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Liquidity Services Inc (LQDT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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LQDT Quarterly Reports

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

LIQUIDITY SERVICES ANNOUNCES SECOND QUARTER FISCAL YEAR 2020 FINANCIAL RESULTS
GMV of $144.3 million -- GAAP Revenue of $52.8 million -- GAAP Net Loss of $4.2 million
Non-GAAP Adjusted EBITDA of $(1.6) million
Online marketplace platform provides safe, effective commerce solutions during COVID-19 pandemic

Bethesda, MD - May 7, 2020 -
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 second quarter fiscal year 2020 ended March 31, 2020. The Company's Q2-FY20 performance was within the guidance range for GAAP Net Loss, GAAP EPS, Non-GAAP Adjusted EBITDA and Non-GAAP Adjusted EPS. Gross Merchandise Volume (GMV) of $144.3 million was slightly below the $145.0 million low end of guidance range.

"We are humbled by and very proud of our team’s efforts to collaborate and quickly adapt during these unprecedented times to support our customers and continue to deliver value. Our primary focus during the global pandemic and resulting economic crisis is to help our sellers monetize assets and generate liquidity in a safe and reliable manner, while providing buyers online access to the inventory and equipment they require to meet their business needs. By leveraging our marketplace solutions to find, buy, pay for and ship assets, commercial and government customers are able to conduct commerce safely and efficiently,” said Bill Angrick, Chairman and CEO of Liquidity Services.

“Our results for the second quarter fiscal year 2020 were largely aligned with our expectations through mid-March. The last two weeks of March were impacted by the economic fallout surrounding the COVID-19 pandemic which had an adverse impact on our overall results. Our RSCG segment grew GMV by 6% over the prior year period despite declines in seller activity at the end of the quarter as online retailers prioritized their attention and resources to meet demand almost exclusively for essential goods. We also saw mixed buyer demand with some buyers increasing their average purchases and some decreasing, depending on varying circumstances. Prior to this slow down, we experienced strong volume in our RSCG segment from existing sellers and launched new programs with both mid-sized and large retailers and we continue to see strong buyer demand for retail goods in our Liquidation.com marketplace. In our CAG segment, we saw a significant slowdown early in the quarter as travel restrictions and facility closures in China interrupted supply from sellers and prevented buyers from inspecting goods already for sale. This trend affected our EMEA and North American regions in March as the pandemic spread. We are starting to see seller facilities reopen across the globe and anticipate activity will increase steadily as long as governments continue to reduce restrictions related to COVID-19. Our GovDeals segment was on track to report record second quarter GMV, but volume from sellers slowed significantly during the last two weeks of March as governments enacted shelter-in-place orders and facility closures. This also prevented buyer pickups and their ability to complete related transactions. We are starting to see an increase in activity as governments prepare to reopen facilities in the coming weeks. Our Machinio segment revenue grew 24% over the prior year despite a slow-down in traffic during March as equipment buyers, many of whom are small businesses, waited for better visibility on the depth of the economic downturn," continued Angrick.

During Q2-FY20 we further enhanced our new consolidated marketplace, AllSurplus.com, including the addition of new self-service features that enable a low-touch solution to sell assets online which eliminates the need for live, in-person exchanges. We have seen early adoption of this model from sellers that have historically relied on our traditional, managed-services approach as they shift to primarily cloud-based business processes. In early March we began to transition our marketing focus from legacy marketplaces to AllSurplus and have seen a 92% increase in traffic from targeted buyers and a related increase in transactions completed through the new marketplace. We believe our self-service solution over time will be an attractive growth opportunity as business sellers and buyers adapt to social distancing guidelines due to the pandemic. Moreover, by aggregating supply on AllSurplus, we are providing buyers and sellers more opportunities to quickly transact across a wide array of products, including heavy equipment, energy and manufacturing equipment.

The company exited the quarter with a cash position of $51.8 million and zero debt.

Q2-FY20 Impact of COVID-19 Pandemic
"During one of the most difficult times in global markets, Liquidity Services has responded quickly to protect our employees, our sellers and buyers, and our shareholders," said Angrick. "We are witnessing shining examples of our team’s ability to consistently show our customers that we are the most reliable partner for delivering results in the reverse supply chain, no matter the circumstances. We believe we are well-positioned to weather the global impacts of COVID-19 and that the strength of our online platform and the ingenuity of our team will enable us to adapt and solve the evolving challenges of our sellers and buyers across the industries we serve."


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The following information was filed by Liquidity Services Inc (LQDT) on Thursday, May 7, 2020 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

Cover Page
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 - 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
Goodwill (Tables)
Goodwill - Changes In Goodwill (Details)
Goodwill - Narrative (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Amortization (Details)
Intangible Assets - Carrying Amount (Details)
Intangible Assets - Narrative (Details)
Leases
Leases (Tables)
Leases - Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow Information (Details)
Legal Proceedings And Other Contingencies
Legal Proceedings And Other Contingencies (Details)
Organization
Organization (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Reconciliation Of Revenue (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Grant Activity (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Stockholders' Equity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
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: 0001235468-20-000104
Submitted to the SEC: Thu May 07 2020 3:49:07 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Business Services

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