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Liquidity Services Inc (LQDT) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

LIQUIDITY SERVICES ANNOUNCES SECOND QUARTER FISCAL YEAR 2021 FINANCIAL RESULTS

Gross Merchandise Volume (GMV) of $207.3 million -- Revenue of $61.8 million
GAAP Net Income of $5.3 million -- Non-GAAP Adjusted EBITDA of $9.4 million
44% year-over-year growth in consolidated GMV
Year-over-year increase in GAAP Net Income of $9.5 million and Non-GAAP Adjusted EBITDA of $10.9 million
Completed entire $10.0 million share repurchase plan announced on March 8, 2021
Approval of new $15.0 million share repurchase plan

Bethesda, MD - May 6, 2021 - 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 second quarter fiscal year 2021 ended March 31, 2021. The Company's Q2-FY21 performance delivered strong year-over-year gains in GMV, Revenue, GAAP Net Income, GAAP Diluted EPS, Non-GAAP Adjusted EBITDA and Non-GAAP Adjusted Diluted EPS.

"Our business delivered strong results across all segments in Q2-FY21 and continues to benefit from strong momentum and customer adoption of our solutions, resulting in our third consecutive quarter of substantial year-over-year growth. Our e-commerce marketplace solutions continue to power the circular economy which benefits businesses, society, and the environment. Large enterprises, small businesses and government entities are increasingly turning to Liquidity Services as they seek safe and effective strategies for maximizing the value of surplus assets and delivering on their sustainability initiatives. Broader market adoption of the online economy continues to drive strong demand for our online platform and services from both new and existing customers. Our Q2-FY21 results demonstrate that our RISE strategy has positioned us well to address customer needs against these broader market trends and capture increased transaction volumes," said Bill Angrick, Chairman and CEO of Liquidity Services. "As the world seeks to be a better steward of the environment, we look forward to continuing to work closely with our customers and stakeholders on our mission to build a better future for surplus.

“GMV in our GovDeals segment grew a record 44% over the prior year’s comparable quarter, as more government agencies utilized our digital platform and transacted higher volumes across a larger breadth of key categories, including transportation and real estate, and our growing buyer base and automated asset promotion tools drove higher realized values through our marketplace. GMV in our Retail Supply Chain Group (RSCG) segment grew 32% over the prior year’s comparable quarter, as large and SMB retail sellers utilized our platform to capitalize on secular growth in online retail and we expanded our capacity to serve the resulting higher transaction volumes on our marketplace. GMV in our Capital Assets Group (CAG) segment increased 65% year-over-year driven by continued growth of our industrial and heavy equipment categories, and increased use of our consignment model internationally. Our Machinio segment grew revenue by 31% year-over-year as equipment owners and dealers continue to embrace our digital marketing solutions to acquire buyers at lower costs when compared to traditional marketing channels.

"Our newest marketplace, AllSurplus.com, also continues to gain traction as new buyer registrations grew nearly four-fold from a year ago and we continue to see strong buyer activity and GMV growth in key asset categories such as transportation, construction, real estate, consumer goods and biopharma.

"Our results validate the investments we have made to develop a scalable marketplace platform and align our business services to the needs of buyers, sellers, and the planet," concluded Angrick.

The Company completed $12.0 million in share repurchases during Q2-FY21, using the $2.0 million share repurchase authorization that remained from Q1-FY21 and completed the entire $10.0 million share repurchase authorization announced on March 8, 2021. The Company exited the quarter with a cash position of $87.6 million, a $9.8 million increase from Q1-FY21, and zero debt.

On May 3, 2021, the Company's Board of Directors authorized a new share repurchase program of up to $15.0 million of the Company’s common stock, to expire on June 30, 2023. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and the existence of alternative investment opportunities. The repurchase program will be executed consistent with the Company's capital allocation strategy of prioritizing investment to grow the business over the long term.


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The following information was filed by Liquidity Services Inc (LQDT) on Thursday, May 6, 2021 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 Income (Loss)
Consolidated Statements Of Operations
Business Realignment Expenses
Business Realignment Expenses (Tables)
Business Realignment Expenses - Restructuring Related Costs (Details)
Defined Benefit Pension Plan
Defined Benefit Pension Plan (Details)
Defined Benefit Pension Plan (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement - Narrative (Details)
Goodwill
Goodwill (Tables)
Goodwill - Changes In Goodwill (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
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 - Fair Value (Details)
Stockholders' Equity - Grant Activity (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Stockholders' Equity (Details)
Stockholders' Equity - Stock Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (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: 0001235468-21-000102
Submitted to the SEC: Thu May 06 2021 1:29:54 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Business Services

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