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Liquidity Services Inc (LQDT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2020

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

LIQUIDITY SERVICES ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2020 FINANCIAL RESULTS
Consolidated Fourth Quarter GMV of $196.9 million -- Revenue of $55.9 million -- GAAP Net Income of $5.4 million
Consolidated Fourth Quarter GAAP EPS of $0.16 and Non-GAAP Adjusted EBITDA of $9.0 million
Strong adoption of Liquidity Services' safe and effective e-commerce marketplace platform drives 25% year-over-year growth in consolidated GMV and a $9.7 million year-over-year increase in consolidated Non-GAAP Adjusted EBITDA during Q4-FY20

Bethesda, MD - December 8, 2020 —
Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), the world’s largest B2B e-commerce marketplace for business and government surplus, today announced financial results for the fourth quarter and fiscal year ended September 30, 2020. The Company's Q4-FY20 performance reflected increasing customer adoption of our safe and effective e-commerce solutions across all business segments as businesses and governments seek proven digital solutions to stay competitive. Driven by its multi-year transformational investments and economies of scale, the Company recorded significant gains in GAAP Net Income, GAAP EPS and Non-GAAP Adjusted EBITDA.

"Our recent results demonstrate the scale benefits of our marketplace model and the high customer value that Liquidity Services continues to deliver as businesses and government agencies accelerate their adoption of digital solutions and embrace our safe and effective solutions to maximize value within the reverse supply chain. We are proud that we have maintained a safe work environment for our associates and continue to serve as a trusted e-commerce marketplace to help our customers, many of whom are small businesses, efficiently conduct commerce globally in over 500 B2B product categories,” said Bill Angrick, Chairman and CEO of Liquidity Services. “Overall, our strategy and recent platform investments have been rewarded by strong financial results during the second half of FY20 allowing us to finish the year as a stronger, more efficient business.

"Our e-commerce marketplace capabilities continue to drive strong recovery for sellers and have enabled us to scale our services quickly as more customers seek more efficient self-serve solutions to manage surplus and returned goods in the supply chain. In turn, our higher recovery rates have driven increasing adoption of our consignment pricing model, positively impacting gross profit margins. We are equally proud of the contributions of our team and their ability to safely deliver outstanding results for our customers both in our fulfillment centers and remotely during the quarter,” continued Angrick.

“GMV in our GovDeals segment grew a record 35%, from the prior year’s comparable quarter, as more government agencies utilized our digital platform to transact higher volumes, and our growing buyer base and automated asset promotion tools drove higher realized values through our marketplace. This performance has sparked growing interest in our platform by sellers of higher ticket items in the transportation and heavy equipment categories. GMV in our Retail Supply Chain Group (RSCG) segment grew 33%, from the prior year’s comparable quarter, as more large and SMB retail sellers adopted our platform and existing customers increased their transaction volumes on our marketplace. Of note, GMV for our self-service retail solutions more than doubled year-over-year as more customers embraced the flexibility and convenience of selling items directly on our platform.

"GMV in our Capital Assets Group (CAG) segment declined 8% year-over-year due to the wind down of the DoD scrap contact. Excluding the expired scrap contract, CAG segment GMV grew 3% year-over-year during Q4-FY20. Our CAG heavy equipment category grew strongly during the quarter as supply remains tight and recovery in our marketplace continues to grow. Lastly, our Machinio segment grew revenue by 5% during the quarter as equipment owners and dealers began to prepare for a broader re-opening of the economy by embracing Machinio’s digital marketing solutions to connect with buyers at lower costs when compared to traditional marketing channels.

"Overall, we are seeing the benefits of increasing scale driven by strong tail winds. We are pleased to end FY20 with strong Non-GAAP Adjusted EBITDA results and improved margins as we leverage our new marketplace platform and technology improvements to the benefit of our sellers, buyers and shareholders. Looking forward, we are well positioned to help our customers address several macro trends, including the secular growth of online retail which drives the need for comprehensive returns management solutions; the need for organizations of all sizes to embrace technology to drive supply chain efficiencies and monetize assets; and the increasing focus by business and government customers on sustainability," concluded Angrick.

The Company completed $4.0 million in share repurchases during Q4-FY20 and exited the fiscal year with a cash position of $76.0 million, an increase of $9.5 million from the end of FY-19. The Company remains debt-free.


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The following information was filed by Liquidity Services Inc (LQDT) on Tuesday, December 8, 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-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)
Leases
Leases (Tables)
Leases - Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow Information (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 - 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 - Recent Accounting Pronouncements (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: 0001235468-20-000206
Submitted to the SEC: Tue Dec 08 2020 1:58:55 PM EST
Accepted by the SEC: Tue Dec 08 2020
Period: Wednesday, September 30, 2020
Industry: Business Services

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