EPS and was within guidance range for Gross Merchandise Volume (GMV).

"Our continued year-over-year organic growth this quarter reflects the strong value we are delivering customers with both our self-directed and managed marketplace solutions across all verticals. Specifically, during Q2-FY19, we improved our GAAP Net Loss by $1.3 million over the prior year's quarter and returned to positive Non-GAAP Adjusted EBITDA in Q2-FY19 reflecting the progress of our RISE strategy in action, focused on recovery maximization, increasing sales, service expansion and expense leverage. These results were positively impacted by a favorable mix of higher margin assets as well as a seasonally high quarter in retail. During Q2-FY19, GMV in our Retail Supply Chain Group (RSCG) segment grew by 18% in this seasonally strong quarter, our Capital Asset Group (CAG) segment GMV, excluding our completed DOD Surplus contract, grew by 4% and our GovDeals segment GMV grew by 11%, all driven by growth of new clients and strong buyer activity on our platform," said Bill Angrick, Chairman and CEO of Liquidity Services.

"Our new organizational structure which unifies our go-to-market operational and business functions under the new Chief Commercial Officer role builds on and advances the important business process integration work we have done over the past year, consistent with our RISE strategy, to increase growth by delivering our services to clients worldwide in an effective and aligned manner. In turn, this will enable us to take better advantage of our new technology and e-commerce platform to serve our sellers and buyers. With our unmatched industry expertise, global buyer base and commitment to innovation, we will sustain strong results for our customers and maximize shareholder value," Angrick continued.

We have begun user acceptance testing for our LiquidityOne transformation ahead of completing the launch of our entire CAG segment on our new e-commerce platform. We simultaneously are continuing to move forward on our consolidated marketplace initiative. Completing the rollout of our new platform across the global CAG segment is an important step towards launching the consolidated marketplace that will provide our existing 3.5 million registered buyers with a single, online destination to search for, find and buy any asset from across our network of sellers. In addition to these benefits, the new technology platform makes possible the transformation of the operational economics underpinning our RISE strategy by enabling us to continue to integrate our internal processes for improved operational efficiency, continued growth, and enhanced financial leverage in our business. We believe these benefits will be reflected in our improved ability to drive three of the four RISE components of increasing sales, service expansion and expense leverage.  Additionally, to drive the first pillar of RISE, recovery maximization, we are combining existing technology efforts with our initiative to upgrade our marketing technology stack, which will enhance our ability to acquire new targeted buyers; organize data and analyze buyer behavior, preferences, and motivations to improve buyer engagement on our platform; and, in turn, create more value for our sellers.



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The following information was filed by Liquidity Services Inc (LQDT) on Wednesday, May 8, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Liquidity Services Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Business Realignment Expenses
Business Realignment Expenses (Tables)
Business Realignment Expenses - Business Realignment Expenses (Details)
Business Realignment Expenses - Narrative (Details)
Business Realignment Expenses - Restructuring Related Costs (Details)
Defined Benefit Pension Plan
Defined Benefit Pension Plan (Details)
Defined Benefit Pension Plan (Tables)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Change In Level 3 Assets (Details)
Fair Value Measurement - Narrative (Details)
Goodwill (Details)
Goodwill (Tables)
Guarantees (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Amortization (Details)
Intangible Assets - Carrying Amount (Details)
Intangible Assets - Narrative (Details)
Legal Proceedings
Organization (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Reconciliation Of Revenue (Details)
Significant Contracts
Significant Contracts (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - 2006 Plan Activity (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Stockholders' Equity (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Asc 606 (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Performance Obligations (Details)
Ticker: LQDT
CIK: 1235468
Form Type: 10-Q Quarterly Report
Accession Number: 0001235468-19-000016
Submitted to the SEC: Wed May 08 2019 9:40:50 AM EST
Accepted by the SEC: Wed May 08 2019
Period: Sunday, March 31, 2019
Industry: Business Services

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