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Liquidity Services Inc (LQDT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

LIQUIDITY SERVICES ANNOUNCES THIRD QUARTER FISCAL YEAR 2020 FINANCIAL RESULTS
GMV of $130.1 million -- GAAP Revenue of $47.7 million -- GAAP Net Income of $0.2 million
Non-GAAP Adjusted EBITDA of $3.7 million
Online marketplace platform gains momentum by providing safe, effective commerce solutions during COVID-19 pandemic

Bethesda, MD - August 6, 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 third quarter fiscal year 2020 ended June 30, 2020. The Company's Q3-FY20 performance showed improving top line trends in the second half of the quarter as businesses and governments re-opened from government ordered closures due to the COVID-19 pandemic which, combined with cost control measures, generated positive GAAP Net Income, GAAP EPS and Adjusted EBITDA.

"Retailers, manufacturers and government agencies embraced our safe and reliable solution to conduct commerce, even under the most trying circumstances, during Q3-FY20 which foreshadows the long-term value that Liquidity Services will have in the evolving economy and e-commerce space. In turn, we continue to provide buyers around the globe convenient access to the inventory and equipment they require to meet their business needs. The investments we have made in our marketplace platform and IT infrastructure the past few years has enabled our team to deliver strong results for our sellers and buyers who are largely seeking efficient, no-contact solutions," said Bill Angrick, Chairman and CEO of Liquidity Services.

"Notwithstanding the volatile environment, we delivered strong results during the quarter. Our top line results were primarily impacted by the closing of the economy in the month of April and then saw steady increases throughout the rest of the quarter as both government agencies and corporations began to welcome employees back to physical locations and sought to monetize assets,” Angrick continued. “In light of this dynamic, and despite a very tough start to the quarter, GMV in our Retail (RSCG) segment grew 14%, GMV in our CAG segment declined 18% (excluding DoD Scrap), and GMV in our GovDeals segment declined 36% compared to the prior year. Our Machinio segment revenue increased 23% over the prior year driven by our cost-effective lead generation solutions for equipment sellers. In addition to the benefit from the acceleration of our top line over the course of the quarter, our bottom line results benefited from the actions we took in April to conserve our resources, resulting in positive GAAP Net Income, GAAP EPS and Adjusted EBITDA, as well as strong cash generation. These results speak to the dedication and ingenuity of our entire team to consistently deliver outstanding service and solutions in the reverse supply chain, regardless of the circumstances."

During Q3-FY20, we further enhanced the features and functionality of our new consolidated marketplace, AllSurplus.com, which enables a low-touch solution to sell assets online eliminating the need for live, in-person exchanges. Compared to Q2FY20, our increased promotion of AllSurplus resulted in a 148% increase in buyer registrations, a 119% increase in traffic, a 161% increase in unique bidders, and a 65% increase in direct transactions on the AllSurplus marketplace. We continue to see early adoption of this new marketplace and its self-service model as sellers have an increased desire to shift to primarily cloud-based business processes. We believe our self-service solution over time will be an attractive growth opportunity as business sellers and buyers continue to 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 $72.7 million and zero debt, an increase in cash of $20.9 million from Q2FY20.

Evolving Response to COVID-19 Pandemic
Last quarter we announced several safety measures and temporary cost control measures to protect both our employees and our business during the COVID-19 global pandemic. While we are still strictly abiding by all social distancing and safety measures in keeping the current health-expert recommendations, the performance of the company has enabled us to review and modify selected cost control measures including:

restoring full pay and providing back pay for all salary reductions for our current permanent workforce;
returning a portion of furloughed employees back to full-time status, mainly in our sales department;
resuming technology and marketing investments over the next quarter.



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The following information was filed by Liquidity Services Inc (LQDT) on Thursday, August 6, 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)

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Liquidity Services Inc provided additional information to their SEC Filing as exhibits

Ticker: LQDT
CIK: 1235468
Form Type: 10-Q Quarterly Report
Accession Number: 0001235468-20-000154
Submitted to the SEC: Thu Aug 06 2020 2:22:48 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Business Services

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