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Liquidity Services Inc (LQDT) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT


LIQUIDITY SERVICES ANNOUNCES THIRD QUARTER FISCAL YEAR 2019 FINANCIAL RESULTS
GMV of $168.1 million -- GAAP Revenue of $56.9 million -- GAAP Net Loss of $4.6 million
Non-GAAP Adjusted EBITDA of $0.2 million
LiquidityOne core e-commerce platform completed and launched

Bethesda, MD - August 1, 2019 -
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 third quarter fiscal year 2019 ended June 30, 2019. The Company's Q3-FY19 performance was within the guidance range for GAAP Net Loss, GAAP EPS, and Gross Merchandise Volume (GMV) and exceeded our guidance range for Non-GAAP Adjusted EBITDA and Non-GAAP Adjusted EPS.

"The continued execution of our RISE strategy, focused on recovery maximization, increasing sales, service expansion and expense leverage, delivered another solid quarter as Q3-FY19 marked our fifth consecutive quarter of organic GMV year-over-year growth. During Q3-FY19, we generated GAAP Net Loss of $4.6 million, a $0.9 million decrease from the prior year's quarter. We generated Non-GAAP Adjusted EBITDA of $0.2 million, above our guidance and our second sequential quarter of positive Non-GAAP Adjusted EBITDA. These improvements were driven by higher volumes within our GovDeals and Retail Supply Chain Group (RSCG) segments, combined with more effective merchandising which drove higher recovery on asset sales and lower operating expenses. As previously announced, we are winding down our Scrap contract within the Capital Assets Group (CAG) segment which will affect comparative results going forward. Our RSCG segment GMV grew 18% during the quarter driven by higher volumes within existing and new accounts and strong buyer participation in our retail marketplace. Our GovDeals segment GMV grew 6%, despite a strong comparative period in Q3-FY18. These results were partly offset by our CAG segment GMV which declined 14% from the prior year period because of a change in mix of lower value assets within our Scrap Contract with the U.S. Department of Defense and a strong prior year comparative quarter," said Bill Angrick, Chairman and CEO of Liquidity Services.

Today, we also announced the deployment of our new core e-commerce technology platform, which combined with our reorganization announced last quarter, marks the completion of our LiquidityOne strategic initiative. As we announced earlier in 2019, the retail supply transaction volume, which has a unique set of services, remains part of our future integration plans. We continue to focus on our marketing technology stack to support our consolidated marketplace launch.

Benefits of our core e-commerce platform include:
a new global taxonomy to classify and present assets for sale consistently across our businesses;
a new mobile responsive design with enhanced usability and speed;
improved search and navigation by industry vertical, location and other parameters;
a new My Account tool to manage transaction activity; and
multilingual and multi-currency capabilities to support cross-border commerce.

With this deployment and new organization in place, we have unified our marketing, customer service, sales and operations teams. Our completed LiquidityOne strategic initiative empowers the continuous improvement of our e‑commerce technology platform and our marketing and data analytics capabilities going forward.

This includes the integration of a data driven product recommendation engine, omni-channel behavioral marketing and predictive analytics. Additionally, we are now able to provide a unified set of common services ranging from self-directed to fully-managed services. We believe our commitment to our RISE strategy will fuel continued growth and enhanced financial leverage in our business over the long term, which, in turn, will create value for our shareholders.

We are also pleased to announce the appointment of Steven Weiskircher as our new Chief Technology Officer based in our Bethesda, MD headquarters. Most recently, Mr. Weiskircher served as Vice President, Omnichannel, Marketing, and Digital Technology Delivery for GameStop (NYSE:GME). Previously, he served as the CIO and interim General Manager for ThinkGeek, an online retailer for pop-culture apparel and collectibles and as CIO for Fanatics, a high growth online retailer of sports apparel. Mr. Weiskircher holds a B.S. in Mechanical Engineering from Virginia Tech and an M.S. in Management Information Systems from University of Virginia’s McIntire School of Commerce. Mr. Weiskircher also served as a Captain in the US Army Signal Corps. 

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The following information was filed by Liquidity Services Inc (LQDT) on Thursday, August 1, 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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Ticker: LQDT
CIK: 1235468
Form Type: 10-Q Quarterly Report
Accession Number: 0001235468-19-000025
Submitted to the SEC: Thu Aug 01 2019 9:23:34 AM EST
Accepted by the SEC: Thu Aug 01 2019
Period: Sunday, June 30, 2019
Industry: Business Services

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