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Liquidity Services Inc (LQDT) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2019

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

LIQUIDITY SERVICES ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2019 FINANCIAL RESULTS
Consolidated Fourth Quarter GMV of $157.8 million -- Revenue of $58.8 million -- GAAP Net Loss of $(5.2) million
Consolidated Fourth Quarter Non-GAAP Adjusted EBITDA of $(0.8) million
FY-19 Consolidated Non-GAAP Adjusted EBITDA results marked $20.3 million improvement in Adjusted EBITDA over the past two years
RISE growth strategy focused on launch of unified marketplace and expanded use of digital marketing and self-service technologies to increase seller volumes, buyer participation and recovery
Bethesda, MD - December 10, 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 fourth quarter and fiscal year ended September 30, 2019. The company's Q4-FY19 performance reflected a strong quarter which was within guidance range for GMV, Adjusted EBITDA, and Adjusted EPS. GAAP Net Loss and GAAP EPS were below the guidance range.
"The execution of our RISE growth strategy, focused on four key pillars: Recovery maximization, Increasing sales, Service expansion and Expense leverage, continues to deliver strong benefits. Our Q4-FY19 results marked our sixth consecutive quarter of organic GMV growth, our second consecutive quarter of organic GAAP Revenue growth, and our eighth consecutive quarter of organic Non-GAAP Adjusted EBITDA improvement. Our strategy continues to deliver more efficient operations, more effective asset promotion which drives higher recovery, a broader choice of seller services, and an increased flow of assets from sellers in our Retail Supply Chain (RSCG) and GovDeals segments. In Q4-FY19, our RSCG segment GMV grew 18% through new and existing seller accounts and strong buyer participation. Our GovDeals segment grew 4% despite a strong comparative quarter in the prior year. Our Capital Assets Group (CAG) segment GMV declined 15% impacted by the conclusion of the DoD Scrap contract and weakness in the energy vertical. Adjusted EBITDA improved 60% over the prior year in Q4-FY19 and we had positive operating cash flow in Q4-FY19, reflecting top line growth and continued benefits from operational efficiencies, enhanced marketing, and organizational realignment efforts. Further, our FY-19 bottom line results marked a $20.3 million improvement in Adjusted EBITDA over the past two years. We are encouraged by this positive trajectory and remain committed to continuous improvement in our product offering and operations," said Bill Angrick, Chairman and CEO of Liquidity Services.
"As we enter FY-20, we are also celebrating our 20 Year Anniversary with over $8 Billion of completed transactions and growing. Our vision to deliver a Better Future For Surplus for our buyers, sellers and the planet has been reinvigorated through our continued delivery of innovative solutions to our customers driven by technology and data. In the retail supply chain we continue to expand our self-directed and Scan-n-$ell apps to more customers who leverage our data and software to make smart decisions to quickly dispose of returned goods for maximum value. We have also launched new capabilities to manage and sell mobile devices for OEMs, retailers and service providers in the estimated $60 Billion U.S. resale market. Based on customer feedback we have launched our MachineryHost storefront product which provides SMB customers a modern, mobile first storefront to market their used equipment with seamless integration with our online classified and sales marketplaces. Finally, we have recently launched the beta testing version of our new aggregated marketplace and will be deploying new features continuously during FY-20 as we test and prioritize functionality based on customer feedback. This new unified marketplace will make it easy for buyers to find and buy every asset available for sale using a powerful marketing technology stack. We believe FY-20 will be a year of continued innovation and growth as we put more services and power into the hands of our sellers and buyers to create value," continued Angrick.
Fourth Quarter Consolidated Operating and Earnings Results
The company reported Q4-FY19 GMV of $157.8 million, up from $155.3 million in the prior year’s comparable period. GMV is an operating measure of the total sales value of all merchandise sold through our marketplaces and other channels during the given period. GAAP Revenue for Q4-FY19 was $58.8 million, up from $52.7 million in the prior year’s comparable period. GAAP Net loss for Q4-FY19 was $(5.2) million, which resulted in a diluted loss per share of $(0.16) based on a weighted average of 33.3 million diluted shares outstanding, declined from $(1.0) million and $(0.03) respectively, in the prior year’s comparable period. Non-GAAP adjusted net loss, which excludes stock compensation expense, impairment and business realignment expenses, acquisition costs, fair value adjustments to acquisition earn-outs, deferred revenue purchase accounting adjustments, and the estimated impact of income taxes on these non-GAAP adjustments as well as non-recurring tax adjustments, was $(2.5) million or $(0.07) adjusted diluted loss per share, an improvement from $(4.6) million and $(0.14) respectively, in the prior year’s comparable period.

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The following information was filed by Liquidity Services Inc (LQDT) on Tuesday, December 10, 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Pro Forma (Details)
Acquisition - Purchase Price Allocation (Details)
Business Realignment Expenses
Business Realignment Expenses (Details)
Business Realignment Expenses (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Defined Benefit Pension Plan
Defined Benefit Pension Plan (Tables)
Defined Benefit Pension Plan - Additional Information (Details)
Defined Benefit Pension Plan - Fair Value Estimates (Details)
Dod Contracts With Dla Disposition Services
Dod Contracts With Dla Disposition Services (Details)
Equity Transactions
Equity Transactions (Tables)
Equity Transactions - Fair Value (Details)
Equity Transactions - Narrative (Details)
Equity Transactions - Restricted Stock Units And Restricted Stock Awards (Details)
Equity Transactions - Stock Appreciation Rights Activity (Details)
Equity Transactions - Stock Compensation Expense (Details)
Equity Transactions - Stock Option Activity (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Changes In Level 3 Assets (Details)
Fair Value Measurement - Narrative (Details)
Goodwill
Goodwill (Tables)
Goodwill - Narrative (Details)
Goodwill - Schedule Of Goodwill (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 (Tables)
Intangible Assets - Future Amortization (Details)
Intangible Assets - Narrative (Details)
Legal Proceedings
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)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Reconciliation From Segments To Consolidated (Details)
Segment Information - Schedule Of Reportable Segments (Details)
Segment Information - Schedule Of Revenues By Country (Details)
Segment Information - Schedule Of Total Long-Lived Assets By Geographical Location (Details)
Segment Information - Schedule Of Total Segment Assets (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounting Standards Adopted (Details)
Summary Of Significant Accounting Policies - Advertising Costs And Aoci (Details)
Summary Of Significant Accounting Policies - Concentration (Details)
Summary Of Significant Accounting Policies - Contract Assets And Liabilities (Details)
Summary Of Significant Accounting Policies - Deferred Revenue (Details)
Summary Of Significant Accounting Policies - Income Taxes (Details)
Summary Of Significant Accounting Policies - Intangible Assets And Impairment Of Long-Lived Assets (Details)
Summary Of Significant Accounting Policies - Inventory (Details)
Summary Of Significant Accounting Policies - Other Assets (Details)
Summary Of Significant Accounting Policies - Performance Obligations (Details)
Summary Of Significant Accounting Policies - Pp&Amp;E (Details)
Summary Of Significant Accounting Policies - Short-Term Investments (Details)
Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
The 401(K) Benefit Plan
The 401(K) Benefit Plan (Details)
Ticker: LQDT
CIK: 1235468
Form Type: 10-K Annual Report
Accession Number: 0001235468-19-000042
Submitted to the SEC: Tue Dec 10 2019 10:36:36 AM EST
Accepted by the SEC: Tue Dec 10 2019
Period: Monday, September 30, 2019
Industry: Business Services

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